<SEC-DOCUMENT>0001493152-21-008493.txt : 20210412
<SEC-HEADER>0001493152-21-008493.hdr.sgml : 20210412
<ACCEPTANCE-DATETIME>20210412092859
ACCESSION NUMBER:		0001493152-21-008493
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		96
CONFORMED PERIOD OF REPORT:	20201231
FILED AS OF DATE:		20210412
DATE AS OF CHANGE:		20210412

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Pyxis Tankers Inc.
		CENTRAL INDEX KEY:			0001640043
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		20-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37611
		FILM NUMBER:		21819578

	BUSINESS ADDRESS:	
		STREET 1:		59 K. KARAMANLI STREET
		STREET 2:		151 25 MAROUSSI
		CITY:			ATHENS
		STATE:			J3
		ZIP:			15125
		BUSINESS PHONE:		2106560590

	MAIL ADDRESS:	
		STREET 1:		59 K. KARAMANLI STREET
		STREET 2:		151 25 MAROUSSI
		CITY:			ATHENS
		STATE:			J3
		ZIP:			15125
</SEC-HEADER>
<DOCUMENT>
<TYPE>20-F
<SEQUENCE>1
<FILENAME>form20f.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; border-bottom: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt"><B>Washington,
D.C. 20549</B></FONT></P>

<P STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>FORM
20-F</B></FONT></P>

<P STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 1.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Mark
    One)</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[&nbsp;&nbsp;]</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REGISTRATION
    STATEMENT PURSUANT TO SECTION 12(b) or (g) OF THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OR</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[X]</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ANNUAL
    REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>For
    the fiscal year ended December 31, 2020</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OR</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[&nbsp;&nbsp;]</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TRANSITION
    REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>OR</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>[&nbsp;&nbsp;]</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SHELL
    COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Commission
file number 001-37611</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 55%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 18pt"><B>PYXIS
TANKERS INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Exact
name of Registrant as specified in its charter and translation of Registrant&rsquo;s name into English)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 55%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Marshall
Islands</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Jurisdiction
of incorporation or organization)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>59
K. Karamanli Street, Maroussi 15125 Greece</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Address
of principal executive office)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Mr.
Henry Williams, Chief Financial Officer</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>59
K. Karamanli Street, Maroussi 15125 Greece</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Tel:
+30 210 638 0200</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fax:
+30 210 653 7715</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Name,
Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Securities
registered or to be registered pursuant to Section 12(b) of the Act.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 38%; border-bottom: black 1.5pt solid; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title
    of each class</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 20%; border-bottom: black 1.5pt solid; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trading
    Symbol(s)</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 38%; border-bottom: black 1.5pt solid; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name
    of each exchange on which registered</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Common
    Stock, par value $0.001 per share</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PXS</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Nasdaq
    Capital Market</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Series
        A Cumulative Convertible Preferred Shares, par value $0.001 per share</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Warrants
        to purchase Common Stock, par value of $0.001 per share</B></FONT></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PXSAP</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PXSAW</B></FONT></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Nasdaq
        Capital Market</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Nasdaq
        Capital Market</B></FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Securities
registered or to be registered pursuant to Section 12(g) of the Act.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>None</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>None</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Indicate
the number of outstanding shares of each of the issuer&rsquo;s classes of capital or common stock as of the close of the period
covered by the Annual Report.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Common
Stock, par value U.S. $0.001 per share: 21,962,881as of December 31, 2020</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Series
A Cumulative Convertible Preferred Shares, par value U.S. $0.001 per share: 181,475 as of December 31, 2020 </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Warrants
to purchase Common Stock, par value of $0.001 per share: 1,735,040 as of December 31, 2020</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 55%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes [&nbsp;&nbsp;]
No [X]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes [&nbsp;&nbsp;] No [X]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
&ndash; Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934 from their obligations under those Sections.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [&nbsp;&nbsp;]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant
to Rule 405 of Regulation S-T (&sect;232.405 of this chapter) during the preceding 12 months (or for such shorter period that
the registrant was required to submit such files). Yes [X] No [&nbsp;&nbsp;]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging
growth company. See definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; and &ldquo;emerging
growth company&rdquo; in Rule 12b-2 of the Exchange Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 30%; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large
    accelerated filer</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 4%; padding-right: 0.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 15%; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated
    filer</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 4%; padding-right: 0.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 12%; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 19%; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated
    filer</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 4%; padding-right: 0.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[X]</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
    growth company</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;]</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards&dagger;
provided pursuant to Section 13(a) of the Exchange Act. [&nbsp;&nbsp;]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&dagger;
The term &ldquo;new or revised financial accounting standard&rdquo; refers to any update issued by the Financial Accounting Standards
Board to its Accounting Standards Codification after April 5, 2012.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has filed a report on and attestation to its management&rsquo;s assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report. [&nbsp;&nbsp;]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 17%; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
    GAAP</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[X]</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 51%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.6pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">International
        Financial Reporting Standards as issued</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.6pt 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
        the International Accounting Standards Board [&nbsp;&nbsp;]</FONT></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[&nbsp;&nbsp;]</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
&ldquo;Other&rdquo; has been checked in response to the previous question, indicate by check mark which financial statement item
the registrant has elected to follow: Item 17 [&nbsp;&nbsp;] Item 18 [&nbsp;&nbsp;]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act). Yes [&nbsp;&nbsp;] No [X]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(APPLICABLE
ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the
Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes [&nbsp;&nbsp;]
No [&nbsp;&nbsp;]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid; border-bottom: Black 4pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>TABLE
OF CONTENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PAGE</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><A HREF="#m_001"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INTRODUCTION</B></FONT></A></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><A HREF="#m_002"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS</B></FONT></A></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; width: 0.65in"><A HREF="#m_003"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PART I</B></FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; width: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
    1.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><A HREF="#m_004"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Identity of Directors, Senior Management and Advisers</B></FONT></A></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
    2.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><A HREF="#m_005"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Offer Statistics and Expected Timetable</B></FONT></A></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
    3.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><A HREF="#m_006"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Key Information</B></FONT></A></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
    4.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><A HREF="#m_007"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Information on the Company</B></FONT></A></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>44</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
    4A.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><A HREF="#m_008"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Unresolved Staff Comments</B></FONT></A></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>90</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
    5.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><A HREF="#m_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Operating and Financial Review and Prospects</B></FONT></A></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>90</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
    6.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><A HREF="#m_010"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Directors, Senior Management and Employees</B></FONT></A></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>105</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
    7.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><A HREF="#m_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Major Shareholders and Related Party Transactions</B></FONT></A></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>108</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
    8.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><A HREF="#m_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Financial Information</B></FONT></A></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>110</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
    9.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><A HREF="#m_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The Offer and Listing</B></FONT></A></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>111</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
    10.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><A HREF="#m_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Additional Information</B></FONT></A></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>111</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
    11.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><A HREF="#m_015"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Quantitative and Qualitative Disclosures About Market Risk</B></FONT></A></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>124</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
    12.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><A HREF="#m_016"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description of Securities Other than Equity Securities</B></FONT></A></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>126</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><A HREF="#m_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PART II</B></FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
    13.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><A HREF="#m_018"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Defaults, Dividend Arrearages and Delinquencies</B></FONT></A></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>127</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
    14.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><A HREF="#m_019"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Material Modifications to the Rights of Security Holders and Use of Proceeds</B></FONT></A></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>127</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
    15.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><A HREF="#m_020"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Controls and Procedures</B></FONT></A></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>127</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
    16.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><A HREF="#m_021"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Reserved</B></FONT></A></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>127</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
    16A.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><A HREF="#m_022"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Audit Committee Financial Expert</B></FONT></A></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>128</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
    16B.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><A HREF="#m_023"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Code of Ethics</B></FONT></A></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>128</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
    16C.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><A HREF="#m_024"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Principal Accountant Fees and Services</B></FONT></A></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>128</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
    16D.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><A HREF="#m_025"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exemptions from the Listing Standards for Audit Committees</B></FONT></A></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>128</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
    16E.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><A HREF="#m_026"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Purchases of Equity Securities by the Issuer and Affiliated Purchasers</B></FONT></A></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>129</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
    16F.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><A HREF="#m_027"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Change in Registrant&rsquo;s Certifying Accountant</B></FONT></A></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>129</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
    16G.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><A HREF="#m_028"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Corporate Governance</B></FONT></A></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>129</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
    16H.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><A HREF="#m_029"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Mine Safety Disclosure</B></FONT></A></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>130</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><A HREF="#m_030"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PART III</B></FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
    17.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><A HREF="#m_031"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Financial Statements</B></FONT></A></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><B>131</B></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
    18.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><A HREF="#m_032"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Financial Statements</B></FONT></A></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><B>131</B></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item
    19.</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><A HREF="#m_033"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibits</B></FONT></A></TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><B>131</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="m_001"></A>INTRODUCTION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
otherwise indicated in this Annual Report on Form 20-F (&ldquo;Annual Report&rdquo;), &ldquo;Pyxis,&rdquo; the &ldquo;Company,&rdquo;
&ldquo;we,&rdquo; &ldquo;us&rdquo; and &ldquo;our&rdquo; refer to Pyxis Tankers Inc. and its consolidated subsidiaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles,
or &ldquo;U.S. GAAP&rdquo; or &ldquo;GAAP&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
references in this Annual Report to &ldquo;$,&rdquo; &ldquo;US$,&rdquo; &ldquo;U.S.$,&rdquo; &ldquo;U.S. dollars,&rdquo; &ldquo;dollars&rdquo;
and &ldquo;USD&rdquo; mean U.S. dollars and all references to &ldquo;&euro;&rdquo; and &ldquo;euros,&rdquo; mean euros, unless
otherwise noted.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="m_002"></A>FORWARD-LOOKING
STATEMENTS </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
disclosure and analysis in this Annual Report pertaining to our operations, cash flows and financial position, including, in particular,
the likelihood of our success in developing and expanding our business and making acquisitions, include forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are predictive in nature, that depend
upon or refer to future events or conditions, or that include words such as &ldquo;expects,&rdquo; &ldquo;anticipates,&rdquo;
&ldquo;intends,&rdquo; &ldquo;plans,&rdquo; &ldquo;believes,&rdquo; &ldquo;estimates,&rdquo; &ldquo;seeks,&rdquo; &ldquo;targets,&rdquo;
&ldquo;continue,&rdquo; &ldquo;contemplate,&rdquo; &ldquo;possible,&rdquo; &ldquo;likely,&rdquo; &ldquo;might,&rdquo; &ldquo;will,&rdquo;
&ldquo;would,&rdquo; &ldquo;could,&rdquo; &ldquo;projects,&rdquo; &ldquo;forecasts,&rdquo; &ldquo;potential&rdquo;, &ldquo;may,&rdquo;
&ldquo;should&rdquo; and similar expressions are forward-looking statements. All statements in this Annual Report that are not
statements of either historical or current facts are forward-looking statements. Forward-looking statements include, but are not
limited to, such matters as our future operating or financial results, global and regional economic and political conditions,
including piracy, pending vessel acquisitions, our business strategy and expected capital spending or operating expenses, including
dry-docking and insurance costs, competition in the product tanker industry, statements about shipping market trends, including
charter rates and factors affecting supply and demand, our financial condition and liquidity, including our ability to obtain
financing in the future to fund capital expenditures, acquisitions and other general corporate activities, our ability to enter
into fixed-rate charters after our current charters expire and our ability to earn income in the spot market and our expectations
of the availability of vessels to purchase, the time it may take to construct new vessels, and vessels&rsquo; useful lives. Many
of these statements are based on our assumptions about factors that are beyond our ability to control or predict and are subject
to risks and uncertainties that are described more fully under the &ldquo;Item 3. Key Information &ndash; D. Risk Factors&rdquo;
section of this Annual Report. Any of these factors or a combination of these factors could materially affect our future results
of operations and the ultimate accuracy of the forward-looking statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Factors
that might cause future results to differ include, but are not limited to, the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in governmental rules and regulations or actions and compliance, including environmental and securities matters, taken by
    regulatory authorities;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in economic and competitive conditions affecting our business, including market fluctuations in charter rates and charterers&rsquo;
    abilities to perform under existing time charters;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    future operating or financial results;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    continued borrowing availability under our debt agreements and compliance with the covenants contained therein;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to procure or have access to financing, our liquidity and the adequacy of cash flows for our operations;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to successfully employ our vessels, including under time charters;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in our operating expenses, including bunker fuel prices, dry docking costs, general and administrative expenses and insurance
    costs, including adequacy of coverage;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to fund future capital expenditures and investments in the acquisition and refurbishment of our vessels (including
    the amount and nature thereof and the timing of completion thereof, the delivery and commencement of operations dates, expected
    downtime and lost revenue);</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">planned,
    pending or recent acquisitions and divestitures, business strategy and expected capital spending or operating expenses, including
    drydocking, surveys, upgrades and insurance costs;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">vessel
    breakdowns and instances of off-hire;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">potential
    claims or liability from future litigation, government inquiries and investigations and potential costs due to environmental
    damage and vessel collisions;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    arrest or detention of our vessels by maritime claimants or governmental authorities;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    disruption of information technology systems and networks that our operations rely on or any impact of a possible cybersecurity
    breach;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">general
    product tanker shipping market trends, including fluctuations in charter hire rates and vessel values and their useful lives;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in supply and demand in the product tanker shipping industry, including the market for our vessels and the number of newbuildings
    under construction;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    strength of world and regional economies;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">stability
    of Europe and the Euro;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">disruption
    of world trade due to rising protectionism, breakdown of multilateral trade agreements, acts of piracy, terrorism, political
    events, public health threats, international hostilities and instability;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">fluctuations
    in interest rates, including the impact on our debt of the discontinuance of the London Interbank Offered Rate, or LIBOR,
    after 2021, and foreign exchange rates;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in seaborne and other transportation;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">business
    disruptions due to natural disasters and health catastrophes, such as the outbreak of Coronavirus (&ldquo;COVID-19&rdquo;);</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    length and severity of epidemics and pandemics, including the going global outbreak of COVID-19 and its impact on the demand
    for seaborne transportation in the tanker sector; </FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    non-compliance with the U.S. Foreign Corrupt Practices Act of 1977 or other applicable regulations relating to bribery or
    corruption;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    impact of increasing scrutiny and changing expectations from investors, lenders and other market participants with respect
    to our Environmental, Social and Governance (&ldquo;ESG&rdquo;) policies; </FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">general
    domestic and international political conditions; the length and number of off-hire periods and dependence on key employees
    and third-party managers; and</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">other
    factors discussed under the &ldquo;Item 3. Key Information &ndash; D. Risk Factors&rdquo; in this Annual Report and please
    see the Company&rsquo;s other filings with the SEC for a more complete discussion of certain of these and other risks and
    uncertainties.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You
should not place undue reliance on forward-looking statements contained in this Annual Report, because they are statements about
events that are not certain to occur as described or at all. All forward-looking statements in this Annual Report are qualified
in their entirety by the cautionary statements contained in this Annual Report. These forward-looking statements are not guarantees
of our future performance, and actual results and future developments may vary materially from those projected in the forward-looking
statements. Except to the extent required by applicable law or regulation, we undertake no obligation to release publicly any
revisions to these forward-looking statements to reflect events or circumstances after the date of this Annual Report or to reflect
the occurrence of unanticipated events.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="m_003"></A>PART
I</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="m_004"></A>ITEM
1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="m_005"></A>ITEM
2. OFFER STATISTICS AND EXPECTED TIMETABLE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="m_006"></A>ITEM
3. KEY INFORMATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.
Selected Financial Data</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents in each case for the periods and at the dates indicated, our selected consolidated financial and operating
data. You should read the table together with &ldquo;Item 5. Operating and Financial Review and Prospects&rdquo;. Our selected
consolidated financial data is a summary of, is derived from, and is qualified by reference to, our audited consolidated financial
statements and notes thereto, which have been prepared in accordance with U.S. GAAP. The selected financial data as of December
31, 2016, 2017 and 2018 and for the years ended December 31, 2016 and 2017 have been derived from our audited consolidated financial
statements not included herein. The selected financial data as of December 31, 2019 and 2020 and for the years ended December
31, 2018, 2019 and 2020, are derived from our audited consolidated financial statements together with the notes thereto and are
included in &ldquo;Item 18. Financial Statements&rdquo; herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt; font-weight: bold">Statements of Comprehensive Income / (Loss) Data</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year ended December 31,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt; font-style: italic">(In thousands of U.S. dollars, except per share data)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2016</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2017</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2018</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2019</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 60%; text-align: left">Revenues, net*</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 5%; text-align: right">30,387</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 5%; text-align: right">29,579</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 5%; text-align: right">28,457</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 5%; text-align: right">27,753</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 5%; text-align: right">21,711</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Voyage related costs and commissions*</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,288</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,463</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11,817</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,122</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,268</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Vessel operating expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12,871</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12,761</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12,669</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12,756</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10,880</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">General and administrative expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,574</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,188</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,404</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,407</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,378</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Management fees, related parties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(631</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(712</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(720</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(724</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(637</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Management fees, other</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,024</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(930</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(930</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(930</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(819</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Depreciation and amortization of special survey costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,004</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,640</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,633</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,560</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,671</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Loss on vessel held for sale</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,756</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Gain from the sale of vessel, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Vessel impairment charge</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,998</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,282</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Bad debt provisions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(231</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(13</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(26</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Gain from debt extinguishment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,306</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Loss from financial derivative instrument</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(19</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(27</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Interest expenses and finance cost, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,810</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,897</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,490</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,775</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,964</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Net loss</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(5,813</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(5,243</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(8,214</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(8,330</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(6,900</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Dividend Series A Convertible Preferred Stock</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(82</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Net loss attributable to common shareholders</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(5,813</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(5,243</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(8,214</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(8,330</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(6,982</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Loss per common share, basic and diluted</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(0.32</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(0.28</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(0.39</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(0.39</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(0.32</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Weighted average number of shares, basic and diluted</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">18,277,893</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">18,461,455</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">20,894,202</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">21,161,164</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">21,548,126</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
Pursuant to the adoption of ASU 2014-09, Revenues have been presented net of address commissions which were previously recognized
under Voyage related costs and commissions. Comparative amounts have been reclassified accordingly.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt; font-weight: bold">Balance Sheets Data</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year ended December 31,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt; font-style: italic">(In thousands of U.S. dollars)</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2018</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2019</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; text-align: left">Total current assets</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">4,184</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">3,895</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">4,307</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">17,235</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">5,405</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total other non-current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,215</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,144</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,318</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,027</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,011</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Total fixed assets, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">121,341</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">115,774</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">107,992</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">87,507</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,774</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">130,740</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">124,813</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">116,617</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">108,769</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">93,190</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Total current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,870</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,531</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,545</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,536</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,300</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total non-current liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">69,117</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">64,126</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">63,129</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54,233</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,331</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Total stockholders&rsquo; equity</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">48,753</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">48,156</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">39,943</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">32,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">29,559</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt; font-weight: bold">Statements of Cash Flows Data</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year ended December 31,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt; font-style: italic">(In thousands of U.S. dollars)</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2018</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2019</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; text-align: left">Net cash provided by / (used in) operating activities</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">4,446</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">3,677</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">(2,203</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">5,661</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">(13,030</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net cash (used in) / provided by investing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(99</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(517</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,630</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Net cash used in financing activities *</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(7,285</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(2,767</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(187</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(4,172</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">(739</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Change in cash and cash equivalents and restricted cash</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(2,839</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">910</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(2,489</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">972</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(1,139</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*Comparative
amounts have been reclassified due to current presentation of restricted cash pursuant to the adoption of ASU No. 2016-18-Statement
of Cash Flows-Restricted Cash on January 1, 2018.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year ended December 31,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt">Fleet Operating Data</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2018</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2019</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; text-align: left">Ownership days (1)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">2,196</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">2,190</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">2,190</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">2,190</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,830</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Available days (2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,176</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,190</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,154</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,162</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,764</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Operating days (3)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,986</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,956</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,816</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,925</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,523</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Utilization % (4)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">91.3</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">89.3</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84.3</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">89.0</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">86.3</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Daily time charter equivalent rate (5)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">12,134</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10,795</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">9,163</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">11,756</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">11,456</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Daily vessel operating expenses (6)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5,861</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5,827</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5,785</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5,825</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5,847</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Average number of vessels (7)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Number of vessels at period end</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Weighted average age of vessels (8)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.6</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(1)</I></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Ownership
    days are the total number of days in a period during which we owned each of the vessels in our fleet. Ownership days are an
    indicator of the size of our fleet over a period and affect both the amount of revenues generated and the amount of expenses
    incurred during the respective period.</I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(2)</I></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>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.
    Available days measures the aggregate number of days in a period during which vessels should be capable of generating revenues.</I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(3)</I></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>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. Operating days measures the aggregate
    number of days in a period during which vessels actually generate revenues.</I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(4)</I></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>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&rsquo;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.</I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(5)</I></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Daily
    time charter equivalent (&ldquo;TCE&rdquo;) rate 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 calculated 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 bunker costs that are unique to a particular voyage, which would otherwise be paid
    by the charterer under a time charter contract. Please see reconciliation of TCE under Item 5.A. Operating Results.</I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(6)</I></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Daily
    vessel operating expenses are direct operating expenses such as crewing, provisions, repairs and maintenance, insurance, deck
    and engine stores, lubricating oils and tonnage tax divided by ownership days.</I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(7)</I></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Average
    number of vessels is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the
    number of days each vessel was part of our fleet during such period divided by the number of calendar days in the period.</I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(8)</I></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Weighted
    average age of the fleet is the sum of the ages of our vessels, weighted by the dead weight tonnage (&ldquo;dwt&rdquo;) of
    each vessel on the total fleet dwt.</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Recent Daily Fleet Data:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="21">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt; font-style: italic">(In U.S. dollars, except for Utilization %)</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year ended December 31,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2016</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2017</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2018</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2019</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 37%; font-weight: bold; text-align: left">Eco-Efficient MR2: (2 of our vessels)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%">TCE</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">15,015</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">13,027</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">10,524</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">14,337</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">14,377</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>Opex</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,754</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,838</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,962</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,872</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,107</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>Utilization %</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">97.0</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">94.1</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">91.8</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">97.2</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Eco-Modified MR2: (1 of our vessels)</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>TCE</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,705</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,042</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,383</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,410</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,130</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>Opex</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,255</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,433</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,505</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,813</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,612</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>Utilization %</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92.9</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90.1</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">86.6</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99.1</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">97.5</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Standard MR2: (1 of our vessels)</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>TCE</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,504</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,209</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,887</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,115</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>Opex</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,772</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,036</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,039</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,092</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>Utilization %</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90.5</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99.2</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">91.0</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99.7</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Handysize Tankers: (2 of our vessels)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>TCE</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,939</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,979</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,844</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,860</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,331</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>Opex</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,315</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,408</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,122</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,150</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,204</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>Utilization %</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">85.1</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">79.2</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">72.6</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68.1</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">69.5</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Fleet: (6 vessels / 5 vessels)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>TCE</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,134</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,795</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,163</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,756</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,456</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>Opex</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,861</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,827</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,785</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,825</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,847</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>Utilization %</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">91.3</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">89.3</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84.3</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">89.0</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">86.3</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vessel
operating expenses per day (&ldquo;Opex&rdquo;) 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. Please see &ldquo;Item 4. Information on the Company &ndash; B. Business Overview
&ndash; The International Product Tanker Shipping Industry &ndash; Eco Ships&rdquo; for a description of the terms &ldquo;eco-efficient&rdquo;,
&ldquo;eco-modified&rdquo; and &ldquo;standard&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.
Capitalization and Indebtedness</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.
Reasons for the Offer and Use of Proceeds</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>D.
Risk Factors</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investing
in our securities is highly speculative and involves a high degree of risk. Before making an investment in our securities, you
should carefully consider the risks described below, as well as other information included or incorporated by reference in this
Annual report before deciding to invest in our securities. The summary of risk factors below is qualified in its entirety by the
more fulsome risk factors that follow.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Summary
of Risk Factors</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
                                         vessels may be exposed to international and inherent operational risks that may reduce
                                         revenue or increase expenses.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
                                         revenues are derived substantially from a single segment where charter hire rates for
                                         product tankers are cyclical and volatile.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Product
                                         tanker rates fluctuate based on seasonal variations in demand.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         continuation of the COVID-19 pandemic, and the emergence of other epidemic or pandemic
                                         crises, could have material adverse effects on our business, results of operations or
                                         financial condition.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
                                         over-supply of product tanker capacity may lead to reductions in charter rates, vessel
                                         values and profitability.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increased
                                         demand for and supply of &ldquo;eco-efficient&rdquo; vessels could reduce demand for
                                         certain of our vessels that are not classified as such and expose us to lower vessel
                                         utilization and/or decreased charter rates.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acts
                                         of piracy on ocean-going vessels could adversely affect our business.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         current global economic condition and financial environment, including an economic slowdown
                                         or changes in the economic and political environment in the Asia Pacific region, could
                                         have a material adverse effect on our business and financial condition.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         U.K.&rsquo;s withdrawal from the European Union may have a negative effect on global
                                         economic conditions and our business.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
                                         in prices for fuel, or bunkers, may adversely affect results of operations.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                         our vessels call on ports located in or operate in countries or territories that are
                                         the subject of sanctions or embargoes imposed by the United States, the European Union,
                                         the United Nations, or other governmental authorities, it could result in monetary fines
                                         and penalties and adversely affect our reputation and the market price of our common
                                         shares.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
                                         vessels could be arrested by maritime claimants, which could result in a significant
                                         loss of earnings and cash flow.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         smuggling or alleged smuggling of drugs or other contraband onto the Company&rsquo;s
                                         vessels may lead to governmental claims.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governments
                                         could requisition our vessels during a period of war or emergency.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increasing
                                         scrutiny and changing expectations from investors, lenders and other market participants
                                         with respect to our ESG policies may impose additional costs on us or expose us to additional
                                         risks.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                         are subject to increasingly complex laws and regulations, including environmental and
                                         safety laws and regulations, which expose us to liability and significant expenditures,
                                         and can adversely affect our insurance coverage and our business.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         failure to maintain class certifications of authorized classification societies would
                                         affect our ability to employ such vessels.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                         could be adversely affected by violations of the U.S. Foreign Corrupt Practices Act of
                                         1977 (the &ldquo;FCPA&rdquo;) and similar worldwide anti-bribery laws.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Company obtains some of its insurance through protection and indemnity associations,
                                         which could result in significant additional premium payments. We are also subject to
                                         funding calls by such associations, and our associations may not have enough resources
                                         to cover claims made against them.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                         will incur additional costs to retrofit ballast water treatment systems in our vessels
                                         to comply with new regulations.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Safety
                                         and environmental requirements relating to the recycling of vessels may result in escalated
                                         and unexpected costs.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Climate
                                         change and greenhouse gas restrictions may adversely impact our operations, markets and
                                         capital sources.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Technological
                                         innovation and quality and efficiency requirements from our customers could reduce our
                                         charter hire income, future performance, and financial condition.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                         recently had a working capital deficit and may not be able to fund our ongoing operations.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                         operate in highly competitive international markets.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                         may be unable to secure medium- and long-term employment for our vessels at profitable
                                         rates and present and future vessel employment could be adversely affected by an inability
                                         to clear the oil majors&rsquo; risk assessment process.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                         substantial portion of our revenues is derived from a limited number of customers, and
                                         the loss of any of these customers could result in a significant loss of revenues and
                                         cash flow.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Company&rsquo;s growth depends on its ability to expand relationships with existing customers
                                         and obtain new customers, for which it will face substantial competition.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                         may not be able to successfully mix our charter durations profitably.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                         have limited current liquidity and have become reliant on Pyxis Maritime Corp. (&ldquo;Maritime&rdquo;)
                                         and Maritime Investors Corp., (&ldquo;Maritime Investors&rdquo;), entities affiliated
                                         with our Chairman and Chief Executive Officer, Mr. Valentis, for our short-term working
                                         capital financing.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparties,
                                         including charterers or technical managers, could fail to meet their obligations to us.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                         depend on International Tanker Management (&ldquo;ITM&rdquo;) and Maritime to operate
                                         our business, and our business could be harmed if they fail to perform their services
                                         satisfactorily.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                         may fail to successfully control our operating and voyage expenses.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                         will be required to make substantial capital expenditures, for which we may be dependent
                                         on additional financing, to maintain the vessels we own or to acquire other vessels.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
                                         vessel modification projects we undertake could have significant cost overruns, delays
                                         or fail to achieve the intended results.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Company does not plan to install scrubbers and may have to pay more for fuel which could
                                         adversely affect the Company&rsquo;s business, results of operations and financial condition.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                         may not be able to implement our business strategy successfully or manage our growth
                                         effectively.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchase
                                         and operation of secondhand vessels can expose us to increased operating costs, which
                                         could adversely affect our earnings, and the risks associated with older vessels could
                                         adversely affect our ability to obtain profitable charters.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
                                         vessels may experience initial operational difficulties and unexpected incremental start-up
                                         costs.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delays
                                         in deliveries of additional vessels, our decision to cancel an order for purchase of
                                         a vessel, or our inability to otherwise complete the acquisitions of additional vessels
                                         for our fleet, could harm our operating results.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Declines
                                         in charter rates and other market deterioration could cause us to incur impairment charges.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
                                         charterers may terminate charters early or choose not exercise options to extend charters
                                         or to re-charter with us, which could adversely affect our business, results of operations
                                         and financial condition.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
                                         vessels may operate in pooling arrangements in the future, which may not be beneficial
                                         compared to those outside of a pool.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                         depend on the services of our founder and Chief Executive Officer and other members of
                                         our senior management team.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
                                         founder, Chairman and Chief Executive Officer has affiliations with Maritime, which may
                                         create conflicts of interest.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Several
                                         of our senior executive officers do not, and certain of our officers in the future may
                                         not, devote all of their time to our business, which may hinder our ability to operate
                                         successfully.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
                                         we expand our business, both we and Maritime may need to improve our operating and financial
                                         systems and Maritime will need to recruit and retain suitable employees and crew for
                                         our vessels.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
                                         insurance may be insufficient to cover losses that may result from our operations.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                         may be subject to litigation that, if not resolved in our favor and not sufficiently
                                         insured against, could have a material adverse effect on us.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                         and our subsidiaries may be subject to group liability for damages or debts owed by one
                                         of our subsidiaries or by us.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maritime
                                         and ITM are privately held companies, and there is little or no publicly available information
                                         about them.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exchange
                                         rate fluctuations could adversely affect our revenues, financial condition and operating
                                         results.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Failure
                                         to protect the safety and condition of the cargoes transported on our vessels may subject
                                         us to claims for loss or damage.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increase
                                         in frequency of immigrant salvage operations in the Mediterranean could adversely affect
                                         our business.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                         may face labor interruptions, which if not resolved in a timely manner, could have a
                                         material adverse effect on our business.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                         do not currently enter into hedging arrangements with respect to the cost of fuel.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
                                         cyber-attack and failure to comply with data privacy laws could materially disrupt our
                                         business.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                         may not be able to generate sufficient cash flow to meet our debt service and other obligations.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restrictive
                                         covenants in our current and future loan agreements may impose financial and other restrictions
                                         on us.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility
                                         of LIBOR and potential changes in the benchmark could affect our profitability, earnings
                                         and cash flow.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
                                         we are no longer an &ldquo;emerging growth company&rdquo;, we must comply with increased
                                         disclosure or governance requirements.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         market price of our common stock has fluctuated widely and may fluctuate in the future.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future
                                         sales of our common shares could cause the market price of our common shares to decline.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                         may not generate sufficient cash to service our obligations, including our obligations
                                         under the Series A Preferred Shares.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Conversion
                                         of the Series A Preferred Shares and Warrants will dilute the ownership interest of existing
                                         shareholders</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reports
                                         published by analysts, including projections therein that exceed the Company&rsquo;s
                                         actual results, could adversely affect the price and trading volume of the Company&rsquo;s
                                         common stock.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                         are incorporated in the Marshall Islands, which does not have a well-developed body of
                                         corporate or bankruptcy law and, as a result, stockholders may have fewer rights and
                                         protections under Marshall Islands law than under a U.S. jurisdiction.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
                                         a holding company, we depend on the ability of our subsidiaries to distribute funds to
                                         us to satisfy our obligations.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
                                         may be difficult to serve process on or enforce a U.S. judgment against us, our officers
                                         or directors because we are not a U.S. corporation.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                         do not intend to pay common stock dividends in the near future and cannot assure you
                                         that we will ever pay such dividends.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maritime
                                         Investors beneficially owns approximately 47.3% of our total outstanding common stock,
                                         which may limit stockholders&rsquo; ability to influence our actions.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
                                         our common stock does not meet the NASDAQ&rsquo;s minimum share price requirement, and
                                         if we cannot cure such deficiency within the prescribed timeframe, our common stock could
                                         be delisted.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anti-takeover
                                         provisions in our constituent documents could make it difficult for our stockholders
                                         to replace board of directors or could have the effect of discouraging acquisitions,
                                         which could adversely affect the market price of our common stock.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
                                         may have to pay tax on U.S. source income, which would reduce our earnings and cash flow.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                         Maltese subsidiaries are liable to tax in Malta by reason of their domicile and place
                                         of incorporation.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Various
                                         tax rules may adversely impact the Company&rsquo;s business, results of operations and
                                         financial condition.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending
                                         on U.S. tax authorities&rsquo; treatment of the Company, there could be adverse tax consequences
                                         to U.S. holders.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risks
Related to Our Industry</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
operate our vessels worldwide and as a result, our vessels are exposed to international and inherent operational risks that may
reduce revenue or increase expenses.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
international shipping industry is an inherently risky business involving global operations. The operation of ocean-going vessels
in international trade is affected by a number of risks. Our vessels and their cargoes will be at risk of being damaged or lost
because of events, including bad weather, grounding, fire, explosions, mechanical failure, vessel and cargo property loss or damage,
hostilities, labor strikes, adverse weather conditions, stowaways, placement on our vessels of illegal drugs and other contraband
by smugglers, war, terrorism, piracy, human error, environmental accidents generally, collisions and other catastrophic natural
and marine disasters. An accident involving any of our vessels could result in death or injury to persons, loss of property or
environmental damage, delays in the delivery of cargo, damage to our customer relationships, loss of revenues from or termination
of charter contracts, governmental fines, penalties or restrictions on conducting business or higher insurance rates. These sorts
of events could interfere with shipping routes (such as delay or rerouting), and result in market disruptions that may reduce
our revenue or increase our expenses and also subject us to litigation. International shipping is also subject to various security
and customs inspection and related procedures in countries of origin and destination and transhipment points. Inspection procedures
can result in the seizure of cargo and/or our vessels, delays in the loading, offloading or delivery and the levying of customs
duties, fines or other penalties against us. It is possible that changes to inspection procedures or an increase in the frequency
of vessel inspections could impose additional financial and legal obligations on us. Furthermore, changes to inspection procedures
could also impose additional costs and obligations on our customers and may, in certain cases, render the shipment of certain
types of cargo uneconomical or impractical.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
operation of tankers has unique operational risks associated with the transportation of refined petroleum products. A spill of
such cargoes may cause significant environmental damage, and the associated costs could exceed the insurance coverage available
to the Company. Compared to other types of vessels, tankers are exposed to a higher risk of damage and loss by fire, whether ignited
by a terrorist attack, collision, or other cause, due to the high flammability and high volume of the refined petroleum products
transported in tankers. If the Company&rsquo;s vessels suffer damage, they may need to be repaired at a drydocking facility. The
costs of drydock repairs are unpredictable and may be substantial. The Company may have to pay drydocking costs that its insurance
does not cover in full. The loss of revenues while these vessels are being repaired and repositioned, as well as the actual cost
of these repairs, may adversely affect the Company&rsquo;s business, results of operations and financial condition. In addition,
space at drydocking facilities is sometimes limited and not all drydocking facilities are conveniently located. The Company may
be unable to find space at a suitable drydocking facility or its vessels may be forced to travel to a drydocking facility that
is not conveniently located to the vessels&rsquo; positions. The loss of earnings while these vessels are forced to wait for space
or to travel to more distant drydocking facilities may adversely affect the Company&rsquo;s business, results of operations and
financial condition. Further, the total loss of any of the Company&rsquo;s vessels could harm its reputation as a safe and reliable
vessel owner and operator. If the Company is unable to adequately maintain or safeguard its vessels, it may be unable to prevent
any such damage, costs, or loss which could negatively impact its business, results of operations and financial condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
revenues are derived substantially from a single segment where charter hire rates for product tankers are cyclical and volatile.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Substantially
all of our revenues are derived from a single market, the product tanker segment, and therefore our financial results depend on
chartering activities and developments in this segment. The product tanker market is cyclical and volatile in charter hire rates.
The degree of charter hire rate volatility among different types of product tankers has varied widely, and, as a result, our ability
to charter, or to re-charter our vessels upon the expiration or termination of our current charters, the charter rates payable
under any replacement charters and vessel values will depend upon, among other things, economic conditions in the product tanker
market at that time and changes in the supply and demand for vessel capacity. Any renewal or replacement charters that the Company
enters into may not be sufficient to allow the Company to operate its vessels profitably. After reaching historic highs in mid-2008,
charter hire rates for product tankers declined significantly before increasing in 2015 and then declining again in 2016. Since
then, charter hire rates have remained volatile, especially during 2020. If charter hire rates remain depressed or fall further
in the future when our charters expire, we may be unable to re-charter our vessels at rates as favorable to us, with the result
that our earnings and available cash flow will continue to be adversely affected. In addition, a decline in charter hire rates
will likely cause the value of our vessels to decline.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Charter
hire rates depend on the demand for, and supply of, product tanker vessels.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
factors that influence the demand for product tanker vessel capacity are unpredictable and outside of our control, and include,
among others:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">demand
    and supply for refined petroleum products and other liquid bulk products such as vegetable and edible oils;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">competition
    from alternative sources of energy and a shift in consumer demand towards other energy resources such as wind, solar or water
    energy as well as greater use of electric powered vehicles;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    globalization of manufacturing and developments of transportation services;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">regional
    availability of refining capacity and inventories;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">increases
    in the production of refined petroleum products in areas linked by pipelines to consuming areas, the extension of existing,
    or the development of new, pipeline systems in markets we may serve, or the conversion of existing non-oil pipelines to refined
    petroleum products pipelines in those areas;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    distance oil and refined petroleum products are moved by sea; changes in seaborne and other transportation patterns, including
    changes in the distances over which refined petroleum and chemical cargoes are transported;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">competition
    from other shipping companies and other modes of transportation, such as railroads that compete with product tankers;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">availability
    of newbuild crude tankers to take refined petroleum products on their maiden voyage upon delivery from shipyards;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">product
    imbalances across regions (affecting the level of trading activity);</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">global
    and regional economic and political conditions, including armed conflicts, terrorist activities, and strikes; environmental
    and other regulatory developments;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">health
    disasters, such as COVID-19, developments in international trade generally;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">international
    sanctions, embargoes, import and export restrictions, nationalizations and wars;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">currency
    exchange rates; and</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">weather
    and natural disasters.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
factors that influence the supply of product tanker vessel capacity are also outside of our control and unpredictable and include,
among others:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 1.6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">demand
    and supply for refined petroleum products and other liquid bulk products such as vegetable and edible oils;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">availability
    and pricing of other energy resources such as natural gas;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    number of product tanker newbuilding deliveries;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    efficiency and age of the global product tanker fleet;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    demolition prices and scrapping rate of older product tankers or casualties;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    price of steel and vessel equipment;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    cost of newbuildings and the cost of retrofitting or modifying secondhand product tankers as a result of charterer requirements;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">shipyard
    capacity, financial condition and new vessel construction throughput/delays in deliveries;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">availability,
    terms and cost of capital;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">cost
    and supply of labor;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">technological
    innovations and advances in product tanker design and capacity, including the introduction and operating performance of scrubbers;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">conversion
    of product tankers to other uses and the conversion of other vessels to product tankers;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    number of product tankers used for floating storage;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    number of product tankers trading crude or &ldquo;dirty&rdquo; oil products;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">product
    tanker freight rates, whether time or spot charters, including spot market related pools the Company may join, which are themselves
    affected by factors that may affect the rate of newbuilding, scrapping and laying-up of product tankers;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">port
    and canal congestion;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    cost of bunkers and fuel oil, and their impact on vessel speed; currency exchange rate fluctuations;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in governmental or maritime self-regulatory organizations&rsquo; rules and regulations or actions taken by regulatory authorities;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in environmental and other regulations that may limit the useful lives of product tankers; and</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    number of product tankers that are out of service.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
factors influencing the supply of and demand for product tanker capacity and charter rates are outside of our control, and we
may not be able to correctly assess the nature, timing and degree of changes in industry conditions. A global economic downturn,
such as in 2020, may reduce demand for transportation of refined petroleum products, edible oils and chemicals. We cannot assure
you that we will be able to successfully charter our product tankers in the future at all or at rates sufficient to allow us to
meet our contractual obligations, including repayment of our indebtedness.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Product
tanker rates fluctuate based on seasonal variations in demand.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Product
tanker markets are typically stronger in the winter months as a result of increased refined petroleum products consumption in
the northern hemisphere and weaker in the summer months as a result of lower consumption in the northern hemisphere and refinery
maintenance that is typically conducted in the summer months. Unpredictable weather patterns during the winter months in the northern
hemisphere tend to disrupt vessel routing and scheduling. The price volatility of products resulting from these factors has historically
led to increased product trading activities in the winter months. As a result, revenues generated by vessels are typically weaker
during the quarters ended June 30 and September 30, and stronger in the quarters ended March 31 and December 31. If increased
revenues generated in the fall/winter months are not sufficient to offset any decreases in revenue in the spring/summer months,
it may have an adverse effect on our business, results of operations and financial condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
COVID-19 pandemic is dynamic. The continuation of the pandemic and the emergence of other epidemic or pandemic crises could have
material adverse effects on our business, results of operations or financial condition. </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
COVID-19 pandemic is dynamic, including the developments of variants of the virus and its ultimate scope, duration and effects
are uncertain. The pandemic and any future epidemic or pandemic crises could result in direct and indirect adverse effects on
the product tanker industry. Effects of the current pandemic include, or may include, among others:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">deterioration
                                         of worldwide, regional or national economic conditions and activity, which could further
                                         reduce or prolong the recent significant declines in oil prices, or continue to adversely
                                         affect global demand for crude oil and petroleum products, demand for product tankers,
                                         and charter and spot rates;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">disruptions
                                         to operations of industry participants as a result of the potential health impact on
                                         workforces, including crew;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">business
                                         disruptions from, or additional costs related to, new regulations, directives or practices
                                         implemented in response to the pandemic, such as travel restrictions for individuals
                                         and vessels, hygiene measures (such as quarantining and social distancing) or implementation
                                         of remote working arrangements;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">potential
                                         delays in (a) the loading and discharging of cargo on or from our vessels, (b) vessel
                                         inspections and related certifications by class societies, oil majors or government agencies
                                         and (c) maintenance and any repairs or upgrades to, or drydocking of, vessels due to
                                         quarantine, worker health, regulations or a shortage of required spares;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reduced
                                         cash flow and financial condition, including potential liquidity constraints;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">reduced
                                         access to or increase the cost of capital as a result of any credit tightening generally
                                         or due to declines in global financial markets;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">potential
                                         decreases in the market values of vessels and related impairment charges;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">potential
                                         noncompliance with covenants in our credit facilities; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">potential
                                         deterioration in the financial condition and prospects of industry participants.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
disruption and effects from the coronavirus pandemic may be temporary or moderated by expanding vaccine accessibility, given the
dynamic nature of these circumstances, the duration of business disruption and the related financial impact on the product tanker
industry and its participants cannot be reasonably estimated at this time. In addition, public health threats and other highly
communicable disease outbreaks, such as the COVID-19 pandemic, could adversely affect the business, results of operations or financial
condition of us or our customers, suppliers and other business partners.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the effects of the infectious disease, COVID-19, are rapidly evolving globally and are uncertain. The Company&rsquo;s
business could be adversely affected by this outbreak. Any prolonged restrictive measures in order to control the spread of COVID-19
or other adverse public health development in Asia, U.S. or the Company&rsquo;s targeted markets may also have a material and
adverse effect on the demand for the Company&rsquo;s vessels, operations and financial condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>An
over-supply of product tanker capacity may lead to reductions in charter rates, vessel values and profitability.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
market supply of product tankers is affected by a number of factors such as the demand for energy resources, oil, petroleum and
chemical products, the level of current and expected charter hire rates, asset and newbuilding prices and the availability of
financing, as well as overall global economic growth in parts of the world economy, including Asia, and has been increasing as
a result of the delivery of substantial newbuilding orders over the last few years.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
has been a global trend towards energy efficient technologies, lower environmental emissions and alternative sources of energy.
In the long-term, demand for oil may be reduced by increased availability of such energy sources and machines that run on them.
In addition, reduced global supply of oil due to coordinated action, such as the production cuts recently agreed by the Organization
of Petroleum Exporting Countries (&ldquo;OPEC&rdquo;) and other oil producing nations, may lead to an over-supply of product tanker
capacity due to lower demand for the transportation of refined petroleum products.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Newly
built product tankers were delivered in significant numbers starting at the beginning of 2006 through 2020 and continuing into
2021. Furthermore, if the capacity of new ships delivered exceeds the capacity of product tankers being scrapped and lost, product
tanker capacity will increase. For example, as of February 28, 2021, there were 100 product and product/chemical tankers on order,
equivalent to 6.3% of the existing fleet by units and 6.6% of the existing fleet by dwt and the orderbook may increase further
in the future. If the supply of product tanker capacity increases and if the demand for product tanker capacity does not increase
correspondingly, charter rates and vessel values could materially decline. If that happens, as the Company&rsquo;s charters expire,
the Company may only be able to re-charter its vessels at reduced or unprofitable rates, or the Company may not be able to charter
its vessels at all. A reduction in charter rates and the value of our vessels for any of these reasons may have a material adverse
effect on our business, results of operations and financial condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, product tankers currently used to transport crude oil and other &ldquo;dirty&rdquo; products may be &ldquo;cleaned up&rdquo;
and reintroduced into the product tanker market, which would increase the available product tanker tonnage which may affect the
supply and demand balance for product tankers. This could have an adverse effect on our business, results of operations and financial
position.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Over
the last nine years, a number of vessel owners have ordered and taken delivery of so-called &ldquo;eco-efficient&rdquo; vessel
designs, which offer significant bunker savings as compared to older designs. Increased demand for and supply of &ldquo;eco-efficient&rdquo;
vessels could reduce demand for certain of our vessels that are not classified as such and expose us to lower vessel utilization
and/or decreased charter rates.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
estimate that a significant proportion of newbuilding orders have been based on new vessel designs, which purport to offer material
bunker savings compared to older designs, such as a significant proportion of our tanker vessels. See &ldquo;Item 4. Information
on the Company &ndash; B. Business Overview &ndash; The Fleet.&rdquo; New vessel designs have resulted in a significant reduction
of bunker consumption and consequently cost for charterers. As the supply of &ldquo;eco-efficient&rdquo; tankers expands, if charterers
prefer those vessels over our tankers that are not classified as such, this may reduce demand for our non- &ldquo;eco-efficient&rdquo;
tankers, impair our ability to re-charter such tankers at competitive rates or at all and have a material adverse effect on our
business, results of operations and financial condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Acts
of piracy on ocean-going vessels could adversely affect our business.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acts
of piracy have historically affected ocean-going vessels trading in many regions of the world, such as South China Sea, the Indian
Ocean, the Gulf of Aden off the coast of Somalia and the Gulf of Guinea region off Nigeria. Sea piracy incidents continue to occur,
and tanker vessels are particularly vulnerable to attacks by pirates. If regions in which our vessels are deployed are characterized
as &ldquo;war risk&rsquo;&rsquo; zones or &ldquo;war and strikes&rdquo; listed areas by insurers, or other parties such as the
Joint War Committee of Lloyds Insurance and IUA Company, premiums payable for coverage could increase significantly and such insurance
coverage may be more difficult to obtain. In addition, crew and security equipment costs, including employing onboard security
guards, could increase in such circumstances. We may not be adequately insured to cover losses from these incidents. In addition,
any detention hijacking as a result of an act of piracy against our vessels, increases in cost associated with seeking to avoid
such events (including increased bunker costs resulting from vessels being rerouted or travelling at increased speeds as recommended
by BMP4), or unavailability or increases in cost of insurance for our vessels, could have a material adverse impact on our business,
results of operations and financial condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>An
economic slowdown or changes in the economic and political environment in the Asia Pacific region could have a material adverse
effect on our business, financial condition and results of operations.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
anticipate a significant number of the port calls made by our vessels will continue to involve the loading or discharging of cargoes
in ports in the Asia Pacific region. As a result, any negative changes in economic conditions in any Asia Pacific country, particularly
in China, may have a material adverse effect on our business, financial condition and results of operations, as well as our future
prospects. Before the global economic financial crisis that began in 2008, China had one of the world&rsquo;s fastest growing
economies in terms of gross domestic product, or GDP, which had a significant impact on shipping demand. The year-over-year growth
rate of China&rsquo;s GDP declined to 2.3% for the year ended December 31, 2020, as compared to approximately 6.0% for the year
ended December 31, 2019, and continues to remain below pre-2008 levels. We cannot assure you that the Chinese economy will not
experience a significant contraction in the future, especially in light of the impact of COVID-19. Furthermore, there is a rising
threat of a Chinese financial crisis resulting from massive personal and corporate indebtedness and &ldquo;trade wars&rdquo;.
The International Monetary Fund has warned that continuing trade tensions, including significant tariff increases, between the
United States and China are expected to result in a 0.8% cumulative reduction of global GDP in 2020. We cannot assure you that
the Chinese economy will not experience a significant contraction in the future.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
state-owned enterprises still account for a substantial portion of the Chinese industrial output, in general, the Chinese government
is adjusting the level of direct control that it exercises over the economy through state plans and other measures. There is a
questionable level of freedom and autonomy in areas such as allocation of resources, production, pricing and management and a
gradual shift in emphasis to a &ldquo;market economy&rdquo; and enterprise reform. Limited price reforms were undertaken with
the result that prices for certain refined petroleum products are principally determined by market forces. Many of the reforms
are unprecedented or experimental and may be subject to revision, change or abolition based upon the outcome of such experiments.
If the Chinese government does not continue to pursue a policy of economic reform, the level of imports to and exports from China
could be adversely affected by changes to these economic reforms by the Chinese government, as well as by changes in political,
economic and social conditions or other relevant policies of the Chinese government, such as changes in laws, regulations or export
and import restrictions. Notwithstanding economic reform, the Chinese government may adopt policies that favor domestic shipping
and tanker companies and may hinder our ability to compete with them effectively. For example, China imposes a tax for non-resident
international transportation enterprises engaged in the provision of services of passengers or cargo, among other items, in and
out of China using their own, chartered or leased vessels. The regulation may subject international transportation companies to
Chinese enterprise income tax on profits generated from international transportation services passing through Chinese ports. This
could have an adverse impact on our charterers&rsquo; business, operating results and financial condition and could thereby affect
their ability to make timely charter hire payments to us and to renew and increase the number of their time charters with us.
Moreover, an economic slowdown in the economies of the European Union and other Asian countries may further adversely affect economic
growth in China and elsewhere.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, concerns regarding the possibility of sovereign debt defaults by European Union member countries, including Greece,
have in the past disrupted financial markets throughout the world, and may lead to weaker consumer demand in the European Union,
the United States, and other parts of the world. The possibility of sovereign debt defaults by European Union member countries,
including Greece, and the possibility of market reforms to float the Chinese renminbi, either of which development could weaken
the Euro against the Chinese renminbi, could adversely affect consumer demand in the European Union. Moreover, the revaluation
of the renminbi may negatively impact the United States&rsquo; demand for imported goods, many of which are shipped from China.
Future weak economic conditions could have a material adverse effect on our business, results of operations and financial condition
and our ability to pay dividends to our stockholders. Our business, financial condition, results of operations, as well as our
future prospects, will likely be materially and adversely affected by another economic downturn in any of the aforementioned countries
and regions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
current global economic condition and financial environment, may negatively affect our business.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
recent years, businesses in the global economy have faced periods of slower growth, recessions, limited or no credit or credit
on less favorable terms than previously obtained, lower demand for goods and services, reduced liquidity and volatile capital
markets. These factors have had, and in part continue to have, a negative effect on the demand for refined petroleum products
including fuel oil or bunkers, which, along with diminished trade credit available for the delivery of such cargoes have led to
periodic decreased demand for product tankers, creating downward pressure on charter rates and reduced product tanker values.
Beginning in February 2020, due in part to fears associated with the spread of COVID-19, global financial markets, and financial
markets in the U.S., experienced greater than usual volatility and a steep and abrupt downturn. The volatility and downturn may
continue as COVID-19 continues to spread. China&rsquo;s economy has shown signs of slowing its growth rate, especially due to
the recent impact of COVID-19. A significant number of the port calls we expect our vessels to make will likely involve the loading
or discharging of cargo in ports in Organization of Economic Cooperation and Development countries (&ldquo;OECD&rdquo;) and the
Asia Pacific region. We cannot assure you that the Chinese, Indian or Japanese economies, which generate a substantial amount
of demand for shipping companies, will not experience a significant contraction or otherwise negatively change in the future,
especially due to the recent effects from the turmoil in the Asian capital markets. Moreover, a significant or protracted slowdown
in the economies of the United States, the European Union (&ldquo;EU&rdquo;) or various Asian countries may adversely affect economic
growth in China and elsewhere. In addition, concerns persist regarding the debt burden of certain Eurozone countries and their
ability to meet future financial obligations and the overall stability of the Euro. An extended period of adverse development
in the outlook for European countries could reduce the overall demand for our services.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
we operate in a sector of the economy that is likely to be adversely impacted by the effects of political conflicts, including
the current political instability in the Middle East and the South China Sea region and other geographic countries and areas,
geopolitical events such as the withdrawal of the U.K. from the European Union, or &ldquo;Brexit,&rdquo; terrorist or other attacks,
and war (or threatened war) or international hostilities, such as those between the United States and North Korea or Iran. Terrorist
attacks such as those in New York on September 11, 2001, in London on July 7, 2005, in Mumbai on November 26, 2008 and in Paris
on November 13, 2015, and the Manchester on May 22, 2017, as well as the frequent incidents of terrorism in the Middle East, and
the continuing response of the United States and others to these attacks, as well as the threat of future terrorist attacks around
the world, continues to cause uncertainty in the world&rsquo;s financial markets and international commerce and may affect our
business, operating results and financial condition. Continuing conflicts and recent developments in the Middle East, and including
increased tensions between the U.S. and Iran which in January 2020 escalated into a U.S. airstrike in Baghdad that killed a high-ranking
Iranian general, as well as the presence of U.S. or other armed forces in Iraq, Syria, Afghanistan and various other regions,
may lead to additional acts of terrorism and armed conflict around the world, which may contribute to further economic instability
in the global financial markets and international commerce. Additionally, any escalations between the U.S. and Iran could result
in retaliation from Iran that could potentially affect the shipping industry, through increased attacks on vessels in the Strait
of Hormuz (which already experienced an increased number of attacks on and seizures of vessels in 2019). These uncertainties could
also adversely affect our ability to obtain additional financing or insurance on terms acceptable to us or at all. Any of these
occurrences could have a material adverse impact on our operating results, revenues and costs. Additionally, Brexit, or similar
events in other jurisdictions, could impact global markets, including foreign exchange and securities markets; any resulting changes
in currency exchange rates, tariffs, treaties and other regulatory matters could in turn adversely impact our business and operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
governments may turn and have turned to trade barriers to protect their domestic industries against foreign imports, thereby depressing
shipping demand. In particular, leaders in the United States and China have implemented certain increasingly protective trade
measures which have been somewhat mitigated by the recent trade deal (first phase trade agreement) between the U.S. and China,
which requires the purchase of over USD 50 billion of Chinese energy products including crude oil. Additionally, in March 2018,
former President Trump announced tariffs on imported steel and aluminum into the United States that could have a negative impact
on international trade generally and in January 2019, the United States announced expanded sanctions against Venezuela, which
may have an effect on its oil output and in turn affect global oil supply. The results of the 2020 presidential election in the
United States have created significant uncertainty about the future relationship between the United States, China and other exporting
countries, including with respect to trade policies, treaties, government regulations and tariffs. However, it is not yet clear
how the new United States administration under President Biden may deviate from the former administration&rsquo;s protectionist
foreign trade policies. Protectionist developments, or the perception that they may occur, may have a material adverse effect
on global economic conditions, and may significantly reduce global trade. Moreover, increasing trade protectionism may cause an
increase in (a) the cost of goods exported from regions globally, (b) the length of time required to transport goods and (c) the
risks associated with exporting goods. Such increases may significantly affect the quantity of goods to be shipped, shipping time
schedules, voyage costs and other associated costs, which could have an adverse impact on our charterers&rsquo; business, operating
results and financial condition and could thereby affect their ability to make timely charter hire payments to us and to renew
and increase the number of their time charters with us. This could have a material adverse effect on our business, results of
operations and financial condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
Europe, large sovereign debts and fiscal deficits, low growth prospects and high unemployment rates in a number of countries have
contributed to the rise of Eurosceptic parties, which would like their countries to leave the Euro. The exit of the United Kingdom
from the European Union, or Brexit, and potential new trade policies in the United States further increase the risk of additional
trade protectionism.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
issues, along with the re-pricing of credit risk and the difficulties currently experienced by financial institutions, especially
those lending in the shipping industry, have made, and will likely continue to make, it difficult to obtain financing. As a result
of the disruptions in the credit markets and higher capital requirements, many lenders have enacted tighter lending standards,
required more restrictive terms (including higher collateral ratios for advances, shorter maturities and smaller loan amounts),
increased margins or lending rates or have refused to refinance existing debt at all. Moreover, certain banks that have historically
been significant lenders to the shipping industry have reduced or ceased lending activities in the shipping industry. Further
tightening of capital requirements and the resulting policies adopted by lenders, could further reduce lending activities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Global
economic conditions remain fragile with uncertainty surrounding sustainable recovery and long-term prospects. If the current global
economic and financial environment persists or worsens, we may be negatively affected in the following ways, among others:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    may not be able to employ our vessels at charter rates as favorable to us as historical rates or operate our vessels profitably;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    market value of our vessels could decrease, which may cause us to, among other things, recognize losses if any of our vessels
    are sold or if their values are impaired, violate covenants in our current loan agreements and future financing agreements
    and be unable to incur debt at all or on terms that are acceptable to us; and</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    may experience difficulties obtaining financing commitments or be unable to fully draw under loans we arrange in the future
    if the lenders are unwilling to extend financing to us or unable to meet their funding obligations due to their own liquidity,
    capital or solvency issues. We cannot be certain that financing will be available on acceptable terms or at all. If financing
    is not available when needed, or is available only on unfavorable terms, we may be unable to meet our future obligations as
    they come due. In the absence of available financing, we also may be unable to take advantage of business opportunities or
    respond to competitive pressures.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
occurrence of any of the foregoing could have a material adverse effect on our business, results of operations and financial condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
U.K.&rsquo;s withdrawal from the European Union may have a negative effect on global economic conditions, financial markets and
our business.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
June 2016, a majority of voters in the U.K. elected to withdraw from the EU in a national referendum (informally known as &ldquo;Brexit&rdquo;),
a process that the government of the U.K. formally initiated in March 2017. Since then, the U.K. and the EU negotiated the terms
of a withdrawal agreement, which was approved in October 2019 and ratified in January 2020. The U.K. formally exited the EU on
January 31, 2020, although a transition period remained in place until December 2020, during which the U.K. was subject to the
rules and regulations of the EU while continuing to negotiate the parties&rsquo; relationship going forward, including trade deals.
On December 24, 2020, the U.K. and the EU entered into a trade and cooperation agreement (the &ldquo;Trade and Cooperation Agreement&rdquo;),
which was applied on a provisional basis from January 1, 2021. While the new economic relationship does not match the relationship
that existed during the time the U.K. was a member state of the EU, the Trade and Cooperation Agreement sets out preferential
arrangements in certain areas such as trade in goods and in services, digital trade and intellectual property. Negotiations between
the U.K. and the EU are expected to continue in relation to other areas which are not covered by the Trade and Cooperation Agreement.
The long term effects of Brexit will depend on the effects of the implementation and application of the Trade and Cooperation
Agreement and any other relevant agreements between the U.K. and EU.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is unclear what long-term economic, financial, trade, and legal implications the withdrawal of the U.K. from the European Union
would have and how such withdrawal would affect our business. In addition, Brexit may lead other European Union member countries
to consider referendums regarding their European Union membership. Any of these events, along with any political, economic and
regulatory changes that may occur, could cause political and economic uncertainty and harm our business and financial results.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brexit
contributes to considerable uncertainty concerning the current and future economic environment. Brexit could adversely affect
European or worldwide political, regulatory, economic or market conditions and could contribute to instability in global political
institutions, regulatory agencies and financial markets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Changes
in fuel, or bunkers, prices may adversely affect results of operations.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fuel,
or bunkers, is a significant expense in shipping operations for our vessels employed on the spot market and changes in the price
of fuel may adversely affect the Company&rsquo;s profitability and can have a significant impact on earnings. With respect to
our vessels employed on time charter, the charterer is generally responsible for the cost and supply of fuel, but such cost may
affect the charter rates we are able to negotiate for our vessels. The price and supply of fuel is unpredictable and fluctuates
based on events outside our control, including geopolitical developments, supply and demand for oil and gas, actions by OPEC and
other oil and gas producers, war and unrest in oil producing countries and regions, regional production patterns and environmental
concerns and regulations. The cost of fuel is a significant factor in negotiating charter rates and can affect us in both direct
and indirect ways. This cost will be borne by us when our tankers are not employed or are employed on voyage charters. Even where
the cost of fuel is borne by the charterer, which is the case with all of our existing time charters, that cost may affect the
level of charter rates that charterers are prepared to pay. In addition, as of January 1, 2020 the entry into force of the 0.5%
global sulfur cap in marine fuels under the International Convention for Prevention of Pollution from Ships (&ldquo;MARPOL&rdquo;)
Annex VI has initially led to a significant increase in the costs for low sulfur fuel used by vessels that are not equipped with
exhaust gas scrubbers. Non-scrubber tankers may become less competitive (compared with ships equipped with exhaust gas scrubbers
that can utilize the less expensive high sulfur fuel), and consequently may have difficulty finding employment, command lower
charter hire, have difficulty in financing and/or need to be scrapped. Further, fuel may become much more expensive in the future,
including as a result of the imposition of lower sulfur oxide emissions under new IMO 2020 regulations, which may reduce the profitability
and competitiveness of our business versus other forms of transportation, such as truck or rail. Also, older vessels usually consume
more fuel than eco-efficient vessels. Consequently, employment of our older vessels may be lower and less profitable. Changes
in the price of fuel may adversely affect our profitability.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>If
our vessels call on ports located in or operate in countries or territories that are the subject of sanctions or embargoes imposed
by the United States, the European Union, the United Nations, or other governmental authorities it could result in monetary fines
and penalties and adversely affect our reputation and the market price of our common shares.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
none of our vessels called on ports located in countries or territories that are the subject of country-wide or territory-wide
comprehensive sanctions and/or embargoes imposed by the U.S. government or other applicable governmental authorities (&ldquo;Sanctioned
Jurisdictions&rdquo;) in violation of applicable sanctions or embargo laws in 2020, and we endeavor to take steps reasonably designed
to mitigate such risks, it is possible that, in the future, our vessels may call on ports in Sanctioned Jurisdictions on charterers&rsquo;
instructions and/or without our consent. If such activities result in a violation of sanctions or embargo laws, we could be subject
to monetary fines, penalties, or other sanctions, and our reputation and the market for our common stock could be adversely affected.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sanctions
and embargo laws and regulations vary in their application, as they do not all apply to the same covered persons or proscribe
the same activities, and such sanctions and embargo laws and regulations may be amended or expanded over time. Current or future
counterparties of ours may be affiliated with persons or entities that are, or may be in the future, the subject of sanctions
or embargoes imposed by the U.S., the EU, and/or other international bodies. If we determine that such sanctions or embargoes
require us to terminate existing or future contracts to which we, or our subsidiaries, are party, or if we are found to be in
violation of such applicable sanctions or embargoes, our results of operations may be adversely affected, we could face monetary
fines or penalties, or we may suffer reputational harm.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we believe that we have been in compliance with all applicable sanctions and embargo laws and regulations, and intend to maintain
such compliance, there can be no assurance that we will be in compliance at all times in the future, particularly as the scope
of certain laws may be unclear and may be subject to changing interpretations. Any such violation could result in fines, penalties
or other sanctions that could severely impact our ability to access the U.S. capital markets and conduct our business, and could
result in some investors deciding, or being required, to divest their interest, or refrain from investing, in us. In addition,
certain institutional investors may have investment policies or restrictions that prevent them from holding securities of companies
that have contracts with countries or territories identified by the U.S. government as state sponsors of terrorism. The determination
by these investors not to invest in, or to divest from, our common stock may adversely affect the price at which our common stock
trades. Moreover, our charterers may violate applicable sanctions and embargo laws and regulations as a result of actions that
do not involve us or our vessels, and those violations could in turn negatively affect our reputation. In addition, our reputation
and the market for our securities may be adversely affected if we engage in certain other activities, such as entering into charters
with individuals or entities that are not controlled by the governments of countries or territories that are the subject of certain
U.S. sanctions or embargo laws, or engaging in operations associated with those countries or territories pursuant to contracts
with third parties that are unrelated to those countries or territories or entities controlled by their governments. Investor
perception of the value of our common stock may be adversely affected by the consequences of war, the effects of terrorism, civil
unrest and governmental actions in the countries or territories that we operate in.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
vessels could be arrested by maritime claimants, which could result in a significant loss of earnings and cash flow if we are
not able to post the required security to lift the arrest or attachment.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally,
under the terms of the time charters for our vessels, a vessel would be placed off-hire (that is, the charterer could cease to
pay charter hire) for any period during which it is &ldquo;arrested&rdquo; for a reason not arising from the fault of the charterer.
Under maritime law in many jurisdictions, and under the International Convention on Arrest of Ships, 1999, crew members, tort
claimants, claimants for breach of certain maritime contracts, vessel mortgagees, suppliers of goods and services to a vessel
and shippers and consignees of cargo and others entitled to a maritime lien against the vessel may enforce their lien by &ldquo;arresting&rdquo;
or &ldquo;attaching&rdquo; a vessel through court processes. In addition, claims may be brought by parties in hostile jurisdictions
or on fictitious grounds or for claims against previous owners, if any, or in respect of previous cargoes. Any such claims could
lead to the arrest of the vessel, against which the ship owner would have to post security to have the arrest lifted and to defend
against such claims.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, in those countries adopting the International Convention on Arrest of Ships, 1999, and in certain other jurisdictions,
such as South Africa, under the &ldquo;sister ship&rdquo; theory of liability, a claimant may arrest not only the vessel with
respect to which the claimant&rsquo;s maritime lien has arisen, but also any &ldquo;associated&rdquo; vessel owned or controlled
by the legal or beneficial owner of that vessel. While in some of the jurisdictions which have adopted this doctrine, liability
for damages is limited in scope and would only extend to a company and its vessel-owning subsidiaries, there can be no assurance
that liability for damages caused by a vessel managed by an unaffiliated party, ITM, would not be asserted against us or one or
more of our vessels. The arrest of one or more vessels in our fleet could result in a material loss of cash flow for us and/or
require us to pay substantial sums to have the arrest lifted.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 17 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
smuggling or alleged smuggling of drugs or other contraband onto the Company&rsquo;s vessels may lead to governmental claims against
the Company.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company expects that its vessels will call in ports where smugglers may attempt to hide drugs and other contraband on vessels,
with or without the knowledge of crew members. To the extent the Company&rsquo;s vessels are found with or accused to be carrying
contraband, whether inside or attached to the hull of our vessels and whether with or without the knowledge of any of its crew,
the Company may face governmental or other regulatory claims which could have an adverse effect on the Company&rsquo;s business,
financial condition, results of operations and cash flows. Additionally, such events could have consequences on our share price.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Governments
could requisition our vessels during a period of war or emergency.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
government could take actions for requisition of title, hire or seize our vessels. Requisition for title occurs when a government
takes control of a vessel and becomes its owner. Also, a government could requisition our vessels for hire, which occurs when
a government takes control of a vessel and effectively becomes her charterer at dictated charter rates. Generally, requisitions
occur during a period of war or emergency. Although we would expect to be entitled to compensation in the event of a requisition
of one or more of our vessels, the amount and timing of payment, if any, would be uncertain. Government requisition of one or
more of our vessels could negatively impact our business, results of operations and financial condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Increasing
scrutiny and changing expectations from investors, lenders and other market participants with respect to our ESG policies may
impose additional costs on us or expose us to additional risks.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Companies
across all industries are facing increasing scrutiny relating to their ESG policies. Investor advocacy groups, certain institutional
investors, investment funds, lenders and other market participants are increasingly focused on ESG practices and in recent years
have placed increasing importance on the implications and social cost of their investments. The increased focus and activism related
to ESG and similar matters may hinder access to capital, as investors and lenders may decide to reallocate capital or to not commit
capital as a result of their assessment of a company&rsquo;s ESG practices. Companies which do not adapt to or comply with investor,
lender or other industry shareholder expectations and standards, which are evolving, or which are perceived to have not responded
appropriately to the growing concern for ESG issues, regardless of whether there is a legal requirement to do so, may suffer from
reputational damage and the business, financial condition, and/or stock price of such a company could be materially and adversely
affected.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may face increasing pressures from investors, lenders and other market participants, who are increasingly focused on climate change,
to prioritize sustainable energy practices, reduce our carbon footprint and promote sustainability. As a result, we may be required
to implement more stringent ESG procedures or standards so that our existing and future investors and lenders remain invested
in us and make further investments in us. If we do not meet these standards, our business and/or our ability to access capital
could be harmed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
certain investors and lenders may exclude shipping companies, such as us, from their investing portfolios altogether due to&#8239;environmental,
social&#8239;and governance factors.&#8239; These limitations in both the debt and equity capital markets may affect our ability
to develop as our plans for growth may include accessing the equity and debt capital markets.&#8239; If those markets are unavailable,
or if we are unable to access alternative means of financing on acceptable terms, or at all, we may be unable to implement our
business strategy, which would have a material adverse effect on our financial condition and results of operations and impair
our ability to service our indebtedness. Further, it is likely that we will incur additional costs and require additional resources
to monitor, report and comply with wide ranging ESG requirements.&#8239; The occurrence of any of the foregoing could have a material
adverse effect on our business and financial condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
are subject to increasingly complex laws and regulations, including environmental and safety laws and regulations, which expose
us to liability and significant additional expenditures, and can adversely affect our insurance coverage and access to certain
ports as well as our business, results of operations and financial condition.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
operations are affected by extensive and changing international, national and local laws, regulations, treaties, conventions and
standards in force in international waters, the jurisdictional waters of the countries in which our vessels operate, as well as
the countries of our vessels&rsquo; registration.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
laws and regulations include, but are not limited to, the U.S. Oil Pollution Act of 1990 (the &ldquo;OPA&rdquo;), requirements
of the U.S Coast Guard (&ldquo;USCG&rdquo;) and the U.S. Environmental Protection Agency (the &ldquo;EPA&rdquo;), the U.S. Comprehensive
Environmental Response, Compensation and Liability Act of 1980 (the &ldquo;CERCLA&rdquo;), the U.S. Clean Air Act of 1970 (as
amended from time to time and referred to herein as the &ldquo;CAA&rdquo;), the U.S. Clean Water Act of 1972 (as amended from
time to time and referred to herein as the &ldquo;CWA&rdquo;), the International Maritime Organization (the &ldquo;IMO&rdquo;),
the International Convention on Civil Liability for Oil Pollution Damage of 1969 (as amended from time to time and referred to
herein as the &ldquo;CLC&rdquo;), the IMO International Convention on Civil Liability for Bunker Oil Pollution Damages (the &ldquo;Bunker
Convention&rdquo;), MARPOL, including designation of Emission Control Areas (&ldquo;ECAs&rdquo;) thereunder, the IMO International
Convention for the Safety of Life at Sea of 1974 (as amended from time to time and referred to herein as the &ldquo;SOLAS Convention&rdquo;)
and the International Management Code for the Safe Operation of Ships and Pollution Prevention (the &ldquo;ISM Code&rdquo;) promulgated
thereby, the International Convention for the Control and Management of Ships&rsquo; Ballast Water and Sediments (the &ldquo;BWM
Convention&rdquo;), the IMO International Convention on Load Lines of 1966 (as from time to time amended) (the &ldquo;LL Convention&rdquo;),
the U.S. Maritime Transportation Security Act of 2002 (the &ldquo;MTSA&rdquo;), the International Labour Organization (&ldquo;ILO&rdquo;),
the Maritime Labour Convention, EU regulations, and the International Ship and Port Facility Security Code (the &ldquo;ISPS Code&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Environmental
laws often impose strict liability for remediation of spills and releases of oil and hazardous substances, which could subject
us to liability without regard to whether we were negligent or at fault. Under the OPA, for example, owners, operators and bareboat
charterers are jointly and severally strictly liable for the discharge of oil in U.S. waters, including the 200-nautical mile
exclusive economic zone around the United States. An oil spill could also result in significant liability, including fines, penalties,
criminal liability and remediation costs for natural resource damages under other international and U.S. federal, state and local
laws, as well as third-party damages, and could harm our reputation with current or potential charterers of our tankers. We are
required to satisfy insurance and financial responsibility requirements for potential oil (including marine fuel) spills and other
pollution incidents. Although we have arranged insurance to cover certain environmental risks, there can be no assurance that
such insurance will be sufficient to cover all such risks.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
safe operation of our vessels is affected by the requirements of the ISM Code, promulgated by the IMO under the SOLAS Convention.
The ISM Code requires ship owners, ship managers and bareboat charterers to develop and maintain an extensive &ldquo;Safety Management
System&rdquo; that includes the adoption of safety and environmental protection policies setting forth instructions and procedures
for safe operation and describing procedures for dealing with emergencies. If we fail to comply with the ISM Code, we may be subject
to increased liability, invalidation of our existing insurance, or reduction in available insurance coverage for our affected
vessels. Such noncompliance may also result in a denial of access to, or detention in, certain ports which could have a material
adverse impact on the Company&rsquo;s business, results of operations and financial condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance
with such laws and regulations, where applicable, may require installation of costly equipment, vessel modifications, operational
changes or restrictions, a reduction in cargo-capacity and may affect the resale value or useful lives of our vessels as well
as result in the denial of access to, or detention in, certain jurisdictional waters or ports. We may also incur additional costs
in order to comply with other existing and future regulatory obligations, including, but not limited to, costs relating to air
emissions including greenhouse gases, the management of ballast and bilge waters, maintenance and inspection, elimination of tin-based
paint, development and implementation of emergency procedures and insurance coverage or other financial assurance of our ability
to address pollution incidents. Government regulation of the shipping industry, particularly as it may relate to safety, ship
recycling requirements, greenhouse gas emissions and climate change, and other environmental matters, can be expected to become
stricter in the future, and may require us to incur significant capital expenditures on our vessels to keep them in compliance,
may require us to scrap or sell certain vessels altogether, may reduce the residual value we receive if a vessel is scrapped,
and may generally increase our compliance costs. A failure to comply with applicable laws and regulations may result in administrative
and civil penalties, criminal sanctions or the suspension or termination of operations. Increased inspection procedures could
increase costs and disrupt our business. International shipping is subject to various security and customs inspection and related
procedures in countries of origin and destination and trans-shipment points. Inspection procedures can result in the seizure of
the cargo and/or our vessels, delays in the loading, offloading or delivery and the levying of customs duties, fines or other
penalties against us. It is possible that changes to inspection procedures could impose additional financial and legal obligations
on us, could also impose additional costs and obligations on our customers and may, in certain cases, render the shipment of certain
types of cargo uneconomical or impractical. All of the above, including any changes or developments, both individually and cumulatively,
could have a material adverse effect on our business, results of operations and financial condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recent
action by the IMO&rsquo;s Maritime Safety Committee and U.S. agencies indicates that cyber-security regulations for the maritime
industry are likely to be further developed in the near future in an attempt to combat cyber-security threats. This might cause
companies to cultivate additional procedures for monitoring cyber-security, which could require additional expenses and/or capital
expenditures. However, the impact of such regulations is hard to predict at this time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 19 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
failure to maintain class certifications of authorized classification societies on one or more of our vessels would affect our ability
to employ such vessels.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
hull and machinery of every commercial vessel must be certified as meeting its class requirements by a classification society authorized
by the vessel&rsquo;s country of registry. The classification society certifies that the vessel is safe and seaworthy in accordance with
the applicable rules and regulations of the country of registry of the vessel and the SOLAS Convention. The operating vessels in our
fleet are classed by the major classification societies, Nippon Kaiji Kyokai (&ldquo;NKK&rdquo;) and Det Norske Veritas (&ldquo;DNV GL&rdquo;).
ITM and the vessels in our fleet have also been awarded certifications from major classification societies under the ISM Code. In order
for a vessel to maintain its classification, the vessel must undergo annual surveys, intermediate surveys and special surveys. In lieu
of a special survey, a vessel&rsquo;s machinery may be on a continuous survey cycle under which the machinery would be surveyed from
time to time over a five-year period. All of the vessels in our fleet on time charters or operating on the spot market are on special
survey cycles for both hull and machinery inspection. Every vessel may also be required to be dry-docked every two to three years for
inspection of the underwater parts of the vessel. If a vessel fails any survey or otherwise fails to maintain its class, the vessel will
be unable to trade and will be unemployable, and may subject us to claims from the charterer if it has chartered the vessel, which would
negatively impact our revenues as well as our reputation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
could be adversely affected by violations of the FCPA and similar worldwide anti-bribery laws.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
FCPA and similar worldwide anti-bribery laws generally prohibit companies and their intermediaries from making improper payments to non-U.S.
officials for the purpose of obtaining or retaining business. Our policies mandate compliance with these laws. In certain circumstances,
third parties may request our employees and agents to make payments that may not comply with the FCPA and other anti-bribery laws. Despite
such compliance program, we cannot assure you that our internal control policies and procedures always will protect us from reckless
or negligent acts committed by our employees or agents. Violations of these laws, or allegations of such violations, could result in
substantial fines, sanctions, civil and/or criminal penalties and curtailment of operations in certain jurisdictions and could have a
negative impact on our business, results of operations and financial condition. In addition, actual or alleged violations could damage
the Company&rsquo;s reputation and ability to do business. Furthermore, detecting, investigating, and resolving actual or alleged violations
is expensive and can consume significant time and attention of the Company&rsquo;s senior management.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
Company obtains some of its insurance through protection and indemnity associations, which could result in significant additional premium
payments.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company may be subject to increased premium payments, or calls, in amounts based on its claim records, the claim records of Maritime
or ITM, as well as the claim records of other members of the protection and indemnity associations through which the Company receives
insurance coverage for tort liability, including pollution-related liability. The Company&rsquo;s protection and indemnity associations
may not have sufficient resources to cover claims made against them. The Company&rsquo;s payment of these calls could result in significant
expense to the Company, which could have a material adverse effect on us. Changes in the insurance markets or increased risks to other
members of the Company&rsquo;s protection and indemnity associations attributable to terrorist attacks, piracy, environmental disasters
or other maritime and non-maritime perils may cause increases to premiums and may make certain types of insurance more difficult for
the Company to obtain due to increased premiums or reduced or restricted coverage, which could have a material adverse impact on its
business, results of operations and financial condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
are subject to funding calls by our protection and indemnity associations, and our associations may not have enough resources to cover
claims made against them.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are indemnified for certain liabilities incurred while operating our vessels through membership in protection and indemnity associations,
which are mutual insurance associations whose members contribute to cover losses sustained by other association members. Claims are paid
through the aggregate premiums (typically annually) of all members of the association, although members remain subject to calls for additional
funds if the aggregate premiums are insufficient to cover claims submitted to the association. Claims submitted to the association may
include those incurred by members of the association, as well as claims submitted to the association from other protection and indemnity
associations with which our association has entered into inter-association agreements. We cannot assure you that the associations to
which we belong will remain viable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
will incur additional costs to retrofit ballast water treatment systems in our vessels to comply with new regulations.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vessels
unload ballast water during passage by taking ballast water in one port and unloading it in another. This helps maintain safety and stability.
However, the ballast water can contain local organisms and pathogens. When vessels unload ballast water they can then release organisms
and pathogens in different parts of the world, which can be invasive to that local ecosystem. To avoid transfers of invasive species
in ballast water, the IMO and United States have regulations that require ballast water is treated prior to the discharge. In order to
comply with IMO and U.S. ballast water regulations, we are required to install ballast water treatment plants on all MR&rsquo;s by September
2023.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February 2004, the IMO adopted the International Convention for the Control and Management of Ships&rsquo; Ballast Water and Sediments.
The BWM Convention aims to prevent the spread of harmful aquatic organisms from one region to another by establishing standards and procedures
for the management and control of ships&rsquo; ballast water and sediments. The BWM Convention contains an environmentally protective
numeric standard for the treatment of ship&rsquo;s ballast water before it is discharged. This standard, detailed in Regulation &ldquo;D-2&rdquo;
of the BWM Convention, sets out the numbers of organisms allowed in specific volumes of treated discharge water. The IMO &ldquo;D-2&rdquo;
standard is also the standard that has been adopted by the U.S. Coast Guard&rsquo;s ballast water regulations and the U.S. EPA&rsquo;s
Vessel General Permit. The BWM Convention also contains an implementation schedule for the installation of IMO member state type approved
treatment systems in existing ships and in new vessels, requirements for the development of vessel ballast water management plans, requirements
for the safe removal of sediments from ballast tanks, and guidelines for the testing and type approval of ballast water treatment technologies.
Depending on the date of the IOPP renewal survey, existing vessels constructed before September 8, 2017 must comply with the updated
D-2 standard on or after September 8, 2019. Ships constructed on or after September 8, 2017 are to comply with the D-2 standards on or
after September 8, 2017.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vessels
trading internationally will have to comply with the BWM Convention upon their next special survey after September 8, 2019 and for an
MR2 tanker, the retrofit cost could be as much as $0.75 million per vessel including labor. The cost of compliance per vessel for us
is estimated to be $0.6 million, depending on specifications of the vessel. Significant investments in ballast water treatment systems
(&ldquo;BWTS&rdquo;) may have a material adverse effect on our future performance, results of operations, cash flows and financial position
depending on the ability to install effective ballast water treatment systems, including ship yard availability, and the extent to which
existing vessels must be modified to accommodate such systems</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this filing, two vessels in the Company&rsquo;s fleet, <I>Pyxis Malou</I> and <I>Pyxis Epsilon</I>, have a BWTS installed.
The Company cannot be assured that this system will continue to be approved by the regulatory bodies of every jurisdiction in which it
may wish to conduct its business. Accordingly, the Company may have to make additional investments in these vessels and substantial investments
in the remaining medium range (&ldquo;MR&rdquo;) tanker, the <I>Pyxis Theta</I>, that does not carry such equipment. Also, as part of
future loan agreements, lenders may require us to periodically deposit additional funds as a reserve to cover these types of expenditures.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
United States regulations are currently changing. Although the 2013 Vessel General Permit (&ldquo;VGP&rdquo;) program and U.S. National
Invasive Species Act (&ldquo;NISA&rdquo;) are currently in effect to regulate ballast discharge, exchange and installation, the Vessel
Incidental Discharge Act (&ldquo;VIDA&rdquo;), which was signed into law on December 4, 2018, requires that the EPA develop national
standards of performance for approximately 30 discharges, similar to those found within the VGP, within two years. On October 26, 2020,
the EPA published a Notice of Proposed Rulemaking for Vessel Incidental Discharge National Standards of Performance under VIDA. Within
two years after the EPA publishes its final Vessel Incidental Discharge National Standards of Performance, the U.S. Coast Guard must
develop corresponding implementation, compliance and enforcement regulations regarding ballast water. The new regulations could require
the installation of new equipment, which may cause us to incur substantial costs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Developments
in safety and environmental requirements relating to the recycling of vessels may result in escalated and unexpected costs.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
2009 Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships (the &ldquo;Hong Kong Convention&rdquo;)
aims to ensure ships, being recycled once they reach the end of their operational lives, do not pose any unnecessary risks to the environment,
human health, and safety. The Hong Kong Convention has yet to be ratified by the required number of countries to enter into force. Upon
the Hong Kong Convention&rsquo;s entry into force, however, each ship sent for recycling will have to carry an inventory of its hazardous
materials. The hazardous materials, whose use or installation is prohibited in certain circumstances, are listed in an appendix to the
Hong Kong Convention. Ships will be required to have surveys to verify their inventory of hazardous materials initially, throughout their
lives, and prior to the ship being recycled.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Hong Kong Convention will enter into force 24 months after the date on which 15 IMO Member States, representing 40% of world merchant
shipping by gross tonnage, have ratified or approved accession. As of the date of this Annual Report, 16 countries have ratified or approved
accession of the Hong Kong Convention, but the requirement of 40% of world merchant shipping by gross tonnage has not yet been satisfied.
Even though the Hong Kong Convention is currently not in effect, the European Parliament and the Council of the EU have adopted the Ship
Recycling Regulation, which retains the requirements of the Hong Kong Convention and requires that certain commercial seagoing vessels
flying the flag of an EU Member State may be recycled only in facilities included on the European list of permitted ship recycling facilities.
We are required to comply with EU Ship Recycling Regulation by December 31, 2020, since our ships trade in EU region.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
regulatory developments, when implemented, may lead to cost escalation by shipyards, repair yards and scrap yards. This may then result
in a decrease in the residual scrap value of a vessel, and a vessel could potentially not cover the cost to comply with latest requirements
which may have an adverse effect on our future performance, results of operations, cash flows and financial position.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 21 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Climate
change and greenhouse gas restrictions may adversely impact our operations, markets and capital sources.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to concern over the risk of climate change, a number of countries and the IMO have adopted, or are considering the adoption of, regulatory
frameworks to reduce greenhouse gas emissions. These regulatory measures may include, among others, adoption of cap and trade regimes,
carbon taxes, increased efficiency standards and incentives or mandates for renewable energy. More specifically, on October 27, 2016,
the International Maritime Organization&rsquo;s Marine Environment Protection Committee announced its decision concerning the implementation
of regulations mandating a reduction in sulfur emissions from 3.5% currently to 0.5% as of the beginning of January 1, 2020. Since January
1, 2020, ships must either remove sulfur from emissions or buy fuel with low sulfur content, which may lead to increased costs and supplementary
investments for ship owners. The interpretation of &ldquo;fuel oil used on board&rdquo; includes use in main engine, auxiliary engines
and boilers. Shipowners may comply with this regulation by (i) using 0.5% sulfur fuels on board, which are available around the world
but at a higher cost; (ii) installing scrubbers for cleaning of the exhaust gas; or (iii) by retrofitting vessels to be powered by liquefied
natural gas, which may not be a viable option due to the lack of supply network and high costs involved in this process. Costs of compliance
with these regulatory changes may be significant and may have a material adverse effect on our future performance, results of operations,
cash flows and financial position.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
on September 15, 2020 the European Parliament voted to include greenhouse gas emissions from the maritime sector in the European Union&rsquo;s
carbon market from 2022, meaning that specific regulations on this are forthcoming and will require shipowners to buy permits to cover
such emissions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currently,
the emissions of greenhouse gases from international shipping are not subject to the Kyoto Protocol to the United Nations Framework Convention
on Climate Change, which entered into force in 2005 and pursuant to which adopting countries have been required to implement national
programs to reduce greenhouse gas emissions with targets extended through 2020. International negotiations are continuing with respect
to a successor to the Kyoto Protocol, and restrictions on shipping emissions may be included in any new treaty. In December 2009, more
than 27 nations, including the U.S. and China, signed the Copenhagen Accord, which includes a non-binding commitment to reduce greenhouse
gas emissions. The 2015 United Nations Climate Change Conference in Paris resulted in the Paris Agreement, which entered into force on
November 4, 2016 and does not directly limit greenhouse gas emissions from ships. The U.S. initially entered into the agreement, but
on June 1, 2017, the U.S. President announced that the United States intends to withdraw from the Paris Agreement, which provides for
a four-year exit process, meaning that the earliest possible effective withdrawal date cannot be before November 4, 2020. However, on
January 20, 2021, newly-elected U.S. President Biden signed an executive order to rejoin the Paris Agreement, which the U.S. officially
rejoined on February 19, 2021. The effect of such action has yet to be determined. Compliance with changes in laws, regulations and obligations
relating to climate change could increase our costs related to operating and maintaining our vessels and require us to install new emission
controls, acquire allowances or pay taxes related to our greenhouse gas emissions or administer and manage a greenhouse gas emissions
program. Revenue generation and strategic growth opportunities may also be adversely affected.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 29, 2017, the Global Industry Alliance (&ldquo;GIA&rdquo;), was officially inaugurated. The GIA is a program, under the Global Environmental
Facility-United Nations Development Program-IMO project, which supports shipping, and related industries, as they move towards a low
carbon future. Organizations including, but not limited to, shipowners, operators, classification societies and oil companies, signed
to launch the GIA.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adverse
effects upon the oil and gas industry relating to climate change, including growing public concern about the environmental impact of
climate change, may also adversely affect demand for our services and investor interest in our common stock. For example, increased regulation
of greenhouse gases or other concerns relating to climate change may reduce the demand for oil and gas in the future or create greater
incentives for use of alternative energy sources and electric powered vehicles. Therefore, any long-term material adverse effect on the
oil and gas industry could have a material adverse effect on our future performance, results of operations, cash flows and financial
position. Also, increasing focus and selectivity by investors and certain lenders on environmentally sensitive and sustainable public
companies could make our stock less appealing or bank debt to be become more restricted and/or costly due to the nature of our business.
Please read &ldquo;Item 4. Information on the Company &ndash; B. Business Overview &ndash; Environmental and Other Regulations in the
Shipping Industry&rdquo; in this Annual Report, incorporated by reference herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Technological
innovation and quality and efficiency requirements from our customers could reduce our charter hire income and the value of our vessels.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
customers, in particular those in the oil industry, have a high and increasing focus on quality and compliance standards with their suppliers
across the entire supply chain, including the shipping and transportation segment. Our continued compliance with these standards and
quality requirements is vital for our operations. The charter hire rates and the value and operational life of a vessel are determined
by a number of factors including the vessel&rsquo;s efficiency, operational flexibility and physical life. Efficiency includes speed,
fuel economy and the ability to load and discharge cargo quickly. Flexibility includes the ability to enter harbors, utilize related
docking facilities and pass through canals and straits. The length of a vessel&rsquo;s physical life is related to its original design
and construction, its maintenance, the impact of the stress of operations and stipulations from classification societies. If new product
tankers are built that are more efficient or more flexible or have longer physical lives than our vessels, competition from these more
technologically advanced vessels could adversely affect the amount of charter hire payments we receive for our vessels once their initial
charters expire and the resale value of our vessels could significantly decrease. As a result, our financial condition and available
cash could be adversely affected.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 22 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risks
Related to Our Business and Operations</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
recently had a working capital deficit and may not be able to fund our ongoing operations.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are operating in a challenging market with low charter rates and vessel utilization, which has significantly weakened our liquidity.
We have incurred a net loss to common shareholders of $7.0 million for the year ended December 31, 2020 and have a working capital deficit
of $2.9 million at December 31, 2020. Additionally, as of December 31, 2020, there was no amount available for us to draw down under
our existing loan agreements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to avoid there being substantial doubt about our ability to fund future operations, meet our obligations as they become due and
help us fund our growth plans, we recently completed the 2021 Private Placement Transaction (as defined below), which generated $23.1
million in net proceeds as well as refinanced the outstanding loan for the <I>Pyxis Epsilon</I> which extended our debt maturities and
reduced interest costs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
operate in highly competitive international markets.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
product tanker industry is highly fragmented, with many charterers, owners and operators of vessels, and the transportation of refined
petroleum products is characterized by intense competition. Competition arises primarily from other tanker owners, including major oil
companies as well as independent tanker companies, some of which have substantially greater financial and other resources than we do.
Although we believe that no single competitor has a dominant position in the markets in which we compete, the trend towards consolidation
in the industry is creating an increasing number of global enterprises capable of competing in multiple markets, which will likely result
in greater competition to us. Our competitors may be better positioned to devote greater resources to the development, promotion and
employment of their businesses than we are. Competition for charters, including for the transportation of refined petroleum products,
is intense and depends on price as well as on vessel location, size, age, condition and acceptability of the vessel and its operator
to the charterer and reputation. Competition may increase in some or all of our principal markets, including with the entry of new competitors.
We may not be able to compete successfully or effectively with our competitors and our competitive position may be eroded in the future,
which could have an adverse effect on our business, results of operations and financial condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
we intend to charter some of the vessels in our fleet in the spot market or in pools trading in the spot market, we expect to have exposure
to the cyclicality and volatility of the spot charter market and incur additional working capital. As of April 6, 2021, we operated two
vessels in the spot market which is highly competitive and volatile. Spot charter rates may fluctuate dramatically based on the competitive
factors listed in the preceding risk factor. Significant fluctuations in spot charter rates may result in significant fluctuations in
our ability to continuously re-charter our vessels upon the expiration or termination of their current spot charters and in the earnings
of our vessels operating on the spot market. Since we charter some of our vessels on the spot market, and may in the future also admit
our vessels in pools trading on the spot market, we have exposure to fluctuations in cash flows due to the cyclicality and volatility
of the spot charter market. By focusing the employment of some of the vessels in our fleet on the spot market, we will benefit if conditions
in this market strengthen. However, we will also be particularly vulnerable to declining spot charter rates. Future spot charters may
continue to be at the rates currently prevailing in the spot market at which we cannot operate our vessels profitably and may fall further.
If spot charter rates remain at current levels or decrease further, our earnings will be adversely impacted to the extent we have vessels
trading on the spot market. Trading our vessels in the spot market or in pools requires greater working capital than operating under
a time charter as the vessel owner is responsible for various voyage related costs, such as, fuel, port and canal charges, as well as
additional timing for collections of charter receivables, including additional demurrage revenues.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
may be unable to secure medium- and long-term employment for our vessels at profitable rates and present and future vessel employment
could be adversely affected by an inability to clear the oil majors&rsquo; risk assessment process.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">One
of our strategies is to explore and selectively enter into or renew medium- and long-term, fixed rate time and, possibly, bareboat charters
for some of the vessels in our fleet in order to provide us with a base of stable cash flows and to manage charter rate volatility. However,
the process for obtaining longer term charters is highly competitive and generally involves a lengthier and intense screening and vetting
process and the submission of competitive bids, compared to shorter term charters. Shipping, and especially refined petroleum product
tankers have been, and will remain, heavily regulated. The so-called &ldquo;oil majors&rdquo;, together with a number of commodities
traders, represent a significant percentage of the production, trading and shipping logistics (terminals) of refined products worldwide.
Concerns for the environment have led the oil majors to develop and implement a strict ongoing due diligence process when selecting their
commercial partners. This vetting process has evolved into a sophisticated and comprehensive risk assessment of both the vessel operator
and the vessel, including physical ship inspections, completion of vessel inspection questionnaires performed by accredited inspectors
and the production of comprehensive risk assessment reports.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the quality, age and suitability of the vessel, longer term charters tend to be awarded based upon a variety of other factors
relating to the vessel operator, including:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">office
    assessments and audits of the vessel operator;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    operator&rsquo;s environmental, health and safety record;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">compliance
    with heightened industry standards that have been set by several oil companies and other charterers;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">compliance
    with the standards of the IMO;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">compliance
    with several oil companies and other charterers&rsquo; codes of conduct, policies and guidelines, including transparency, anti-bribery
    and ethical requirements and relationships with third-parties;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">shipping
    industry relationships, reputation for customer service, technical and operating expertise and safety record;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">shipping
    experience and quality of ship operations, including cost-effectiveness;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">quality,
    experience and technical capability of crews;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    ability to finance vessels at competitive rates and overall financial stability;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">relationships
    with shipyards and the ability to obtain suitable berths with on-time delivery of new vessels according to customer&rsquo;s specifications;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">willingness
    to accept operational risks pursuant to the charter, such as allowing termination of the charter for force majeure events; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">competitiveness
    of the bid in terms of overall price.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot assure you that we would be successful in winning medium- and long-term employment for our vessels at profitable rates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 23 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>A
substantial portion of our revenues is derived from a limited number of customers, and the loss of any of these customers could result
in a significant loss of revenues and cash flow.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently derive substantially all of our revenues from a limited number of customers. In 2019, three customers accounted for approximately
86% of our total revenues with one customer accounting for 71% of our total revenues and in 2020, two customers accounted for approximately
74% of our total revenues, one of which accounted for 58% of our total revenues. The loss of any significant customer or a decline in
the amount of services provided to a significant customer could have a material adverse effect on our future performance, results of
operations, cash flows and financial position.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
oil and natural gas companies, refineries and energy companies have undergone significant consolidation. Further consolidation is possible
and could result in fewer companies to charter or contract our services. Merger activity may result in a budget for a combined company
that is less than the combined budget of the companies before consolidation. Future consolidation of the Company&rsquo;s customer base
could reduce demand for our vessels and could have a material adverse impact on our business, results of operations and financial condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
financial performance and operations may be adversely affected by outbreaks of infectious diseases, such as the ongoing COVID-19 pandemic,
and related governmental responses.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
the beginning of calendar year 2020, the outbreak of COVID-19 that originated in China in late 2019 and that has spread to most nations
around the globe has resulted in numerous actions taken by governments and governmental agencies in an attempt to mitigate the spread
of the virus, including travel bans, quarantines, and other emergency public health measures, and a number of countries implemented lockdown
measures. These measures have resulted in a significant reduction in global economic activity and extreme volatility in the global financial
markets. If the COVID-19 pandemic continues on a prolonged basis or becomes more severe, the adverse impact on the global economy and
the rate environment for tankers may deteriorate further and our operations and cash flows may be negatively impacted. Relatively weak
global economic conditions during periods of volatility have and may continue to have a number of adverse consequences for tankers and
other shipping sectors, including, among other things:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">low
    charter rates, particularly for vessels employed on short-term time charters or in the spot market&#894;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">decreases
    in the market value of tankers and limited second-hand market for the sale of vessels&#894;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">limited
    and higher cost of financing for vessels&#894;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">loan
    covenant defaults&#894; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">declaration
    of bankruptcy by certain vessel operators, vessel owners, shipyards and charterers.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
COVID-19 pandemic and measures to contain its spread have negatively impacted regional and global economies and trade patterns in markets
in which we operate, the way we operate our business, and the businesses of our charterers and suppliers. These negative impacts could
continue or worsen, even after the pandemic itself diminishes or ends. Companies, including us, have also taken precautions, such as
requiring employees to work remotely and imposing travel restrictions, while some other businesses have been required to close entirely.
Moreover, we and our managers face significant risks to personnel and operations due to the COVID-19 pandemic. The crews on our vessels
face risk of exposure to COVID-19 as a result of travel to ports in which cases of COVID-19 have been reported. Our shore-based personnel
likewise face risk of such exposure, as we maintain offices in areas that have been impacted by the spread of COVID-19.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Measures
against COVID-19 in a number of countries have restricted crew rotations on our vessels, which may continue or become more severe. As
a result, in 2020, we experienced and may continue to experience disruptions to our normal vessel operations caused by increased deviation
time associated with positioning our vessels to countries in which we can undertake a crew rotation in compliance with such measures.
Delays in crew rotations have led to issues with crew fatigue and may continue to do so, which may result in delays or other operational
issues. We have had and expect to continue to have increased expenses due to incremental fuel consumption and days in which our vessels
are unable to earn revenue in order to deviate to certain ports on which we would ordinarily not call during a typical voyage. We may
also incur additional expenses associated with testing, personal protective equipment, quarantines, and travel expenses such as airfare
costs in order to perform crew rotations in the current environment. Delays in crew rotations may also cause us to incur additional costs
related to crew bonuses paid to retain the existing crew members on board and may continue to do so.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
COVID-19 pandemic and measures in place against the spread of the virus have led to a difficult environment in which to dispose of vessels
given difficulty to physically inspect vessels. The impact of COVID-19 has also resulted in reduced industrial activity globally, with
temporary closures of factories and other facilities, labor shortages and restrictions on travel. We believe these disruptions along
with other factors, including lower demand for some of the cargoes we carry, have contributed to lower tanker rates in the second half
of 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Epidemics
may also affect personnel operating payment systems through which we receive revenues from the chartering of our vessels or pay for our
expenses, resulting in delays in payments. Organizations across industries, including ours, are rightly focusing on their employees&rsquo;
well-being, while making sure that their operations continue undisrupted and at the same time, adapting to the new ways of operating.
As such employees are encouraged or even required to operate remotely which could increase the risk of cyber security attacks.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
it is still too early to fully assess the overall impact that COVID-19 will have on our financial condition and operations and on the
tanker industry in general, we assess that the tanker charter rates have been reduced significantly as a result of COVID-19 after an
initial increase in rates through the spring of 2020 and that the shipping industry in general and our Company specifically are likely
to continue to be exposed to volatility in the near term.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
containment measures and quarantine restrictions adopted by many countries worldwide have caused significant impact on our ability to
embark and disembark crew members and on our seafarers themselves. As a result, since the outbreak of COVID-19 and as of the date of
this Annual Report, we have encountered certain delays and surrounding complexities in embarking and disembarking crew onto our ships
which further resulted in increased operational costs and decreased revenues by reason of off-hires associated with crew rotation and
related logistical complications associated with supplying our vessels with spares or other supplies.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
occurrence or continued occurrence of any of the foregoing events or other epidemics or an increase in the severity or duration of the
COVID-19 or other epidemics could have a material adverse effect on our business, results of operations, cash flows, financial condition,
and value of our vessels.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
Company&rsquo;s growth depends on its ability to expand relationships with existing customers and obtain new customers, for which it
will face substantial competition.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
process of obtaining new charters is highly competitive, generally involves an intensive screening process and competitive bids and often
extends for several months. Contracts are awarded based upon a variety of factors, including:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    owner&rsquo;s management experience;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    operator&rsquo;s industry relationships, experience and reputation for customer service, quality operations and safety;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    quality and age of the vessels;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    quality, experience and technical capability of the crew;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    operator&rsquo;s willingness to accept operational risks pursuant to the charter, such as allowing termination of the charter for
    force majeure events; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    competitiveness of the bid in terms of overall price.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&rsquo;s ability to obtain new customers will also depend upon a number of factors, many of which are beyond our control, including:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    ability to:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9675;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">successfully
    manage our liquidity and obtain the necessary financing to fund our anticipated growth;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9675;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">identify
    and consummate desirable acquisitions, joint ventures or strategic alliances; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9675;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">identify
    and capitalize on opportunities in new markets;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITM&rsquo;s
    ability to:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9675;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">attract,
    hire, train and retain qualified personnel and managers to manage and operate its fleet; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9675;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">being
    approved through the vessel vetting process of certain charterers.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>If
we cannot meet our customers&rsquo; quality and compliance requirements, we may not be able to operate our vessels profitably which could
have an adverse effect on our future performance, results of operations, cash flows and financial condition.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
customers, in particular those in the petroleum products industry, have a high and increasing focus on quality and compliance standards
with their suppliers across the entire value chain, including the shipping and transportation segment. Our continuous compliance with
these standards and quality requirements is vital for our operations. Related risks could materialize in multiple ways, including a sudden
and unexpected breach in quality and/or compliance concerning one or more vessels, or a continuous decrease in the quality concerning
one or more vessels occurring over time. Moreover, continuous increasing requirements from petroleum products industry customers can
further complicate our ability to meet the standards. Any noncompliance by us, either suddenly or over a period of time, on one or more
vessels, or an increase in requirements by petroleum products operators above and beyond what we deliver, may have a material adverse
effect on our future performance, results of operations, cash flows and financial condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 25 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
may not be able to successfully mix our charter durations profitably.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
may be difficult to properly balance time and spot charters and anticipate trends in these markets. If we are successful in employing
vessels under medium- and long-term charters, those vessels will not be available for the spot market during an upturn in the product
tanker demand cycle, when spot trading may be more profitable. By contrast, at the expiration of our charters, if a charter terminates
early for any reason or if we acquire vessels charter-free, we may want to charter or re-charter our vessels under medium- and long-term
charters. Should more vessels be available on the spot or short-term market at the time we are seeking to fix new medium- to long-term
time charters, we may have difficulty entering into such charters at profitable rates and for any term other than a short-term and, as
a result, our cash flow may be subject to instability. A more active short-term or spot market may require us to enter into charters
on all our vessels based on fluctuating market rates, as opposed to long-term contracts based on a fixed rate, which could result in
a decrease in our cash flow in periods when the charter rates for product tankers are depressed. If we cannot successfully employ our
vessels in a profitable mix of medium- and long-term time charters and on the spot market, our business, results of operations and financial
condition could be adversely affected.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
have limited current liquidity and have become reliant on Maritime and Maritime Investors , entities affiliated with our Chairman and
Chief Executive Officer, Mr. Valentis, for our short-term working capital financing.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2020, we had cash and cash equivalents and restricted cash of $4.0 million. Of this amount, $2.4 million was restricted
cash deposits required by our lenders. At December 31, 2019, Maritime had extended $6.8 million of advances which we used to pay various
operating costs, debt service and other obligations. Through December 31, 2020, amounts due to Maritime were repaid and the balance due
from Maritime as at December 31, 2020, amounted to $2.3 million which was used to prepay management fees and certain vessel dry docking
costs. In the near-term, Maritime may advance or receive from us additional funds for similar purposes. Currently there are no specific
repayment terms with respect to these advances, which Maritime controls as our manager. We cannot assure you that in the future Maritime
will continue to provide these advances or other working capital funding on similar or different terms, or at all. If our operating cash
flows are insufficient to satisfy our liquidity needs, we may have to rely on the sale of assets or additional debt or equity financings
to raise adequate funds or restructure our indebtedness, or a combination thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Also,
on October 28, 2015, we and Maritime Investors entered into a promissory note, which as subsequently amended and supplemented, has an
outstanding principal balance of $5.0 million payable on a quarterly basis at an annual interest rate of 9.0%, of which 4.5% is payable
in cash and 4.5% in restricted common stock (the &ldquo;Amended and Restated Promissory Note&rdquo;). Please refer to &ldquo;Item 7.
Major Shareholders and Related Party Transactions&rdquo; below for more information.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
inability to continue this financing in the future from Maritime or Maritime Investors, or the imposition by Maritime of repayment terms
that are unfavorable to us may negatively affect our liquidity position and our ability to fund our ongoing operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Counterparties,
including charterers or technical managers, could fail to meet their obligations to us.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
enter into, among other things, memoranda of agreement, charter parties, ship management agreements and loan agreements with third parties
with respect to the purchase and operation of our fleet and our business. Such agreements subject us to counterparty risks. The ability
and willingness of each of our counterparties to perform its obligations under these agreements with us depends on a number of factors
that are beyond our control and may include, among other things, general economic conditions, the condition of the tanker shipping industry
and the overall financial condition of the counterparties. In particular, we face credit risk with our charterers. It is possible that
not all of our charterers will provide detailed financial information regarding their operations. As a result, charterer risk is largely
assessed on the basis of our charterers&rsquo; reputation in the market, and even on that basis, there can be no assurance that they
can or will fulfill their obligations under the contracts we enter into with them.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Charterers
are sensitive to the commodity markets and may be impacted by market forces affecting commodities. In addition, in depressed market conditions,
there have been reports of charterers renegotiating their charters or defaulting on their obligations under charters. Our customers may
fail to pay charter hire or attempt to renegotiate charter rates. Should a charterer counterparty fail to honor its obligations under
agreements with us, it may be difficult to secure substitute employment for that vessel, and any new charter arrangements we secure on
the spot market or on substitute charters may be at lower rates depending on the then existing charter rate levels. The costs and delays
associated with the default by a charterer under a charter of a vessel may be considerable. In addition, if the charterer of a vessel
in our fleet that is used as collateral under our loan agreements defaults on its charter obligations to us, such default may constitute
an event of default under our loan agreements, which may allow the banks to exercise remedies under our loan agreements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of these risks, we could sustain significant losses, which could have a material adverse effect on our business, results of
operations and financial condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
depend on ITM and Maritime to operate our business and our business could be harmed if they fail to perform their services satisfactorily.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to our management agreements, ITM provides us with day-to-day technical management services (including crewing, maintenance, repair,
dry-dockings and maintaining required vetting approvals) and Maritime provides us with ship management and administrative services for
our vessels. Our operational success depends significantly upon ITM and Maritime&rsquo;s satisfactory performance of these services,
including their abilities to attract and retain highly skilled and qualified personnel, particularly seamen and on-shore staff who deal
directly with vessel operations. Our business would be harmed if ITM or Maritime failed to perform these services satisfactorily. In
addition, if our management agreements with either ITM or Maritime were to be terminated or if their terms were to be altered, our business
could be adversely affected, as we may not be able to immediately replace such services, and even if replacement services were immediately
available, the terms offered could be less favorable than those under our management agreements. A change of technical manager may require
approval by certain customers of ours for employment of a vessel.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ability to compete for and enter into new period time and spot charters and to expand our relationships with our existing charterers
will depend largely on our relationship with ITM and Maritime, and their respective reputation and relationships in the shipping industry.
If ITM or Maritime suffers material damage to its reputation or relationships, it may harm our ability to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">obtain
    new charters;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">obtain
    financing on commercially acceptable terms;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">maintain
    satisfactory relationships with our charterers and suppliers; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">successfully
    execute our business strategies.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
our ability to do any of the things described above is impaired, it could have a material adverse effect on our business, results of
operations and financial condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
may fail to successfully control our operating and voyage expenses.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
operating results are dependent on our ability to successfully control our operating and voyage expenses. Under our ship management agreements
with ITM we are required to pay for vessel operating expenses (which includes crewing, repairs and maintenance, insurance, stores, lube
oils and communication expenses), and, for spot charters, voyage expenses (which include bunker expenses, port fees, cargo loading and
unloading expenses, canal tolls, agency fees and conversions). These expenses depend upon a variety of factors, many of which are beyond
our or the technical manager&rsquo;s control, including unexpected increases in costs for crews, insurance or spare parts for our vessels,
unexpected dry-dock repairs, mechanical failures or human error (including revenue lost in off-hire days), vessel age, arrest action
against our vessels due to failure to pay debts, disputes with creditors or claims by third parties, labor strikes, severe weather conditions,
any quarantines of our vessels and uncertainties in the world oil markets. Some of these costs, primarily relating to voyage expenses,
have been increasing and may increase, possibly significantly, in the future. Repair costs are unpredictable and can be substantial,
some of which may not be covered by insurance. If our vessels are subject to unexpected or unscheduled off-hire time, it could adversely
affect our cash flow and may expose us to claims for liquidated damages if the vessel is chartered at the time of the unscheduled off-hire
period. The cost of dry-docking repairs, additional off-hire time, an increase in our operating expenses and/or the obligation to pay
any liquidated damages could adversely affect our business, results of operations and financial condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, to the extent our vessels are employed under spot charters in the future, our expenses may be impacted by increases in bunker
costs and by canal costs, including the cost of canal-related delays incurred by employment of the vessels on certain routes. Unlike
time charters in which the charterer bears all bunker and canal costs, in spot charters we bear these costs. Because it is not possible
to predict the future price of bunker or canal-related costs when fixing spot charters, a significant rise in these costs could have
an adverse impact on the costs associated with any spot charters we enter into and our earnings. Additionally, an increase in the price
of bunkers beyond our expectations may adversely affect our profitability at the time we negotiate time or bareboat charters, and new
LSFO rules may result in a significant increase in vessel fuel costs starting in 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 27 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
will be required to make substantial capital expenditures, for which we may be dependent on additional financing, to maintain the vessels
we own or to acquire other vessels.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
must make substantial capital expenditures to maintain, over the long-term, the operating capacity of our fleet. Our business strategy
is also based in part upon the expansion of our fleet through the purchase of additional vessels. Maintenance capital expenditures include
dry-docking expenses, modification of existing vessels or acquisitions of new vessels to the extent these expenditures are incurred to
maintain the operating capacity of our fleet. In addition, we expect to incur significant maintenance costs for our current and any newly-acquired
vessels. A newbuilding vessel must be dry-docked within five years of its delivery from a shipyard, and vessels are typically dry-docked
every 30 to 60 months thereafter depending on the vessel, not including any unexpected repairs. We estimate the cost to dry-dock a vessel
is between $0.3 and $1.03 million (including estimated expenditures for upgrades to comply with new BWTS system regulations), depending
on the age, size and condition of the vessel and the location of dry-docking. In addition, capital maintenance expenditures could increase
as a result of changes in the cost of labor and materials, customer requirements, increases in the size of our fleet, governmental regulations
and maritime self-regulatory organization standards relating to safety, security or the environment and competitive standards.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
purchase additional vessels from time to time, we may be required to incur additional borrowings or raise capital through the sale of
debt or additional equity securities. Asset impairments, financial stress, enforcement actions and credit rating pressures experienced
in recent years by financial institutions to extend credit to the shipping industry due to depressed shipping rates and the deterioration
of asset values that have led to losses in many banks&rsquo; shipping portfolios, as well as changes in overall banking regulations,
have severely constrained the availability of credit for shipping companies like us. In addition, the re-pricing of credit risk and the
difficulties currently experienced by financial institutions, have made, and will likely continue to make, it difficult to obtain financing.
As a result of the disruptions in the credit markets and higher capital requirements, many lenders increased margins on lending rates,
enacted tighter lending standards, required more restrictive terms (including higher collateral ratios for advances, shorter maturities
and smaller loan amounts), or refused to refinance existing debt at all. Furthermore, certain banks that have historically been significant
lenders to the shipping industry have reduced or ceased lending activities in the shipping industry. Additional tightening of capital
requirements and the resulting policies adopted by lenders, could further reduce lending activities. We may experience difficulties obtaining
financing commitments or be unable to fully draw on the capacity under our committed term loans in the future if our lenders are unwilling
to extend financing to us or unable to meet their funding obligations due to their own liquidity, capital or solvency issues. We cannot
be certain that financing will be available on acceptable terms or at all. If financing is not available when needed, or is available
only on unfavorable terms, we may be unable to meet our future obligations as they come due. Our failure to obtain such funds could have
a material adverse effect on our business, results of operations and financial condition. In the absence of available financing, we also
may be unable to take advantage of business opportunities or respond to competitive pressures.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, our ability to obtain bank financing or to access the capital markets for future offerings may be limited by the terms of our
existing credit agreements, our financial condition, the actual or perceived credit quality of our customers, and any defaults by them,
as well as by adverse market conditions resulting from, among other things, general economic conditions and contingencies and uncertainties
that are beyond our control.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot assure you that we will be able to obtain such additional financing in the future on terms that are acceptable to us or at all.
Our failure to obtain funds for capital expenditures could have a material adverse effect on our business, results of operations and
financial condition. In addition, our actual operating and maintenance capital expenditures will vary significantly from quarter to quarter
based on, among other things, the number of vessels dry-docked during that quarter. Even if we are successful in obtaining the necessary
funds for capital expenditures, the terms of such financings could limit our ability to pay dividends to our stockholders. Incurring
additional debt may significantly increase our interest expense and financial leverage, and issuing additional equity securities may
result in significant dilution.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Any
vessel modification projects we undertake could have significant cost overruns, delays or fail to achieve the intended results.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Market
volatility and higher bunker prices, coupled with increased regulation and concern about the environmental impact of the international
shipping industry, have led to an increased focus on bunker efficiency. Some shipowners have implemented vessel modification programs
for their existing ships in an attempt to capture potential efficiency gains. We will consider making modifications to our fleet in instances
when we believe the efficiency gains will result in a positive return for our stockholders. However, these types of projects are subject
to risks of delay and cost overruns, resulting from shortages of equipment, unforeseen engineering problems, work stoppages, unanticipated
cost increases, inability to obtain necessary certifications and approvals, shortages of materials or skilled labor, among other problems.
In addition, any completed modification may not achieve the full expected benefits or could even compromise the fleet&rsquo;s ability
to operate at higher speeds, which is an important factor in generating additional revenue in an improving freight rate environment.
The failure to successfully complete any modification project we undertake or any significant cost overruns or delays in any retrofitting
projects could have a material adverse effect on our business, results of operations and financial condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 28 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
Company does not plan to install scrubbers and may have to pay more for fuel which could adversely affect the Company&rsquo;s business,
results of operations and financial condition.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
January 1, 2020 all vessels must comply with the IMO&rsquo;s low sulfur fuel oil (&ldquo;LSFO&rdquo;) requirement, which cuts sulfur
levels from 3.5% to 0.5%. Shipowners may comply with this regulation by (i) using 0.5% sulfur fuels, which is available in most ports
globally but at a higher cost than high-sulfur fuel oil (&ldquo;HSFO&rdquo;); (ii) installing scrubbers for cleaning of the exhaust gas;
or (iii) by retrofitting vessels to be powered by liquefied natural gas, which may not be a viable option due to the lack of supply network
and high costs involved in this process. Costs of compliance with these regulatory changes may be significant and may have a material
adverse effect on our future performance, results of operations, cash flows and financial position. See &ldquo;Item 4. Information on
the Company &ndash; B. Business Overview &ndash; Environmental and Other Regulations in the Shipping Industry&rdquo; in this Annual Report.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
light of operating and economic uncertainties surrounding the use of scrubbers, the Company has chosen not to purchase and install these
units. However, the Company may, in the future, determine to purchase scrubbers for installation on its vessels. While scrubbers rely
on technology that has been developed over a significant period of time for use in a variety of applications, their use for maritime
applications is a more recent development. Each vessel will require physical modifications to be made in order to install a scrubber,
the scope of which will depend on, among other matters, the age and type of vessel, its engine and its existing fixtures and equipment.
The purchase and installation of scrubbers will involve significant capital expenditures, currently estimated at $1.5 million per vessel,
and the vessel will be out of operation for more than 30 days in order for the scrubbers to be installed. In addition, future arrangements
that the Company may enter into with respect to shipyard drydock capacity to implement these scrubber installations may be affected by
delays or issues affecting vessel modifications being undertaken by other vessel owners at those shipyards, which could cause the Company&rsquo;s
vessels to be out of service for even longer periods or installation dates to be delayed. In addition, as there is a limited operating
history of scrubbers on vessels such as those owned and operated by the Company, the operation and maintenance of scrubbers and related
ongoing costs to these vessels is uncertain. Any unforeseen complications or delays in connection with acquiring, installing, operating
or maintaining scrubbers installed on the Company&rsquo;s vessels could adversely affect the Company&rsquo;s business, results of operations
and financial condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of February 28, 2021, approximately 14.8% of the worldwide fleet of MR2 were scrubber-fitted. Fuel expense reductions from operating
scrubber-fitted vessels could result in a substantial reduction of bunker cost for charterers compared to vessels in our fleet which
do not have scrubbers. If (a) the supply of scrubber-fitted tankers increases, (b) the differential between the cost of HSFO and LSFO
is high and (c) charterers prefer such vessels over our tankers, demand for our vessels may be reduced and our ability to re-charter
our vessels at competitive rates may be impaired.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
it is uncertain how the availability of HSFO and LSFO around the world will be affected by implementation of the IMO 2020 Regulations,
as well as the prices of HSFO and LSFO generally and the price differential between the two fuels after January 1, 2020, are also uncertain.
If LSFO is unavailable in port and we or our charterers cannot obtain a temporary waiver to refuel and use HSFO for the next voyage,
we or our charterers could be subject to fines by regulatory authorities and be in violation of the charter agreements. Scarcity and
the quality in the supply of LSFO, or a higher-than-anticipated difference in the costs between the two types of fuel, may cause the
Company to pay more than for its fuel than scrubber fitted vessels, which could adversely affect the Company&rsquo;s business, results
of operations and financial condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
March 1, 2020, as part of the IMO 2020 Regulations, our vessels cannot carry HSFO. The charterer shall be responsible for off-loading
of any remaining HSFO by that time. If any of our vessels are under spot charters and are carrying such bunker fuel, we would incur off-loading
costs, tank cleaning expenses, potentially a write-down of inventory values and delays in our voyage activities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is limited operating history of using LSFO on our vessels and new compliant fuel blends which have been introduced but the vessel performance,
economic impact and timing of using such fuels on our vessels is still evolving. In addition, our vessels will likely incur higher fuel
costs associated with using more expensive compliant fuel. Such costs may be material and could adversely affect the Company&rsquo;s
business, results of operations and financial condition, particularly in any case where we are unable to pass through the costs of higher
fuel to charterers due to competition with vessels that have installed scrubbers, market conditions or otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
may not be able to implement our business strategy successfully or manage our growth effectively.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
future growth will depend on the successful implementation of our business strategy. A principal focus of our business strategy is to
grow by expanding the size of our fleet while capitalizing on a mix of charter types, including on the spot market. Growing any business
by acquisition presents numerous risks, such as undisclosed liabilities and obligations, difficulty in obtaining additional qualified
personnel and managing relationships with customers and suppliers and integrating newly acquired operations into existing infrastructures.
The expansion of the Company&rsquo;s fleet may impose significant additional responsibilities on our management and may necessitate an
increase in the number of personnel. Other risks and uncertainties include distraction of management from current operations, insufficient
revenue to offset liabilities assumed, potential loss of significant revenue and income streams, unexpected expenses, inadequate return
of capital, regulatory or compliance issues, the triggering of certain covenants in the Company&rsquo;s debt instruments (including accelerated
repayment) and other unidentified issues not discovered in due diligence. As a result of the risks inherent in such transactions, the
Company cannot guarantee that any such transaction will ultimately result in the realization of the anticipated benefits of the transaction
or that significant transactions will not have a material adverse impact on its business, results of operations and financial condition.
Our future growth will depend upon a number of factors, some of which are not within our control. These factors include, among others,
our ability to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">identify
    suitable tankers and/or shipping companies for acquisitions at attractive prices;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">identify
    and consummate desirable acquisitions, joint ventures or strategic alliances;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">integrate
    any acquired tankers or businesses successfully with the Company&rsquo;s existing operations, including obtaining any approvals and
    qualifications necessary to operate vessels that the Company acquires;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">hire,
    train and retain qualified personnel to manage and operate our growing business and fleet;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">identify
    additional new markets;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">enhance
    the Company&rsquo;s customer base;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">improve
    our operating, financial and accounting systems and controls; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">obtain
    required financing for our existing and new vessels and operations.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 29 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquisitions
of vessels may not be profitable to us at or after the time we acquire them. We may:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">fail
    to realize anticipated benefits, such as new customer relationships, cost-savings or cash flow enhancements;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">decrease
    our liquidity by using a significant portion of our available cash or borrowing capacity to finance vessel acquisitions;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">significantly
    increase our interest expense or financial leverage if we incur additional debt to finance vessel acquisitions;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">fail
    to integrate any acquired tankers or businesses successfully with our existing operations, accounting systems and infrastructure
    generally;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">incur
    or assume unanticipated liabilities, losses or costs associated with the business or vessels acquired, particularly if any vessel
    we acquire proves not to be in good condition; or</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">incur
    other significant charges, such as impairment of goodwill or other intangible assets, asset devaluation or restructuring charges.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&rsquo;s failure to effectively identify, purchase, develop and integrate additional tankers or businesses could adversely affect
our business, results of operations and financial condition. The number of employees that perform services for the Company and our current
operating and financial systems may not be adequate as the Company implements its plan to expand the size of our fleet, and we may not
be able to effectively hire more employees or adequately improve those systems. Future acquisitions may also require additional equity
issuances or debt issuances (with amortization payments). If any such events occur, the Company&rsquo;s financial condition may be adversely
affected. The Company cannot give any assurance that we will be successful in executing our growth plans or that we will not incur significant
expenses and losses in connection with our future growth.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, unlike newbuildings, secondhand vessels typically provide very limited or no warranties with respect to the condition of the
vessel. While we expect we would inspect secondhand vessels prior to purchase, this does not provide us with the same knowledge about
their condition that we would have had if these vessels had been built for, and operated exclusively by, us.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also seek to take advantage of changing market conditions, which may include taking advantage of pooling arrangements or profit sharing
components of the charters we may enter into. In addition, our future growth will depend upon our ability to: maintain or develop new
and existing customer relationships; employ vessels consistent with our chartering strategy; successfully manage our liquidity and expenses;
and identify and capitalize on opportunities in new markets. Changing market and regulatory conditions may require or result in the sale
or other disposition of vessels we are not able to charter because of customer preferences or because they are not or will not be compliant
with existing or future rules, regulations and conventions. Additional vessels of the age and quality we desire may not be available
for purchase at prices we are prepared to pay or at delivery times acceptable to us, and we may not be able to dispose of vessels at
reasonable prices, if at all.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
even if we successfully implement our business strategy, we may not improve our net revenues or operating results. Furthermore, we may
decide to alter or discontinue aspects of our business strategy and may adopt alternative or additional strategies in response to business
or competitive factors or factors or events beyond our control. Our failure to execute our business strategy or to manage our growth
effectively could adversely affect our business, results of operations and financial condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 30 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>If
we purchase and operate secondhand vessels, we will be exposed to increased operating costs which could adversely affect our earnings
and, as our fleet ages, the risks associated with older vessels could adversely affect our ability to obtain profitable charters.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&rsquo;s current business strategy includes additional future growth through the acquisition of secondhand vessels and, possibly,
newbuild resales. While the Company typically inspects secondhand vessels prior to purchase, this does not provide the Company with the
same knowledge about their condition that it would have had if these vessels had been built for and operated exclusively for us. Generally,
the Company does not receive the benefit of warranties from the builders for the secondhand vessels that we acquire.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, the costs to maintain a vessel in good operating condition increase with the age of the vessel. Older vessels are typically
less fuel-efficient than more recently constructed vessels due to improvements in engine technology. Cargo insurance rates increase with
the age of a vessel, making older vessels less desirable to charterers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governmental
regulations, safety or other equipment standards related to the age of vessels may require expenditures for alterations, or the addition
of new equipment, to our vessels and may restrict the type of activities in which the vessels may engage. As our vessels age, market
conditions may not justify those expenditures or enable us to operate our vessels profitably during the remainder of their useful lives.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, unless we maintain cash reserves or raise external funds on acceptable terms for vessel replacement, we may be unable to replace
the vessels in our fleet upon the expiration of their useful lives. We estimate the useful life of our vessels to be 25 years from the
date of initial delivery from the shipyard and range from 2034 to 2040. Our cash flows and income are dependent on the revenues we earn
by chartering our vessels to customers. If we are unable to replace the vessels in our fleet upon the expiration of their useful lives,
our business, results of operations and financial condition will be materially adversely affected. Any reserves set aside for vessel
replacement may not be available for other cash needs, including improvement of working capital, early repayment of debt or possible
cash dividends.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>New
vessels may experience initial operational difficulties and unexpected incremental start-up costs.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
vessels, during their initial period of operation, have the possibility of encountering structural, mechanical and electrical problems
as well as unexpected incremental start-up costs. Typically, the purchaser of a newbuilding will receive the benefit of a warranty from
the shipyard for newbuildings, but we cannot assure you that any warranty we obtain will be able to resolve any problem with the vessel
without additional costs to us and off-hire periods for the vessel. Upon delivery of a newbuild vessel from a shipyard, we may incur
operating expenses above the incremental start-up costs typically associated with such a delivery and such expenses may include, among
others, additional crew training, consumables and spares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Delays
in deliveries of additional vessels, our decision to cancel an order for purchase of a vessel, or our inability to otherwise complete
the acquisitions of additional vessels for our fleet, could harm our operating results.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we currently have no vessels on order, under construction or subject to purchase agreements, we expect to purchase additional vessels
from time to time. The delivery of these vessels, or vessels on order, could be delayed, not completed or cancelled, which would delay
or eliminate our expected receipt of revenues from the employment of these vessels. The seller could fail to deliver these vessels to
us as agreed, or we could cancel a purchase contract because the seller has not met its obligations. The delivery of vessels we propose
to order or that are on order could be delayed because of, among other things:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">work
    stoppages or other labor disturbances, engineering problems or other events that disrupt the operations of the shipyard building
    the vessels;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in governmental regulations or maritime self-regulatory organization standards;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">lack
    of raw materials or supply chain issues for vessel parts and components;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">bankruptcy
    or other financial crisis of the shipyard building the vessels;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    inability to obtain requisite financing or make timely payments;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    backlog of orders at the shipyard building the vessels;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">hostilities,
    political, health or economic disturbances in the countries where the vessels are being built;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">weather
    interference or a catastrophic event, such as a major earthquake, typhoon or fire;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    requests for changes to the original vessel specifications;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">shortages
    or delays in the receipt of necessary construction materials, such as steel;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    inability to obtain requisite permits or approvals;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    dispute with the shipyard building the vessels, non-performance of the purchase or construction agreement with respect to a vessel
    by the seller or the shipyard as applicable;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">non-performance
    of the vessel purchase agreement by the seller;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    inability to obtain requisite permits, approvals or financings; or</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">damage
    to or destruction of vessels while being operated by the seller prior to the delivery date.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 31 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the delivery of any vessel is materially delayed or cancelled, especially if we have committed the vessel to a charter under which we
become responsible for substantial liquidated damages to the customer as a result of the delay or cancellation, our business, results
of operations and financial condition could be adversely affected.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Declines
in charter rates and other market deterioration could cause us to incur impairment charges.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
evaluate the carrying amounts of our vessels to determine if events have occurred that would require an impairment of their carrying
amounts. The Company reviews the carrying values of its vessels for impairment whenever events or changes in circumstances indicate that
the carrying amounts may not be recoverable. Whenever certain indicators of potential impairment are present, such as third party vessel
valuation reports, the Company performs a test of recoverability of the carrying amount of the assets. The projection of future cash
flows related to the vessels is complex and requires the Company to make various estimates including future freight rates, residual values,
future dry-dockings and operating costs, which are included in the analysis. All of these items have been historically volatile. The
Company recognizes an impairment charge if the carrying value is in excess of the estimated future undiscounted net operating cash flows.
The impairment loss is measured based on the excess of the carrying amount over the fair market value of the asset.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
the Company believes that the assumptions used to evaluate potential impairment are reasonable and appropriate at the time they are made,
such assumptions are highly subjective and likely to change, possibly materially, in the future. There can be no assurance as to how
long charter rates and vessel values will remain at their current levels or whether they will improve by a significant degree. If charter
rates were to remain at depressed levels, future assessments of vessel impairments would be adversely affected. Any impairment charges
incurred as a result of further declines in charter rates could have a material adverse impact on the Company&rsquo;s business, results
of operations and financial condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should
the carrying value plus the unamortized dry-dock and survey balance of the vessel exceed its estimated future undiscounted net operating
cash flows, impairment is measured based on the excess of the carrying amount over the fair market value of the asset. The Company determines
the fair value of its vessels based on management estimates and assumptions and by making use of available market data and taking into
consideration third party valuations. The review of the carrying amounts plus the unamortized dry-dock and survey balances in connection
with the estimated recoverable amount indicated no impairment charge for the Company&rsquo;s vessels as of December 31, 2019 and 2020,
respectively. See Note #2 (m) in the Consolidated Financial Statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
charterers may terminate charters early or choose not exercise options to extend charters or to re-charter with us, which could adversely
affect our business, results of operations and financial condition.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
charters may terminate earlier than the dates indicated in the charter party agreements. The terms of our charters vary as to which events
or occurrences will cause a charter to terminate or give the charterer the option to terminate the charter, but these generally include
a total or constructive loss of the relevant vessel, the requisition for hire of the relevant vessel, the dry-docking of the relevant
vessel for a certain period of time or the failure of the relevant vessel to meet specified performance criteria. Also, a time charter
may grant a charterer an option to extend the contract for a certain period of time at a higher rate. However, the failure to exercise
that option could result in the vessel being re-delivered to us in a more difficult market environment. An early termination or decision
not to exercise an option to extend an existing charter by our charters may adversely affect our business, results of operations and
financial condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot predict whether any of our charterers will, upon the expiration of their charters, re-charter our vessels on favorable terms or
at all. If our charterers decide not to re-charter our vessels, we may not be able to re-charter them on terms similar to our current
charters or at all. Also, we may incur additional costs depending on where the vessel is re-delivered to us. We may also employ our vessels
on the spot-charter market, which is subject to greater rate fluctuation than the time charter market. If we receive lower charter rates
under replacement charters or are unable to re-charter all of our vessels, our available cash may be significantly reduced or eliminated.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 32 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
vessels may operate in pooling arrangements in the future, which may or may not be beneficial compared to chartering our vessels outside
of a pool.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
a pooling arrangement, the net revenues generated by all of the vessels in a pool are aggregated and distributed to pool members pursuant
to a pre-arranged weighting system that recognizes each vessel&rsquo;s earnings capacity based on factors, which may include its cargo
capacity, speed and bunker consumption, and actual on-hire performance. Pooling arrangements are intended to maximize vessel utilization.
However, pooling arrangements are dependent on the spot charter market, in which rates fluctuate. Also, the pool manager requires the
prompt payment of up to $0.5 million of vessel working capital upon entry into the pool. Exit from the pool typically requires a minimum
of three months&rsquo; advance notice to the pool manager. We cannot assure you that entering any of our vessels into a pool will be
beneficial to us compared to chartering our vessels outside of a pool. If we participate in, or for any reason our vessels cease to participate
in a pooling arrangement, their utilization rates could fall and the amount of additional hire paid could decrease, either of which could
have an adverse effect on our business, results of operations and financial condition. We also cannot assure you that if we join a pooling
arrangement that we will continue to use the pooling arrangement or whether the pools our vessels could participate in will continue
to exist in the future.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
are dependent on the services of our founder and Chief Executive Officer and other members of our senior management team.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are dependent upon our Chief Executive Officer, Mr. Valentios (&ldquo;Eddie&rdquo;) Valentis, and the other members of our senior management
team for the principal decisions with respect to our business activities. The loss or unavailability of the services of any of these
key members of our management team for any significant period of time, or the inability of these individuals to manage or delegate their
responsibilities successfully as our business grows, could adversely affect our business, results of operations and financial condition.
If the individuals were no longer to be affiliated with us, we may be unable to recruit other employees with equivalent talent and experience,
and our business and financial condition may suffer as a result. We do not maintain &ldquo;key man&rdquo; life insurance for our Chief
Executive Officer or other members of our senior management team.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
founder, Chairman and Chief Executive Officer has affiliations with Maritime, which may create conflicts of interest.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Valentis, our founder, Chairman and Chief Executive Officer, also owns and controls Maritime. His responsibilities and relationships
with Maritime could create conflicts of interest between us, on the one hand, and Maritime, on the other hand. These conflicts may arise
in connection with the chartering, purchase, sale and operations of the vessels in our fleet versus vessels managed by other companies
affiliated with Maritime and may not be resolved in our favor. Maritime entered into a Head Management Agreement (as defined herein)
with us and into separate ship management agreements with our subsidiaries. The negotiation of these management arrangements may have
resulted in certain terms that may not reflect market standard terms or may include terms that could not have been obtained from arms-length
negotiations with unaffiliated third parties for similar services.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, Maritime may give preferential treatment to vessels that are time chartered-in by related parties because our founder, Chairman
and Chief Executive Officer and members of his family may receive greater economic benefits. In particular, as of December 31, 2020,
Maritime provided commercial management services to one tanker vessel, other than the vessels in our fleet, that was owned or operated
by one or more entities affiliated with Mr. Valentis. Such conflicts may have an adverse effect on our business, results of operations
and financial condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Several
of our senior executive officers do not, and certain of our officers in the future may not, devote all of their time to our business,
which may hinder our ability to operate successfully.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mr.
Valentis, our Chairman and Chief Executive Officer, Mr. Lytras, our Chief Operating Officer and Secretary and Mr. Williams, our Chief
Financial Officer, participate, and other of our senior officers which we may appoint in the future may also participate, in business
activities not associated with us. As a result, they may devote less time to us than if they were not engaged in other business activities
and may owe fiduciary duties to our stockholders as well as stockholders of other companies with which they may be affiliated. This may
create conflicts of interest in matters involving or affecting us and our customers and it is not certain that any of these conflicts
of interest will be resolved in our favor. This could have a material adverse effect on our business, results of operations and financial
condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 33 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>As
we expand our business, both we and Maritime may need to improve our operating and financial systems and Maritime will need to recruit
and retain suitable employees and crew for our vessels.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
and Maritime&rsquo;s current operating and financial systems may not be adequate as the size of our fleet expands, and attempts to improve
those systems may be ineffective. In addition, as we expand our fleet, Maritime may need to recruit and retain suitable additional seafarers
and shore based administrative and management personnel. We cannot guarantee that Maritime will be able to continue to hire suitable
employees as we expand our fleet. If we or Maritime encounter business or financial difficulties, we may not be able to adequately staff
our vessels. If we are unable to accomplish the above, our financial reporting performance may be adversely affected and, among other
things, it may not be compliant with the Securities and Exchange Commission (&ldquo;SEC&rdquo;) rules.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Our
insurance may be insufficient to cover losses that may result from our operations.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we carry hull and machinery, protection and indemnity and war risk insurance on each of the vessels in our fleet, we face several risks
regarding that insurance. The insurance is subject to deductibles, limits and exclusions. Since it is possible that a large number of
claims may be brought, the aggregate amount of these deductibles could be material. As a result, there may be other risks against which
we are not insured, and certain claims may not be paid. We do not carry insurance covering the loss of revenues resulting from vessel
off-hire time based on our analysis of the cost of this coverage compared to our off-hire experience.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
of our insurance coverage, such as tort liability (including pollution-related liability), is maintained through mutual protection and
indemnity associations, and as a member of such associations we may be required to make additional payments over and above budgeted premiums
if member claims exceed association reserves. Claims submitted to the association may include those incurred by members of the association,
as well as claims submitted to the association from other protection and indemnity associations with which our association has entered
into inter-association agreements. We cannot assure you that the associations to which we belong will remain viable. If such associations
do not remain viable or are unable to cover our losses, we may have to pay what our insurance does not cover in full.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may be unable to procure adequate insurance coverage at commercially reasonable rates in the future. For example, more stringent environmental
regulations have led in the past to increased costs for, and in the future may result in the lack of availability of, insurance against
risks of environmental damage or pollution. Changes in the insurance markets attributable to terrorist attacks may also make certain
types of insurance more difficult for us to obtain. We maintain for each of the vessels in our existing fleet pollution liability coverage
insurance in the amount of&thinsp;$1.0 billion per incident. A catastrophic oil spill or marine disaster could exceed such insurance
coverage. In addition, our insurance may be voidable by the insurers as a result of certain of our actions, such as our vessels failing
to maintain certification with applicable maritime self-regulatory organizations. The circumstances of a spill, including non-compliance
with environmental laws, could also result in the denial of coverage, protracted litigation and delayed or diminished insurance recoveries
or settlements. The insurance that may be available to us may be significantly more expensive than our existing coverage. Furthermore,
even if insurance coverage is adequate, we may not be able to obtain a timely replacement vessel in the event of a loss. Any of these
circumstances or events could negatively impact our business, results of operations and financial condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
may be subject to litigation that, if not resolved in our favor and not sufficiently insured against, could have a material adverse effect
on us.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may be, from time to time, involved in various litigation matters. These matters may include, among other things, contract disputes,
environmental claims or proceedings, employment and personal injury matters, and other litigation that arises in the ordinary course
of our business. Although we intend to defend these matters vigorously, we cannot predict with certainty the outcome or effect of any
claim or other litigation matter, and the ultimate outcome of any litigation or the potential costs to resolve them may have a material
adverse effect on us. Insurance may not be applicable or sufficient in all cases or insurers may not remain solvent, which may have a
material adverse effect on our financial condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
and our subsidiaries may be subject to group liability for damages or debts owed by one of our subsidiaries or by us.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
each of our vessels is and will be separately owned by individual subsidiaries, under certain circumstances, a parent company and its
ship-owning subsidiaries can be held liable under corporate veil piercing principles for damages or debts owed by one of the subsidiaries
or the parent. Therefore, it is possible that all of our assets and those of our subsidiaries could be subject to execution upon a judgment
against us or any of our subsidiaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 34 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Maritime
and ITM are privately held companies and there is little or no publicly available information about them.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
ability of Maritime and ITM to render their respective management services will depend in part on their own financial strength. Circumstances
beyond each such company&rsquo;s control could impair its financial strength. Because each of these companies is privately held, information
about each company&rsquo;s financial strength is not available. As a result, we and an investor in our securities might have little advance
warning of financial or other problems affecting either Maritime or ITM even though its financial or other problems could have a material
adverse effect on us and our stockholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Exchange
rate fluctuations could adversely affect our revenues, financial condition and operating results.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
generate a significant part of our revenues in U.S. dollars, but incur costs in other currencies. The difference in currencies could
in the future lead to fluctuations in our net income due to changes in the value of the U.S. dollar relative to other currencies. We
have not hedged our exposure to exchange rate fluctuations, and as a result, our U.S. dollar denominated results of operations and financial
condition could suffer as exchange rates fluctuate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
must protect the safety and condition of the cargoes transported on our vessels and any failure to do so may subject us to claims for
loss or damage.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
our time and spot charters, we are responsible for the safekeeping of cargo entrusted to us and must properly maintain and control equipment
and other apparatus to ensure that cargo is not lost or damaged in transit. Claims and any liability for loss or damage to cargo that
is not covered by insurance could harm our reputation and adversely affect our business, results of operations and financial condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Increase
in frequency of immigrant salvage operations in the Mediterranean could adversely affect our business.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2019 and 2020, a significant portion of <I>Northsea Alpha&rsquo;s</I> and <I>Northsea Beta&rsquo;s</I> trading routes occurred in the
Mediterranean Sea. In recent years, the number of immigrants attempting to cross the Mediterranean from North Africa to Europe in unseaworthy
vessels has increased significantly. Many of the vessels are in such a poor condition that they either capsize and sink, incur engine
problems or are otherwise incapacitated en route to Europe. As a result, commercial ships may, if witnessing an immigrant vessel in distress,
deviate from the task and course and conduct a salvage operation. Such salvage operation may prove costly in terms of time and resources
spent and can thus prove a substantial cost for the commercial vessel and may pose risks to the safety of the crew, vessel and cargo.
If we are not able to mitigate this potential exposure, and dependent on the number of such salvage operations which must be carried
out in the future, this could have a material adverse effect on our future performance, results of operations, cash flows and financial
position.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
may face labor interruptions, which if not resolved in a timely manner, could have a material adverse effect on our business.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We,
indirectly through our technical managers, employ masters, officers and crews to operate our vessels, exposing us to the risk that industrial
actions or other labor unrest may occur. We may suffer labor disruptions if relationships deteriorate with the seafarers or the unions
that represent them. A majority of the crew members on the vessels in our fleet that are under time or spot charters are employed under
collective bargaining agreements. ITM is a party to some of these collective bargaining agreements. These collective bargaining agreements
and any employment arrangements with crew members on the vessels in our fleet may not prevent labor interruptions, particularly since
they are subject to renegotiation in the future. Any labor interruptions, including due to failure to successfully renegotiate collective
bargaining employment agreements with the crew members on the vessels in our fleet, are not resolved in a timely and cost-effective manner,
industrial action or other labor unrest could prevent or hinder our operations from being carried out as we expect, could disrupt our
operations and could adversely affect our business, results of operations and financial condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
do not currently enter into hedging arrangements with respect to the cost of fuel.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not entered into hedging arrangements to establish, in advance, a price for the cost of fuel. As a result, although we may realize
the benefit of any short-term decrease in the price of fuel, we will not be protected against increases in the price of fuel, which could
materially adversely affect our business, results of operation and financial condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 35 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, to the extent we decide to enter into hedging arrangements in the future, the success of any hedging arrangement generally
depends on the degree of correlation between price movements of a derivative instrument and the position being hedged, the creditworthiness
of the counterparty, the costs of the hedging transaction and other factors. While such transactions may reduce the risks of losses with
respect to adverse movements in market factors, the transaction may also limit the opportunity for gain. In addition, these arrangements
may require the posting of cash or other collateral at a time when we have insufficient cash or illiquid assets such that the posting
of the cash is either impossible or requires the sale of assets at prices that do not reflect their underlying value. Moreover, these
hedging arrangements may generate significant transactions costs, including potential tax costs and legal fees, which reduce the anticipated
returns on an investment. There can be no assurance that any future hedging transaction we enter will successfully hedge the risks associated
with hedged positions or that it will not result in poorer overall investment performance than if it had not been executed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>A
cyber-attack and failure to comply with data privacy laws could materially disrupt our business.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
and our ship managers rely on information technology systems and networks in our and their operations and business administration. The
efficient operation of our business, including processing, transmitting and storing electronic and financial information, is dependent
on computer hardware and software systems. Information systems are vulnerable to security breaches by computer hackers and cyber terrorists.
We rely on industry accepted security measures and technology to securely maintain confidential and proprietary information maintained
on our information systems. However, these measures and technology may not adequately prevent security breaches. Therefore, our or any
of our ship managers&rsquo; operations and business administration could be targeted by individuals or groups seeking to sabotage or
disrupt such systems and networks, or to steal data and these systems may be damaged, shutdown or cease to function properly (whether
by planned upgrades, force majeure, telecommunications failures, hardware or software break-ins or viruses, other cyber-security incidents
or otherwise). A successful cyber-attack could materially disrupt our or our managers&rsquo; operations, which could also adversely affect
the safety of our operations or result in the unauthorized release or alteration of information in our or our managers&rsquo; systems.
Such an attack on us, or our managers, could result in significant expenses to investigate and repair security breaches or system damages
and could lead to litigation, fines, other remedial action, heightened regulatory scrutiny, diminished customer confidence and damage
to our reputation. We do not maintain cyber-liability insurance at this time to cover such losses. As a result, a cyber-attack or other
breach of any such information technology systems could have a material adverse effect on our business, results of operations and financial
condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
our information systems and infrastructure could be physically damaged by events such as fires, terrorist attacks and unauthorized access
to our servers and facilities, as well as the unauthorized entrance into our information systems. Furthermore, we communicate with our
customers through an ecommerce platform run by third-party service providers over which we have no management control. A potential failure
of our computer systems or a failure of our third-party ecommerce platform provider to satisfy its contractual service level commitments
to us may have a material-adverse effect on our business, financial condition and results of operation. Our efforts to modernize and
digitize our operations and communications with our customers further increase our dependency on information technology systems, which
exacerbates the risks we could face if these systems malfunction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
EU has recently adopted a comprehensive overhaul of its data protection regime from the current national legislative approach to a single
European Economic Area Privacy Regulation, the General Data Protection Regulation (&ldquo;GDPR&rdquo;). The GDPR came into force on May
25, 2018, and applies to organizations located within the EU, as well as to organizations located outside of the EU if they offer goods
or services to, or monitor the behavior of, EU data subjects. It imposes a strict data protection compliance regime with significant
penalties and includes new rights such as the &ldquo;portability&rdquo; of personal data. It applies to all companies processing and
holding the personal data of data subjects residing in the EU, regardless of the company&rsquo;s location. Implementation of the GDPR
could require changes to certain of our business practices, thereby increasing our costs. Our failure to adhere to or successfully implement
processes in response to changing regulatory requirements in this area could result in legal liability or impairment to our reputation
in the marketplace, which could have a material adverse effect on our business, financial condition and results of operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risks
Related to our Indebtedness</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
may not be able to generate sufficient cash flow to meet our debt service and other obligations.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ability to make scheduled payments on our outstanding indebtedness and other obligations will depend on our ability to generate cash
from operations in the future. Our future financial and operating performance will be affected by a range of economic, financial, competitive,
regulatory, business and other factors that we cannot control, such as general economic and financial conditions in the tanker sector
or the economy generally. In particular, our ability to generate steady cash flow will depend on our ability to secure charters at acceptable
rates. Our ability to renew our existing charters or obtain new charters at acceptable rates or at all will depend on the prevailing
economic and competitive conditions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amounts
borrowed under our loan agreements bear interest at both fixed rates and variable rates. Increases in prevailing interest rates could
increase the amounts that we would have to pay to our lenders, even though the outstanding principal amount remains the same, and our
net income and cash flows would decrease.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, our existing loan agreements require us to maintain various cash balances, while our financial and operating performance is
also dependent on our subsidiaries&rsquo; ability to make distributions to us, whether in the form of dividends, loans or otherwise.
The timing and amount of such distributions will depend on restrictions on our various debt instruments, our earnings, financial condition,
cash requirements and availability, fleet renewal and expansion, the provisions of Marshall Islands and Maltese laws affecting the payment
of dividends and other factors. Under Maltese law, dividends may only be distributed out of profits available for distribution and/or
out of any distributable accumulated reserves.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 36 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
any time that our operating cash flows are insufficient to service our debt and other liquidity needs, we may be forced to take actions
such as increasing our accounts payable and/or our amounts due to related parties, reducing or delaying capital expenditures, selling
assets, restructuring or refinancing our indebtedness, seeking additional capital, seeking bankruptcy protection or any combination of
the foregoing. For example, on December 16, 2019, we announced the sale of <I>Pyxis Delta</I>, our 2006-built standard MR tanker. We
chose the sell our oldest vessel for a number of strategic, operating and financial reasons. Upon closing in January 2020, the net proceeds
after commissions of $13.2 million were used to repay $5.7 million of bank debt, reduce accounts payable and amounts due to related parties,
and improve working capital. We cannot assure you that any of the actions listed above could be affected on satisfactory terms, if at
all, or that they would yield sufficient funds to make required payments on our outstanding indebtedness and to fund our other liquidity
needs. As of December 31, 2020, our total funded debt outstanding, net of deferred financing costs and Amended and Restated Promissory
Note aggregated $58.6 million. Also, the terms of existing or future debt agreements may restrict us from pursuing any of these actions
as, among other things, if we are unable to meet our debt obligations or if some other default occurs under our loan agreements, the
lenders could elect to declare that debt, together with accrued interest and fees, to be immediately due and payable and foreclose against
the collateral vessels securing that debt. Any such action could also result in an impairment of cash flows and our ability to service
debt in the future. Further, our debt level could make us more vulnerable than our competitors with less debt to competitive pressures
or a downturn in our business or the economy generally.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
market values of tanker vessels are highly volatile, have decreased in the past and may decrease further in the future which may cause
the Company to recognize losses if we sell our tankers or record impairments and affect the Company&rsquo;s ability to comply with its
loan covenants and refinance its debt. The fair market values of product tankers have generally experienced high volatility. The fair
market values for tankers declined significantly from historically high levels reached in 2008, and currently approximate average levels
of the past 10 years. You should expect the market value of our vessels to fluctuate. Values for ships can fluctuate substantially over
time due to a number of factors, including, among others:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">prevailing
    economic conditions in the energy markets; general economic and market conditions affecting the international shipping industry,</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    substantial or extended decline in demand for refined products;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">competition
    from other shipping companies and other modes of transportation;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">number
    of vessels in the world fleet;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    level of worldwide refined petroleum product production and exports;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">demand
    for product tankers; changes in the supply-demand balance of the global product tanker market;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">applicable
    governmental regulations;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    availability of newbuild and newer, more advanced vessels at attractive prices compared to our vessels;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in prevailing charter hire rates;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    physical condition of the vessel;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    vessel&rsquo;s size, age, technical specifications, efficiency and operational flexibility; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    cost of newbuildings and the cost of retrofitting or modifying existing ships, as a result of technological advances in ship design
    or equipment, changes in applicable environmental or other regulations or standards, customer requirements or otherwise.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
vessels grow older, they naturally depreciate in value. If the market value of our fleet declines further, we may not be able to refinance
our debt or obtain additional financing and our subsidiaries may not be able to make distributions to the Company. An additional decrease
in these values could cause us to breach certain covenants that are contained in our loan agreements and in future financing agreements.
The prepayment of certain debt facilities may be necessary to cause the Company to maintain compliance with certain covenants in the
event that the value of the vessels falls below certain levels.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 37 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we breach covenants in our loan agreements or future financing agreements and are unable to cure the breach, our lenders could accelerate
our debt repayment and foreclose on vessels in our fleet securing those debt instruments or seek other similar remedies. In addition,
if a charter contract expires or is terminated by the charterer, the Company may be unable to re-charter the affected vessel at an attractive
rate and, rather than continue to incur maintenance and financing costs for that vessel, the Company may seek to dispose of the affected
vessel. If the Company sells one or more of its vessels at a time when vessel prices have fallen, the sale price may be less than the
vessel&rsquo;s carrying value on the Company&rsquo;s consolidated financial statements, resulting in a loss on sale or an impairment
loss being recognized, ultimately leading to a reduction of net income. Furthermore, if vessel values fall significantly, this could
indicate a decrease in the recoverable amount for the vessel and may have a material adverse impact on its business, results of operations
and financial condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Restrictive
covenants in our current and future loan agreements may impose financial and other restrictions on us.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
restrictions and covenants in our current and future loan agreements could adversely affect our ability to finance future operations
or capital needs or to pursue and expand our business activities. Our current loan agreements contain, and future financing agreements
will likely contain, restrictive covenants that prohibit us or our subsidiaries from, among other things:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">paying
    dividends under certain circumstances, including if there is a default under the loan agreements or, only with respect to our subsidiary
    Seventhone Corp. (&ldquo;Seventhone&rdquo;) under the Alpha Bank Facility entered into in July 2020, if the ratio of our (and our
    subsidiaries as a group) total liabilities to market value adjusted total assets is greater than 75% in the relevant year. As of
    December 31, 2020, the ratio of total liabilities over the market value of our adjusted total assets was 66%, and therefore, under
    the Alpha Bank Facility Seventhone was permitted to distribute dividends to us as of December 31, 2020;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">incurring
    or guaranteeing indebtedness;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">charging,
    pledging or otherwise encumbering our vessels;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changing
    the flag, class, management or ownership of our vessels;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">utilizing
    available cash;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changing
    ownership or structure, including through mergers, consolidations, liquidations or dissolutions;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">making
    certain investments;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">entering
    into a new line of business;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changing
    the commercial and technical management of our vessels;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">selling,
    transferring, assigning or changing the beneficial ownership or control of our vessels; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changing
    the control, or Mr. Valentis maintaining less than 40% ownership or Mr. Valentis ceases to be the Chairman, of the corporate guarantor.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the loan agreements generally contain covenants requiring us, among other things, to ensure that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    maintain minimum liquidity cash balances based on the number of vessels owned and debt service requirements. Our required minimum
    cash balance as of December 31, 2019 and 2020 was $3.7 million and $2.4 million, respectively;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    fair market value of the mortgaged vessel plus any additional collateral must be no less than a certain percentage, ranging from
    115% to 150%, of outstanding borrowings under the applicable loan agreement, less, in certain loan agreements, any money in respect
    of the principal outstanding with the credit of any applicable retention account and any free or pledged cash deposits held with
    the lender in our or its subsidiary&rsquo;s name; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    maintain vessel insurances of the higher of market value or at least 125% of the outstanding loan balance</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of the above, we may need to seek permission from our lenders in order to engage in some corporate actions. The lenders&rsquo;
interests may be different from ours and we may not be able to obtain our lenders&rsquo; permission when needed. This may limit our ability
to pay dividends, finance our future operations or capital requirements, make acquisitions or pursue business opportunities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 38 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ability to comply with covenants and restrictions contained in our current and future loan agreements may also be affected by events
beyond our control, including prevailing economic, financial and industry conditions, a change of control of the Company or a reduction
in Mr. Valentis&rsquo; shareholding. If our cash flow is insufficient to service our current and future indebtedness and to meet our
other obligations and commitments, we will be required to adopt one or more alternatives, such as reducing or delaying our business activities,
acquisitions, investments, capital expenditures, the payment of dividends or the implementation of our other strategies, refinancing
or restructuring our debt obligations, selling vessels or other assets, seeking to raise additional debt or equity capital or seeking
bankruptcy protection. However, we may not be able to affect any of these remedies or alternatives on a timely basis, on satisfactory
terms or at all, which could lead to events of default under these loan agreements, giving the lenders foreclosure rights on our vessels.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ability to obtain additional debt financing may be dependent on the performance of our then existing charters and the creditworthiness
of our charterers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
actual or perceived credit quality of our charterers, and any defaults by them, may materially affect our ability to obtain the additional
capital resources that we will require to purchase additional vessels or may significantly increase our costs of obtaining such capital.
Our inability to obtain additional financing at all, or our ability to do so only at a higher than anticipated cost, may materially affect
our results of operations and our ability to implement our business strategy.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Volatility
of LIBOR and potential changes in the benchmark could affect our profitability, earnings and cash flow.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">London
Interbank Offered Rate (&ldquo;LIBOR&rdquo;) is the subject of recent national, international and other regulatory guidance and proposals
for reform. These reforms and other pressures may cause LIBOR to be eliminated or to perform differently than in the past. The consequences
of these developments cannot be entirely predicted but could include an increase in the cost of our variable rate indebtedness and obligations.
LIBOR has been volatile in the past, with the spread between LIBOR and the U.S. prime lending rate widening significantly at times. Because
the interest rates borne by a majority of our outstanding indebtedness fluctuates with changes in LIBOR, significant changes in LIBOR
would have a material effect on the amount of interest payable on our debt, which in turn, could have an adverse effect on our financial
condition. In order to hedge our variable interest rate exposure, on January 19, 2018, Seventhone entered into an interest rate cap agreement
with its lender for a notional amount of $10.0 million and a cap rate of 3.5%. The interest rate cap will terminate on July 18, 2022.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
the calculation of interest in most financing agreements in our industry has been based on published LIBOR rates. Due in part to uncertainty
relating to the LIBOR calculation process in recent years, it is likely that LIBOR will be phased out in the future. As a result, lenders
have insisted on provisions that entitle the lenders, in their discretion, to replace published LIBOR as the base for the interest calculation
with their cost-of-funds rate. If we are required to agree to such a provision in future financing agreements, our lending costs could
increase significantly, which would have an adverse effect on our profitability, earnings and cash flow. In addition, on November 30,
2020, ICE Benchmark Administration, the administrator of LIBOR, with the support of the United States Federal Reserve and the United
Kingdom&rsquo;s Financial Conduct Authority, announced plans to consult on ceasing publication of U.S. Dollar LIBOR on December 31, 2021
for only the one-week and two-month U.S. Dollar LIBOR tenors, and on June 30, 2023 for all other U.S. Dollar LIBOR tenors. The United
States Federal Reserve concurrently issued a statement advising banks to stop new U.S. Dollar LIBOR issuances by the end of 2021. Such
announcements indicate that the continuation of LIBOR on the current basis will not be guaranteed after 2021, and the banks currently
reporting information used to set LIBOR will likely stop such reporting after 2021, when their commitment to reporting information ends.
The Alternative Reference Rate Committee, a committee convened by the Federal Reserve that includes major market participants, has proposed
an alternative rate to replace U.S. Dollar LIBOR: the Secured Overnight Financing Rate, or &ldquo;SOFR.&rdquo; The impact of such a transition
from LIBOR to SOFR could be significant for us.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 39 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risks
Related to our Common Stock</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
are no longer an &ldquo;emerging growth company&rdquo; and, as a result, are required to comply with increased disclosure and
governance requirements.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 31, 2020, we ceased to be an &ldquo;emerging growth company&rdquo; as defined in the JOBS Act. Since we are not an &ldquo;accelerated
filer&rdquo; or a &ldquo;large accelerated filer&rdquo; (as such terms are defined under the U.S. securities laws) we are not
required comply with the provisions of Section 404(b) of the Sarbanes-Oxley Act (&ldquo;SOX&rdquo;), which would otherwise require
our independent registered public accounting firm to provide us with an attestation report on the effectiveness of our internal
control over financial reporting (&ldquo;IFCR&rdquo;). Compliance with Section 404 is expensive for our shareholders and time
consuming for management and could result in the detection of internal control deficiencies of which we are currently unaware.
However, we are required to comply with other SOX mandates, including CEO and CFO certifications, the requirement to establish
and maintain ICFR and have management assess its effectiveness, and a financial statement audit by an independent auditor, who
is required to obtain an understanding of ICFR in the performance of the financial statement audit but not for the purpose of
expressing an opinion on the effectiveness of our ICFR. If we become subject to additional SOX provisions, including Section 404(b),
in the future, compliance with these provisions will likely incrementally increase our legal and financial compliance costs and
make some activities more time consuming and costly.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
market price of our common stock has fluctuated widely and the market price of our common stock may fluctuate in the future.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
market price of our common stock has fluctuated widely since our initial public offering in October 2015, reaching a high of $12.22
per share in December 2017 and a low of $0.62 per share in March 2020. Most recently during the period between January 4, 2021
and April 6, 2021 our shares reached a high of $2.96 and low of $0.83 with pricing continuing to be volatile as a result of many
factors, including the issuance of additional shares of common stock in the 2021 Private Placement Transaction, our actual results
of operations and perceived prospects, the prospects of our competitors and of the shipping industry in general and in particular
the product tanker sector, differences between our actual financial and operating results and those expected by investors and
analysts, changes in analysts&rsquo; recommendations or projections, changes in general valuations for companies in the shipping industry,
particularly the product tanker sector, changes in general economic or market conditions and broader market fluctuations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
such, our stock prices may experience rapid and substantial decreases or increases in the foreseeable future that are unrelated
to our operating performance or prospects. In addition, the ongoing outbreak of the novel COVID-19 virus has caused broad stock
market and industry fluctuations. The stock market in general and the market for shipping companies in particular have experienced
extreme volatility that has often been unrelated to the operating performance of particular companies. As a result of this volatility,
investors may experience substantial losses on their investment in our common shares. In addition to the above, the market price
for our common shares may be influenced by many other factors, including the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">investor
                                         reaction to our business strategy;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                         continued compliance with the NASDAQ listing standards;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">regulatory
                                         or legal developments in the United States and other countries, especially changes in
                                         laws or regulations applicable to our industry;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">variations
                                         in our financial results or those of companies that are perceived to be similar to us;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
                                         ability or inability to raise additional capital and the terms on which we raise it;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">declines
                                         in the market prices of stocks generally;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">trading
                                         volume of our common shares;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">sales
                                         of our common shares by us or our stockholders;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">general
                                         economic, industry and market conditions; and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; background-color: white"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">other
                                         events or factors, including those resulting from such events, or the prospect of such
                                         events, including war, terrorism and other international conflicts, public health issues
                                         including health epidemics or pandemics, such as the ongoing COVID-19 pandemic, adverse
                                         weather and climate conditions could disrupt our operations or result in political or
                                         economic instability.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
broad market and industry factors may seriously harm the market price of our common shares, regardless of our operating performance,
and may be inconsistent with any improvements in actual or expected operating performance, financial condition or other indicators
of value. Since the stock price of our common shares has fluctuated in the past, has been recently volatile and may be volatile
in the future, investors in our common shares could incur substantial losses. In the past, following periods of volatility in
the market, securities class-action litigation has often been instituted against companies. Such litigation, if instituted against
us, could result in substantial costs and diversion of management&rsquo;s attention and resources, which could materially and
adversely affect our business, financial condition, results of operations and growth prospects. There can be no guarantee that
our stock price will remain at current prices.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 40 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
recently, securities of certain companies have experienced significant and extreme volatility in stock price due short sellers
of shares of common shares, known as a &ldquo;short squeeze&rdquo;. These short squeezes have caused extreme volatility in those
companies and in the market and have led to the price per share of those companies to trade at a significantly inflated rate that
is disconnected from the underlying value of the company. Many investors who have purchased shares in those companies at an inflated
rate face the risk of losing a significant portion of their original investment as the price per share has declined steadily as
interest in those stocks have abated. While we have no reason to believe our shares would be the target of a short squeeze, there
can be no assurance that we will not be in the future, and you may lose a significant portion or all of your investment if you
purchase our shares at a rate that is significantly disconnected from our underlying value.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Future
sales of our common shares could cause the market price of our common shares to decline.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
market price for our common shares could decline as a result of sales by existing shareholders of large numbers of our common
shares, or as a result of the perception that such sales may occur. Sales of our common shares by these shareholders also might
make it more difficult for us to sell equity or equity-related securities in the future at a time and at the prices we deem appropriate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
may not be able to generate sufficient cash to service our obligations, including our obligations under the Series A Preferred
Shares.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
October 2020, we issued 200,000 units (&ldquo;Units&rdquo;) at a price of $25.00 per Unit. Each Unit was immediately separable
into (i) one 7.75% Series A Cumulative Convertible Preferred Share, par value $0.001 per share (the &ldquo;Series A Preferred
Shares&rdquo;), and (ii) eight warrants (the &ldquo;Warrants&rdquo;). Our ability to make dividend payments on any outstanding
shares of preferred stock, including the Series A Preferred Shares and any other preferred shares that we may issue in the future,
and outstanding indebtedness will depend on our financial and operating performance, which is subject to prevailing economic and
competitive conditions and to certain financial, business and other factors beyond our control. We may be unable to maintain a
level of cash flows from operating activities or excess cash balances sufficient to permit us to pay the liquidation preference
and dividends on our preferred stock, including the Series A Preferred Shares, as well as principal and interest on our outstanding
indebtedness. Please also see the risk factor &ldquo;We currently have a working capital deficit and may not be able to fund our
ongoing operations&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Conversion
of the Series A Preferred Shares and Warrants will dilute the ownership interest of existing shareholders</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of April 6, 2021, there are currently 141,186 Series A Preferred Shares and 1,590,540 Warrants outstanding. Each Series A Preferred
Share is convertible into common stock at any time of the option of the holder. Additionally, each Warrant represents the right
to purchase a common share at a pre-determined exercise price. The conversion of the Series A Preferred Shares and exercise of
outstanding warrants will dilute the ownership interest of existing shareholders by up to 10%. Two separate warrants, the first
exercisable for the purchase of an aggregate of 2,000 Series A Preferred Shares and the second exercisable for the purchase of
an aggregate of 16,000 warrants to purchase common shares, which are not included in the figures provided above, were issued to
certain employees of ThinkEquity as compensation in connection with ThinkEquity&rsquo;s role as underwriter and placement agent
in the Company&rsquo;s recent Series A Preferred Shares and Warrants Transaction. The warrants issued to these certain employees
of ThinkEquity referenced in the immediately preceding sentence are subject to a 180 day lockup period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
price of our Common Stock may be volatile.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
shares of common stock have been listed on the NASDAQ since November 2, 2015. We cannot assure you that the public market for
our common stock will be active and liquid. The price of shares of our common stock may fluctuate due to a variety of factors,
some of which are beyond our control, including:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 94%; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">actual
    or anticipated fluctuations in our periodic results and those of other public companies in the shipping industry;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in market valuations of similar companies and stock market price and volume fluctuations generally;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">speculation
    in the press or investment community, including on-line newsletters, trading platforms and chat-rooms, about our business
    or the shipping industry generally;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">mergers
    and strategic alliances in the shipping industry;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 1.6pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">market
        prices and conditions in the shipping industry;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 1.6pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">evolving
    investor preferences away from carbon- based companies and towards environmentally friendly or sustainable companies;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">changes
    in government regulation;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">introduction
    of new technology by the Company or its competitors;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">commodity
    prices and in particular prices of oil and natural gas;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    ability or willingness of OPEC to set and maintain production levels for oil;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">oil
    and gas production levels by non-OPEC countries;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">potential
    or actual military conflicts or acts of terrorism;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">natural
    disasters affecting the supply chain or use of petroleum products;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    failure of securities analysts to publish research about us, or shortfalls in our operating results compared to levels forecast
    by securities analysts;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    thin trading market for our common stock, which makes it somewhat illiquid;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    Company&rsquo;s capital structure;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">additions
    or departures of key personnel;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">announcements
    concerning us or our competitors;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    general state of the securities market; and</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">domestic
    and international economic, market and currency factors unrelated to our performance.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 41 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
market and industry factors may materially reduce the market price of shares of our common stock, regardless of our operating
performance. The seaborne transportation industry has been highly unpredictable and volatile. The market for shares of our common
stock may be equally volatile, and has been particularly volatile during the period August to September 2019 and February 2020.
Consequently, you may not be able to sell shares of our common stock at prices equal to or greater than those paid by you in any
previous or future offerings.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may issue additional shares of our common stock or other equity securities without stockholder approval, which would dilute your
ownership interests and may depress the market price of our common stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may issue additional shares of our common stock or other equity securities of equal or senior rank in the future in connection
with, among other things, future vessel acquisitions, repayment of outstanding indebtedness or our equity incentive plan, without
stockholder approval, in a number of circumstances. Our issuance of additional common stock or other equity securities of equal
or senior rank would have the following effects:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    existing stockholders&rsquo; proportionate ownership interest in us will decrease;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    amount of cash available per share, including for payment of dividends in the future, may decrease;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    relative voting strength of each previously outstanding share of our common stock may be diminished; and</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    market price of our common stock may decline.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future
sales of shares of our common stock by existing stockholders could negatively impact our ability to sell equity in the future
and cause the market price of shares of our common stock to decline.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
market price for shares of our common stock could decline as a result of sales by existing stockholders of large numbers of shares
of our common stock, including our affiliate Maritime Investors, and the selling stockholders named herein, or as a result of
the perception that such sales may occur. Any future sales of shares of our common stock by these stockholders might make it more
difficult to us to sell equity or equity-related securities in the future at a time and at the prices that we deem appropriate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Reports
published by analysts, including projections in those reports that exceed the Company&rsquo;s actual results, could adversely
affect the price and trading volume of the Company&rsquo;s common stock.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company currently expects that securities research firms and analysts will continue to publish their own periodic estimates or
projections for the Company&rsquo;s business. These projections may vary widely and may not accurately predict the results the
Company actually achieves. The Company&rsquo;s share price may decline if our actual results do not match the projections of these
securities research analysts. Similarly, if one or more of the analysts who write reports on the Company downgrades the Company&rsquo;s
stock or publishes inaccurate or unfavorable research about the Company&rsquo;s business, our share price could decline. If one
or more of these analysts ceases coverage of the Company or fails to publish reports on the Company regularly, our share price
or trading volume could decline.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 42 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
are incorporated in the Marshall Islands, which does not have a well-developed body of corporate or bankruptcy law and, as a result,
stockholders may have fewer rights and protections under Marshall Islands law than under a U.S. jurisdiction.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
corporate affairs are governed by our Articles of Incorporation, Bylaws and the Marshall Islands Business Corporations Act (the
&ldquo;BCA&rdquo;). The provisions of the BCA resemble provisions of the corporation laws of a number of states in the United
States. However, there have been few judicial cases in the Republic of the Marshall Islands interpreting the BCA. The rights and
fiduciary responsibilities of directors under the laws of the Republic of the Marshall Islands are not as clearly established
as the rights and fiduciary responsibilities of directors under statutes or judicial precedent in existence in certain U.S. jurisdictions.
Stockholder rights may differ as well. While the BCA does specifically incorporate the non-statutory law, or judicial case law,
of the State of Delaware and other states with substantially similar legislative provisions, our public stockholders may have
more difficulty in protecting their interests in the face of actions by management, directors or significant stockholders than
would stockholders of a corporation incorporated in a U.S. jurisdiction. Additionally, the Republic of the Marshall Islands does
not have a legal provision for bankruptcy or a general statutory mechanism for insolvency proceedings. As such, in the event of
a future insolvency or bankruptcy, our stockholders and creditors may experience delays in their ability to recover their claims
after any such insolvency or bankruptcy. Further, in the event of any bankruptcy, insolvency, liquidation, dissolution, reorganization
or similar proceeding involving us or any of our subsidiaries, bankruptcy laws other than those of the United States could apply.
If we become a debtor under U.S. bankruptcy law, bankruptcy courts in the United States may seek to assert jurisdiction over all
of our assets, wherever located, including property situated in other countries. There can be no assurance, however, that we would
become a debtor in the United States, or that a U.S. bankruptcy court would be entitled to, or accept, jurisdiction over such
a bankruptcy case, or that courts in other countries that have jurisdiction over us and our operations would recognize a U.S.
bankruptcy court&rsquo;s jurisdiction if any other bankruptcy court would determine it had jurisdiction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
are a holding company, and we depend on the ability of our subsidiaries to distribute funds to us in order to satisfy our financial
and other obligations.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a holding company and have no significant assets other than the equity interests in our subsidiaries. Our subsidiaries own
all of our existing vessels, and subsidiaries we form in the future will own any other vessels we may acquire in the future. All
payments under our charters will be made to our subsidiaries. As a result, our ability to meet our financial and other obligations,
and to possibly pay dividends in the future, will depend on the performance of our subsidiaries and their ability to distribute
funds to us. The ability of a subsidiary to make these distributions could be affected by a claim or other action by a third party,
including a creditor, by the terms of our loan agreements, any financing agreement we may enter into in the future, or by Marshall
Islands or Maltese law, which regulates the payment of dividends by our companies. The loan agreement of our subsidiary, Seventhone,
prohibits paying any dividends to us unless the ratio of the total liabilities to the market value adjusted total assets (total
assets adjusted to reflect the market value of all our vessels) of us and our subsidiaries as a group is 75% or less. As of December
31, 2020, the ratio of total liabilities over the market value of our adjusted total assets (calculated in accordance with the
Alpha Bank Facility) was 71%. If we or Seventhone do not satisfy the 75% requirement or if we or a subsidiary breach a covenant
in our loan agreements or any financing agreement we may enter into in the future, such subsidiary may be restricted from paying
dividends. If we are unable to obtain funds from our subsidiaries, we will not be able to fund our liquidity needs or pay dividends
in the future unless we obtain funds from other sources, which we may not be able to do.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>It
may be difficult to serve process on or enforce a U.S. judgment against us, our officers and our directors because we are not
a U.S. corporation.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a Marshall Islands corporation, and a substantial portion of our assets are located outside of the United States and many
of our directors and executive officers are not residents of the United States. As a result, you may have difficulty serving legal
process within the United States upon us. You may also have difficulty enforcing, both in and outside the United States, judgments
you may obtain in U.S. courts against us in any action, including actions based upon the civil liability provisions of U.S. federal
or state securities laws. Furthermore, there is substantial doubt that the courts of the Marshall Islands or of the non-U.S. jurisdictions
in which our offices are located would enter judgments in original actions brought in those courts predicated on U.S. federal
or state securities laws. As a result, it may be difficult or impossible for you to bring an original action against us or against
individuals in a Marshall Islands court in the event that you believe that your rights have been infringed under the U.S. federal
securities laws or otherwise because the Marshall Islands courts would not have subject matter jurisdiction to entertain such
a suit. A judgment entered in a foreign jurisdiction is enforceable in the Marshall Islands without a retrial on the merits so
long as the provisions of the Marshall Islands Uniform Foreign Money-Judgments Recognition Act are complied with. In addition,
there is doubt as to the enforceability in Greece against us and/or our executive officers and directors who are non-residents
of the U.S., in original actions or in actions for enforcement of judgments of U.S. courts, of liabilities predicated solely upon
the securities laws of the U.S.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 43 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
do not intend to pay common stock dividends in the near future and cannot assure you that we will ever pay common stock dividends.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not intend to pay common stock dividends in the near future, and we will make dividend payments to our stockholders in the
future only if our board of directors, acting in its sole discretion, determines that such payments would be in our best interest
and in compliance with relevant legal, fiduciary and contractual requirements. The payment of any common stock dividends is not
guaranteed or assured, and, if paid at all in the future, may be discontinued at any time at the discretion of the board of directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ability to pay common stock dividends will in any event be subject to factors beyond our control, including the following, among
others:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    earnings, financial condition and anticipated cash requirements;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    terms of any current or future credit facilities or loan agreements;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    loss of a vessel or the acquisition of one or more vessels;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">required
    capital expenditures;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">increased
    or unanticipated expenses;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">future
    issuances of securities;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">disputes
    or legal actions; and</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    requirements of the laws of the Marshall Islands, which limit payments of common stock dividends if we are, or could become,
    insolvent and generally prohibit the payment of common stock dividends other than from surplus (retaining earnings and the
    excess of consideration received for the sale of shares above the par value of the shares).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
payment of common stock dividends would not be permitted if we are not in compliance with our loan agreements or in default of
such agreements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Maritime
Investors beneficially owns approximately 47.3% of our total outstanding common stock, which may limit stockholders&rsquo; ability
to influence our actions.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maritime
Investors, a corporation controlled by our Chief Executive Officer, Mr. Valentis, beneficially owns approximately 47.3% of our
outstanding common stock as of April 6, 2021. Prior to the closing of the 2021 Private Placement Transaction, Mr. Valentis owned
approximately 81% of our outstanding common stock. As a result, Maritime Investors has the power to exert considerable influence
over our actions through its ability to effectively control matters requiring stockholder approval, including the determination
to enter into a corporate transaction or to prevent a transaction, regardless of whether our other stockholders believe that any
such transaction is in their or our best interests. For example, Maritime Investors could cause us to consummate a merger or acquisition
that increases the amount of our indebtedness or causes us to sell all of our revenue-generating assets. We cannot assure you
that the interests of Maritime Investors will coincide with the interests of other stockholders. As a result, the market price
of shares of our common stock could be adversely affected.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
Maritime Investors may invest in entities that directly or indirectly compete with us, or companies in which Maritime Investors
currently invests may begin competing with us. Maritime Investors may also separately pursue acquisition opportunities that may
be complementary to our business, and as a result, those acquisition opportunities may not be available to us. As a result of
these relationships, when conflicts arise between the interests of Maritime Investors and the interests of our other stockholders,
Mr. Valentis may not be a disinterested director. Maritime Investors will effectively control all of our corporate decisions so
long as they continue to own a substantial number of shares of our common stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>If
our common stock does not meet the NASDAQ&rsquo;s minimum share price requirement, and if we cannot cure such deficiency within
the prescribed timeframe, our common stock could be delisted.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the rules of NASDAQ, listed companies are required to maintain a share price of at least $1.00 per share. If the share price declines
below $1.00 for a period of 30 consecutive trading days, then the listed company has a cure period of at least 180 days to regain
compliance with the $1.00 per share minimum. If the price of our common stock closes below $1.00 for 30 consecutive days, and
if we cannot cure that deficiency within the 180-day timeframe, then our common stock could be delisted. On July 2, 2020, Nasdaq
had notified us of our noncompliance with the minimum bid price of $1.00 over the previous 30 consecutive business days as required
by Nasdaq&rsquo;s listing rules. On December 29, 2020, we received written notification granting us a 180-day extension, or until
June 28, 2021 to regain compliance with the minimum bid price requirement. Subsequently, from January 28, 2021 to February 16,
2021, our closing bid price for our common shares has been $1.00 per share or greater and Nasdaq has informed us that we have
regained compliance with the exchange&rsquo;s minimum closing bid price rule and the matter is closed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 44 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
continued decline in the closing price of our common shares on NASDAQ could result in suspension or delisting procedures in respect
of our common shares. The commencement of suspension or delisting procedures by an exchange remains, at all times, at the discretion
of such exchange and would be publicly announced by the exchange. If a suspension or delisting were to occur, there would be significantly
less liquidity in the suspended or delisted securities. In addition, our ability to raise additional necessary capital through
equity or debt financing would be greatly impaired. Furthermore, with respect to any suspended or delisted common shares, we would
expect decreases in institutional and other investor demand, analyst coverage, market making activity and information available
concerning trading prices and volume, and fewer broker-dealers would be willing to execute trades with respect to such common
shares. A suspension or delisting would likely decrease the attractiveness of our common shares to investors and constitutes a
breach under certain of our credit agreements as well as constitutes an event of default under certain classes of our preferred
stock and would cause the trading volume of our common shares to decline, which could result in a further decline in the market
price of our common shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Finally,
if the volatility in the market continues or worsens, it could have a further adverse effect on the market price of our common
shares, regardless of our operating performance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
as a foreign private issuer, our corporate governance practices are exempt from certain NASDAQ corporate governance requirements
applicable to U.S. domestic companies. As a result, our corporate governance practices may not have the same protections afforded
to stockholders of companies that are subject to all of the NASDAQ corporate governance requirements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that our corporate governance practices are in compliance with the applicable NASDAQ listing rules and are not prohibited
by the laws of the Republic of the Marshall Islands.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Anti-takeover
provisions in our Articles of Incorporation and Bylaws could make it difficult for our stockholders to replace our board of directors
or could have the effect of discouraging an acquisition, which could adversely affect the market price of our common stock.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Several
provisions of our Articles of Incorporation and Bylaws make it difficult for our stockholders to change the composition of our
board of directors in any one year. In addition, the same provisions may discourage, delay or prevent a merger or acquisition
that stockholders may consider favorable. These provisions include:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">providing
    for a classified board of directors with staggered, three year terms;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">authorizing
    the board of directors to issue so-called &ldquo;blank check&rdquo; preferred stock without stockholder approval;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">prohibiting
    cumulative voting in the election of directors;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">authorizing
    the removal of directors only for cause and only upon the affirmative vote of the holders of two-thirds of the outstanding
    shares of our common stock cast at an annual meeting of stockholders;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">prohibiting
    stockholder action by written consent unless consent is signed by all stockholders entitled to vote on the action;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">limiting
    the persons who may call special meetings of stockholders;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">establishing
    advance notice requirements for nominations for election to our board of directors or for proposing matters that can be acted
    on by stockholders at stockholder meetings; and</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">restricting
    business combinations with interested stockholders.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
anti-takeover provisions could substantially impede the ability of public stockholders to benefit from a change in control and,
as a result, may adversely affect the market price of our common stock and your ability to realize any potential change of control
premium.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 45 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Tax
Risks</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>We
may have to pay tax on U.S. source income, which would reduce our earnings and cash flow.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;), 50% of the gross shipping income of a vessel-owning or
chartering corporation (or &ldquo;shipping income&rdquo;) that is attributable to voyages that either begin or end in the United
States is characterized as &ldquo;U.S.-source shipping income&rdquo; and such income is generally subject to a 4% U.S. federal
income tax (on a gross basis) unless that corporation qualifies for exemption from tax under Section 883 of the Code or under
an applicable U.S. income tax treaty.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
our 2020 taxable year, we and our ship owning subsidiaries are organized under the laws of the Republic of the Marshall Islands
and the laws of the Republic of Malta. The Republic of the Marshall Islands is a country that has in place with the United States
of America both an Order affording relief from double taxation in relation to the taxation of income derived from the international
operation of ships and aircraft which entered into force on the 11<SUP>th</SUP> March 1997 in respect of income derived on or
after the 1<SUP>st</SUP> January 1997; as well as a Convention for the avoidance of double taxation and prevention of fiscal evasion
with respect to taxes on income which entered into force on the 23<SUP>rd</SUP> November 2010.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Whilst
it was agreed between the Government of the United States of America and the Government of Malta that the provisions of the Convention
shall not affect the continued validity and application of the preceding Order, the Convention nevertheless provides that it shall
not restrict in any manner any benefit accorded by any other agreement to which the Contracting States are parties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Order, in accordance with Sections 872(b) and 883(A) of the Internal Revenue Code, the United States of America agreed to
exempt from tax gross income derived from the international operation of ships by corporation which are incorporated in Malta.
Such exemption is applicable only if the corporation meets one of the following conditions:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    corporation&rsquo;s stock is primarily and regularly traded on an established securities market in Malta. another country
    which grants a reciprocal exemption to U.S. corporations or the United States, or</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">more
        than fifty (50) percent of the value of the corporation&rsquo;s stock is owned directly or indirectly by individuals who
        are residents of Malta or of another foreign country which grants an equivalent exemption to U.S. corporations or by a
        corporation organized in a country which grants an equivalent exemption to U.S. corporations and whose stock is primarily
        and regularly traded on an established securities market in that country, another country which grants an equivalent</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">exemption
        to U.S. corporations, or the United States.</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Convention, in turn, under Article 8 dealing specifically with shipping and air transport, sets out the relevant rule to the effect
that profits of an enterprise of a contracting state from the operation of ships in international traffic shall be taxable only
in that state. The Convention defines the term &ldquo;enterprise of a Contracting State&rdquo; to mean an enterprise carried on
by a resident of a Contracting State; and under Article 4 the term &ldquo;resident&rdquo; is defined to mean any person who, under
the laws of that State, is liable to tax therein by reason of his domicile, residence, citizenship, place of management, place
of incorporation, or any other criterion of a similar nature.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
Maltese subsidiaries are liable to tax in Malta by reason of their domicile and place of incorporation.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that our Maltese subsidiaries qualify for treaty-based exemption both under the Order, as well as under the Convention.
However, in the event that we were to be unable to demonstrate due satisfaction of the conditions for exemption under the Order
as set out above, then we would nevertheless enjoy exemption under the Convention.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accordingly,
income earned by our subsidiaries organized under the laws of Malta may qualify for a treaty-based exemption. Income earned by
our subsidiaries under the law of the Marshall Islands don&rsquo;t qualify for a treaty-based exemption. However, we believe that
we qualify for the exemption from tax under Section 883 of the Code for the 2020 taxable year and intend to take such position
on our returns for the 2020 taxable year. Nevertheless, for the 2021 or any later taxable year, there are factual circumstances
beyond our control that could cause us to lose the benefit of this tax exemption and thereby cause us to become subject to U.S.
federal income tax on our U.S.-source shipping income. For example, there is a risk that we could no longer qualify for exemption
under Section 883 of the Code for a particular taxable year if additional shares of our common stock are issued to new stockholders
such that, due to their status or unwillingness to cooperate with certain substantiation and reporting requirements, we no longer
satisfy one of the ownership test requirements for qualification. Due to the factual nature of the issues involved, we can give
no assurances on the availability of the exemption to us.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 46 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we and/or one or more of our Marshall Island subsidiaries are not entitled to this exemption under Section 883 of the Code for
any taxable year, we and/or such subsidiaries would generally be subject for that year to a 4% U.S. federal income tax on the
U.S.-source shipping income for that year. The imposition of this tax could have a negative effect on our business and would result
in decreased earnings and cash flow. See &ldquo;Item 10. Additional Information &ndash; E. Taxation &ndash; U.S. Federal Income
Taxation of the Company&rdquo; for a detailed discussion of the qualification for the exemption under Section 883 of the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
subsidiaries organized under the laws of the Republic of Malta would always benefit from the treaty based exemption since voyages
that either begin or end in the United States (characterized by the Code as &ldquo;U.S.-source shipping income&rdquo;) would qualify
as international transport for purposes of the tax treaty. Furthermore, and in addition to the tax treaty provisions, under article
12(1)(c)(iii)(k) of the Malta Income Tax Act, the profits of a non-resident shipowner as defined in article 28, are exempt from
tax in Malta, provided that the country to which such non-resident shipowner belongs extends a similar exemption to shipowners
who are not resident in such country but who are resident in Malta. This exemption is therefore extended on a reciprocity basis.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Various
tax rules may adversely impact the Company&rsquo;s business, results of operations and financial condition.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company may be subject to taxes in the United States and other jurisdictions in which it operates. If the Internal Revenue Service
(the &ldquo;IRS&rdquo;), or other taxing authorities disagree with the positions the Company has taken on the tax returns of its
subsidiaries, the Company could face additional tax liability, including interest and penalties. If material, payment of such
additional amounts upon final adjudication of any disputes could have a material impact on the Company&rsquo;s business, results
of operations and financial condition. In addition, complying with new tax rules, laws or regulations could impact the Company&rsquo;s
financial condition, and increases to federal or state statutory tax rates and other changes in tax laws, rules or regulations
may increase the Company&rsquo;s effective tax rate. Any increase in the Company&rsquo;s effective tax rate could have a material
adverse impact on our business, results of operations and financial condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>If
U.S. tax authorities were to treat us or one or more of our subsidiaries as a &ldquo;passive foreign investment company,&rdquo;
there could be adverse tax consequences to U.S. holders.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
non-U.S. corporation will be treated as a &ldquo;passive foreign investment company&rdquo; (or a &ldquo;PFIC&rdquo;) for U.S.
federal income tax purposes if either (i) at least 75% of its gross income for any taxable year consists of certain types of&thinsp;&ldquo;passive
income,&rdquo; or (ii) at least 50% of the average value of the corporation&rsquo;s assets produce, or are held for the production
of, such types of &ldquo;passive income.&rdquo; For purposes of these tests, &ldquo;passive income&rdquo; includes dividends,
interest and gains from the sale or exchange of investment property and rents and royalties other than rents and royalties which
are received from unrelated parties in connection with the active conduct of trade or business. For purposes of these tests, time
and voyage charter income is generally viewed as income derived from the performance of services and not rental income and, therefore,
would not constitute &ldquo;passive income.&rdquo; U.S. stockholders of a PFIC are subject to a disadvantageous U.S. federal income
tax regime with respect to the income derived by the PFIC, the distributions they receive from the PFIC and the gain, if any,
they derive from the sale or other disposition of their shares in the PFIC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
shareholders of a PFIC generally are subject to an adverse U.S. federal income tax regime with respect to the income derived by
the PFIC, the distributions they receive from the PFIC and the gain, if any, they derive from the sale or other disposition of
their shares in the PFIC, and would be subject to annual information reporting to the U.S. Internal Revenue Service (the &ldquo;IRS&rdquo;).
If we were to be treated as a PFIC for any taxable year (and regardless of whether we remained a PFIC for subsequent taxable years),
a U.S. shareholder who does not make certain mitigating elections (as described more fully under &ldquo;Item 10. Additional Information
&ndash; E. Taxation &ndash; U.S. Federal Income Taxation of U.S. Holders&rdquo;) would be required to allocate ratably over such
U.S. shareholder&rsquo;s holding period any &ldquo;excess distributions&rdquo; received (i.e., the portion of any distributions
received on our common stock in a taxable year in excess of 125% of certain average historic annual distributions) and any gain
realized on the sale, exchange or other disposition of our common stock. The amount allocated to the current taxable year and
any year prior to the first year in which we were a PFIC would be subject to U.S. federal income tax as ordinary income and the
amount allocated to each of the other taxable years would be subject to tax at the highest rate of tax in effect for the applicable
class of taxpayer for that year. An interest charge for the deemed deferral benefit would be imposed with respect to the resulting
tax attributable to each such other taxable year. Investors in our common stock are urged to consult with their own tax advisors
regarding the tax consequences of the PFIC rules to them, including the benefit of any available mitigating elections. For a more
complete discussion of the U.S. Federal income tax consequences of passive foreign investment company characterization, see &ldquo;Item
10. Additional Information &ndash; E. Taxation &ndash; U.S. Federal Income Taxation of U.S. Holders.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on our current and projected operations, we do not believe that we (or any of our subsidiaries) were a PFIC in our 2020 taxable
year, and we do not expect to become (or any of our subsidiaries to become) a PFIC with respect to the 2021 or any later taxable
year. In this regard, we intend to treat the gross income we derive or are deemed to derive from our time chartering activities
as services income, rather than rental income. Accordingly, we believe that our income from our time chartering activities does
not constitute &ldquo;passive income,&rdquo; and the assets that we own and operate in connection with the production of that
income do not constitute &ldquo;passive assets.&rdquo; There is, however, no direct legal authority under the PFIC rules addressing
our method of operation. Accordingly, no assurance can be given that the IRS or a court of law will accept our position, and there
is a risk that the IRS or a court of law could determine that we are (or were in a prior taxable year) a PFIC. Moreover, no assurance
can be given that we would not constitute a PFIC for any taxable year if there were to be changes in the nature and extent of
our operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 47 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>If
U.S. tax authorities were to treat us as a &ldquo;controlled foreign corporation,&rdquo; there could be adverse U.S. federal income
tax consequences to certain U.S. investors.</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
more than 50% of the voting power or value of our shares is treated as owned by U.S. citizens or residents, U.S. corporations
or partnerships, or U.S. estates or trusts (as defined for U.S. federal income tax purposes), each of which owned at least 10%
of our voting power or value (each, a &ldquo;U.S. Stockholder&rdquo;), then we and one or more of our subsidiaries will be a controlled
foreign corporation (or &ldquo;CFC&rdquo;) for U.S. federal income tax purposes. If we were treated as a CFC for any taxable year,
our U.S. Stockholders may face adverse U.S. federal income tax consequences and information reporting obligations. See &ldquo;Item
10. Additional Information &ndash; E. Taxation &ndash; U.S. Federal Income Taxation of U.S. Holders.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="m_007"></A>ITEM
4. INFORMATION ON THE COMPANY</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.
History and Development of the Company</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
legal and commercial name is Pyxis Tankers Inc. We are an international maritime transportation holding company that was incorporated
under the laws of the BCA on March 23, 2015, and we maintain our principal place of business at the offices of our ship manager,
Maritime, at 59 K. Karamanli, Maroussi 15125, Athens, Greece. Our telephone number at that address is +30 210 638 0200. Our registered
agent in the Marshall Islands is The Trust Company of the Marshall Islands, Inc. located at Trust Company Complex, Ajeltake Road,
Ajeltake Island, Majuro, Marshall Islands MH96960. Our website is www.pyxistankers.com. The SEC maintains an Internet site that
contains reports, proxy and information statements, and other information regarding issuers that file electronically with the
SEC. The address of the SEC&rsquo;s internet site is www.sec.gov. None of the information contained on those websites is incorporated
into or forms a part of this Annual Report.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
own the vessels in our current fleet through five separate wholly-owned subsidiaries that are incorporated in the Marshall Islands
and Malta. We acquired the vessel-owning subsidiaries from affiliates of our founder and Chief Executive Officer in connection
with our merger with LookSmart in October 2015. Pursuant to the foregoing, LookSmart merged with and into Maritime Technologies
Corp. and we commenced trading on the NASDAQ Capital Market under the symbol &ldquo;PXS&rdquo;. As part of the merger transactions,
LookSmart transferred all of its then existing business, assets and liabilities to its wholly-owned subsidiary, which was spun
off to the LookSmart stockholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
periodically assess the value of our fleet from an operational and financial standpoint as well as potential strategic opportunities
such as vessel acquisition or disposition. On January 13, 2020, we completed the sale of the <I>Pyxis Delta</I> for $13.5 million.
The net proceeds from the sale of the vessel were approximately $13.2 million, out of which $5.7 million was used for the prepayment
of Pyxis Delta and Pyxis Theta loan facility and $7.5 million for the repayment of our liabilities to our related party (Maritime)
and for the repayment of obligations to our trade creditors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Recent
and Other Developments</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Issuance
of shares:</I></B> On January 4, 2021 and April 2, 2021, following the second amendment to the Amended &amp; Restated Promissory
Note dated May 14, 2019, we issued 64,446 and 47,827, respectively, of our common shares at the volume weighted average closing
share price for the 10-day period immediately prior to the quarter end.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Pyxis
Regains Compliance with NASDAQ&rsquo;s Minimum Closing Bid Price Rule: </I></B>On July 2, 2020, NASDAQ had notified us of our
noncompliance with the minimum bid price of $1.00 over the previous 30 consecutive business days as required by the Listing Rules
of the NASDAQ Stock Market. On December 29, 2020, we received written notification granting us a 180-day extension, or until June
28, 2021, to regain compliance with the minimum bid price requirement. Subsequently, from January 28, 2021 to February 16, 2021,
our closing bid price for our common shares was $1.00 per share or greater and, on February 17, 2021, NASDAQ informed us that
we had regained compliance with the exchange&rsquo;s minimum closing bid price rule (NASDAQ Listing Rule 5550(a)(2)).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Closing
of $25.0 Million Private Placement of Common Stock: </I></B>On February 24, 2021 we announced that we had closed our definitive
securities purchase agreements with a group of investors, which resulted in gross proceeds to the Company of $25.0 million, before
deducting placement offering expenses. We issued 14,285,715 shares of common stock at a price of $1.75 per share. We will use
the net proceeds from the offering for general corporate purposes, which may include the repayment of outstanding indebtedness
and potential vessel acquisitions. The securities offered and sold by us in the private placement were subsequently registered
under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), under a resale registration statement filed with
the SEC and became effective on March 11, 2021. Any resale of our shares under such resale registration statement will be made
only by means of a prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Series
A Preferred Share Conversions &amp; Warrant Exercises:</I></B> Since October 13, 2020 through April 6, 2021, an aggregate of 58,814
of Series A Preferred Shares were converted into 1,052,529 registered common shares of the Company and 144,500 Warrants were exercised
for 144,500 registered common shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of April 6, 2021, we had a total of 37,225,792 common shares issued and outstanding of which Mr. Valentis beneficially owned 47.3%.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Amendment
to Eighthone Loan: </I></B>On March 4, 2021, Eighthone Corp., the owner of the <I>Pyxis Epsilon</I>, entered into a Third Amendment
with Wilmington Trust, as agent, to modify two loan covenants. The minimum liquidity amount thereunder shall remain at $0.5 million
through 2021 and increase to $0.75 million thereafter until maturity. The minimum security cover thereunder shall remain at 115%
of the outstanding loan (currently $24 million) through 2021 and increase to 125% thereafter. All other terms and conditions shall
remain in full force and effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Refinancing
of Eighthone Loan:</I></B> On March 30, 2021, we announced that we had successfully completed the refinancing of a previous loan
facility secured by the <I>Pyxis Epsilon</I> with a $17 million loan which has an interest rate of Libor plus 3.35% and is repayable
over 5 years.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Dividend
Payments</I></B>: On January 20, 2021, February 22, 2021 and March 22, 2021, we paid cash dividends of $0.1615 per Series A Convertible
Preferred Share for each month. Our board of directors has also declared a monthly dividend of $0.1615 per share on our Series
A Preferred Shares, for the month of April 2021. The cash dividend will be payable on April 20, 2021 to holders of record as of
April 13, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.
Business Overview</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Overview</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an international maritime transportation company focused on the product tanker sector. Our fleet is comprised of five double
hull product tankers, which are employed under a mix of spot and medium-term time charters. As of April 6, 2021, our fleet had
an average age of 9.5 years, based on dwt, compared to an industry average of approximately 13 years, with a total cargo carrying
capacity of 170,019 dwt. We acquired these five vessels in 2015 from affiliates of our founder and Chief Executive Officer, Mr.
Eddie Valentis. Three of the vessels in the fleet are MR tankers, all of which have eco-efficient or eco-modified designs, and
two are short-range tanker sister ships. Each of the vessels in the fleet has IMO certifications and is capable of transporting
refined petroleum products, such as naphtha, gasoline, jet fuel, kerosene, diesel and fuel oil, as well as other liquid bulk items,
such as vegetable oils and organic chemicals.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
principal objective is to own and operate our fleet in a manner that will enable us to benefit from short- and long-term trends
that we expect in the product tanker sector to maximize our revenues. We intend to expand the fleet through selective acquisitions
of modern product tankers, primarily MRs, and to employ our vessels through time charters to creditworthy customers and on the
spot market. We intend to continually evaluate the markets in which we operate and, based upon our view of market conditions,
adjust our mix of vessel employment by counterparty and stagger our charter expirations. In addition, we may choose to opportunistically
direct asset sales or acquisitions when conditions are appropriate. Management is considering the potential sale and / or bareboat
charter for <I>Northsea Alpha</I> and <I>Northsea Beta</I>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 48 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The
Fleet</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table provides summary information concerning our fleet as of April 6, 2021:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Vessel Name</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Shipyard</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Vessel type</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Carrying Capacity (dwt)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year Built</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Type of Charter</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Charter Rate<BR> (per day) <SUP>(1)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Earliest Redelivery Date</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 27%; font-style: italic; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Pyxis Epsilon <SUP>(2)</SUP></I></FONT></TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: left">SPP* / S. Korea</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 10%">MR</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 7%; text-align: right">50,295</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 7%; text-align: right">2015</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 7%; text-align: center">Time</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 7%; text-align: right">14,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 7%; text-align: center">May 2021</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Pyxis Theta <SUP>(2)</SUP></I></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">SPP / S. Korea</TD><TD>&nbsp;</TD>
    <TD>MR</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,795</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2013</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Time</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">14,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">June 2021</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Pyxis Malou <SUP>(3)</SUP></I></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">SPP / S. Korea</TD><TD>&nbsp;</TD>
    <TD>MR</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,667</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2009</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Time</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">July 2021</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic; text-align: left">Northsea Alpha</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Kejin / China</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Small Tanker</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,615</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">2010</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Spot</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">n/a</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic; text-align: left; padding-bottom: 1.5pt">Northsea Beta</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Kejin / China</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Small Tanker</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">8,647</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 1.5pt">2010</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt">Spot</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt">n/a</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">170,019</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
    are gross charter rates and do not reflect any commissions payable.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Pyxis
    Epsilon and Pyxis Theta are contracted with a charterer&rsquo;s option to extend the charter at the rate of $15,500 per day
    for additional six months, minus 45 days or plus 70 days.</I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Pyxis Malou is fixed for six months, minus
    40 or plus 50 days at charterer&rsquo;s option at $12,000 per day.</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*SPP
is SPP Shipbuilding Co., Ltd.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Our
Charters</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
generate revenues by charging customers a fee, typically called charter hire, for the use of our vessels. Customers utilize the
vessels to transport their refined petroleum products and other liquid bulk items and have historically entered into the following
types of contractual arrangements with us or our affiliates:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Time
    charters: A time charter is a contract for the use of a vessel for a fixed period of time at a specified daily rate. Under
    a time charter, the vessel owner provides crewing and other services related to the vessel&rsquo;s operation, the cost of
    which is included in the daily rate. The customer, also called a charterer, is responsible for substantially all of the vessel&rsquo;s
    voyage expenses, which are costs related to a particular voyage including the cost for bunkers and any port fees, cargo loading
    and unloading expenses, canal tolls and agency fees. In addition, a time charter may include a profit share component, which
    would enable us to participate in increased profits in the event rates increase above the specified daily rate.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spot
    charters: A spot charter is a contract to carry a specific cargo for a single voyage. Spot charters for voyages involve the
    carriage of a specific amount and type of cargo on a load-port to discharge-port basis, subject to various cargo handling
    terms, and the vessel owner is paid on a per-ton basis. Under a spot voyage charter, the vessel owner is responsible for the
    payment of all expenses including voyage expenses, such as port, canal and bunker costs.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table below sets forth the basic distinctions between these types of charters:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 32%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 30%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Time
    Charter</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 34%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Spot
    Charters</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Typical
    contract length</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Typically
    3 months - 5 years or more</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indefinite
    but typically less than 3 months</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basis
    on which charter rate is paid</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Per
    day</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Per
    ton, typically</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Voyage
    expenses</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Charterer
    pays</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    pay</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vessel
    operating costs (1)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    pay</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    pay</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Off-hire
    (2)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    pay</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    pay</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    are responsible for vessel operating costs, which include crewing, repairs and maintenance, insurance, stores, lube oils,
    communication expenses and the commercial and technical management fees payable to our ship managers. The largest components
    of our vessel operating costs are generally crews and repairs and maintenance.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Off-hire&rdquo;
    refers to the time a vessel is not available for service due primarily to scheduled and unscheduled repairs or dry-docking.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 49 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
both time and spot charters on the vessels in the fleet, we are responsible for the technical management of the vessel and for
maintaining the vessel, periodic dry-docking, cleaning and painting and performing work required by regulations. We have entered
into a contract with Maritime to provide commercial, sale and purchase, and other operations and maintenance services to all of
the vessels in our fleet. Our vessel-owning subsidiaries have contracted with ITM, a third party technical manager and subsidiary
of V. Ships Limited, to provide crewing and technical management to all of the vessels in our fleet. Please see &ldquo;&ndash;
Management of Ship Operations, Administration and Safety&rdquo; below. We intend to continue to outsource the day-to-day crewing
and technical management of all our vessels to ITM. We believe that ITM has a strong reputation for providing high quality technical
vessel services, including expertise in efficiently managing tankers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the future, we may also place one or more of our vessels in pooling arrangements or on bareboat charters:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Pooling
    Arrangements.</I> In pooling arrangements, vessels are managed by a single pool manager who markets a number of vessels as
    a single, cohesive fleet and collects, or pools, their net earnings prior to distributing them to the individual owners, typically
    under a pre-arranged weighting system that recognizes a vessel&rsquo;s earnings capacity based on various factors. The vessel
    owner also generally pays commissions on pooling arrangements generally ranging from 1.25% to 5.0% of the earnings.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Bareboat
    Charters.</I> A bareboat charter is a contract pursuant to which the vessel owner provides the vessel to the charterer for
    a fixed period of time at a specified daily rate, and the charterer generally provides for all of the vessel&rsquo;s operating
    expenses in addition to the voyage costs and assumes all risk of operation. A bareboat charterer will generally be responsible
    for operating and maintaining the vessel and will bear all costs and expenses with respect to the vessel, including dry-dockings
    and insurance.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Our
Competitive Strengths</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that we possess a number of competitive strengths relative to other product tanker companies, including:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>High
    Quality Fleet of Modern Tankers.</B> As of April 6, 2021, our fleet had an average age of 9.5 years, based on dwt, compared
    to an industry average of approximately 13 years. Our fleet of vessels consists mainly of MR tankers that were built in Korean
    shipyards. We believe these MR tankers, along with our smaller tankers, provide our customers with high quality and reliable
    transportation of cargos at competitive operating costs. Owning a modern fleet reduces off-hire time, repairs and maintenance
    costs, including dry-docking expenses, and improves safety and environmental performance. Also, lenders are attracted to modern,
    well maintained vessels, which can result in more reasonable terms for secured loans.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Established
    Relationships with Charterers</B>. We have developed long-standing relationships with a number of leading tanker charterers,
    including major integrated and national oil companies, refiners, international trading firms and large vessel operators, which
    we believe will benefit us in the future as we continue to grow our business. Our customers have included, among others, Trafigura,
    BP, SK Energy, Equinor, Total, Petramina, Vitol, ST Shipping (an affiliate of Glencore), Greenergy, Repsol, Petrobras and
    their respective subsidiaries. We strive to meet high standards of operating performance, achieve cost-efficient operations,
    reliability and safety in all of our operations and maintain long-term relationships with our customers. In concert with our
    technical manager, we constantly monitor and report the environmental impact of our vessels to address increasing industry-wide
    emissions concerns. We believe that our charterers value our fleet of modern, quality tankers as well as our management team&rsquo;s
    industry experience. These attributes should allow us to continue to charter our vessels and expand our fleet.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Competitive
    Cost Structure.</B> Even though we currently operate a relatively small number of vessels, we believe we are very cost competitive
    as compared to other companies in our industry. For example, during the year ended December 31, 2020, our total daily operational
    costs, including vessel operating expenses, technical commercial management fees plus allocable general and administrative
    expenses for our eco-efficient MR tankers averaged approximately $8,200. This is a result of our fleet profile, our experienced
    technical and commercial managers as well as the hands-on approach and substantial equity ownership of our management team.
    Moreover, a constant focus on operational improvements is a key component of our corporate culture. Our technical manager,
    ITM, manages over 50 tankers, including our vessels. Our technical and commercial management fees aggregate to approximately
    $755 per day per vessel, which is competitive within our industry. Our collaborative approach between our management team
    and our external managers creates a platform that we believe is able to deliver excellent operational results at competitive
    costs and positions us for further growth. Total daily operational costs is a non-U.S. GAAP measure. For a description of
    total daily operational costs and analysis of the components that make this measure, please see &ldquo;Summary Financial Data&mdash;Non
    U.S. GAAP Measures.&rdquo;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 50 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Well-Positioned
    to Capitalize on Improving Rates.</B> We believe our current fleet is positioned to capitalize when spot and time charter
    rates improve. As of April 6, 2021, we had three tankers contracted under time charter and two under spot voyages. As of April
    6, 2021, 15% of our fleet&rsquo;s remaining available days in 2021 were contracted, exclusive of charterers&rsquo; options.
    For any additional tankers we may acquire, we expect to continue to employ our mixed chartering strategy.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Experienced
    Management Team</B>. Our four senior officers, led by our Chairman and Chief Executive Officer, Mr. Eddie Valentis, have combined
    over 100 years of industry experience in shipping, including vessel ownership, acquisitions, divestitures, newbuildings, dry-dockings
    and vessel modifications, on-board operations, chartering, technical supervision, corporate management, legal/regulatory,
    accounting and finance.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Our
Business Strategy</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
principal objective is to own, operate and grow our fleet in a manner that will enable us to benefit from short- and long-term
trends that we expect in the tanker sector. Our strategy to achieve this objective includes the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Maintain
    High Quality Fleet of Modern Tankers.</B> We intend to maintain a high quality fleet that meets rigorous industry standards
    and our charterers&rsquo; requirements and that has an average age of 10 years or less. We consider our fleet to be high quality
    based on the specifications to which our vessels were built and the reputation of each of the shipyards that built the vessels.
    We believe that our customers prefer the better reliability, fewer off-hire days and greater operating efficiency of modern,
    high quality vessels. Our MR tankers are all eco-efficient and eco-modified designed vessels which offer the benefits of lower
    bunker consumption and reduced emissions. In addition, we are able to cost-effectively operate standard older MRs. We also
    intend to maintain the quality of our fleet through ITM&rsquo;s comprehensive planned maintenance and preventive maintenance
    programs.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Grow
    the Fleet Opportunistically.</B> We plan to take advantage of what we believe to be attractive asset values in the product
    tanker sector to expand our fleet through acquisitions. We believe that demand for tankers will expand as trade routes for
    liquid cargoes continue to evolve to developed markets, such as those in the United States and Europe, and as changes in refinery
    production patterns in developing countries such as China and India, as well as in the Middle East, contribute to increases
    in the transportation of refined petroleum products. We believe that a diversified tanker fleet will enable us to serve our
    customers across the major tanker trade routes and to continue to develop a global presence. We have strong relationships
    with reputable owners, charterers, banks and shipyards, which we believe will assist us in identifying attractive vessel acquisition
    opportunities. We intend to focus primarily on the acquisition of IMO II and III class MR tankers of 10 years of age or less,
    which have been built in Tier 1 Asian shipyards and have modern bunker efficient designs given demands for lower bunker consumption
    and concerns about environmental emissions. We will also consider acquisitions of newbuild vessels (also called re-sales),
    which typically have lower operating costs, and of fleets of existing vessels when such acquisitions are accretive to stockholders
    or provide other strategic or operating advantages to us.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Optimize
    the Operating Efficiency of our Fleet.</B> We evaluate each of our existing and future vessels regarding their operating efficiency,
    and if we believe it will advance the operation of our fleet and benefit our business, we may make vessel modifications to
    improve fuel consumption and meet stricter environmental standards. We will consider making such modifications when the vessels
    complete their charter contracts or undergo scheduled dry-docking, including installation of required of ballast water treatment
    systems, or with new acquisitions, at the time we acquire them. Among the modifications that we monitor and may make in the
    future to our vessels include: fitting devices that reduce main engine bunker consumption without reducing available power
    and speed; fitting devices that improve bunker combustion and therefore bunker consumption for auxiliary equipment; efficient
    electrical power generation and usage; minimizing hull and propeller frictional losses; systems that allow for optimized routing;
    and systems that allow for improved maintenance, performance monitoring and management. We refer to vessels that have one
    or more of these modifications as &ldquo;eco-modified.&rdquo; We have evaluated and successfully installed in vessels a variety
    of technologies and equipment that have resulted in operating efficiencies and lower emissions. For example, we completed
    modifications on <I>Pyxis Malou</I> during its first special survey that we believe has resulted in our attaining an attractive
    return on such capital investment in the first year of operation. In 2019, we installed a BWTS during her second special survey
    in order to meet new environmental regulations. We will continue to build on our experience with these and other modifications
    and seek methods to efficiently improve the operational performance of our vessels while keeping costs competitive and meet
    full regulatory compliance and increasing environmental standards.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Utilize
    Portfolio Approach for Commercial Employment.</B> We expect to employ the vessels in our fleet under a mix of spot and time
    charters (with and without profit share), bareboat charters and pooling arrangements. We expect to diversify our charters
    by customer and staggered duration. In addition, any long-term time charters we enter into with a profit sharing component
    will offer us some protection when charter rates decrease, while allowing us to share in increased profits in the event rates
    increase. We believe that this portfolio approach to vessel employment is an integral part of risk management which will provide
    us a base of stable cash flows while providing us the optionality to take advantage of rising charter rates and market volatility
    in the spot market.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Preserve
    Strong Safety Record &amp; Commitment to Customer Service and Support</B>. Maritime and ITM have strong histories of complying
    with rigorous health, safety and environmental protection standards and have excellent vessel safety records. We expect to
    continue to meet charterers&rsquo; (and lenders&rsquo;) reporting requirements of vessel emissions. We intend to maintain
    these high standards in order to provide our customers with a high level of safety, customer service and support.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Maintain
    Financial Flexibility.</B> We intend to maintain financial flexibility to expand our fleet by targeting a balanced capital
    structure of debt and equity. As part of our risk management policies, we expect to enter into time charters for most of the
    vessels we acquire, which provide us predictable cash flows for the duration of the charter and attract lower-cost debt financing
    at more favorable terms. We believe this will allow us to build upon our strong commercial lending relationships and optimize
    our ability to access the public capital markets to respond opportunistically to changes in our industry and financial market
    conditions.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Support
        Good Environmental, Social &amp; Governance Standards. </B>We comply with all current vessel environmental regulations,
        and continue to monitor and record vessel emissions and hazardous materials inventory. We emphasize operational safety
        and quality maintenance for all our vessels and crews. We try to ensure a productive work environment on board and on
        shore in order to meet all safety and health regulations, labor conditions and respect for human rights. Our outsourcing
        of technical, commercial and administrative management services to ITM and Maritime are critical to effectively achieve
        these objectives. Lastly, we are committed to good corporate governance standards as a fully compliant, publicly-listed
        company in the U.S.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 51 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Seasonality</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
a description of the effect of seasonality on our business, please see &ldquo;Item 3. Key Information &ndash; D. Risk Factors
&ndash; Product tanker rates fluctuate based on seasonal variations in demand&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Management
of Ship Operations, Administration and Safety</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
executive officers and secretary are employed by and their services are provided by Maritime.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Typically,
Maritime and ITM enter into individual ship management agreements with our vessel-owning subsidiaries pursuant to which they provide
us with:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">commercial
    management services, which include obtaining employment, that is, the chartering, for our vessels and managing our relationships
    with charterers;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">strategic
    management services, which include providing us with strategic guidance with respect to locating, purchasing, financing and
    selling vessels;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">technical
    management services, which include managing day-to-day vessel operations, performing general vessel maintenance, ensuring
    regulatory and classification society compliance, supervising the maintenance and general efficiency of vessels, arranging
    the hire of qualified officers and crew, arranging and supervising dry-docking and repairs, arranging insurance for vessels,
    purchasing stores, supplies, spares and new equipment for vessels, appointing supervisors and technical consultants and providing
    technical support; and</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">shoreside
    personnel who carry out the management functions described above.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Head
Management Agreement and Ship Management Agreements with Maritime.</I></B> Headquartered in Maroussi, Greece, Maritime was formed
in May 2007 by our founder and Chief Executive Officer to take advantage of opportunities in the tanker sector. Maritime&rsquo;s
business employs or receives consulting services from 13 people in four departments: technical, operations, chartering and finance/accounting.
We entered into a head management agreement with Maritime (the &ldquo;Head Management Agreement&rdquo;) pursuant to which they
provide us and our vessels, among other things, with ship management services and administrative services. Under the Head Management
Agreement, each vessel-owning subsidiary that owns a vessel in our fleet also enters into a separate ship management agreement
with Maritime. Maritime provides us and our vessels with the following services: commercial, sale and purchase, provisions, insurance,
bunkering, operations and maintenance, dry-docking and newbuilding construction supervision. Maritime also provides administrative
services to us such as executive, financial, accounting and other administrative services. As part of its responsibilities, Maritime
supervises the crewing and technical management performed by ITM for all our vessels. In return for such services, Maritime receives
from us:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for
    each vessel while in operation a fee of $325 per day subject to annual inflationary adjustments, and for each vessel under
    construction, a fee of $450 per day, plus an additional daily fee, which is dependent on the seniority of the personnel, to
    cover the cost of the engineers employed to conduct the supervision (collectively the &ldquo;Ship-Management Fees&rdquo;);</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.00%
    of the purchase price of any sale and purchase transaction from the seller of the vessel;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.25%
    of all chartering, hiring and freight revenue we receive that was procured by or through Maritime; and</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    lump sum of approximately $1.6 million per annum for the administrative services it provides to us (the &ldquo;Administration
    Fees&rdquo;).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 52 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->48<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Ship-Management Fees and the Administration Fees are subject to annual adjustments to take into account inflation in Greece or
such other country where Maritime was headquartered during the preceding year. Effective January 1, 2020, the Ship-Management
Fees and the Administration Fees were increased by 0.26% in line with the average inflation rate in Greece in 2019 and were approximately
$330 per day per ship and $1.6 million annually, respectively. However, in 2020 there was nominal deflation in Greece, so there
was no scheduled increase in these fees for 2021. We believe these amounts payable to Maritime are very competitive to many of
our U.S. publicly listed tanker competitors, especially given our relative size. We anticipate that once our fleet reaches 15
tankers, the fee that we pay to Maritime for its ship management services for vessels in operation will recognize a volume discount
in an amount to be determined by the parties at that time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Head Management Agreement was automatically renewed on March 23, 2020 for a five-year period and may be terminated by either party
on 90 days&rsquo; notice prior to March 23, 2025.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
more information on our Head Management Agreement and our ship management agreements with Maritime, please see &ldquo;Item 7.
Major Shareholders and Related Party Transactions &ndash; B. Related Party Transactions.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Ship
Management Agreements with ITM.</I></B> We outsource the day-to-day technical management of our vessels to an unaffiliated third
party, ITM, which has been certified for ISO 9001:2008 and ISO 14001:2004. Each vessel-owning subsidiary that owns a vessel in
our fleet under a time or spot charter also typically enters into a separate ship management agreement with ITM. ITM is responsible
for all technical management, including crewing, maintenance, repair, dry-dockings and maintaining required vetting approvals.
In performing its services, ITM is responsible for operating a management system that complies, and ITM ensures that each vessel
and its crew comply, with all applicable health, safety and environmental laws and regulations. In addition to reimbursement of
actual vessel related operating costs, we also pay an annual fee to ITM which in 2020 was $155,000 per vessel (equivalent to approximately
$425 per day). This fee is reduced to the extent any vessel ITM manages is not fully operational for a time, which is also referred
to as any period of &ldquo;lay-up.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
ship management agreement with ITM continues by its terms until it is terminated by either party. The ship management agreements
can be cancelled by us for any reason at any time upon three months&rsquo; advance notice, but neither party can cancel the agreement,
other than for specified reasons, until 18 months after the initial effective date of the ship management agreement. We have the
right to terminate the ship management agreement for a specific vessel upon 60 days&rsquo; notice if in our reasonable opinion
ITM fails to manage the vessel in accordance with sound ship management practice. ITM can cancel the ship management agreement
if it has not received payment it requests within 60 days. Each ship management agreement will be terminated if the relevant vessel
is sold (other than to our affiliates), becomes a total loss, becomes a constructive, compromised or arranged total loss or is
requisitioned for hire.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Insurance.
</I></B>We are obligated to keep insurance for each of our vessels, including hull and machinery insurance and protection and
indemnity insurance (including pollution risks and crew insurances), and we must ensure each vessel carries a certificate of financial
responsibility as required. We are responsible to ensure that all premiums are paid. Please see &ldquo;Item 4. Information on
the Company &ndash; B. Business Overview.&ndash; Risk Management and Insurance&rdquo; below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Classification,
Inspection and Maintenance</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Every
large, commercial seagoing vessel must be &ldquo;classed&rdquo; by a classification society. The classification society certifies
that the vessel is &ldquo;in class,&rdquo; signifying that the vessel has been built and is maintained in accordance with the
rules of the classification society and complies with applicable rules and regulations of the vessel&rsquo;s country of registry
and the international conventions of which that country is a party. In addition, where surveys of vessels are required by international
conventions and corresponding laws and ordinances of a flag state, the classification society will undertake them on application
or by official order, acting on behalf of the authorities concerned. The classification society also undertakes on request other
surveys and checks that are required by regulations and requirements of the flag state. These surveys are subject to agreements
made in each individual case and/or to the regulations of the country concerned.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
maintenance of the class, regular and extraordinary surveys of hull and machinery, including the electrical plant and any special
equipment, are required to be performed as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 53 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->49<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Annual
Surveys</B>. For seagoing vessels, annual surveys are conducted for the hull and the machinery, including the electrical plant,
and where applicable, on special equipment classed at intervals of 12 months from the date of commencement of the class period
indicated in the certificate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Intermediate
Surveys.</B> Extended annual surveys are referred to as intermediate surveys and typically are conducted two and one-half years
after commissioning and each class renewal. Intermediate surveys may be carried out on the occasion of the second or third annual
survey.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Special
(Class Renewal) Surveys.</B> Class renewal surveys, also known as &ldquo;special surveys,&rdquo; are carried out on the vessel&rsquo;s
hull and machinery, including the electrical plant, and on any special equipment classed at the intervals indicated by the character
of classification for the hull. During the special survey, the vessel is thoroughly examined, including audio-gauging to determine
the thickness of the steel structures. Should the thickness be found to be less than class requirements, the classification society
would prescribe steel renewals. The classification society may grant a one-year grace period for completion of the special survey.
Substantial amounts of funds may have to be spent for steel renewals to pass a special survey if the vessel experiences excessive
wear and tear. In lieu of the special survey every four or five years, depending on whether a grace period is granted, a ship
owner has the option of arranging with the classification society for the vessel&rsquo;s hull or machinery to be on a continuous
survey cycle, in which every part of the vessel would be surveyed within a five-year cycle. At an owner&rsquo;s discretion, the
surveys required for class renewal may be split according to an agreed schedule to extend over the entire period of class. This
process is referred to as continuous class renewal.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Occasional
Surveys.</B> These are inspections carried out as a result of unexpected events, for example, an accident or other circumstances
requiring unscheduled attendance by the classification society for re-confirming that the vessel maintains its class, following
such an unexpected event.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
areas subject to survey as defined by the classification society are required to be surveyed at least once per class period, unless
shorter intervals between surveys are prescribed elsewhere. The period between two subsequent surveys of each area must not exceed
five years. Most vessels are also dry-docked every 30 to 36 months for inspection of the underwater parts and for repairs related
to inspections. If any defects are found, the classification surveyor will issue a &ldquo;recommendation&rdquo; which must be
rectified by the ship owner within prescribed time limits.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Most
insurance underwriters make it a condition for insurance coverage that a vessel be certified as &ldquo;in class&rdquo; by a classification
society which is a member of the International Association of Classification Societies (the &ldquo;IACS&rdquo;). In December 2013,
the IACS adopted new harmonized Common Structure Rules which apply to oil tankers and bulk carriers constructed on or after July
1, 2015. All of our vessels are certified as being &ldquo;in-class&rdquo; by NKK and DNV GL. We expect that all vessels that we
purchase will be certified prior to their delivery and that we will have no obligation to take delivery of the vessel if it is
not certified as &ldquo;in class&rdquo; on the date of closing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risk
Management and Insurance</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>General</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
operation of any cargo carrying ocean-going vessel embraces a wide variety of risks, including the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 94%; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Physical
    damage to the vessel:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 6%; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="bullet_01.jpg" ALT=""></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 91%; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">mechanical
    failure or damage, for example by reason of the seizure of a main engine crankshaft;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><IMG SRC="bullet_01.jpg" ALT=""></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">physical
    damage to the vessel by reason of a grounding, collision or fire; and</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="bullet_01.jpg" ALT=""></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">other
    physical damage due to crew negligence.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 94%; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liabilities
    to third parties:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 6%; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%; padding-right: 0.8pt; text-align: justify"><IMG SRC="bullet_01.jpg" ALT=""></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 91%; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">cargo
    loss or shortage incurred during the voyage;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><IMG SRC="bullet_01.jpg" ALT=""></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">damage
    to third party property, such as during a collision or berthing operation;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><IMG SRC="bullet_01.jpg" ALT=""></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">personal
    injury or death to crew and/or passengers sustained due to accident; and</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><IMG SRC="bullet_01.jpg" ALT=""></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">environmental
    damage, for example arising from marine disasters such as oil spills and other environmental mishaps.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 54 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->50<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 94%; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business
    interruption and war risk or war-like operations:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 6%; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="bullet_01.jpg" ALT=""></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 91%; padding-right: 0.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">this
    would include business interruption, for example by reason of political disturbance, strikes or labor disputes, or physical
    damage to the vessel and/or crew and cargo resulting from deliberate actions such as piracy, war-like actions between countries,
    terrorism and malicious acts or vandalism.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
value of such losses or damages may vary from modest sums, for example for a small cargo shortage damage claim, to catastrophic
liabilities, for example arising out of a marine disaster such as a serious oil or chemical spill, which may be virtually unlimited.
While we expect to maintain the traditional range of marine and liability insurance coverage for our fleet (hull and machinery
insurance, war risks insurance and protection and indemnity coverage) in amounts and to extents that we believe will be prudent
to cover normal risks in our operations, we cannot insure against all risks, and it cannot be assured that all covered risks are
adequately insured against. Furthermore, there can be no guarantee that any specific claim will be paid by the insurer or that
it will always be possible to obtain insurance coverage at reasonable rates. Any uninsured or under-insured loss could harm our
business and financial condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth information regarding the insurance coverage on our existing fleet as of April 6, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 33%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Type</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 65%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Aggregate
    Sum Insured For All Vessels in our Existing Fleet</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Hull and Machinery</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$171.0 million</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">War Risk</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$171.0 million</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Protection and
    Indemnity (&ldquo;P&amp;I&rdquo;)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pollution liability
    claims: limited to $1.0 billion per vessel per incident</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Hull
and Machinery Insurance and War Risk Insurance</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
principal coverages for marine risks (covering loss or damage to the vessels, rather than liabilities to third parties) are hull
and machinery insurance and war risk insurance. These address the risks of the actual (or constructive) total loss of a vessel
and accidental damage to a vessel&rsquo;s hull and machinery, for example from running aground or colliding with another vessel.
These insurances provide coverage which is limited to an agreed &ldquo;insured value&rdquo; which, as a matter of policy, is never
less than the particular vessel&rsquo;s fair market value. Reimbursement of loss under such coverage is subject to policy deductibles
which vary according to the vessel and the nature of the coverage.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Protection
and Indemnity Insurance</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">P&amp;I
insurance is the principal coverage for a ship owner&rsquo;s third party liabilities as they arise out of the operation of its
vessel. Such liabilities include those arising, for example, from the injury or death of crew, passengers and other third parties
working on or about the vessel to whom the ship owner is responsible, or from loss of or damage to cargo carried on board or any
other property owned by third parties to whom the ship owner is liable. P&amp;I coverage is traditionally (and for the most part)
provided by mutual insurance associations, originally established by ship owners to provide coverage for risks that were not covered
by the marine policies that developed through the Lloyd&rsquo;s market.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
P&amp;I coverage for liabilities arising out of oil pollution is limited to $1.0 billion per vessel per incident in our existing
fleet. As the P&amp;I associations are mutual in nature, historically, there has been no limit to the value of coverage afforded.
In recent years, however, because of the potentially catastrophic consequences to the membership of a P&amp;I association having
to make additional calls upon the membership for further funds to meet a catastrophic liability, the associations have introduced
a formula based overall limit of coverage. Although contingency planning by the managements of the various associations has reduced
the risk to as low as reasonably practicable, it nevertheless remains the case that an adverse claims experience across an association&rsquo;s
membership as a whole may require the members of that association to pay, in due course, unbudgeted additional funds to balance
its books.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Uninsured
Risks</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
all risks are insured and not all risks are insurable. The principal insurable risks which nevertheless remain uninsured across
our fleet are &ldquo;loss of hire&rdquo; and &ldquo;strikes.&rdquo; We will not insure these risks because the costs are regarded
as disproportionate. These insurances provide, subject to a deductible, a limited indemnity for revenue or &ldquo;loss of hire&rdquo;
that is not receivable by the ship-owner under the policy. For example, loss of hire risk may be covered on a 14/90/90 basis,
with a 14 days&rsquo; deductible, 90 days cover per incident and a 90-day overall limit per vessel per year. Should a vessel on
time charter, where the vessel is paid a fixed hire day by day, suffer a serious mechanical breakdown, the daily hire will no
longer be payable by the charterer. The purpose of the loss of hire insurance is to secure the loss of hire during such periods.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 55 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->51<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Competition</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
operate in international markets that are highly competitive. As a general matter, competition is based primarily on the supply
and demand of commodities and the number of vessels operating at any given time. We compete for charters, in particular, on the
basis of price and vessel location, size, age and condition, as well as the acceptability of the vessel&rsquo;s operator to the
charterer and on our reputation. We will arrange charters for our vessels typically through the use of brokers, who negotiate
the terms of the charters based on market conditions. Competition arises primarily from other product tanker owners, including
major oil companies as well as independent tanker companies, some of which have substantially greater financial and other resources
than we do. Although we believe that no single competitor has a dominant position in the markets in which we compete, the trend
towards consolidation in the industry is creating an increasing number of global enterprises capable of competing in multiple
markets, which will likely result in greater competition to us. Our competitors may be better positioned to devote greater resources
to the development, promotion and employment of their businesses than we are. Ownership of product tankers is highly fragmented
and is divided among publicly listed companies, state-controlled owners and independent shipowners, some of which also have other
types of tankers or vessels that carry diverse cargoes. Several of our publicly listed competitors include Scorpio Tankers Inc.,
Ardmore Shipping Corporation, Diamond S Shipping Inc., and Top Ships Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Customers</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
market our vessels and related services to a broad range of customers, including international commodity trading companies and
oil, gas, and large shipping companies.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
significant customers that accounted for more than 10% of our revenues in 2019 and 2020 were as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Charterer</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2019</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left">Trafigura Maritime Logistics Pte. Ltd.</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">71</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">58</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Clearlake Shipping Pte. Ltd</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">16</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">71</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">74</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to these companies, we and our ship manager, Maritime, also have historical and growing chartering relationships with
major integrated oil and international trading companies, including BP, SK Energy, Equinor, Total, Vitol, Clearlake (a subsidiary
of Gunvor), ST Shipping (an affiliate of Glencore), Greenergy, Repsol, Valero and their respective subsidiaries.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2020, we did not have any material trade receivable outstanding from any of our customers that accounted more
than 10% of our revenues during 2020. We do not believe that we are dependent on any one of our key customers. In the event of
a default of a charter by any of our key customers, we could seek to re-employ the vessel in the spot or time charter markets,
although the rate could be lower than the charter rate agreed with the defaulting charterer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>International
Product Tanker Shipping Industry</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>All
the information and data contained in this section, including the analysis of relating to the international product tanker shipping
industry, has been provided by Drewry Maritime Advisors (&ldquo;Drewry&rdquo;). Drewry has advised us that the statistical and
graphical information contained in this section is drawn from its database and other sources. In connection therewith, Drewry
has advised that: (i) certain information in its database is derived from estimates or subjective judgments, (ii) the information
in the databases of other maritime data collection agencies may differ from the information in its database, and (iii) while Drewry
has taken reasonable care in the compilation of the statistical and graphical information and believe it to be accurate and correct,
data compilation is subject to limited audit and validation procedures. We believe that all third-party data provided in this
section, &ldquo;The International Product Tanker Shipping Industry,&rdquo; is reliable</I>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Summary</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
refined petroleum products (&ldquo;products&rdquo;) tanker shipping industry has undergone some fundamental changes since 2003.
From 2003 to 2008 seaborne trade in products was spurred on by rising global oil demand and by changes in the location of refinery
capacity. While in recent years, the development of shale oil reserves in the United States (U.S.) has helped to underpin the
continued expansion in seaborne products trades, with the U.S. becoming the world&rsquo;s largest exporter of products.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Overall,
seaborne trade in products grew by a compound annual growth rate (CAGR) of 2.8% between 2010 and 2019, rising from 810 million
tons to 1,036 million tons. Product tanker ton-mile demand also increased at a CAGR of 2.8% over the same period from 2,514 billion-ton
miles to 3,218 billion-ton miles. However, mobility restrictions due to the outbreak of COVID-19 adversely affected the demand
for products. Provisional estimates indicate that seaborne trade of products fell 9.9% yoy to 934 million tons in 2020 with the
ton-mile demand also dropping 8.8% yoy to 2,935 billion-ton miles. The sharp decline in seaborne trade in 2020 can be seen as
an outlier. The roll out of various vaccines and gradual easing of restrictions by various governments are expected to support
the growth in demand and seaborne trade of products. Apart from the U.S., countries such as India, China, and Saudi Arabia have
also exported substantially higher quantities of products in the past decade.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 56 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->52<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Products
- Seaborne Trade Index</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><IMG SRC="pg51-75_01.jpg" ALT="" STYLE="height: 266px; width: 670px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>*
Provisional estimates</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Source:
GTIS, Drewry</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future
growth in seaborne product trades is dependent on a number of factors, not least of which will be prevailing trends in the global
economy and in oil demand. However, it is apparent that seaborne trade will continue to be underpinned by the emergence of the
U.S. as a major exporter of products and the growth in refining capacity in areas such as China, India and the Middle East, which
are heavily focused on servicing export markets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
terms of vessel supply, products are carried in product tankers, product/chemical tankers and to a limited extent in chemical
tankers. Within the context of this report, product tankers include coated and uncoated ships with average tank sizes in excess
of 3,000 cubic meters and product/chemical tankers, which are certified by the IMO to transport products, and certain chemicals/edible
oils, with average tank sizes of less than 3,000 cubic meters. Chemical tankers are all IMO certified and they normally possess
multiple tanks of less than 3,000 cubic meters, which are used almost exclusively to transport bulk liquid chemicals and edible
oils. They have therefore been excluded in this report. The fleet trading in products, therefore, consists principally of product
tankers and product/chemical tankers. As of February 28, 2021, the total fleet of these two categories amounted to 2,957 ships
with a combined capacity of 160.7 million deadweight tons (dwt).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Between
2010 and 2014, fleet growth in these sectors was relatively subdued and this helped to create a tighter balance between vessel
supply and demand, which ultimately led to an improvement in freight rates. However, there were other factors which also facilitated
the creation of a healthier market, including:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(i)</I></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">increased
                                         trade due to higher stocking activity and improved demand for oil products</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(ii)</I></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">longer
                                         voyage distances because of refining capacity additions in Asia and the Middle East</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(iii)</I></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">encouraged
                                         by firm freight rates for dirty tankers, product tankers are also carrying crude oil</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(iv)</I></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">lower
                                         bunker prices contributed to higher net earnings</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of these developments, the average daily time charter equivalent (TCE) rate for a Medium Range 2 (MR2) product tanker
was $20,133/day in 2015, compared with $6,875/day in 2014. On a one-year time charter rate basis, MR2 rates rose from $14,438/day
in 2014 to $17,271/day in 2015. However, the increase in freight rates encouraged new ordering, and at its highest point in 2016,
the ratio of the MR2 product tanker orderbook to the existing global MR2 fleet was 11.7%. Negative market sentiment coupled with
elevated newbuild deliveries pushed the market down. As a result, one-year time charter rates for an MR2 tanker in 2016 averaged
$15,125/day &ndash; a decline of 12.4% from 2015.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
spate of newbuilding deliveries in 2017 aggravated the situation further for shipowners, and the average one-year time charter
rate for an MR2 tanker declined by another 12.8% to average $13,188/day in 2017. The market remained weak in 2018 and the average
time charter rate for these vessels slid marginally to $13,133/day. Nevertheless, the product tanker market bottomed out in the
fall of 2018. Vessel earnings surged substantially in the last quarter of 2018 on account of record high demolitions and steady
increase in the demand for tankers. In 2019, the increase in product tanker freight rates was driven by a spike in diesel trade
before IMO 2020 regulations came into effect on January 1, 2020. Product tanker freight rates surged to multi-year highs in October
2019 on trickle-down effect from the crude tanker market, where rates surged after the U.S. sanctions on Cosco Shipping Tanker
(Dalian) Co, squeezed tonnage supply. Fading seasonality and uncertainty due to COVID-19 led to a decline in vessel earnings in
the initial months of 2020. However, the surge in earrings of crude tankers in March and April on account of the unprecedented
oversupply of crude oil due to the price war between Saudi Arabia and Russia as well as demand destruction on account of lockdown
measures in several economies to contain the spread of the virus cascaded into the products market as well. Steep contango of
crude oil and, to a lesser extent refined products, resulted in a rapid inventory build-up onshore and demand spilling over to
floating storage. TCE rates for MR2 tankers averaged a record high of $38,367/day in April 2020 before undergoing a severe correction
in later months on seasonal weakness, inventory de-stocking and return of vessels that were locked in floating storage to active
trade. Accordingly, TCE rates for MR2 tankers averaged $13,117/day in the second half of 2020. One-year time charter rate for
an MR2 tanker reflected a similar uptrend in the initial months of 2020 before easing to $13,500/day in December 2020. However,
one-year time charter rate of these vessels improved 5.6% in January 2021 to $14,250/day on the back of gradual recovery in demand
and optimism infused by vaccine rollouts in several economies in recent months.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 57 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->53<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Product
Tanker One-Year Time Charter Rates</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(US$
Per Day)</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">2011-2020</TD><TD STYLE="text-align: center; font-size: 11pt; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">2014</TD><TD STYLE="text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">2015</TD><TD STYLE="text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">2016</TD><TD STYLE="text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">2017</TD><TD STYLE="text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">2018</TD><TD STYLE="text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">2019</TD><TD STYLE="text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">2020</TD><TD STYLE="text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Vessels</B></FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">Averages</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">Low</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">High</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">Averages</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">Averages</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">Averages</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">Averages</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">Averages</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">Averages</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">Averages</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; color: #231F20; font-weight: bold; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 40%; color: #231F20">MR1</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; color: #231F20; text-align: right">12,846</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; color: #231F20; text-align: right">11,000</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; color: #231F20; text-align: right">16,500</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; color: #231F20; text-align: right">12,938</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; color: #231F20; text-align: right">14,958</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; color: #231F20; text-align: right">13,833</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; color: #231F20; text-align: right">11,458</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; color: #231F20; text-align: right">11,646</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; color: #231F20; text-align: right">13,471</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; color: #231F20">&nbsp;</TD>
    <TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; color: #231F20; text-align: right">13,100</TD><TD STYLE="width: 1%; color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="color: #231F20">MR2</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">14,390</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">12,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">19,500</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">14,438</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">17,271</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">15,125</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">13,188</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">13,133</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">14,667</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">14,879</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="color: #231F20">LR1</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">15,183</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">12,500</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">24,250</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">15,188</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">19,333</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">17,000</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">12,979</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">12,938</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">16,542</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20">&nbsp;</TD>
    <TD STYLE="color: #231F20; text-align: left">&nbsp;</TD><TD STYLE="color: #231F20; text-align: right">17,246</TD><TD STYLE="color: #231F20; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>LR2</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,691</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,708</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,688</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,063</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,625</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,125</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,396</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,800</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Source:
Drewry</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is also a vibrant second-hand market for ships and product tankers change hands between owners on a regular basis. Second-hand
prices are generally influenced by potential vessel earnings, which in turn are influenced by trends in the supply and demand
for shipping capacity. The improvement in freight rates and more positive market sentiment in the period from late 2014 to early
2016 had a beneficial impact on second-hand vessel values. For example, in the winter months of 2015-16, a five-year old MR2 was
valued at $27.0 million, compared with $25.0 million in the corresponding period of 2014-15. However, limited access and higher
cost of capital, including traditional bank debt, have slowed down sale and purchase activity and resulted in lower vessel valuations;
the value of these vessels dropped to $22.0 million by October 2016.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Despite
low freight rates in both 2017 and 2018, second-hand values of younger vessels with lower fuel consumption have inched up. Increased
activity in the S&amp;P market at historically low vessel values in 2017 and expected recovery in the tanker market were the key
factors that drove asset prices in 2018. In 2019, second-hand values of product tankers continued to climb up in tandem with the
recovery in charter rates. Asset values improved further in the first four months of 2020 on the back of a spike in vessel earnings.
However, the correction in freight rates and increased uncertainty in the backdrop of COVID-19 led to their decline in the latter
half of the year Accordingly, a five-year old MR2 was valued at $26.0 million in December, 2020 compared with $31.0 million in
April. A potential recovery in demand driven by the launch of COVID-19 vaccinations supported the asset prices in early 2021 with
a five-year old MR2 priced at $27.5 million in February 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
Products Market</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
maritime transport industry is fundamental to international trade as it is the only pragmatic and economic way of transporting
large volumes of many essential commodities, semi-finished and finished goods around the world. In turn, the product tanker shipping
industry is a vital link in the global energy supply chain, given its ability to carry large quantities of products and bulk liquid
chemicals as well as vegetable oils and fats between points of production and points of consumption.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
product tanker shipping industry is highly competitive, with vessel earnings sensitive to changes in the demand for and supply
of shipping capacity and it is consequently cyclical and volatile in nature. The wider oil tanker market is divided between crude
tankers that carry either crude oil or dirty products such as residual fuel oil, product tankers that carry cargoes such as gas
oils and gasoline and more sophisticated product/chemical and chemical tankers, which can carry additionally chemicals and vegetable
oils and fats. Petroleum products consist of a number of different grades of dirty products (e.g. fuel oil) and different grades
of clean products (e.g. gasoline). The basic structure of the tanker shipping market is shown in the following diagram.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 58 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->54<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left"><IMG SRC="pg51-75_02.jpg" ALT=""><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Source:
Drewry</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Demand
for tanker shipping is a product of the physical quantity of the cargo (measured in tons) together with the distance the cargo
is carried (measured in miles). Generally, demand cycles move in line with developments in the global economy, but other factors
such as changes in sources of oil production and refinery capacity, plus movements in oil prices play a key role.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
volume of oil moved by sea was adversely affected by the global financial crisis of 2008 and 2009, but since then, renewed growth
in the world economy and in oil demand has had a positive impact on seaborne trade. Oil demand has benefited from economic growth
in Asia, especially in China, where oil consumption increased at a CAGR of 4.8% to 13.7 million barrels per day (mbpd) between
2010 and 2019 which inched up further to 13.8 mbpd in 2020 as the country remained largely unaffected by the COVID-19 pandemic
despite the initial outbreak in Wuhan. World oil demand grew from 88.4 mbpd in 2010 to 99.7 mbpd in 2019 at a CAGR of 1.4%. However,
the spread of COVID-19 to various parts of the world adversely affected the global oil demand in April 2020. Lockdown measures
enforced by several economies to contain the spread of the virus to minimize potential damages resulted in unprecedented demand
destruction. As a result, global oil demand plunged by nearly 30 mbpd in April. With gradual easing of these restriction and resumption
of economic activities, oil demand partially rebounded in the latter part of the year and global oil demand averaged 91.0 mbpd
in 2020 &ndash; a decline of 8.7% from the level in 2019.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 59 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->55<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>World
Oil Consumption: 1991-2020</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(Million
bpd)</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><IMG SRC="pg51-75_03.jpg" ALT="" STYLE="height: 295px; width: 670px">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>*
Provisional estimates</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Source:
IEA, Drewry</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Low
per capita oil consumption in developing countries such as China and India compared to the developed world provides scope for
higher oil consumption in these economies. Conversely, oil consumption in developed OECD economies has been on decline for much
of the last decade. However, this trend was reversed in 2015 because of the positive impact of lower oil prices on demand for
products such as gasoline and record new vehicle sales. Oil demand in OECD economies increased at a CAGR of 1.3% from 45.8 mbpd
in 2014 to 47.7 mbpd in 2017. In 2018, OECD oil demand further grew by 0.2 mbpd to reach 47.9 mbpd. Consumption increased in the
U.S. and some European countries because of higher industrial activity on the back of improving general economic conditions in
developed economies. In 2019, OECD oil consumption remained relatively flat compared to 2018 whereas demand plunged 11.7% to 42.1
mbpd in 2020 due to lockdown restrictions imposed to contain the spread of COVID-19 in several OECD economies.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2020, 3,109 million tons of crude oil, products, and vegetable oils/chemicals were moved by sea. Of this, crude shipments accounted
for 1,886 million tons of cargo, products 934 million tons, with the balance made up of other bulk liquids, including vegetable
oils, chemicals, and associated products. During 2014-2019, the seaborne trade of products and vegetable oils/chemicals increased
at an average CAGR of 2.7% &ndash; 1.0% higher than the growth in seaborne trade of crude oil during the same period. Additionally,
lower growth in trade in 2018 compared with 2017 was due to lower growth in oil demand as well as inventory drawdown. Oil demand
grew 1.2% in 2018 compared with 1.8% in 2017. The demand inched up further 0.4% to 99.7 mbpd in 2019. However, the outbreak of
COVID-19 led to a sharp decline in oil consumption and global oil demand fell 8.7% to 91.0 mbpd in 2020. Seaborne trade declined
8.5% yoy to 3,109 million tons in 2020 on account of lockdown restriction enforced in several major economies to contain the spread
of the virus which led to a contraction of 4.2% in the global GDP during the year. During 2010-2019, seaborne transportation of
products and vegetable oils/chemicals increased at an average CAGR of 3.2%, which is strongly correlated to average global GDP
growth of 3.2% per year during the same period. A sharp decline in seaborne trade in 2020 seems to be an outlier. Trade is expected
to improve with gradual recovery in demand due to the launch of several vaccines which is expected to support the pace of economic
recovery in future.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>


<!-- Field: Page; Sequence: 60 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->56<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>World
Seaborne Tanker Trade: 2001-2020</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; font-weight: bold">Year</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Crude Oil</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Oil Products</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Chemicals</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Global GDP**</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; font-size: 11pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Million tons</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">% y-o-y</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Million tons</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">% y-o-y</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Million tons</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">% y-o-y</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Million tons</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">% y-o-y</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Billion $</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 28%; font-weight: bold; text-align: left; padding-bottom: 1.5pt; padding-left: 1.4pt">2001</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">1,809</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">1.5</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">518</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">3.0</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">114</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">-3.1</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">2,441</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">1.6</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">33,653</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt; padding-left: 1.4pt">2002</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,795</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0.8</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">519</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.3</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">122</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.0</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,436</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0.2</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,775</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt; padding-left: 1.4pt">2003</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,899</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.8</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">550</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.0</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">129</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.9</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,578</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.8</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,034</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt; padding-left: 1.4pt">2004</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,011</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.9</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">599</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.8</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">141</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.5</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,750</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.7</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43,940</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt; padding-left: 1.4pt">2005</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,039</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.4</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">646</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.0</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">156</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.5</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,841</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.3</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47,607</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt; padding-left: 1.4pt">2006</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,057</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.9</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">677</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.7</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">166</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.5</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,900</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.1</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,575</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt; padding-left: 1.4pt">2007</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,040</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0.8</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">723</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.8</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">176</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.9</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,939</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.4</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">58,221</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt; padding-left: 1.4pt">2008</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,039</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0.1</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">765</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.8</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">179</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.8</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,982</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.5</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">63,839</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt; padding-left: 1.4pt">2009</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,946</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-4.5</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">777</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.6</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">185</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.3</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,908</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-2.5</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60,489</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt; padding-left: 1.4pt">2010</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,991</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.3</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">810</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.3</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">197</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.8</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,998</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.1</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66,141</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt; padding-left: 1.4pt">2011</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,948</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-2.1</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">860</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.3</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">207</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.7</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,015</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.6</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">73,414</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt; padding-left: 1.4pt">2012</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,005</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.9</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">859</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0.2</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">212</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.6</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,076</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.0</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">74,805</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt; padding-left: 1.4pt">2013</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,910</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-4.7</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">904</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.3</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">252</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19.1</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,066</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0.3</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">76,990</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt; padding-left: 1.4pt">2014</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,893</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0.9</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">914</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.1</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">252</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0.1</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,060</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0.2</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">79,060</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt; padding-left: 1.4pt">2015</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,963</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.7</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">963</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.3</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">266</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.4</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,191</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.3</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">74,829</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt; padding-left: 1.4pt">2016</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,050</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.4</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">999</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.8</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">267</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.6</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,317</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.9</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">76,022</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt; padding-left: 1.4pt">2017</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,109</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.9</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,043</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.3</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">283</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.8</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,435</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.6</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">80,716</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt; padding-left: 1.4pt">2018</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,096</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-0.6</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,055</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.1</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">293</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.4</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,443</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.2</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">85,690</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt; padding-left: 1.4pt">2019</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,061</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-1.7</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,036</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-1.8</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">300</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.4</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,396</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-1.4</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">87,552</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt; padding-left: 1.4pt">2020*</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,886</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-8.5</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">934</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-9.9</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">289</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-3.6</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,109</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-8.5</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,845</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; font-weight: bold; padding-bottom: 1.5pt; padding-left: 1.4pt">CAGR <BR> (2014-2019)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.7</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="font-size: 11pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.5</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="font-size: 11pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.5</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="font-size: 11pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.1</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="font-size: 11pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.1</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; font-weight: bold; padding-bottom: 1.5pt; padding-left: 1.4pt">CAGR <BR> (2010-2019)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.4</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="font-size: 11pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.8</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="font-size: 11pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.7</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="font-size: 11pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.4</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="font-size: 11pt; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.2</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>*
Provisional estimates</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>**
GDP at current prices</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Source:
IMF, GTIS, Drewry</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tanker
supply is determined by the size of the existing fleet, measured in terms of dwt. Changes in supply are influenced by a variety
of factors such as the size of the existing fleet by number and ship size, the rate of deliveries of new buildings from the vessel
orderbook, and the rate of removals from the fleet through scrapping, conversion and regulatory obsolescence. Other factors, such
as port congestion and vessel speeds, also influence supply.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Crude
oil, products and chemicals/vegetable oils and fats are essentially carried by four different types of tankers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Crude
oil is transported in uncoated vessels, which range upwards in size from 55,000 dwt. Clean products are carried in coated tankers
ranging in size from 10,000 dwt to 80,000 dwt plus and by product/chemical tankers which have the ability to carry both products
and certain chemicals because they have an IMO Certificate of Fitness to Carry Bulk Liquid Chemicals. This latter category represents
&lsquo;swing&rsquo; ships, with the ability to move between the product and chemical sectors depending on market conditions. Finally,
there is a specialist chemical fleet which is all IMO rated, and which is employed primarily in transporting chemicals and vegetable
oils and fats. The pure chemical fleet represents nearly 26.7% of all tankers (based on capacity) that can carry products, but
because the majority of it is trading in chemicals, it is excluded from the analysis of the fleets and orderbook.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
main types of product tanker, together with indicative vessel sizes by class, the type and average size of tanks, IMO certification
and the main cargoes carried are shown in the table below. Unless otherwise specified, references in this section to &ldquo;product
tankers&rdquo; include both non-IMO product tankers and IMO-certified product/chemical tankers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 61 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->57<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Types
of Product Tanker</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Product Tanker Type</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1.5pt solid; font-weight: bold">Products</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1.5pt solid; font-weight: bold">Product/Chemical</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 23%; text-align: left; padding-bottom: 1.5pt">Sub Types/Size (Dwt)</TD><TD STYLE="width: 2%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 20%; text-align: left; padding-bottom: 1.5pt">Long Range 2 (LR2)</TD><TD STYLE="width: 3%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">80,000+</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 20%; text-align: left; padding-bottom: 1.5pt">Long Range 1 (LRI)</TD><TD STYLE="width: 2%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55-79,999</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Long Range 1 (LRI)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55-79,999</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Medium Range 2 (MR2)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40-54,999</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Medium Range 2 (MR2)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40-54,999</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Medium Range 1 (MR1)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25-39,999</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Medium Range 1 (MR1)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25-39,999</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">Handy</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10-24,999</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">Handy</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10-24,999</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Average Tank Size <SUP>(1)</SUP></FONT></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">&gt;3,000 cbm</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">&gt;3,000 cbm</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tanks <SUP>(2)</SUP></FONT></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">Coated/Uncoated</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">Coated</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IMO Certification <SUP>(3)</SUP></FONT></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Non IMO</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">IMO 2/3 &amp; IMO 3</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cargoes Carried <SUP>(4)</SUP></FONT></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Clean Products</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Clean Products</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Dirty Products</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Vegetable Oils</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Certain chemicals</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: -21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(1)</I></FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Product
    capable tankers with an average tank size above 3,000 cubic metres (cbm) are deemed to be Product or Product/Chemical tankers.
    Tankers with an average tank size below 3,000 cbm are deemed to be chemical tankers.</I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(2)</I></FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Type
    of tank coating. Coated ships includes epoxy, zinc etc., while some chemical tankers have all/part stainless steel tanks.</I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(3)</I></FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>International
    Maritime Organization (IMO) Certificate of Fitness for the Carriage of Chemicals in Bulk.</I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(4)</I></FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>The
    main cargoes carried by each ship type.</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: -21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Source:
Drewry</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Product
tankers are employed in the market through a number of different chartering options:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    <B>single</B> or <B>spot voyage charter</B> involves the carriage of a specific amount and type of cargo on a load port to
    discharge port basis, subject to various cargo handling terms. Most of these charters are of a single or spot voyage nature.
    The cost of repositioning the ship to load the next cargo falls outside the charter and is at the cost and discretion of the
    owner. The owner of the vessel receives one payment derived by multiplying the tons of cargo loaded on board by the agreed
    upon freight rate expressed on a per cargo ton basis. The owner is responsible for the payment of all expenses including voyage,
    operating and capital costs of the vessel.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    <B>time charter</B> involves the use of the vessel, either for a number of months or years or in few instances, for a trip
    between specific delivery and redelivery positions. The charterer pays all voyage related costs including bunker fuel. The
    owner of the vessel receives monthly charter hire payments on a per day basis and is responsible for the payment of all vessel-operating
    expenses and capital costs of the vessel.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    <B>contract of affreightment</B>, or <B>COA</B>, relates to the carriage of multiple cargoes over the same route and enables
    the COA holder to nominate different ships to perform individual voyages. This arrangement constitutes a number of voyage
    charters to carry a specified amount of cargo during the term of the COA, which usually spans a number of years. All of the
    ship&rsquo;s operating voyage and capital costs are borne by the ship-owner. The freight rate is normally agreed on a per
    cargo ton basis.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    <B>bareboat charter</B> involves the use of a vessel usually over long periods ranging up to several years. All voyage related
    costs, including vessel fuel, or bunkers, and port dues as well as all vessel operating expenses, such as day-to-day operations,
    maintenance, crewing and insurance are the responsibility of the charterer. The owner of the vessel receives monthly charter
    hire payments on a per day basis and is responsible only for the payment of capital costs related to the vessel.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
basic structure of the products tanker shipping industry and certain major trading routes of product tankers are outlined in the
following diagram.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 62 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->58<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The
Product Tanker Shipping Industry</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="pg76-100_001.jpg" ALT="" STYLE="height: 819px; width: 538px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Source:
Drewry</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>


<!-- Field: Page; Sequence: 63 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->59<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Seaborne
Trade in Products, Vegetable Oils and Bulk Liquid Chemicals </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2020, total seaborne trade in products, vegetable oils and fats, and bulk liquid chemicals amounted to 1,184.0 million tons &ndash;
a decline of 8.5% in 2020 from 1,293.6 million tons in the previous year. The development of trade in these cargoes between 2010
and 2020 is shown in the table below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Seaborne
Trade in Products, Vegetable Oils &amp; Fats and Bulk Liquid Chemicals: 2010-2020</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(Million
Tons)</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I></I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify; width: 9%; font-weight: bold">Sector</TD><TD STYLE="text-align: center; width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; width: 4%; font-weight: bold; text-align: center">2010</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; width: 4%; font-weight: bold; text-align: center">2011</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; width: 4%; font-weight: bold; text-align: center">2012</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; width: 4%; font-weight: bold; text-align: center">2013</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; width: 4%; font-weight: bold; text-align: center">2014</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; width: 4%; font-weight: bold; text-align: center">2015</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; width: 4%; font-weight: bold; text-align: center">2016</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; width: 4%; font-weight: bold; text-align: center">2017</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; width: 4%; font-weight: bold; text-align: center">2018</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; width: 4%; font-weight: bold; text-align: center">2019</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; width: 4%; font-weight: bold; text-align: center">2020*</TD><TD STYLE="width: 1%; font-weight: bold; text-align: center"></TD><TD STYLE="text-align: center; width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; width: 4%; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2010-19 CAGR %</B></FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; width: 4%; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2019-20 %</B></FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Products</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Fuel Oil</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">248.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">259.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">241.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">256.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">255.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">254.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">253.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">253.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">249.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">231.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">194.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-0.8</TD><TD STYLE="font-weight: bold; text-align: left">%</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-16.0</TD><TD STYLE="font-weight: bold; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Gasoil/Diesel</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">212.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">230.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">237.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">252.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">259.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">273.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">294.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">310.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">314.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">315.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">285.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">4.5</TD><TD STYLE="font-weight: bold; text-align: left">%</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-9.4</TD><TD STYLE="font-weight: bold; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Gasoline</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">136.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">147.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">146.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">148.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">149.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">165.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">179.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">186.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">193.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">196.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">164.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">4.1</TD><TD STYLE="font-weight: bold; text-align: left">%</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-16.1</TD><TD STYLE="font-weight: bold; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Kerosene/Jet Fuel</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">82.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">79.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">88.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">95.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">97.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">102.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">105.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3.8</TD><TD STYLE="font-weight: bold; text-align: left">%</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-28.3</TD><TD STYLE="font-weight: bold; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Lubricating Oil</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">4.2</TD><TD STYLE="font-weight: bold; text-align: left">%</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-9.5</TD><TD STYLE="font-weight: bold; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Naphtha</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">94.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">94.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">87.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">81.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">6.2</TD><TD STYLE="font-weight: bold; text-align: left">%</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-7.1</TD><TD STYLE="font-weight: bold; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Other/Unknown</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">67.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">70.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">81.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">81.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">74.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">106.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">0.6</TD><TD STYLE="font-weight: bold; text-align: left">%</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">48.8</TD><TD STYLE="font-weight: bold; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Total Products</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">809.5</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">860.3</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">858.7</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">904.2</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">914.3</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">962.5</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">999.4</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,042.8</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,059.0</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,035.6</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">933.6</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2.8</TD><TD STYLE="font-weight: bold; text-align: left">%</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-9.9</TD><TD STYLE="font-weight: bold; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Vegetable Oils &amp; Fats</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">61.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">63.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">70.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">72.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">79.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">81.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">81.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">85.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">81.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3.7</TD><TD STYLE="font-weight: bold; text-align: left">%</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-4.0</TD><TD STYLE="font-weight: bold; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Bulk Liquid Chemicals</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">135.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">142.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">142.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">146.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">149.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">154.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">158.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">166.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">172.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">173.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">168.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2.7</TD><TD STYLE="font-weight: bold; text-align: left">%</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-2.4</TD><TD STYLE="font-weight: bold; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Total</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,006.6</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,066.5</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,070.3</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,120.8</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,136.1</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,196.5</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,233.5</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,290.7</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,313.4</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,293.6</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,184.0</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2.8</TD><TD STYLE="font-weight: bold; text-align: left">%</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-8.5</TD><TD STYLE="font-weight: bold; text-align: left">%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>*
Provisional estimates </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Source:
GTIS, Drewry</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
prime factor driving products trades in the last few years has been developments in E&amp;P activity in the U.S. energy sector.
Horizontal drilling and hydraulic fracturing have enabled shale oil deposits in the U.S. to be developed and this has led to a
steep rise in U.S. domestic oil production. Between 2010 and 2020, U.S. crude oil production rose from 5.5 mbpd to 11.3 mbpd.
Increased crude oil production also ensured the availability of cheaper feedstocks to local refineries, and as a result, the U.S.
became a major net exporter of refined products.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 64 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->60<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>U.S.
Crude Oil Production and Refined Petroleum Product Exports to Latin America: Jan 2010-Dec 2020</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(Million
Barrels Per Day)</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><IMG SRC="pg76-100_002.jpg" ALT="" STYLE="height: 368px; width: 624px"></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Source:
JODI, Drewry</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
a relatively short span of time, the U.S. has become the largest exporter of refined products in the world, with supplies from
the U.S. Gulf Coast terminals heading to most parts of the globe. By way of illustration, the U.S. products exports to Latin America
increased at a CAGR of 9.1% during 2010-2019 from 0.8 mbpd in 2010 to 1.7 mbpd in 2019. Exports dropped 13.7% to 1.5 mbpd in 2020
primarily on account of restrictions imposed to contain the spread of the virus, but started recovering gradually toward the end
of the year with the U.S. exporting 1.7 mbpd of products to Latin America in December 2020. Strong import demand from Latin America
and increased availability of products in the U.S. have facilitated the growth in trade in the past decade. Most of these products
were carried by MR product tankers, which constitute about 47.4% of the global product tanker fleet in terms of capacity and have
been the mainstay of seaborne trade in refined petroleum products.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
lower crude oil prices in 2015 and 2016 adversely impacted U.S. shale oil producers. U.S. crude oil production peaked at 9.6 mbpd
in April 2015 and declined thereafter till September 2016. Nevertheless, the production cut by OPEC members from January 2017
came as a relief for domestic producers, and U.S. crude production started increasing. The U.S. became the largest crude producer
in September 2018. U.S. crude production increased at a CAGR of 11.4% during 2016-2019 to 12.2 mbpd, which has strengthened the
country&rsquo;s position in the global oil market. However, the unprecedented demand destruction and resultant low oil prices
in the backdrop of the pandemic threw a new challenge for the U.S. oil and gas industry. Several producers announced oil well
shut-ins in and the country&rsquo;s crude oil production declined from a record 12.9 mbpd in November 2019 to 10.0 mbpd in May
2020. However, the gradual easing of restriction, resumption of economic activities, and rising oil prices encouraged producers
to increase the output in the latter half of 2020 taking the country&rsquo;s crude oil production to 11.0 mbpd in December 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 65 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->61<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The
U.S. Products Sector</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="pg76-100_003.jpg" ALT="" STYLE="height: 807px; width: 552px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>*
Provisional estimates</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Source:
Drewry</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>


<!-- Field: Page; Sequence: 66 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->62<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
shift in the location of global oil production is also being accompanied by a shift in the location of global refinery capacity
and throughput. In short, capacity and throughput are moving from the developed to the developing world. Between 2010 and 2019,
refining throughput in OECD Europe declined at a CAGR of 0.1%, whereas throughput in OECD Americas and OECD Asia Oceania during
the same period grew at a CAGR of 0.7% and 0.2%, respectively. The total OECD refining throughput increased at a CAGR of 0.4%
during 2010-2019, largely as a result of increase in OECD Americas. In 2019, refining throughput of OECD countries stood at 38.1
mbpd and accounted for 46.7% of the global refinery throughput, down from 49.5% in 2010. The OECD refinery throughput fell 13.1%
yoy to 33.1 mbpd in 2020. Global refinery throughput declined 0.6% in 2019 because of weak oil demand during the year and heavier
than normal refinery maintenance in the first half of the year, whereas it dropped 8.8% to 74.4 mbpd in 2020 mainly on account
of weak demand due to the pandemic.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Product
tanker trade remained under pressure in 2020 due to COVID-19 pandemic with many refineries either running with low utilization
rates or getting shut down. Low Naphtha production in Japan led the country to increase imports from Middle East (mostly Qatar)
by about 6.4% in 2020 compared to 2019 levels. Similarly, closure of refineries in Australia forced the nation to import large
amount of gasoline from Singapore, South Korea and India. Recently, many refineries went offline in Texas due to snow storm which
led to increase in gasoline imports from Europe.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Refinery
Throughput <SUP>(1)</SUP> 2010-2020</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(&lsquo;000
Barrels Per Day)</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2010</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2011</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2012</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2013</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2014</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2015</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2016</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2017</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2018</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2019</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020*</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt; width: 23%">OECD Americas</TD><TD STYLE="padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 4%">17,931</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 4%">17,898</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 4%">18,190</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 4%">18,492</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 4%">18,934</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 4%">18,850</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 4%">18,960</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 4%">19,290</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 4%">19,400</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 4%">19,100</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 4%">16,500</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left; width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">OECD Europe</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,265</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,935</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,942</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,304</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,232</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,900</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,920</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,300</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,200</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,700</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">OECD Asia Oceania</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,697</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,586</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,609</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,720</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,652</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,700</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,890</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,200</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,800</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,900</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt">FSU</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,401</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,592</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,683</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,831</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,069</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,850</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,880</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,880</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,800</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,500</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Non-OECD Europe</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">658</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">627</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">587</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">559</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">557</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">500</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">500</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">570</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">600</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">500</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">400</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt">China</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,630</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,041</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,749</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,427</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,864</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,400</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,790</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,830</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,100</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,400</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Other Asia</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,598</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,637</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,792</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,588</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,541</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,380</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,440</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,600</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,300</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,300</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Latin America</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,678</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,873</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,470</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,589</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,545</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,550</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,200</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,830</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,500</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,200</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Middle East</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,164</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,324</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,257</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,202</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,501</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,450</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,810</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,520</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,900</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,700</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,800</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt">Africa</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,451</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,168</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,202</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,182</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,255</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,250</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,090</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,920</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,000</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,900</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 1.5pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">74,471</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">74,682</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">75,482</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">75,894</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">77,149</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">78,450</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">79,420</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">81,780</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">82,100</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">81,600</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">74,400</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(1)</I></FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>The
    difference between oil consumption and refinery throughput is accounted for by condensates, output gains; direct burning of
    crude oil and other non-gas liquids.</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: -21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>*
Provisional estimates </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Source:
BP, IEA, Drewry</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Asia
(excluding China) and the Middle East added over 0.45 mbpd of refinery capacity in 2019, a substantial part of which is destined
for international markets. OECD Europe and OECD Americas added 200 kbpd and 20 kbpd of new refining capacity in 2019 respectively,
whereas there was no material change in refining capacity in OECD Oceania. Nearly 570 kbpd of new refining capacity in the Middle
East and another 162 kbpd in Asia (excluding China) was scheduled to come online in 2020, taking the combined new refining capacity
in the Middle East and Asia (excluding China) to 0.73 mbpd. As a result of these developments, countries such as India and Saudi
Arabia have consolidated their positions as major exporters of products. Export-oriented refineries in India and the Middle East,
coupled with the closure of refining capacity in the developed world, have promoted long-haul shipments to cater to products demand.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the products market, there has been growth in U.S. domestic oil production, which ensured greater availability of crude feedstock,
rising refinery throughput and the expansion of pipeline infrastructure to make large-scale product exports feasible, particularly
of middle distillates from the U.S. Gulf. Average U.S. exports of products have grown from 2.1 mbpd in 2010 to 5.1 mbpd in 2019
at a CAGR of 10.6%. Changes in the U.S., Saudi Arabian and Indian product exports from January 2010 to December 2020 are shown
in the following chart.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 67 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->63<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Oil
Product Exports &ndash; Major Exporters: Jan 2010-Dec 2020</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(Million
Barrels Per Day)</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><IMG SRC="pg76-100_004.jpg" ALT="" STYLE="height: 305px; width: 623px"></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Source:
JODI, Drewry</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Changing
Product Trades - Longer Haul Voyages</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="pg76-100_005.jpg" ALT="" STYLE="height: 300px; width: 617px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Source:
Drewry </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nearly
2.2 mbpd of new refining capacity is currently scheduled for both the Middle East and Asia (excluding China) from 2021 to 2025,
majority of which will cater to international markets, but it remains to be seen how these plans will be affected by the pandemic
and increasing emphasis on clean energy. Overall, nearly 5.4 mbpd or 5.3% of the existing global refining capacity is planned
to be commissioned over the next five years, between 2021 and 2025.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 68 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->64<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Planned
Additions to Global Refining Capacity <SUP>(1)</SUP></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><SUP>&nbsp;</SUP></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(Million
Barrels Per Day)</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><IMG SRC="pg76-100_006.jpg" ALT="" STYLE="height: 346px; width: 624px"></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(1)</I></FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Assumes
                                         all announced plans go ahead as scheduled</I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify; text-indent: -21.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Source:
IEA, Drewry</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
developed economies, such as Europe, refinery capacity is on the decline. This trend is likely to continue as refinery development
plans are concentrated in areas such as Asia and the Middle East or close to oil producing centers and the majority of the planned
refining capacities are export-orientated. These new refineries are more competitive as they can process sour (higher sulfur)
crude oil and are technically more advanced, as well as more environment friendly compared with existing European refineries.
By contrast, Chinese and Indian refinery capacity has grown at faster pace than any other region in the last decade, owing to
strong domestic oil consumption and the construction of export-orientated refineries. From 2010 to 2019, Chinese refining capacity
increased 57.2% and Indian refining capacity expanded 35.2%. In 2020, the refining capacity in India and China increased 2.4%
and 1.9%, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>China
&amp; India &ndash; Refining Capacity</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(&lsquo;000
Barrels Per Day)</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><IMG SRC="pg76-100_007.jpg" ALT="" STYLE="height: 299px; width: 625px"></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Capacity
for 2021 to 2025 assumes all announced plans go ahead as scheduled</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Source:
BP, IEA, Drewry</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>


<!-- Field: Page; Sequence: 69 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->65<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trend in product imports of major product importing regions of the world from January 2010 to December 2020 is shown in the following
chart.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Oil
Product Imports &ndash; Major Regions: Jan 2010-Dec 2020</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(Million
Barrels Per Day)</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="pg76-100_008.jpg" ALT="" STYLE="height: 306px; width: 624px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Source:
JODI, Drewry</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Overall,
the changes that are taking place in both the volume and geographical structure of seaborne product trades are of benefit to MR
product tankers, the workhorses of the industry. In addition to being the mainstay for key trade routes such as gasoline movements
across the Atlantic, MR vessels have the flexibility to service a diverse range of ports and the capability to accommodate the
most common parcel sizes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Product
Tanker Demand</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
in seaborne product trades and product tanker ton-mile demand in the period 2010 to 2020 are shown in the table given below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Seaborne
Product Trade and Ton Mile Demand: 2010-2020</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: center; padding-bottom: 1.5pt; width: 9%">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; width: 4%; text-align: center">2010</TD><TD STYLE="padding-bottom: 1.5pt; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; width: 4%; text-align: center">2011</TD><TD STYLE="padding-bottom: 1.5pt; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; width: 4%; text-align: center">2012</TD><TD STYLE="padding-bottom: 1.5pt; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; width: 4%; text-align: center">2013</TD><TD STYLE="padding-bottom: 1.5pt; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; width: 4%; text-align: center">2014</TD><TD STYLE="padding-bottom: 1.5pt; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; width: 4%; text-align: center">2015</TD><TD STYLE="padding-bottom: 1.5pt; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; width: 4%; text-align: center">2016</TD><TD STYLE="padding-bottom: 1.5pt; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; width: 4%; text-align: center">2017</TD><TD STYLE="padding-bottom: 1.5pt; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; width: 4%; text-align: center">2018</TD><TD STYLE="padding-bottom: 1.5pt; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; width: 4%; text-align: center">2019</TD><TD STYLE="padding-bottom: 1.5pt; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; width: 4%; text-align: center">2020</TD><TD STYLE="padding-bottom: 1.5pt; width: 1%; text-align: center">*</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; width: 4%; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2010-19 CAGR %</B></FONT></TD><TD STYLE="padding-bottom: 1.5pt; width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 1%; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; width: 4%; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2019-20 %</B></FONT></TD><TD STYLE="padding-bottom: 1.5pt; width: 1%; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Products</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Trade - Million Tons</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">809.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">860.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">858.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">904.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">914.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">962.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">999.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1042.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1059.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1035.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">933.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2.8</TD><TD STYLE="font-weight: bold; text-align: left">%</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-9.9</TD><TD STYLE="font-weight: bold; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Ton Miles - Billion Ton Miles</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,514</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,566</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,586</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,733</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,859</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,023</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,115</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,112</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,220</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,218</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,935</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2.8</TD><TD STYLE="font-weight: bold; text-align: left">%</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-8.8</TD><TD STYLE="font-weight: bold; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Avg Haul Length - Miles</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,105</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,983</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,011</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,022</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,127</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,141</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,117</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,984</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,041</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,107</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,144</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">0.0</TD><TD STYLE="font-weight: bold; text-align: left">%</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1.2</TD><TD STYLE="font-weight: bold; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Vegetable Oils</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Trade - Million Tons</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">61.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">63.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">70.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">72.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">79.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">81.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">81.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">85.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">81.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3.7</TD><TD STYLE="font-weight: bold; text-align: left">%</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-4.0</TD><TD STYLE="font-weight: bold; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Ton Miles - Billion Ton Miles</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">263</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">255</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">282</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">297</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">298</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">330</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">312</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">337</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">334</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">345</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">341</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3.1</TD><TD STYLE="font-weight: bold; text-align: left">%</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-1.1</TD><TD STYLE="font-weight: bold; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Avg Haul Length - Miles</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,279</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,008</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,107</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,240</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,104</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,138</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,141</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,143</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,078</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,061</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,183</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-0.6</TD><TD STYLE="font-weight: bold; text-align: left">%</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3.0</TD><TD STYLE="font-weight: bold; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Chemicals</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Trade - Million Tons</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">135.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">142.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">142.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">146.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">149.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">154.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">158.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">166.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">172.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">173.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">168.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2.7</TD><TD STYLE="font-weight: bold; text-align: left">%</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-2.4</TD><TD STYLE="font-weight: bold; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Ton Miles - Billion Ton Miles</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">475</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">501</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">493</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">490</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">497</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">521</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">555</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">583</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">610</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">628</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">627</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3.2</TD><TD STYLE="font-weight: bold; text-align: left">%</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-0.2</TD><TD STYLE="font-weight: bold; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Avg Haul Length - Miles</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,512</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,453</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,341</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,323</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,380</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,496</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,535</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,631</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,714</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">0.4</TD><TD STYLE="font-weight: bold; text-align: left">%</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2.3</TD><TD STYLE="font-weight: bold; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Total</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Trade - Million Tons</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,007</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,067</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,070</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,121</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,136</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,196</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,234</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,291</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,313</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,294</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,184</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2.8</TD><TD STYLE="font-weight: bold; text-align: left">%</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-8.5</TD><TD STYLE="font-weight: bold; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Ton Miles - Billion Ton Miles</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,251</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,322</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,361</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,519</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,654</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,875</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,982</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">4,032</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">4,164</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">4,191</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,903</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2.9</TD><TD STYLE="font-weight: bold; text-align: left">%</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">-6.9</TD><TD STYLE="font-weight: bold; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Avg Haul Length - Miles</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,230</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,115</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,140</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,140</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,215</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,238</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,228</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,124</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,170</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,240</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,297</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">0.0</TD><TD STYLE="font-weight: bold; text-align: left">%</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1.7</TD><TD STYLE="font-weight: bold; text-align: left">%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>*
Provisional estimates </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Source:
GTIS, Drewry</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 70 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->66<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tanker
demand, expressed in terms of ton-miles, can be calculated by multiplying the volume of products carried on the loaded leg (measured
in metric tons) by the distance over which it is carried (measured in miles). Based on the ton-mile approach, demand in the product
sector increased at a CAGR of 2.8% to 3,218 billion-ton miles between 2010 and 2019 whereas it dropped 8.8% to 2,935 billion-ton
miles in 2020 primarily on account of lower trade due to COVID-19. In effect, changes in the geographical pattern of product movements
have led to changes in average voyage lengths. For example, in 2010, the average loaded voyage length in the product sector was
3,105 miles and it remained mostly flat till 2016. However, because of growth in intra-Asia products trades, average voyage length
dropped to 2,984 miles in 2017, but it has since been on the rise with growing weightage of long-haul trade in the past three
years. The changes that have taken place in total product tanker trade and ton-mile demand between 2010 and 2020 are illustrated
in the chart below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Product
Tanker - Seaborne Trade and Vessel Demand: 2010-2020</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><IMG SRC="pg76-100_009.jpg" ALT="" STYLE="height: 325px; width: 624px"></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>*
Provisional estimates</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Source:
GTIS, Drewry</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
in the volume of seaborne trade on the main product routes in the period 2010-2020 are shown in the table below. The data in the
table substantiates the previous remarks regarding the expansion of export trades from countries such as the US, China and India.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 71 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->67<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Seaborne
Product Trades: 2010-2020</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(&lsquo;000
Tons)</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 8pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; width: 9%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Exporter</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Importer</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; width: 3%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2010</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; width: 3%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2011</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; width: 3%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2012</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; width: 3%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2013</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; width: 3%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2014</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; width: 3%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2015</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; width: 3%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2016</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; width: 3%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2017</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; width: 3%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2018</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; width: 3%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2019</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; width: 3%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2020</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">*</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; width: 4%; text-align: right"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2010-19</B></FONT></P>
                                                                                <P STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>CAGR
                                         %&nbsp;</B></FONT></P></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; width: 4%; text-align: right"><P STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>2019-20</B></FONT></P>
                                                                                <P STYLE="font: 8pt Times New Roman, Times, Serif; text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt"><B>%&nbsp;</B></FONT></P></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">India</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Brazil</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,432</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,079</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,456</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,700</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,149</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,519</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">294</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">50</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">186</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">856</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">330</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-11.0</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-61.4</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Saudi
    Arabia</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">906</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,395</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,624</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,050</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,828</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,771</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,092</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">660</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">667</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">644</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">958</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-3.7</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">48.7</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Singapore</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,961</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">9,865</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">10,882</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">8,547</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,426</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,223</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">9,389</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">13,577</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">10,465</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">8,089</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">10,420</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0.2</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">28.8</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">United
    Arab Emirates</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,885</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,134</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,046</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,534</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,940</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,959</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">8,095</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,985</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">9,263</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">9,601</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">9,066</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2.2</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-5.6</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">United
    States</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">952</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,689</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,377</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,507</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,585</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,428</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,655</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,555</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,125</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,618</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,468</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">16.0</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-4.1</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total
    named routes</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">20,136</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">23,161</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">27,384</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">26,337</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">31,929</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">21,900</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">22,524</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">25,827</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">24,706</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">22,808</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">24,242</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1.4</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6.3</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Russia</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Germany</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">437</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">340</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">662</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,609</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,729</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,310</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,453</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,289</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,128</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,787</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,968</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">22.9</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6.5</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Netherlands</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">16,325</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">15,741</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">18,350</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">18,127</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">19,107</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">20,244</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">16,961</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">14,619</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">13,076</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">13,514</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">10,532</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-2.1</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-22.1</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Singapore</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,769</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,999</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,819</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">836</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,979</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,619</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,726</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,557</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,930</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,983</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,689</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3.2</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-26.0</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">South
    Korea</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">700</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">852</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,419</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,946</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,156</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,445</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,980</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,504</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,466</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,071</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,048</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">24.6</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-0.5</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Turkey</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">10,719</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">8,944</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">9,081</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,539</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,041</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,102</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,571</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">8,176</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">9,483</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,528</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,733</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-3.9</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-10.6</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">United
    States</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,784</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,073</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,491</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,469</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,953</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">8,426</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">12,102</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">8,506</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,226</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">10,908</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">16,696</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">12.5</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">53.1</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total
    named routes</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">35,734</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">33,949</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">35,823</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">34,525</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">45,965</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">51,146</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">47,793</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">44,651</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">43,309</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">44,790</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">45,667</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2.5</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2.0</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Saudi
    Arabia</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Singapore</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,775</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,029</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,200</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,141</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,857</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,466</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,072</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,740</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,735</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,194</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,847</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1.6</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-10.9</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">United
    Arab Emirates</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Singapore</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,140</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,687</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,100</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,782</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,884</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,343</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,482</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,244</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,354</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">8,872</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,787</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">12.2</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-46.0</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total
    named routes</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,914</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,715</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">8,300</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">9,922</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">11,741</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">10,809</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">10,554</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">8,984</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">10,089</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">12,067</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,635</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">8.2</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-36.7</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">United
    States</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Brazil</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,434</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,195</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,628</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,891</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,182</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,848</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">8,558</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">13,756</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">11,613</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">16,464</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">15,679</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">19.0</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-4.8</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Chile</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,136</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,356</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,079</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,634</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,727</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,124</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,076</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,310</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,755</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,838</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,154</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7.1</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5.4</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Colombia</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,242</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,159</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,756</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,915</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,384</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">8,998</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,928</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,777</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,597</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,793</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,346</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6.7</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-25.0</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Ecuador</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,873</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,527</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,607</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,442</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,237</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,618</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,908</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,005</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,090</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,969</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,172</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3.7</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-20.1</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">France</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">982</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,027</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,186</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,756</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,862</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,680</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,063</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,183</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,508</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,505</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,131</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4.9</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">41.6</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Netherlands</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,659</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">10,552</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">10,926</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">10,723</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">9,134</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">8,811</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7,664</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,079</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,492</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,183</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,337</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-4.2</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-16.3</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Panama</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,135</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,917</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,932</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,251</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,819</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,459</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,725</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,165</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,238</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,263</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,291</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4.7</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">0.5</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Singapore</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,119</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,954</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,786</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,800</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,703</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,694</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,785</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,883</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,324</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,775</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,905</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-12.8</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">120.0</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total
    named routes</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">31,580</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">38,688</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">43,899</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">48,413</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">50,049</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">49,232</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">46,705</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">49,158</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">46,617</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">46,789</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">46,015</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4.5</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-1.7</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">China</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Singapore</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,312</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,811</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,961</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,783</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,160</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">6,850</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">10,503</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">12,297</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">14,868</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">14,945</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">12,337</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">14.8</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-17.4</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Panama</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,371</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,321</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">5,019</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,144</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,471</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,276</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,223</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,322</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,187</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,770</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,970</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-4.9</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">7.2</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">South
    Korea</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">883</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,133</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,328</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,539</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,813</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,261</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,017</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,295</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,679</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3,078</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,602</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">14.9</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-15.5</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Vietnam</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,663</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,247</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,272</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,525</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,934</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,902</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,488</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,238</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,755</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,255</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,179</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">3.4</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-47.7</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Indonesia</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,638</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,865</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,131</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,594</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,096</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,212</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">936</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,003</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">737</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,151</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">759</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-8.8</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-34.1</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Australia</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">88</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">104</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">196</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">147</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">599</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,453</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,472</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">1,676</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,724</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">4,124</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">2,904</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">53.3</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-29.6</FONT></TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="font: 8pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Total
    named routes</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">13,955</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">12,480</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">11,908</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">13,732</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">14,073</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">16,954</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">20,640</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">22,833</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">25,949</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">28,324</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">22,752</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">8.2</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">-19.7</FONT></TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">%</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>*
Provisional estimates</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Source:
GTIS, Drewry</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>


<!-- Field: Page; Sequence: 72 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->68<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Product
Tankers &ndash;Vessel Types</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
recap, within the context of this review, the product capable fleet consists of product tankers and product/chemical tankers,
and as such, pure chemical tankers are excluded from the analysis. The product capable fleet can be further divided into the five
main size sectors which are shown in the table below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Product
Tanker Types and Main Uses</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Class of Tanker</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Cargo Capacity (Dwt)</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Typical Use</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 20%; text-align: left">Long Range 2 (LR2)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; text-align: left">80,000+</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 56%; text-align: justify">Short- to medium-haul crude oil and 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.</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Long Range 1 (LR1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55,000 - 79,999</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Short- to medium-haul crude oil and refined petroleum products transportations worldwide, mostly on regional trade routes.</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Medium Range 2 (MR2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40,000-54,999</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Flexible vessels involved in medium-haul petroleum products trades both in the Atlantic Basin and the growing intra-Asian/Middle East/ISC trades.</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Medium Range 1 (MR1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25,000-39,999</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Small</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,000 - 24,999</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Short-haul of mostly refined petroleum products worldwide, usually on local or regional trade routes.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Source:
Drewry</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long
Range (LR) product tankers are normally classed as either LR1 or LR2 ships depending on their size. They are employed on various
routes, but are less flexible than Medium Range (MR) tankers as many ports do not have the facilities to accommodate larger ships.
MR tankers carry the majority of products transported by sea as their size allows greater flexibility on trade routes and port
access. The MR fleet can be divided into MR1, typically sized 25,000 dwt to 39,999 dwt, and MR2 typically sized 40,000 dwt to
54,999 dwt. The smallest product tankers, often referred to as &ldquo;Handies&rdquo;, are largely deployed on short-haul routes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 73 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->69<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
Product Tanker Fleet</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of February 28, 2021, the product tanker fleet comprised of 2,957 vessels with a combined capacity of 160.7 million dwt. The product
tanker fleet by vessel type and size as on February 28, 2021, is shown in the table given below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The
Product Tanker Fleet <SUP>(1)</SUP></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">Total Product Fleet</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">Deadweight Tons (Dwt)</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">Number of Vessels</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">% of Fleet</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">Capacity &lsquo;000 Dwt</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">% of Fleet</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 11pt">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 11pt">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 11pt">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 11pt">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 11pt">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 11pt">&nbsp;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; text-align: left">Long Range 2 (LR2)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">80,000+</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">357</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">12.1</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">39,590</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">24.6</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Long Range 1 (LR1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55-79,999</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">384</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,237</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17.6</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Medium Range 2 (MR2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40-54,999</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,585</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">76,135</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47.4</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Medium Range 1 (MR1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25-39,999</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">344</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,587</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.8</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Handy</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10-24,999</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">287</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,144</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.6</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Total</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,957</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">100.0</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">160,692</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">100.0</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Of Which:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">Product Tankers</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">Deadweight Tons (Dwt)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">Number of Vessels</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">% of Fleet</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">Capacity &lsquo;000 Dwt</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">% of Fleet</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; text-align: left">Long Range 2 (LR2)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">80,000+</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">353</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">23.0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">39,212</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">42.2</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Long Range 1 (LRI)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55-79,999</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">347</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25,512</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27.4</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Medium Range 2 (MR2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40-54,999</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">417</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,518</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21.0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Medium Range 1 (MR1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25-39,999</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">133</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,589</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.9</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Handy</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10-24,999</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">287</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,144</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.5</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Total</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,537</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">100.0</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">92,974</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">100.0</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">Product/Chemical</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">Deadweight Tons (Dwt)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">Number of Vessels</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">% of Fleet</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">Capacity &lsquo;000 Dwt</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">% of Fleet</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; text-align: left">Long Range 2 (LR2)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">80,000+</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">4</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">0.3</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">378</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">0.6</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Long Range 1 (LRI)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55-79,999</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,724</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Medium Range 2 (MR2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40-54,999</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,168</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">82.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">56,617</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83.6</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Medium Range 1 (MR1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25-39,999</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">211</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14.9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,998</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.8</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Handy</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10-24,999</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Total</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,420</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">100.0</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">67,718</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">100.0</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(1)</I></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Excludes
    U.S. flag vessels</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: -21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><SUP>&nbsp;</SUP></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Source:
Drewry </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><SUP>&nbsp;</SUP></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future
supply will be affected by the size of the newbuilding orderbook. As of February 28, 2021, there were 169 product and product/chemical
tankers on order, equivalent to 5.7% of the existing fleet by units and 6.9% of the existing fleet by dwt. The MR2 orderbook was
equivalent to 6.3% of the existing MR2 fleet by units and 6.6% by dwt. The existing orderbook-to-fleet ratio for product tankers
is substantially lower than ~25% in 2009 and ~15% in 2016. A total of 66 vessels (including 41 MR2) were ordered in 2020, of which
8 vessels (including 5 MR2) will be scrubber-fitted ships.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 74 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->70<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Product
Tanker Orderbook (1) and Scheduled Year of Delivery</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total Product Fleet</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Scheduled Year of Delivery</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Deadweight</B>&nbsp;</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Orderbook&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>% Fleet&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2021</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2022</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2023+&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1.5pt solid; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Vessel Size</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Tons (Dwt)</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>No</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>000 Dwt</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>No</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dwt</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>No</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>000 Dwt</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>No</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>000 Dwt</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>No</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>000 Dwt</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD STYLE="width: 23%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long Range 2 (LR2)</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">80,000+</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,477</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.4</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.8</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,691</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,626</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,160</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long Range 1 (LR1)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55-79,999</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">77</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">77</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Medium Range 2 (MR2)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40-54,999</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">100</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,998</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.6</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">64</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,202</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,507</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">289</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Medium Range 1 (MR1)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25-39,999</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">455</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.8</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.6</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">420</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #CCEEFF">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Handy</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10-24,999</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">97</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">97</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">0</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Total</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>169</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11,104</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.7</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.9</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>108</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6,487</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>45</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3,168</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>16</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1,449</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt/107% Calibri, Helvetica, Sans-Serif; margin: 0 0 8pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Of Which:</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="38">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font-weight: bold">Product Tankers</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Deadweight</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Orderbook</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">% Fleet</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2021</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2022</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2023+</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Tons (Dwt)</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">No</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">000 Dwt</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">No</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Dwt</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">No</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">000 Dwt</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">No</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">000 Dwt</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">No</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">000 Dwt</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 23%; text-align: left">Long Range 2 (LR2)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">80,000+</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">48</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">5,477</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">13.6</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">14.0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">24</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">2,691</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">14</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">1,626</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">10</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">1,160</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Long Range 1 (LRI)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55-79,999</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Medium Range 2 (MR2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40-54,999</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">858</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">454</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">254</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">150</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Medium Range 1 (MR1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25-39,999</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Handy</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10-24,999</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">97</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">97</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Total</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">72</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">6,432</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">4.7</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">6.9</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">40</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,241</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">19</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,880</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">13</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,310</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="38">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; font-weight: bold">Product/Chemical</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Deadweight</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Orderbook</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">% Fleet</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2021</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2022</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2023+</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Tons (Dwt)</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">No</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">000 Dwt</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">No</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Dwt</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">No</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">000 Dwt</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">No</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">000 Dwt</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">No</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">000 Dwt</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 23%; text-align: left">Long Range 2 (LR2)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">80,000+</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">0.0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">0.0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Long Range 1 (LRI)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">55-79,999</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">77</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">77</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Medium Range 2 (MR2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">40-54,999</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,140</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,748</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,253</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">139</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Medium Range 1 (MR1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25-39,999</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">455</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">420</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Handy</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10-24,999</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">Total</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">97</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">4,672</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">6.8</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">6.9</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">68</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,245</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">26</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,288</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">139</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(1)</I></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Excludes
    U.S. flag vessels</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: -21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Source:
Drewry</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the existing orderbook and scheduled deliveries as of February 28, 2021, nearly 6.5 million dwt is expected to be delivered
in the next 10 months of 2021, 3.2 million dwt in 2022 and 1.4 million dwt in 2023 and beyond. Nearly 64 newbuild MR2 vessels
with an aggregate capacity of 3.2 million dwt are expected to join the global product tanker fleet in the next 10 months of 2021.
In recent years, however, the orderbook has been affected by the non-delivery of vessels (sometimes referred to as &lsquo;&lsquo;slippage&rsquo;&rsquo;),
which in certain years has been as high as 35% of the scheduled deliveries. Some of this slippage resulted from delays, either
through mutual agreement or through shipyard problems, while others were due to vessel cancellations. Slippage is likely to remain
an issue going forward and, as such, it will have a moderating effect on product tanker fleet growth over the next two years.
The spread of COVID-19 resulted in substantially higher slippage of MR2 vessels in 2020 at 12% compared with 2.2% in 2019. The
pandemic will continue to impact the delivery schedule in 2021 as well and slippage during the year could be higher than in 2019.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 75 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->71<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tanker
supply is also affected by vessel scrapping or demolition and the removal of vessels through loss and conversion. As a product
tanker ages, vessel owners often conclude that it is more economical to scrap the vessel that has exhausted its useful life than
to upgrade it to maintain its &ldquo;in-class&rdquo; status. Often, particularly when tankers reach approximately 25 years of
age (less in the case of larger vessels), the cost of conducting the class survey and performing required repairs become inefficient.
Another factor is the higher steel price which increases demolitions in a low freight rate environment. Nearly 49 product tankers
with an aggregate capacity of 2.4 million dwt were scrapped in 2018, which is the highest since 2011. As charter rates improved
substantially in 2019, product tanker scrapping plunged with 24 product tankers aggregating 902 thousand dwt scrapped. A temporary
spike in vessel earnings led to a further decline in demolitions and 21 product tankers with an aggregate capacity of 876 thousand
dwt were sent to the scrapyards in 2020. As of February 28, 2021, five product tankers with aggregate capacity of 156 thousand
dwt were scrapped. The average age of the product and product/chemical fleet was 11.9 years as of February 28, 2021. The age profile
is shown in the following table.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Product
and Product/Chemical Fleet &ndash; Age Profile <SUP>(1)</SUP></B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">Product</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">&lt; 5 Yrs</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">5-10 Yrs</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">10-15 Yrs</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">15-20 Yrs</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">20-25 Yrs</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">25+ Yrs</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Average Age - Yrs</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 30%; padding-bottom: 1.5pt">10-24,999 Dwt</TD><TD STYLE="width: 2%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">15.0</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="width: 2%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">15.3</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="width: 2%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">15.3</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="width: 2%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">9.8</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="width: 2%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">12.5</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="width: 2%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">32.1</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="width: 2%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">18.5</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt">25-39,999 Dwt</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.5</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.0</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.3</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51.1</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19.5</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.5</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19.3</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt">40-54,999 Dwt</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.7</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.1</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41.5</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27.6</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14.4</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.8</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.2</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt">55-79,999 Dwt</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14.1</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13.0</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48.1</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22.8</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.7</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.3</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.8</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt">80,000+ Dwt</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33.7</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23.5</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29.7</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.9</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.8</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.3</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.8</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; border-bottom: Black 1.5pt solid">Product/Chemical</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">&lt; 5 Yrs</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">5-10 Yrs</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">10-15 Yrs</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">15-20 Yrs</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">20-25 Yrs</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">25+ Yrs</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Average Age - Yrs</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 30%; padding-bottom: 1.5pt">10-24,999 Dwt</TD><TD STYLE="width: 2%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">0.0</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="width: 2%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">0.0</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="width: 2%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">0.0</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="width: 2%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">0.0</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="width: 2%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">0.0</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="width: 2%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">0.0</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="width: 2%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt">25-39,999 Dwt</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.6</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22.3</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36.0</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30.8</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.3</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.7</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt">40-54,999 Dwt</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26.1</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26.9</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30.4</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14.0</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.6</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.2</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt">55-79,999 Dwt</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35.1</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21.6</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35.1</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.7</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.4</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.6</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1.5pt">80,000+ Dwt</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25.0</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75.0</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.0</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">%</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.4</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: -21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(1)</I></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Based
    on February 28, 2021 fleet</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: -21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Source:
Drewry</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
age profile data indicates that the more sophisticated product/chemical fleet is generally younger than its straight product tanker
counterpart. The average age of MR2 product tankers is 15.2 years, whereas for product/chemical tankers, the average age is 9.2
years. As on February 28, 2021 the average age of global MR2 fleet is 10.8 years. Nearly 19.2% of the MR2 product tanker fleet
is over 20 years of age. In the product/chemical fleet, 2.6% of MR2 ships are over 20 years of age. Overall, 6.9% of the current
MR2 fleet or 110 vessels are aged 20 years or more.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to vessel age, demolitions are also influenced by freight markets. During periods of high freight rates, scrapping activity
will decline and the opposite will occur when freight rates are low. This is evident from the chart below, which shows the trend
in product tanker demolitions from 2012 to February 2021. High levels of demolitions were seen from 2012 to 2014, and this was
also a key factor that facilitated the recovery of product tanker freight rates. Scrapping levels declined in 2015 and 2016 due
to a stronger freight market and the fact that the age profile of the product fleet was reduced by the influx of newbuildings.
In 2017, weak vessel earnings led to increased scrapping activity, and vessels with combined capacity of 1.6 million dwt were
sent to the scrapyards, with 14 MR2s demolished. A depressed freight market has stimulated even greater demolitions and an aggregate
capacity of 2.4 million dwt (including 19 MR2 vessels with combined capacity of 856 thousand dwt) was scrapped in 2018. Product
tanker scrapping came down sharply in 2019 as owners delayed demolitions on account of a surge in charter rates and in anticipation
of firm demand after the implementation of IMO 2020. A total of 902 thousand dwt (including 14 MR2 tankers with combined capacity
of 622 thousand dwt) of product tankers were scrapped in 2019. The rapid spike in freight rates in the aftermath of COVID-19 and
temporary shutdown at a number of demolition yards due to the virus further reduced the scrapping activity, and a total of 876
thousand dwt (including 8 MR2 tankers with aggregate capacity of 363 thousand dwt) were scrapped in 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Product
Tanker Scrapping: 2012-Feb 2021</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(&lsquo;000
Dwt)</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><IMG SRC="pg76-100_010.jpg" ALT="" STYLE="height: 321px; width: 626px"></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>*
Demolitions in two months till February 28, 2021</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Source:
Drewry</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 76 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->72<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Two
other important factors are likely to affect product tanker supply in the future. The first is the requirement to retrofit BWTS
to existing vessels. In February 2004, the IMO adopted the International Convention for the Control and Management of Ships&rsquo;
Ballast Water and Sediments. The IMO Ballast Water Management (BWM) Convention contains an environmentally protective numeric
standard for the treatment of a ship&rsquo;s ballast water before it is discharged. This standard, detailed in Regulation &lsquo;D-2&rsquo;
of the BWM Convention, sets out the numbers of organisms allowed in specific volumes of treated discharge water. The IMO &lsquo;D-2&rsquo;
standard is also the standard that has been adopted by the U.S. Coast Guard&rsquo;s ballast water regulations and the U.S. EPA&rsquo;s
Vessel General Permit. The BWM Convention also contains an implementation schedule for the installation of IMO member state type
approved treatment systems in existing ships and in new vessels, requirements for the development of vessel ballast water management
plans, for the safe removal of sediments from ballast tanks, and guidelines for the testing and type approval of ballast water
treatment technologies. In July 2017, the IMO extended the regulatory requirement of compliance to the BWM Convention from September
8, 2017 to September 8, 2019. Vessels trading internationally will have to comply with the BWM Convention upon their next special
survey after that date, and for an MR2 tanker, the retrofit cost could be as much as $1.0 million per vessel, including labor.
Expenditure of this kind has become another factor impacting the decision to scrap older vessels after the BWM convention came
into effect in September 2019.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
second factor that is likely to impact future vessel supply is the drive to introduce low sulfur fuels. High sulfur fuel oil (HSFO)
has been the main fuel of the shipping industry for many years. It is relatively inexpensive and widely available, but it is &lsquo;dirty&rsquo;
from an environmental point of view. The sulfur content of HSFO is extremely high and it is the reason that maritime shipping
accounts for 8% of global emissions of sulfur dioxide (SO<SUB>2</SUB>), an important source for acid rain, as well as respiratory
diseases. In some port cities, such as Hong Kong, shipping is the largest single source of SO<SUB>2 </SUB>emissions, as well as
emissions of particulate matter (PM), which are directly tied to the sulfur content of the fuel.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
IMO, the governing body of international shipping, has made a concerted effort to diversify the industry away from HFO into cleaner
fuels with less harmful effects on the environment and human health. Effective in 2015, ships operating within the Emission Control
Areas (ECAs) covering the Economic Exclusive Zone of North America, the Baltic Sea, the North Sea and the English Channel are
required to use marine gas oil with allowable sulfur content up to 0.1%.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
order to reduce the emission of air pollutants from ships in key areas of China, the Ministry of Transport issued stricter emission
control regulations in China&rsquo;s territorial waters. Beginning on January 1, 2020, ships entering inland waterways, including
the Yangtze River and Xijiang River have to adhere to a strict requirement of 0.1% sulfur content. From January 1, 2022, ships
will be required to comply with the 0.1% sulfur content requirement while entering the Hainan coastal ECA. In the meantime, China
is considering adopting more stringent emission control requirements, such as to implement the 0.1% sulfur content limit requirement
in all coastal waters beginning January 1, 2025.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
IMO implemented emission control regulation globally with effect from January 1, 2020. It stipulated that ships sailing outside ECAs
must switch to an alternate fuel with permitted sulfur content up to 0.5% or retrofit scrubbers in order to reduce emission. This
has created demand for Very Low Sulfur Fuel Oil (VLSFO) with 0.5% sulfur content. Some owners have also opted for scrubber
retrofitting on existing ships. As such the emission regulation should be another factor hastening the eventual demolition of older
ships. Within the context of the wider market, increased vessel scrapping is a positive development as it helps to counterbalance
new ship deliveries and moderates fleet growth. There were apprehensions that the shipping industry will undergo a major upheaval as
tougher rules on sulfur emissions from ships were to come into effect on January 1, 2020. Stakeholders were anxious about
availability of compliant fuels, longer wait periods and penalties due to non-compliance. However, it has been more than a year
since the IMO 2020 came into force and none of these apprehensions turned out to be true, barring a few sporadic technical issues
associated with blended bunker fuels. However, the average price of LSFO is higher than HSFO which is another reason why older, more
fuel consuming, vessels are less economical.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
in 2020 international marine fuel markets have seen four waves of turbulence within a few months. First, in January, the enforcement
of IMO2020 regulations capping marine fuel sulfur emissions content at 0.5% down from 3.5%. Second, in February, the demand for
petroleum products started to slide as a result of shutdowns to contain the spread of the virus. Third, in March, the oil price
war between Saudi Arabia and Russia led to a plunge in the crude oil prices. Last, there has been unprecedented destruction in
global oil demand as the pandemic spread intensified across geographies. WTI crude futures entered negative territory as oil prices
crashed further despite a mid-April OPEC+ agreement to reduce crude oil production. The record oversupply of ~30 mbpd led to an
oil glut with the excess oil making way into floating storage. Prices of the three main types of marine fuels - very low-sulphur
fuel oil (VLSFO) with 0.5% sulphur, high-sulphur fuel oil (HSFO) with 3.5% sulphur and marine gasoil (MGO) with 0.1% sulphur -
followed the crude prices downhill from January to April. However, the plunge in VLSFO prices outpaced the decline in HSFO prices,
substantially narrowing VLSFO&rsquo;s premium over HSFO. The premium which used to be nearly $300 per ton in January 2020 was
around $100 per ton in February 2021 as the availability of compliant fuel was not an issue due to reduced demand and increased
supply of VLSFO across major bunkering ports. The narrowing VLSFO-HSFO premium diluted shipowners&rsquo; incentive to invest in
scrubbers and prolonged the period for the return on investment for those who had already invested in scrubbers. Overall installation
of scrubbers and new fuel regulations turned out to be a non-event in the backdrop of COVID-19 and low fuel prices.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of February 28, 2021, 16.8% of the existing product tanker capable fleet based on capacity (includes Product Tankers and Product/Chemical
tankers) are either already fitted with scrubbers or are awaiting scrubber retrofit. LR2 constitutes the largest proportion with
28.6%, followed by MR2 at 16.3% and LR1 at 9.6%. Altogether, 27.0 million dwt (404 vessels) of product tanker capacity have either
scrubber installed on them or will have scrubber retrofitted in coming years. About 18.8% of the global tanker fleet (based on
number of vessels) is either fitted with scrubbers or pending scrubber retrofit. Vessels moving out of trade to retrofit scrubbers
impede supply growth and support freight rates. The total cost to retrofit an MR2 with a scrubber is estimated to be in the range
of $1.0-2.0 million. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 77 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->73<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IMO
2030, IMO 2050 and Sea Cargo Charter</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the recently implemented emission control regulations, the IMO has been devising strategies to reduce greenhouse gases
(&ldquo;GHG&rdquo;) and carbon emissions from ships. According to the latest announcement, the IMO plans to initiate measures
to reduce CO<SUB>2</SUB> emissions by at least 40% by 2030 and 70% by 2050 from the levels in 2008. It also plans to introduce
measures to reduce GHG emissions by 50% by 2050 from the 2008 levels. These are likely to be achieved by setting energy efficiency
requirements and encouraging shipowners to use alternative fuels such as biofuels, and electro-/synthetic fuels such as hydrogen
or ammonia. It may include limiting the speed of the ships. Currently, there is uncertainty regarding the exact measures that
the IMO will undertake to achieve these targets. Although the current macroeconomic environment is the main deterrent, IMO-related
uncertainty is also a key factor preventing ship owners from placing new orders, as these vessels may have a high environmental
compliance cost in the future. As mentioned above, some shipowners are ahead of the curve by having ordered LNG-fueled ships in
order to comply with stricter regulations that may be announced in future.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
November 2020, Marine Environment Protection Committee (&ldquo;MEPC&rdquo;) approved a draft for the new mandatory regulations
to cut the carbon intensity of existing ships. Formal adoption of the proposal for GHG and CO<SUB>2</SUB> emissions reduction
action plan is expected in June 2021. It will be a combination of technical and operational measures. These will be monitored
by the flag administration and corrective actions will be required in the event of constant non-compliance. The draft amendments
would require the IMO to review the effectiveness of the implementation of the Carbon Intensity Indicator (&ldquo;CII&rdquo;)
and Energy Efficiency Existing Ship Index (&ldquo;EEXI&rdquo;) requirements, by January 1, 2026 at the latest. EEXI is a technical
measure and would apply to ships above 400 GT. It indicates the energy efficiency of the ship compared to a baseline and is based
on a required reduction factor (expressed as a percentage relative to the Energy Efficiency Design Index baseline). On the other
hand, CII is an operational measure which specifies carbon intensity reduction requirements for vessels with 5,000 GT and above.
The CII determines the annual reduction factor needed to ensure continuous improvement of the ship&rsquo;s operational carbon
intensity within a specific rating level. The operational carbon intensity rating would be given on a scale of A, B, C, D, or
E indicating a major superior, minor superior, moderate, minor inferior, or inferior performance level, respectively. The performance
level would be recorded in the vessel&rsquo;s Ship Energy Efficiency Management Plan (SEEMP). A vessel rated D for three consecutive
years, or E, would have to submit a corrective action plan, to show how the required index (C or above) would be achieved. Further,
the European Union has endorsed a binding target of at least 55% domestic reduction in economy-wide GHG reduction by 2030 compared
to 1990. Shipowners operating in this region are required to comply with this regulation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Sea Cargo Charter, applicable to bulk ship charterers, is a global framework that allows for the integration of climate considerations
into chartering decisions to favor climate-aligned maritime transport. At present, 18 charterers are signatories to the sea cargo
charter. These charters have vowed to make the details of their shipping carbon footprint public. We expect these regulations
to affect old tonnage more, which would need to slow steam or incur capital expenses for energy efficiency improvements to remain
viable. Moreover they are likely to make the very old tonnage uneconomical.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Energy
Transition</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Traditionally,
fossil fuel-based energy sources such as oil, natural gas, and coal have propelled the global economy, but their share has been
declining over the past few years from 86.9% in 2011 to 84.3% in 2019 with the share of oil remaining stagnant at around 33% during
the period. However, the transition from fossil fuel-based energy to renewable sources of energy is currently underway which has
received a boost from the accelerated sales of electric vehicles (&ldquo;EVs&rdquo;), even though their share in total sales was
a meagre 2.5% in 2019. As the cost of EVs becomes competitive with vehicles that have internal combustion engines, and charging
infrastructure is developed across the world, sales of EVs are expected to gain momentum, reducing the demand for gasoline and
diesel in the long run. The demand for naphtha and jet fuel is likely to remain robust and will be the key driver of global trade
in crude and refined petroleum products.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>The
Product Tanker Charter Market </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
product tanker charter market is fragmented and highly competitive. Competition is based primarily on the offered charter rate,
the location and technical specification of the vessel. Similarly, the reputation of the vessel and its manager also play a major
role in the product tanker market than other shipping sectors. Typically, the agreed terms are based on standard industry charter
parties prepared to streamline the negotiation and documentation processes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
major charterers of product tanker tonnage are oil companies, both private and state-controlled, oil traders and refiners, and
in some cases independent ship owners. The oil companies, in particular, have their own predefined set of procedures for vetting
and approving tonnage suitable for charter. Oil companies&rsquo; vetting procedures are generally more stringent than others,
especially when vessels are being taken on time charter. Typically, the vetting procedures will include periodic assessments of
the vessel owner&rsquo;s office set-up and management, the setting of key performance indicators (KPIs), and examination of crew
retention rates and appraisal of the financial accounts of the company providing the ship for charter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 78 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->74<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Product
Tanker Charter Rates</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Worldscale
is the tanker shipping industry&rsquo;s standard reference for calculating spot charter rates as it provides the flexibility required
for the oil trade. Products are a fairly homogenous commodity as it does not vary significantly in quality and it is relatively
easy to transport by a variety of methods. These attributes, combined with the volatility of the world oil markets, means that
a products cargo may be bought and sold many times while at sea, and therefore, the cargo owner requires greater flexibility in
the choice of discharge options. If tanker fixtures were priced in the same way as dry cargo fixtures, this would involve the
shipowner calculating separate individual charter rates for a wide variety of discharge points. Worldscale provides a set of nominal
rates designed to provide roughly the same daily income irrespective of the discharge point. Time charter equivalent (TCE) is
the measurement that describes the earnings potential of any spot market voyage based on the quoted Worldscale rate. As described
above, the Worldscale rate is set and can then be converted into dollars per cargo ton. A voyage calculation is then performed
which removes all expenses (port costs, bunkers and commission) from the gross revenue, resulting in a net revenue which is then
divided by the total voyage days, which includes the days from discharge of the prior cargo until discharge of the cargo for which
the charter is paid (at sea and/or in port), to give a daily TCE rate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
supply and demand for product tanker capacity influences product tanker charter hire rates and vessel values. In general, time
charter rates are less volatile than spot rates as they reflect the fact that the vessel is fixed for a longer period. In the
spot market, rates will reflect the immediate underlying conditions in vessel supply and demand and are thus more prone to volatility.
During the period January 2011 to December 2020, the average TCE spot and one year time charter rates for MR2 vessels were $10,320
per day and $ 14,230 per day respectively. The chart and table below illustrate changes in the monthly average TCE rates for product
tankers from January 2010 to February 2021 for selected representative routes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Product
Tanker Time Charter Equivalent (TCE) Rates: Jan 2010-Feb 2021</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(US$/Day
&ndash; Period Averages)</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="pg76-100_011.jpg" ALT="" STYLE="height: 250px; width: 624px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Source:
Drewry</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Time
Charter Equivalent (TCE) Spot Rates: 2010-February 2021 (1)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(US$/Day
&ndash; Period Averages)</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I></I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Year Period Average</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-weight: bold">MR2</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-weight: bold">LR1</TD><TD STYLE="font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-weight: bold">LR2</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid; font-weight: bold">Caribs-USAC</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid; font-weight: bold">AG-Japan (Clean)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid; font-weight: bold">AG-Japan (Clean)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 33%; text-align: justify">2010</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; text-align: right">9,875</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; text-align: right">6,608</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; text-align: right">11,580</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">2011</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,442</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,408</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,515</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">2012</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,875</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,246</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">2013</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,142</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,417</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,490</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,875</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,858</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,283</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,133</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,742</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,673</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,142</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,858</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,442</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,225</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,936</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">2018</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,196</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,082</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,411</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">2019</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,739</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,252</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,698</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">2020</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,117</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,949</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,777</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Feb-21</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,592</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,124</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-848</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">2011-2020</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Averages</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,316</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,487</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,589</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Low</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-3,800</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-1,252</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>High</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,367</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">70,352</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">102,333</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.35in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(1)</I></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>TCE
    rates are based on normal sailing speeds/consumption. In weak freight markets this can theoretically lead to negative rates,
    but in most cases, this is avoided by reducing sailing speeds and fuel consumption.</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify; text-indent: -21.3pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Source:
Drewry</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>


<!-- Field: Page; Sequence: 79 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->75<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Product
tanker charter rates remained weak during 2009-2014 on account of surge in newbuilding deliveries. Charter rates in the tanker
sector started to improve in the second half of 2014 as result of low growth in vessel supply and rising vessel demand. In the
products sector, a number of other factors combined to push up rates, including:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Falling
    crude oil prices;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increased
    trade due to higher stocking activity and improved demand for oil products;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Longer
    voyage distances because of refining capacity additions in Asia;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Product
    tankers also carrying crude encouraged by firm charter rates for dirty tankers;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lower
    bunker prices contributing to higher net earnings; and</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Freight
    rates remaining firm throughout 2015, leading to higher revenue and improved profitability for ship-owners.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -14.15pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
by early 2016 product tanker charter rates were on a decline as newbuilding orders placed in 2013-15 led to a sharp increase in
product tanker supply in 2016. Moreover, high levels of newbuilding deliveries of product and product/chemical tankers in 2017
outpaced demand growth and TCE rates declined further. The market remained weak through the fall of 2018 before reflecting signs
of improvement in vessel earnings in the latter months of the year. The steep increase in product tanker charter rates in 2019
was driven by a spike in diesel trade before IMO 2020 regulations came into effect on January 1, 2020. The trickle-down effect
of the tight crude tanker market after US sanctions on Cosco Shipping Tanker (Dalian) Co. pushed product tanker freight rates
to multi-year highs towards the end of 2019 and also caused a number of LR2 to trade dirty cargos, thus reducing overall clean
product capacity in the short term. Fading seasonality and uncertainty due to the outbreak of COVID-19 in China led to the decline
in vessel earnings in the first two months of 2020. However, an oil price war between Russia and Saudi Arabia coupled with demand
destruction as a result of the implementation of lockdown measures in several economies to contain the spread of the virus led
to a surge in earnings of crude tankers in March and April. Several LRs switched to trade in crude shipments that limited the
supply of vessels deployed for product shipments. Some of the product tankers were used for floating storage of refined products
as well. With the virus spreading globally, the weak demand for refined products led to an increase in both onshore and offshore
stocking activity in spring 2020 as the increasing use of product tankers as storage facilities coupled with global port congestions
resulted in a surge in product tanker rates in March and April. Nearly 6 mdwt or about 6.6% of the product tanker fleet was deployed
for floating storage at the peak of the contango opportunities in the oil market in April 2020. This led to substantial improvement
in product tanker day rates as well. TCE rates for MR2 tankers averaged a record $38,367/day in April 2020 before undergoing a
rapid correction in following months on seasonal weakness, inventory de-stocking and return of vessel supply.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
the end of February 2021, nearly 2.23 million dwt of capacity comprising nearly 2.4% of the product tanker fleet was used for
offshore storage, indicating a declining trend in on-the-water storage of refined products from a peak in May 2020. Product tankers
coming out from floating storage increased vessel supply and have an adverse impact of spot rates in latter half of 2020. However,
TCE rates for MR2 vessels have been rising in recent months with slow recovery in demand and optimism infused by vaccine rollouts
for COVID-19. One-year time charter rate for an MR2 tanker reflected a similar trend and the rate for these vessels stood at $14,250/day
in February 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 80 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->76<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Product
Tanker One Year Time Charter Rates: Jan 2010-Feb 2021</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(US$
Per Day &ndash; Period Averages)</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I><IMG SRC="pg76-100_012.jpg" ALT="" STYLE="height: 302px; width: 626px"></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Source:
Drewry</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>One
Year Time Charter Rates: 2010-February 2021</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(US$
Per Day &ndash; Period Averages)</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">Year Period Average</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">MR2</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">LR1</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">LR2</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; text-align: justify">2010</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">12,388</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">14,608</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">16,333</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">2011</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,633</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,767</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,758</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">2012</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,325</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,129</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,263</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">2013</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,246</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,708</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,488</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,438</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,188</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,708</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,271</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,333</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,688</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,125</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,063</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,188</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,979</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,625</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">2018</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,133</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,938</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,125</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">2019</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,667</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,542</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,396</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">2020</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,879</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,246</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,800</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Feb-21</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,250</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">2011-2020</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Averages</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,390</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,183</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,691</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Low</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>High</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,500</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24,250</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Source:
Drewry</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
weak freight markets owners often use slow steaming to reduce bunker consumption, but the use of triangulation voyage can help
to bolster earnings. Triangulation in effect reduces the amount of time a vessel will spend sailing in ballast (i.e., empty) and
seeks to maximize the amount of time the vessel is on a revenue-generating voyage. The map below indicates how triangulation works
for a typical MR tanker.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 81 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->77<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Typical
MR Triangulation in the Atlantic Basin</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="pg76-100_013.jpg" ALT="" STYLE="height: 304px; width: 578px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Source:
Drewry</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Eco
Ships</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shipbuilders
have designed and built ships that use less fuel while carrying the same amount of cargo as an existing ship. These vessels are
referred to in the industry as &ldquo;eco&rdquo; ships. In addition, an eco-ship has a number of technical innovations designed
to reduce emissions. Such vessels are a comparatively new development, with the first designs appearing in 2012 and are typically
called &ldquo;eco-efficient&rdquo; tankers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
newbuild eco-ship has an optimized hull form and a fuel-efficient engine, which will reduce fuel consumption. Existing ships can
also reduce fuel consumption by lowering sailing speeds, but in practice, this only happens when markets are substantially over-supplied
and bunker prices are high. Other options for existing ships to reduce fuel consumption include retrofitting equipment such as
applying low friction paint or installing Mewis ducts (which maximizes propeller thrust) and a rudder bulb or other similar features
(vessels with such features are typically called &ldquo;eco-modified&rdquo; tankers).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Size
is important in evaluating the relative benefits of eco vessels as smaller ships spend a greater proportion of their trading year
in port, where there is little economic benefit between an eco-design and an older or &ldquo;standard&rdquo; tanker without added
or retrofitted fuel consumption reduction features. Shipbuilders do not provide warranted performance data for eco-ships, but
the experience of vessels delivered to date appears to suggest that fuel savings of about 15% over standard tankers are achievable
under normal sailings speeds. For an MR2 product tanker, the difference in daily fuel consumption between an eco and a non-eco
ship is approximately 15% lower fuel consumption per day, while sailing at design speeds. It also seems to be the case that the
first eco ships that were delivered in 2012 are less sophisticated in design than ships delivered post-2015. The eco-designed
MR2 vessels generally command a premium of $1,000/day to $1,500/day over non eco-designed counterparts in time charter market.
It is estimated that scrubber-fitted MR2 can obtain a modest premium over an eco-designed tanker. However, additional operating
and capital costs need to be included to determine return on investment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 82 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->78<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Newbuilding
Prices and Second-hand Values</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vessels
are constructed at shipyards of varying size and technical sophistication. Drybulk carriers are generally considered to be the
least technically sophisticated vessels to construct, with oil and product tankers, container vessels and LNG carriers entailing
a much higher degree of technical sophistication. The actual construction of a vessel can take place in two years and can be sub-divided
into five stages: contract signing, steel cutting, keel laying, launching and delivery. The amount of time between signing a newbuilding
contract and the date of delivery is usually between 20-24 months, but in times of high shipbuilding demand, it can extend up
to three years. Market prospects are key driver for new orders. New ordering can also be influenced by evolving ship designs,
technological improvements, such as, engine capabilities, pricing, and availability of newer more environment friendly fuels.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table which follows illustrate the trend in newbuilding (NB) construction prices and second-hand (SH) values (5 years old and
10 years old) for an MR2 product and product/chemical tanker.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>MR2
Product &amp; Product/Chemical Tanker </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Newbuilding
Price &amp; Second-hand Value: 2011-February 2021</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(US$
Million)</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I></I></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="22" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">MR2</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: justify">End Year</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">NB Price</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">NB Price Average</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">SH Price - 5 Yrs Old</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">SH Price Average (5 Yrs Old)</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">SH Price - 10 Yrs Old</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">SH Price Average (10 Yrs Old)</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 22%; text-align: justify">2011</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">36.0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">34.8</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">27.0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">26.4</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">18.0</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">17.4</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">2012</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17.4</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">2013</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17.4</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17.4</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17.4</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">2016</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17.4</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">2017</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17.4</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">2018</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17.4</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: justify">2019</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17.4</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify">2020</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17.4</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Feb-21</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26.4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17.4</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Note:
Newbuilding prices prior to 2016 and second hand prices are for Tier II vessels, Newbuilding prices from 2016 are for Tier III
vessels. Additionally, scrubber installation on an MR2 vessel will be in the range of $1.0 to 2.0. million depending on whether
installation occurs on NB or a SH retrofit tankers</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Source:
Drewry</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Newbuilding
prices increased significantly between 2003 and 2007 primarily as a result of increased tanker demand. Thereafter, prices weakened
in the face of a depressed freight market and lower levels of new ordering. In late 2013, prices started to recover and they continued
to edge up slowly during 2014 before falling marginally in late 2015. Moreover, newbuilding prices fell further in 2016 because
of excess capacity available at shipyards accompanied with low steel prices. New orders declined on account of diminishing earning
potential of oil tankers, and mandatory compliance to Tier III emission for ships ordered on or after January 1, 2016, as well
as owners&rsquo; limited access to cost-effective capital. However, newbuild prices increased in the range of 5-15% in the latter
half of 2017 and 2018 mainly on the back of increased steel prices and improved bargaining power of shipyards. In 2018, these
prices moved up with the expectation of a recovery in the product tanker market. Newbuilding prices of MR2 tankers largely remained
flat between August 2018 and April 2020 before registering a decline of ~5% in the latter half of 2020 due to lower orders and
weak market prospects. Excess shipbuilding capacity has also kept newbuilding prices in check.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
IMO&rsquo;s Tier III norms aims to reduce nitrogen oxides (NO<SUB>x</SUB>) emission by approximately 70% compared with current
Tier II regulations. The implementation of Tier III emission norms applies to vessels in North America, the Caribbean, the Baltic
Sea, the North Sea, and all future NO<SUB>x</SUB> Emission Control Areas: any vessel that might pass through must comply. The
shipowners have to adopt Selective Catalytic Reduction (SCR) to comply with Tier III emission norms. The IMO stipulates that all
vessels ordered on or after January 1, 2016 must have SCR installed on it.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Second-hand
values primarily, albeit with a lag, reflect prevailing and expected charter rates. During extended periods of high charter rates
vessel values tend to appreciate and vice versa. However, vessel values are also influenced by other factors, including the age
of the vessel. Prices for young vessels, those approximately up to five years old, are also influenced by newbuilding prices while
prices for old vessels, near the end of their useful economic life, those approximately at or in excess of 25 years, are influenced
by the value of scrap steel. In addition, values for younger vessels tend to fluctuate less on a percentage basis than values
for older vessels. This is attributed to the finite useful economic life of older vessels which makes the value of younger vessels,
commensurate with longer remaining economic lives, less susceptible to the level of prevailing and expected charter rates in the
short term.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vessel
values are determined on a daily basis in the sale and purchase (S&amp;P) market, where vessels are sold and bought through specialized
sale and purchase brokers who regularly report these transactions to the market. The sale and purchase market for product tankers
is transparent and quite liquid, with a large number of vessels changing hands on a regular basis.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the period 2005 to 2007, second-hand values of modern tankers rose substantially as a result of the underlying trend in freight
rates and newbuilding prices. At times, during the height of the boom, values for modern second-hand tankers exceeded newbuilding
prices. However, the downturn in tanker charter rates in the second half of 2008 had an immediate and adverse impact on second-hand
values. There was a brief rally in values in late 2010/early 2011, but this proved to be short-lived, and thereafter, prices continued
to decline until the middle of 2013.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 83 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->79<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
late 2013, prices for all modern tankers increased as a result of improvement in freight rates and positive market sentiment and
further gains were recorded in 2014 and 2015. However, in 2016, second-hand prices saw a double-digit decline on account of weakening
charter rates. For illustration, the second-hand price of a five-year old MR 2 tanker fell by 18.5% from $27.0 million at year
end-2015 to $ 22.0 million by year end-2016. However, the second-hand prices started recovery in 2017-18 despite weakness in freight
rates as historically low asset prices underpinned demand for modern second-hand vessels ahead of IMO2020. Prices climbed higher
further in 2019 in tandem with recovery in freight rates and continued firmness in demand for modern fuel-efficient tonnage. For
example, the second-hand price of a five-year old MR2 increased by 11.1% in 2019. The vessel values continued their uptrend in
the initial four months of 2020 on the back of a spike in vessel earnings; however, the sharp correction in freight rates in the
latter half of the year led to a 13.3% decline in second-hand prices of a five-year old MR2 vessel. Gradual recovery in demand
and optimism on the back of roll out of COVID-19 vaccines supported the second-hand prices in recent months, and a five-year old
MR2 was valued at $27.5 million in February 2021 compared with $26.0 million in December 2020. The second-hand price for 5 year
old MR2 vessels from January 2018 reflects the asset values of first generation Eco-efficient MR2 vessels.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Environmental
and Other Regulations in the Shipping Industry</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Government
regulation and laws significantly affect the ownership and operation of our fleet. We are subject to international conventions
and treaties, national, state and local laws and regulations in force in the countries in which our vessels may operate or are
registered relating to safety and health and environmental protection including the storage, handling, emission, transportation
and discharge of hazardous and non-hazardous materials, and the remediation of contamination and liability for damage to natural
resources. Compliance with such laws, regulations and other requirements entails significant expense, including vessel modifications
and implementation of certain operating procedures.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
variety of government and private entities subject our vessels to both scheduled and unscheduled inspections. These entities include
the local port authorities (applicable national authorities such as the USCG, harbor master or equivalent), classification societies,
flag state administrations (countries of registry) and charterers, particularly terminal operators. Certain of these entities
require us to obtain permits, licenses, certificates and other authorizations for the operation of our vessels. Failure to maintain
necessary permits or approvals could require us to incur substantial costs or result in the temporary suspension of the operation
of one or more of our vessels.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 84 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->80<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Increasing
environmental concerns have created a demand for vessels that conform to stricter environmental standards. We are required to
maintain operating standards for all of our vessels that emphasize operational safety, quality maintenance, continuous training
of our officers and crews and compliance with United States and international regulations. We believe that the operation of our
vessels is in substantial compliance with applicable environmental laws and regulations and that our vessels have all material
permits, licenses, certificates or other authorizations necessary for the conduct of our operations. However, because such laws
and regulations frequently change and may impose increasingly stricter requirements, we cannot predict the ultimate cost of complying
with these requirements, or the impact of these requirements on the resale value or useful lives of our vessels. In addition,
a future serious marine incident that causes significant adverse environmental impact could result in additional legislation or
regulation that could negatively affect our profitability.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">International
Maritime Organization</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
IMO has adopted the International Convention for the Prevention of Pollution from Ships, 1973, as modified by the Protocol of
1978 relating thereto, collectively referred to as MARPOL 73/78, the International Convention for the SOLAS Convention, and the
LL Convention. MARPOL establishes environmental standards relating to oil leakage or spilling, garbage management, sewage, air
emissions, handling and disposal of noxious liquids and the handling of harmful substances in packaged forms. MARPOL is applicable
to drybulk, tanker and LNG carriers, among other vessels, and is broken into six Annexes, each of which regulates a different
source of pollution. Annex I relates to oil leakage or spilling; Annexes II and III relate to harmful substances carried in bulk
in liquid or in packaged form, respectively; Annexes IV and V relate to sewage and garbage management, respectively; and Annex
VI, lastly, relates to air emissions. Annex VI was separately adopted by the IMO in September of 1997; new emissions standards,
titled IMO-2020, took effect on January 1, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Air
Emissions</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
September of 1997, the IMO adopted Annex VI to MARPOL to address air pollution from vessels. Effective May 2005, Annex VI sets
limits on sulfur oxide and nitrogen oxide emissions from all commercial vessel exhausts and prohibits &ldquo;deliberate emissions&rdquo;
of ozone depleting substances (such as halons and chlorofluorocarbons), emissions of volatile compounds from cargo tanks, and
the shipboard incineration of specific substances. Annex VI also includes a global cap on the sulfur content of fuel oil and allows
for special areas to be established with more stringent controls on sulfur emissions, as explained below. Emissions of &ldquo;volatile
organic compounds&rdquo; from certain vessels, and the shipboard incineration (from incinerators installed after January 1, 2000)
of certain substances (such as polychlorinated biphenyls, or PCBs) are also prohibited. We believe that all our vessels are currently
compliant in all material respects with these regulations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
MEPC, adopted amendments to Annex VI regarding emissions of sulfur oxide, nitrogen oxide, particulate matter and ozone depleting
substances, which entered into force on July 1, 2010. The amended Annex VI seeks to further reduce air pollution by, among other
things, implementing a progressive reduction of the amount of sulfur contained in any fuel oil used on board ships. On October
27, 2016, at its 70th session, the MEPC agreed to implement a global 0.5% m/m sulfur oxide emissions limit (reduced from 3.50%)
starting from January 1, 2020. This limitation can be met by using low-sulfur compliant fuel oil, alternative fuels, or certain
exhaust gas cleaning systems. Ships are now required to obtain bunker delivery notes and International Air Pollution Prevention
Certificates from their flag states that specify sulfur content. Additionally, at MEPC 73, amendments to Annex VI to prohibit
the carriage of bunkers above 0.5% sulfur on ships were adopted and took effect March 1, 2020. These regulations subject ocean-going
vessels to stringent emissions controls, and may cause us to incur substantial costs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sulfur
content standards are even stricter within certain ECAs. As of January 1, 2015, ships operating within an ECA were not permitted
to use fuel with sulfur content in excess of 0.1% m/m. Amended Annex VI establishes procedures for designating new ECAs. Currently,
the IMO has designated four ECAs, including specified portions of the Baltic Sea area, North Sea area, North American area and
United States Caribbean area. Ocean-going vessels in these areas will be subject to stringent emission controls and may cause
us to incur additional costs. Other areas in China are subject to local regulations that impose stricter emission controls. If
other ECAs are approved by the IMO, or other new or more stringent requirements relating to emissions from marine diesel engines
or port operations by vessels are adopted by the EPA or the states where we operate, compliance with these regulations could entail
significant capital expenditures or otherwise increase the costs of our operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 85 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->81<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amended
Annex VI also establishes new tiers of stringent nitrogen oxide emissions standards for marine diesel engines, depending on their
date of installation. At the MEPC meeting held from March to April 2014, amendments to Annex VI were adopted which address the
date on which Tier III NOx standards in ECAs will go into effect. Under the amendments, Tier III NOx standards apply to ships
that operate in the North American and U.S. Caribbean Sea ECAs designed for the control of NOx produced by vessels with a marine
diesel engine installed and constructed on or after January 1, 2016. Tier III requirements could apply to areas that will be designated
for Tier III NOx in the future. At MEPC 70 and MEPC 71, the MEPC approved the North Sea and Baltic Sea as ECAs for nitrogen oxide
for ships built on or after January 1, 2021. The EPA promulgated equivalent (and in some senses stricter) emissions standards
in 2010. As a result of these designations or similar future designations, we may be required to incur additional operating or
other costs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
determined at the MEPC 70, the new Regulation 22A of MARPOL Annex VI became effective as of March 1, 2018 and requires ships above
5,000 gross tonnage to collect and report annual data on fuel oil consumption to an IMO database, with the first year of data
collection having commenced on January 1, 2019. The IMO intends to use such data as the first step in its roadmap (through 2023)
for developing its strategy to reduce greenhouse gas emissions from ships, as discussed further below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of January 1, 2013, MARPOL made mandatory certain measures relating to energy efficiency for ships. All ships are now required
to develop and implement Ship Energy Efficiency Management Plans (&ldquo;SEEMPS&rdquo;), and new ships must be designed in compliance
with minimum energy efficiency levels per capacity mile as defined by the Energy Efficiency Design Index (&ldquo;EEDI&rdquo;).
Under these measures, by 2025, all new ships built will be 30% more energy efficient than those built in 2014. Additionally, MEPC
75 adopted amendments to MARPOL Annex VI which brings forward the effective date of the EEDI&rsquo;s &ldquo;phase 3&rdquo; requirements
from January 1, 2025 to April 1, 2022 for several ship types, including gas carriers, general cargo ships, and LNG carriers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additionally,
MEPC 75 introduced draft amendments to Annex VI which impose new regulations to reduce greenhouse gas emissions from ships. These
amendments introduce requirements to assess and measure the energy efficiency of all ships and set the required attainment values,
with the goal of reducing the carbon intensity of international shipping. The requirements include (1) a technical requirement
to reduce carbon intensity based on a new EEXI, and (2) operational carbon intensity reduction requirements, based on a new operational
CII. The attained EEXI is required to be calculated for ships of 400 gross tonnage and above, in accordance with different values
set for ship types and categories. With respect to the CII, the draft amendments would require ships of 5,000 gross tonnage to
document and verify their actual annual operational CII achieved against a determined required annual operational CII. Additionally,
MEPC 75 proposed draft amendments requiring that, on or before January 1, 2023, all ships above 400 gross tonnage must have an
approved SEEMP on board. For ships above 5,000 gross tonnage, the SEEMP would need to include certain mandatory content. MEPC
75 also approved draft amendments to MARPOL Annex I to prohibit the use and carriage for use as fuel of heavy fuel oil (&ldquo;HFO&rdquo;)
by ships in Arctic waters on and after July 1, 2024. The draft amendments introduced at MEPC 75 may be adopted at the MEPC 76
session, to be held during 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may incur costs to comply with these revised standards. Additional or new conventions, laws and regulations may be adopted that
could require the installation of expensive emission control systems and could adversely affect our business, results of operations,
cash flows and financial condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Safety
Management System Requirements</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
SOLAS Convention was amended to address the safe manning of vessels and emergency training drills. The Convention of Limitation
of Liability for Maritime Claims (the &ldquo;LLMC&rdquo;) sets limitations of liability for a loss of life or personal injury
claim or a property claim against ship owners. We believe that our vessels are in substantial compliance with SOLAS and LLMC standards.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Chapter IX of the SOLAS Convention, or the ISM Code, our operations are also subject to environmental standards and requirements.
The ISM Code requires the party with operational control of a vessel to develop an extensive safety management system that includes,
among other things, the adoption of a safety and environmental protection policy setting forth instructions and procedures for
operating its vessels safely and describing procedures for responding to emergencies. We rely upon the safety management system
that we and our technical management team have developed for compliance with the ISM Code. The failure of a vessel owner or bareboat
charterer to comply with the ISM Code may subject such party to increased liability, may decrease available insurance coverage
for the affected vessels and may result in a denial of access to, or detention in, certain ports.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
ISM Code requires that vessel operators obtain a safety management certificate for each vessel they operate. This certificate
evidences compliance by a vessel&rsquo;s management with the ISM Code requirements for a safety management system. No vessel can
obtain a safety management certificate unless its manager has been awarded a document of compliance, issued by each flag state,
under the ISM Code. We have obtained applicable documents of compliance for our offices and safety management certificates for
all of our vessels for which the certificates are required by the IMO. The documents of compliance and safety management certificates
are renewed as required.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulation
II-1/3-10 of the SOLAS Convention governs ship construction and stipulates that ships over 150 meters in length must have adequate
strength, integrity and stability to minimize risk of loss or pollution. Goal-based standards amendments in SOLAS regulation II-1/3-10
entered into force in 2012, with July 1, 2016 set for application to new oil tankers and bulk carriers. The SOLAS Convention regulation
II-1/3-10 on goal-based ship construction standards for bulk carriers and oil tankers, which entered into force on January 1,
2012, requires that all oil tankers and bulk carriers of 150 meters in length and above, for which the building contract is placed
on or after July 1, 2016, satisfy applicable structural requirements conforming to the functional requirements of the International
Goal-based Ship Construction Standards for Bulk Carriers and Oil Tankers (GBS Standards).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendments
to the SOLAS Convention Chapter VII apply to vessels transporting dangerous goods and require those vessels be in compliance with
the International Maritime Dangerous Goods Code (&ldquo;IMDG Code&rdquo;). Effective January 1, 2018, the IMDG Code includes (1)
updates to the provisions for radioactive material, reflecting the latest provisions from the International Atomic Energy Agency,
(2) new marking, packing and classification requirements for dangerous goods, and (3) new mandatory training requirements. Amendments
which took effect on January 1, 2020 also reflect the latest material from the UN Recommendations on the Transport of Dangerous
Goods, including (1) new provisions regarding IMO type 9 tank, (2) new abbreviations for segregation groups, and (3) special provisions
for carriage of lithium batteries and of vehicles powered by flammable liquid or gas.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 86 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->82<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
IMO has also adopted the International Convention on Standards of Training, Certification and Watchkeeping for Seafarers (&ldquo;STCW&rdquo;).
As of February 2017, all seafarers are required to meet the STCW standards and be in possession of a valid STCW certificate. Flag
states that have ratified SOLAS and STCW generally employ the classification societies, which have incorporated SOLAS and STCW
requirements into their class rules, to undertake surveys to confirm compliance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
recent action by the IMO&rsquo;s Maritime Safety Committee and United States agencies indicates that cybersecurity regulations
for the maritime industry are likely to be further developed in the near future in an attempt to combat cybersecurity threats.
For example, cyber-risk management systems must be incorporated by ship-owners and managers by 2021. This might cause companies
to create additional procedures for monitoring cybersecurity, which could require additional expenses and/or capital expenditures.
The impact of such regulations is hard to predict at this time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pollution
Control and Liability Requirements</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
IMO has negotiated international conventions that impose liability for pollution in international waters and the territorial waters
of the signatories to such conventions. For example, the IMO adopted the BWM Convention in 2004. The BWM Convention entered into
force on September 8, 2017. The BWM Convention requires ships to manage their ballast water to remove, render harmless, or avoid
the uptake or discharge of new or invasive aquatic organisms and pathogens within ballast water and sediments. The BWM Convention&rsquo;s
implementing regulations call for a phased introduction of mandatory ballast water exchange requirements, to be replaced in time
with mandatory concentration limits, and require all ships to carry a ballast water record book and an international ballast water
management certificate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 4, 2013, the IMO Assembly passed a resolution revising the application dates of the BWM Convention so that the dates
are triggered by the entry into force date and not the dates originally in the BWM Convention. This, in effect, makes all vessels
delivered before the entry into force date &ldquo;existing vessels&rdquo; and allows for the installation of ballast water management
systems on such vessels at the first International Oil Pollution Prevention (IOPP) renewal survey following entry into force of
the convention. The MEPC adopted updated guidelines for approval of ballast water management systems (G8) at MEPC 70. At MEPC
71, the schedule regarding the BWM Convention&rsquo;s implementation dates was also discussed and amendments were introduced to
extend the date existing vessels are subject to certain ballast water standards. Those changes were adopted at MEPC 72. Ships
over 400 gross tons generally must comply with a &ldquo;D-1 standard,&rdquo; requiring the exchange of ballast water only in open
seas and away from coastal waters. The &ldquo;D-2 standard&rdquo; specifies the maximum amount of viable organisms allowed to
be discharged, and compliance dates vary depending on the IOPP renewal dates. Depending on the date of the IOPP renewal survey,
existing vessels must comply with the D-2 standard on or after September 8, 2019. For most ships, compliance with the D-2 standard
will involve installing on-board systems to treat ballast water and eliminate unwanted organisms. Ballast water management systems,
which include systems that make use of chemical, biocides, organisms or biological mechanisms, or which alter the chemical or
physical characteristics of the ballast water, must be approved in accordance with IMO Guidelines (Regulation D-3). As of October
13, 2019, MEPC 72&rsquo;s amendments to the BWM Convention took effect, making the Code for Approval of Ballast Water Management
Systems, which governs assessment of ballast water management systems, mandatory rather than permissive, and formalized an implementation
schedule for the D-2 standard. Under these amendments, all ships must meet the D-2 standard by September 8, 2024. Costs of compliance
with these regulations may be substantial. Additionally, in November 2020, MEPC 75 adopted amendments to the BWM Convention which
would require a commissioning test of the ballast water management system for the initial survey or when performing an additional
survey for retrofits. This analysis will not apply to ships that already have an installed BWM system certified under the BWM
Convention. These amendments are expected to enter into force on June 1, 2022.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Once
mid-ocean exchange ballast water treatment requirements become mandatory under the BWM Convention, the cost of compliance could
increase for ocean carriers and may have a material effect on our operations. However, many countries already regulate the discharge
of ballast water carried by vessels from country to country to prevent the introduction of invasive and harmful species via such
discharges. The U.S., for example, requires vessels entering its waters from another country to conduct mid-ocean ballast exchange,
or undertake some alternate measure, and to comply with certain reporting requirements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
IMO adopted the International Convention on Civil Liability for Oil Pollution Damage of 1969, as amended by different Protocols
in 1976, 1984, and 1992, and amended in 2000 (&ldquo;the CLC&rdquo;). Under the CLC and depending on whether the country in which
the damage results is a party to the 1992 Protocol to the CLC, a vessel&rsquo;s registered owner may be strictly liable for pollution
damage caused in the territorial waters of a contracting state by discharge of persistent oil, subject to certain exceptions.
The 1992 Protocol changed certain limits on liability expressed using the International Monetary Fund currency unit, the Special
Drawing Rights. The limits on liability have since been amended so that the compensation limits on liability were raised. The
right to limit liability is forfeited under the CLC where the spill is caused by the shipowner&rsquo;s actual fault and under
the 1992 Protocol where the spill is caused by the shipowner&rsquo;s intentional or reckless act or omission where the shipowner
knew pollution damage would probably result. The CLC requires ships over 2,000 tons covered by it to maintain insurance covering
the liability of the owner in a sum equivalent to an owner&rsquo;s liability for a single incident. We have protection and indemnity
insurance for environmental incidents. P&amp;I Clubs in the International Group issue the required Bunkers Convention &ldquo;Blue
Cards&rdquo; to enable signatory states to issue certificates. All of our vessels are in possession of a CLC State issued certificate
attesting that the required insurance coverage is in force.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 87 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->83<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
IMO also adopted the International Convention on Civil Liability for Bunker Oil Pollution Damage (the &ldquo;Bunker Convention&rdquo;)
to impose strict liability on ship owners (including the registered owner, bareboat charterer, manager or operator) for pollution
damage in jurisdictional waters of ratifying states caused by discharges of bunker fuel. The Bunker Convention requires registered
owners of ships over 1,000 gross tons to maintain insurance for pollution damage in an amount equal to the limits of liability
under the applicable national or international limitation regime (but not exceeding the amount calculated in accordance with the
LLMC). With respect to non-ratifying states, liability for spills or releases of oil carried as fuel in ship&rsquo;s bunkers typically
is determined by the national or other domestic laws in the jurisdiction where the events or damages occur.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ships
are required to maintain a certificate attesting that they maintain adequate insurance to cover an incident. In jurisdictions,
such as the United States where the CLC or the Bunker Convention has not been adopted, various legislative schemes or common law
govern, and liability is imposed either on the basis of fault or on a strict-liability basis.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anti-Fouling
Requirements</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2001, the IMO adopted the International Convention on the Control of Harmful Anti-fouling Systems on Ships, or the &ldquo;Anti-fouling
Convention.&rdquo; The Anti-fouling Convention, which entered into force on September 17, 2008, prohibits the use of organotin
compound coatings to prevent the attachment of mollusks and other sea life to the hulls of vessels. Vessels of over 400 gross
tons engaged in international voyages will also be required to undergo an initial survey before the vessel is put into service
or before an International Anti-fouling System Certificate is issued for the first time; and subsequent surveys when the anti-fouling
systems are altered or replaced.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
November 2020, MEPC 75 approved draft amendments to the Anti-fouling Convention to prohibit anti-fouling systems containing cybutryne,
which would apply to ships from January 1, 2023, or, for ships already bearing such an anti-fouling system, at the next scheduled
renewal of the system after that date, but no later than 60 months following the last application to the ship of such a system.
These amendments may be formally adopted at MEPC 76 in 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have obtained Anti-fouling System Certificates for all of our vessels that are subject to the Anti-fouling Convention.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance
Enforcement</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Noncompliance
with the ISM Code or other IMO regulations may subject the ship owner or bareboat charterer to increased liability, may lead to
decreases in available insurance coverage for affected vessels and may result in the denial of access to, or detention in, some
ports. The USCG and European Union authorities have indicated that vessels not in compliance with the ISM Code by applicable deadlines
will be prohibited from trading in U.S. and European Union ports, respectively. As of the date of this report, each of our vessels
is ISM Code certified. However, there can be no assurance that such certificates will be maintained in the future. The IMO continues
to review and introduce new regulations. It is impossible to predict what additional regulations, if any, may be passed by the
IMO and what effect, if any, such regulations might have on our operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">United
States Regulations</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
U.S. Oil Pollution Act of 1990 and the Comprehensive Environmental Response, Compensation and Liability Act</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
OPA established an extensive regulatory and liability regime for the protection and cleanup of the environment from oil spills.
OPA affects all &ldquo;owners and operators&rdquo; whose vessels trade or operate within the U.S., its territories and possessions
or whose vessels operate in U.S. waters, which includes the U.S.&rsquo;s territorial sea and its 200 nautical mile exclusive economic
zone around the U.S. The U.S. has also enacted the CERCLA, which applies to the discharge of hazardous substances other than oil,
except in limited circumstances, whether on land or at sea. OPA and CERCLA both define &ldquo;owner and operator&rdquo; in the
case of a vessel as any person owning, operating or chartering by demise, the vessel. Both OPA and CERCLA impact our operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
OPA, vessel owners and operators are &ldquo;responsible parties&rdquo; and are jointly, severally and strictly liable (unless
the spill results solely from the act or omission of a third party, an act of God or an act of war) for all containment and clean-up
costs and other damages arising from discharges or threatened discharges of oil from their vessels, including bunkers (fuel).
OPA defines these other damages broadly to include:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">injury
    to, destruction or loss of, or loss of use of, natural resources and related assessment costs;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">injury
    to, or economic losses resulting from, the destruction of real and personal property;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">loss
    of subsistence use of natural resources that are injured, destroyed or lost;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;net
    loss of taxes, royalties, rents, fees or net profit revenues resulting from injury, destruction or loss of real or personal
    property, or natural resources;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">lost
    profits or impairment of earning capacity due to injury, destruction or loss of real or personal property or natural resources;
    and</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">net
    cost of increased or additional public services necessitated by removal activities following a discharge of oil, such as protection
    from fire, safety or health hazards, and loss of subsistence use of natural resources.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 88 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->84<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OPA
contains statutory caps on liability and damages; such caps do not apply to direct cleanup costs. Effective November 12, 2019,
the USCG adjusted the limits of OPA liability for a tank vessel, other than a single-hull tank vessel, over 3,000 gross tons liability
to the greater of $2,300 per gross ton or $19,943,400 (subject to periodic adjustment for inflation). These limits of liability
do not apply if an incident was proximately caused by the violation of an applicable U.S. federal safety, construction or operating
regulation by a responsible party (or its agent, employee or a person acting pursuant to a contractual relationship), or a responsible
party&rsquo;s gross negligence or willful misconduct. The limitation on liability similarly does not apply if the responsible
party fails or refuses to (i) report the incident as required by law where the responsible party knows or has reason to know of
the incident; (ii) reasonably cooperate and assist as requested in connection with oil removal activities; or (iii) without sufficient
cause, comply with an order issued under the Federal Water Pollution Act (Section 311 (c), (e)) or the Intervention on the High
Seas Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CERCLA
contains a similar liability regime whereby owners and operators of vessels are liable for cleanup, removal and remedial costs,
as well as damages for injury to, or destruction or loss of, natural resources, including the reasonable costs associated with
assessing the same, and health assessments or health effects studies. There is no liability if the discharge of a hazardous substance
results solely from the act or omission of a third party, an act of God or an act of war. Liability under CERCLA is limited to
the greater of $300 per gross ton or $5.0 million for vessels carrying a hazardous substance as cargo and the greater of $300
per gross ton or $500,000 for any other vessel. These limits do not apply (rendering the responsible person liable for the total
cost of response and damages) if the release or threat of release of a hazardous substance resulted from willful misconduct or
negligence, or the primary cause of the release was a violation of applicable safety, construction or operating standards or regulations.
The limitation on liability also does not apply if the responsible person fails or refused to provide all reasonable cooperation
and assistance as requested in connection with response activities where the vessel is subject to OPA.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OPA
and CERCLA each preserve the right to recover damages under existing law, including maritime tort law. OPA and CERCLA both require
owners and operators of vessels to establish and maintain with the USCG evidence of financial responsibility sufficient to meet
the maximum amount of liability to which the particular responsible person may be subject. Vessel owners and operators may satisfy
their financial responsibility obligations by providing a proof of insurance, a surety bond, qualification as a self-insurer or
a guarantee. We comply and plan to comply going forward with the USCG&rsquo;s financial responsibility regulations by providing
applicable certificates of financial responsibility.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
2010 <I>Deepwater Horizon</I> oil spill in the Gulf of Mexico resulted in additional regulatory initiatives or statutes, including
higher liability caps under OPA, new regulations regarding offshore oil and gas drilling, and a pilot inspection program for offshore
facilities. However, several of these initiatives and regulations have been or may be revised. For example, the U.S. Bureau of
Safety and Environmental Enforcement&rsquo;s (&ldquo;BSEE&rdquo;) revised Production Safety Systems Rule (&ldquo;PSSR&rdquo;),
effective December 27, 2018, modified and relaxed certain environmental and safety protections under the 2016 PSSR. Additionally,
the BSEE amended the Well Control Rule, effective July 15, 2019, which rolled back certain reforms regarding the safety of drilling
operations, and former U.S. President Trump had proposed leasing new sections of U.S. waters to oil and gas companies for offshore
drilling. The effects of these proposals and changes are currently unknown, and recently, current U.S. President Biden signed
an executive order temporarily blocking new leases for oil and gas drilling in federal waters. Compliance with any new requirements
of OPA and future legislation or regulations applicable to the operation of our vessels could impact the cost of our operations
and adversely affect our business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">OPA
specifically permits individual states to impose their own liability regimes with regard to oil pollution incidents occurring
within their boundaries, provided they accept, at a minimum, the levels of liability established under OPA and some states have
enacted legislation providing for unlimited liability for oil spills. Many U.S. states that border a navigable waterway have enacted
environmental pollution laws that impose strict liability on a person for removal costs and damages resulting from a discharge
of oil or a release of a hazardous substance. These laws may be more stringent than U.S. federal law. Moreover, some states have
enacted legislation providing for unlimited liability for discharge of pollutants within their waters, although in some cases,
states which have enacted this type of legislation have not yet issued implementing regulations defining vessel owners&rsquo;
responsibilities under these laws. The Company intends to comply with all applicable state regulations in the ports where the
Company&rsquo;s vessels call.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 89 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->85<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently maintain pollution liability coverage insurance in the amount of $1.0 billion per incident for each of our vessels.
If the damages from a catastrophic spill were to exceed our insurance coverage, it could have an adverse effect on our business,
results of operation and financial condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
United States Environmental Initiatives</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
CAA requires the EPA to promulgate standards applicable to emissions of volatile organic compounds and other air contaminants.
Our vessels are subject to vapor control and recovery requirements for certain cargoes when loading, unloading, ballasting, cleaning
and conducting other operations in regulated port areas. The CAA also requires states to draft State Implementation Plans, or
SIPs, designed to attain national health-based air quality standards in each state. Although state-specific, SIPs may include
regulations concerning emissions resulting from vessel loading and unloading operations by requiring the installation of vapor
control equipment. Our vessels operating in such regulated port areas with restricted cargoes are equipped with vapor recovery
systems that satisfy these existing requirements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
CWA prohibits the discharge of oil, hazardous substances and ballast water in U.S. navigable waters unless authorized by a duly-issued
permit or exemption, and imposes strict liability in the form of penalties for any unauthorized discharges. The CWA also imposes
substantial liability for the costs of removal, remediation and damages and complements the remedies available under OPA and CERCLA.
In 2015, the EPA expanded the definition of &ldquo;waters of the United States&rdquo; (&ldquo;WOTUS&rdquo;), thereby expanding
federal authority under the CWA. Following litigation on the revised WOTUS rule, in December 2018, the EPA and Department of the
Army proposed a revised, limited definition of WOTUS. The proposed rule was published in the Federal Register on February 14,
2019 and was subject to public comment. On October 22, 2019, the agencies published a final rule repealing the 2015 Rule defining
WOTUS and recodified the regulatory text that existed prior to the 2015 Rule. The final rule became effective on December 23,
2019. On January 23, 2020, the EPA published the &ldquo;Navigable Waters Protection Rule,&rdquo; which replaces the rule published
on October 22, 2019, and redefines WOTUS This rule became effective on June 22, 2020, although the effective date has been stayed
in at least one U.S. state pursuant to court order. The effect of this rule is currently unknown.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
EPA and the USCG have also enacted rules relating to ballast water discharge, compliance with which requires the installation
of equipment on our vessels to treat ballast water before it is discharged or the implementation of other port facility disposal
arrangements or procedures at potentially substantial costs, and/or otherwise restrict our vessels from entering U.S. Waters.
The EPA will regulate these ballast water discharges and other discharges incidental to the normal operation of certain vessels
within United States waters pursuant to the VIDA, which was signed into law on December 4, 2018 and replaces the VGP program (which
authorizes discharges incidental to operations of commercial vessels, and contains numeric ballast water discharge limits for
most vessels to reduce the risk of invasive species in U.S. waters, stringent requirements for exhaust gas scrubbers, and requirements
for the use of environmentally acceptable lubricants) and current Coast Guard ballast water management regulations adopted under
the NISA, such as mid-ocean ballast exchange programs and installation of approved USCG technology for all vessels equipped with
ballast water tanks bound for U.S. ports or entering U.S. waters. VIDA establishes a new framework for the regulation of vessel
incidental discharges under the CWA, requires the EPA to develop performance standards for those discharges within two years of
enactment, and requires the U.S. Coast Guard to develop implementation, compliance, and enforcement regulations within two years
of EPA&rsquo;s promulgation of standards. Under VIDA, all provisions of the 2013 VGP and USCG regulations regarding ballast water
treatment remain in force and effect until the EPA and U.S. Coast Guard regulations are finalized. Non-military, non-recreational
vessels greater than 79 feet in length must continue to comply with the requirements of the VGP, including submission of a Notice
of Intent (&ldquo;NOI&rdquo;) or retention of a PARI form and submission of annual reports. We have submitted NOIs for our vessels
where required. Compliance with the EPA, U.S. Coast Guard and state regulations could require the installation of ballast water
treatment equipment on our vessels or the implementation of other port facility disposal procedures at potentially substantial
cost, or may otherwise restrict our vessels from entering U.S. waters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>European
Union Regulations</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
October 2009, the European Union amended a directive to impose criminal sanctions for illicit ship-source discharges of polluting
substances, including minor discharges, if committed with intent, recklessly or with serious negligence and the discharges individually
or in the aggregate result in deterioration of the quality of water. Aiding and abetting the discharge of a polluting substance
may also lead to criminal penalties. The directive applies to all types of vessels, irrespective of their flag, but certain exceptions
apply to warships or where human safety or that of the ship is in danger. Criminal liability for pollution may result in substantial
penalties or fines and increased civil liability claims. Regulation (EU) 2015/757 of the European Parliament and of the Council
of 29 April 2015 (amending EU Directive 2009/16/EC) governs the monitoring, reporting and verification of carbon dioxide emissions
from maritime transport, and, subject to some exclusions, requires companies with ships over 5,000 gross tonnage to monitor and
report carbon dioxide emissions annually starting on January 1, 2018, which may cause us to incur additional expenses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
European Union has adopted several regulations and directives requiring, among other things, more frequent inspections of high-risk
ships, as determined by type, age, and flag as well as the number of times the ship has been detained. The European Union also
adopted and extended a ban on substandard ships and enacted a minimum ban period and a definitive ban for repeated offenses. The
regulation also provided the European Union with greater authority and control over classification societies, by imposing more
requirements on classification societies and providing for fines or penalty payments for organizations that failed to comply.
Furthermore, the EU has implemented regulations requiring vessels to use reduced sulfur content fuel for their main and auxiliary
engines. The EU Directive 2005/33/EC (amending Directive 1999/32/EC) introduced requirements parallel to those in Annex VI relating
to the sulfur content of marine fuels. In addition, the EU imposed a 0.1% maximum sulfur requirement for fuel used by ships at
berth in the Baltic, the North Sea and the English Channel (the so called &ldquo;SOx-Emission Control Area&rdquo;). As of January
2020, EU member states must also ensure that ships in all EU waters, except the SOx-Emission Control Area, use fuels with a 0.5%
maximum sulfur content.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 15, 2020, the European Parliament voted to include greenhouse gas emissions from the maritime sector in the European
Union&rsquo;s carbon market from 2022. This will require shipowners to buy permits to cover these emissions. Contingent on another
formal approval vote, specific regulations are forthcoming and are expected to be proposed by 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 90 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->86<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">International
Labour Organization</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
ILO is a specialized agency of the UN that has adopted the Maritime Labor Convention 2006 (&ldquo;MLC 2006&rdquo;). A Maritime
Labor Certificate and a Declaration of Maritime Labor Compliance is required to ensure compliance with the MLC 2006 for all ships
that are 500 gross tonnage or over and are either engaged in international voyages or flying the flag of a Member and operating
from a port, or between ports, in another country. We believe that all our vessels are in substantial compliance with and are
certified to meet MLC 2006.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Greenhouse
Gas Regulation</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Currently,
the emissions of greenhouse gases from international shipping are not subject to the Kyoto Protocol to the United Nations Framework
Convention on Climate Change, which entered into force in 2005 and pursuant to which adopting countries have been required to
implement national programs to reduce greenhouse gas emissions with targets extended through 2020. International negotiations
are continuing with respect to a successor to the Kyoto Protocol, and restrictions on shipping emissions may be included in any
new treaty. In December 2009, more than 27 nations, including the U.S. and China, signed the Copenhagen Accord, which includes
a non-binding commitment to reduce greenhouse gas emissions. The 2015 United Nations Climate Change Conference in Paris resulted
in the Paris Agreement, which entered into force on November 4, 2016 and does not directly limit greenhouse gas emissions from
ships. The U.S. initially entered into the agreement, but on June 1, 2017, former U.S. President Trump announced that the United
States intended to withdraw from the Paris Agreement, and that withdrawal became effective on November 4, 2020. On January 20,
2021, U.S. President Biden signed an executive order to rejoin the Paris Agreement, which the U.S. officially rejoined on February
19, 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
MEPC 70 and MEPC 71, a draft outline of the structure of the initial strategy for developing a comprehensive IMO strategy on reduction
of greenhouse gas emissions from ships was approved. In accordance with this roadmap, in April 2018, nations at the MEPC 72 adopted
an initial strategy to reduce greenhouse gas emissions from ships. The initial strategy identifies &ldquo;levels of ambition&rdquo;
to reducing greenhouse gas emissions, including (1) decreasing the carbon intensity from ships through implementation of further
phases of the EEDI for new ships; (2) reducing carbon dioxide emissions per transport work, as an average across international
shipping, by at least 40% by 2030, pursuing efforts towards 70% by 2050, compared to 2008 emission levels; and (3) reducing the
total annual greenhouse emissions by at least 50% by 2050 compared to 2008 while pursuing efforts towards phasing them out entirely.
The initial strategy notes that technological innovation, alternative fuels and/or energy sources for international shipping will
be integral to achieve the overall ambition. These regulations could cause us to incur additional substantial expenses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
EU made a unilateral commitment to reduce overall greenhouse gas emissions from its member states from 20% of 1990 levels by 2020.
The EU also committed to reduce its emissions by 20% under the Kyoto Protocol&rsquo;s second period from 2013 to 2020. Starting
in January 2018, large ships over 5,000 gross tonnage calling at EU ports are required to collect and publish data on carbon dioxide
emissions and other information. As previously discussed, regulations relating to the inclusion of greenhouse gas emissions from
the maritime sector in the European Union&rsquo;s carbon market are also forthcoming.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the United States, the EPA issued a finding that greenhouse gases endanger the public health and safety, adopted regulations to
limit greenhouse gas emissions from certain mobile sources, and proposed regulations to limit greenhouse gas emissions from large
stationary sources. However, in March 2017, former U.S. President Trump signed an executive order to review and possibly eliminate
the EPA&rsquo;s plan to cut greenhouse gas emissions, and in August 2019, the Administration announced plans to weaken regulations
for methane emissions. On August 13, 2020, the EPA released rules rolling back standards to control methane and volatile organic
compound emissions from new oil and gas facilities. However, U.S. President Biden recently directed the EPA to publish a proposed
rule suspending, revising, or rescinding certain of these rules. The EPA or individual U.S. states could enact environmental regulations
that would affect our operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
passage of climate control legislation or other regulatory initiatives by the IMO, the EU, the U.S. or other countries where we
operate, or any treaty adopted at the international level to succeed the Kyoto Protocol or Paris Agreement, that restricts emissions
of greenhouse gases could require us to make significant financial expenditures which we cannot predict with certainty at this
time. Even in the absence of climate control legislation, our business may be indirectly affected to the extent that climate change
may result in sea level changes or certain weather events.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 91 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->87<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vessel
Security Regulations</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
the terrorist attacks of September 11, 2001 in the United States, there have been a variety of initiatives intended to enhance
vessel security such as the MTSA. To implement certain portions of the MTSA, the USCG issued regulations requiring the implementation
of certain security requirements aboard vessels operating in waters subject to the jurisdiction of the United States and at certain
ports and facilities, some of which are regulated by the EPA.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Similarly,
Chapter XI-2 of the SOLAS Convention imposes detailed security obligations on vessels and port authorities and mandates compliance
with the ISPS Code. The ISPS Code is designed to enhance the security of ports and ships against terrorism. To trade internationally,
a vessel must attain an International Ship Security Certificate (&ldquo;ISSC&rdquo;) from a recognized security organization approved
by the vessel&rsquo;s flag state. Ships operating without a valid certificate may be detained, expelled from, or refused entry
at port until they obtain an ISSC. The various requirements, some of which are found in the SOLAS Convention, include, for example,
on-board installation of automatic identification systems to provide a means for the automatic transmission of safety-related
information from among similarly equipped ships and shore stations, including information on a ship&rsquo;s identity, position,
course, speed and navigational status; on-board installation of ship security alert systems, which do not sound on the vessel
but only alert the authorities on shore; the development of vessel security plans; ship identification number to be permanently
marked on a vessel&rsquo;s hull; a continuous synopsis record kept onboard showing a vessel&rsquo;s history including the name
of the ship, the state whose flag the ship is entitled to fly, the date on which the ship was registered with that state, the
ship&rsquo;s identification number, the port at which the ship is registered and the name of the registered owner(s) and their
registered address; and compliance with flag state security certification requirements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
USCG regulations, intended to align with international maritime security standards, exempt non-U.S. vessels from MTSA vessel security
measures, provided such vessels have on board a valid ISSC that attests to the vessel&rsquo;s compliance with the SOLAS Convention
security requirements and the ISPS Code. Future security measures could have a significant financial impact on us. We intend to
comply with the various security measures addressed by MTSA, the SOLAS Convention and the ISPS Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
cost of vessel security measures has also been affected by the escalation in the frequency of acts of piracy against ships, notably
off the coast of Somalia, including the Gulf of Aden, Arabian Sea area and West Africa area. Substantial loss of revenue and other
costs may be incurred as a result of detention of a vessel or additional security measures, and the risk of uninsured losses could
significantly affect our business. Costs are incurred in taking additional security measures in accordance with Best Management
Practices to Deter Piracy, notably those contained in the BMP5 industry standard.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Inspection
by Classification Societies</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
hull and machinery of every commercial vessel must be classed by a classification society authorized by its country of registry.
The classification society certifies that a vessel is safe and seaworthy in accordance with the applicable rules and regulations
of the country of registry of the vessel and SOLAS. Most insurance underwriters make it a condition for insurance coverage and
lending that a vessel be certified &ldquo;in class&rdquo; by a classification society which is a member of the International Association
of Classification Societies, the IACS. The IACS has adopted harmonized Common Structural Rules, or the Rules, which apply to oil
tankers and bulk carriers contracted for construction on or after July 1, 2015. The Rules attempt to create a level of consistency
between IACS Societies. All of our vessels are certified as being &ldquo;in class&rdquo; by all the applicable Classification
Societies (<I>e.g.</I>, DNV and NKK).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
vessel must undergo annual surveys, intermediate surveys, drydockings and special surveys. In lieu of a special survey, a vessel&rsquo;s
machinery may be on a continuous survey cycle, under which the machinery would be surveyed periodically over a five-year period.
Every vessel is also required to be drydocked every 30 to 36 months for inspection of the underwater parts of the vessel. If any
vessel does not maintain its class and/or fails any annual survey, intermediate survey, drydocking or special survey, the vessel
will be unable to carry cargo between ports and will be unemployable and uninsurable which could cause us to be in violation of
certain covenants in our loan agreements. Any such inability to carry cargo or be employed, or any such violation of covenants,
could have a material adverse impact on our business, results of operations and financial condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 92 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->88<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risk
of Loss and Liability Insurance</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>General</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
operation of any cargo vessel includes risks such as mechanical failure, physical damage, collision, property loss, cargo loss
or damage and business interruption due to political circumstances in foreign countries, piracy incidents, hostilities and labor
strikes. In addition, there is always an inherent possibility of marine disaster, including oil spills and other environmental
mishaps, and the liabilities arising from owning and operating vessels in international trade. OPA, which imposes virtually unlimited
liability upon shipowners, operators and bareboat charterers of any vessel trading in the exclusive economic zone of the United
States for certain oil pollution accidents in the United States, has made liability insurance more expensive for shipowners and
operators trading in the United States market. We carry insurance coverage as customary in the shipping industry. However, not
all risks can be insured, specific claims may be rejected, and we might not be always able to obtain adequate insurance coverage
at reasonable rates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Hull
and Machinery Insurance</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
procure hull and machinery insurance, protection and indemnity insurance, which includes environmental damage and pollution insurance
and war risk insurance and freight, demurrage and defense insurance for our fleet. We generally do not maintain insurance against
loss of hire (except for certain charters for which we consider it appropriate), which covers business interruptions that result
in the loss of use of a vessel.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Protection
and Indemnity Insurance</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Protection
and indemnity insurance is provided by mutual protection and indemnity associations, or P&amp;I Associations, and covers our third-party
liabilities in connection with our shipping activities. This includes third-party liability and other related expenses of injury
or death of crew, passengers and other third parties, loss or damage to cargo, claims arising from collisions with other vessels,
damage to other third-party property, pollution arising from oil or other substances, and salvage, towing and other related costs,
including wreck removal. Protection and indemnity insurance is a form of mutual indemnity insurance, extended by protection and
indemnity mutual associations, or &ldquo;clubs.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
current protection and indemnity insurance coverage for pollution is $1 billion per vessel per incident. The 13 P&amp;I Associations
that comprise the International Group insure approximately 90% of the world&rsquo;s commercial tonnage and have entered into a
pooling agreement to reinsure each association&rsquo;s liabilities. The International Group&rsquo;s website states that the Pool
provides a mechanism for sharing all claims in excess of US$ 10 million up to, currently, approximately US$ 8.2 billion. As a
member of a P&amp;I Association, which is a member of the International Group, we are subject to calls payable to the associations
based on our claim records as well as the claim records of all other members of the individual associations and members of the
shipping pool of P&amp;I Associations comprising the International Group.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exchange
Controls</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Marshall Islands law, there are currently no restrictions on the export or import of capital, including foreign exchange controls
or restrictions that affect the remittance of dividends, interest or other payments to non-resident holders of shares of our common
stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.
Organizational Structure</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
were incorporated under the laws of the Republic of the Marshall Islands on March 23, 2015. We own the vessels in our fleet through
six separate wholly-owned subsidiaries that are incorporated in the Republic of Marshall Islands and the Republic of Malta.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a list of our subsidiaries:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Name of Company</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Country of Incorporation</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Principal Activities</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Ownership (%)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 30%; text-align: left">SECONDONE CORPORATION LTD</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 18%; text-align: center">Malta</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 28%; text-align: center">Ship ownership and operations</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 16%; text-align: right">100</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">THIRDONE CORPORATION LTD.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Malta</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Ship ownership and operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">FOURTHONE CORPORATION LTD.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Malta</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Ship ownership and operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">SIXTHONE CORP. *</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Marshall Islands</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Non-operating subsidiary</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">SEVENTHONE CORP.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Marshall Islands</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Ship ownership and operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">EIGHTHONE CORP.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Marshall Islands</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Ship ownership and operations</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">MARITIME TECHNOLOGIES CORP.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Delaware</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">Non-operating subsidiary</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
<I>Pyxis Delta</I> was sold to an unaffiliated third party on January 13, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 93 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->89<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>D.
Property, Plants and Equipment</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than our vessels, we do not own any material property. Maritime, our affiliated ship management company, provides office space
to us in part of Maritime&rsquo;s offices in Maroussi, Greece in connection with the administrative services provided to us under
the terms of the Head Management Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><A NAME="m_008"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ITEM
4A. UNRESOLVED STAFF COMMENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="m_009"></A>ITEM
5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
spread of the COVID-19 virus, which has been declared a pandemic by the World Health Organization, in 2020 has caused substantial
disruptions in the global economy and the shipping industry, as well as significant volatility in the financial markets, the severity
and duration of which remains uncertain.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
impact of the COVID-19 pandemic continues to unfold and may continue to have negative effect on our business, financial performance
and the results of our operations, including due to decreased demand for global seaborne refined petroleum products trade and
related charter rates, the extent of which will depend largely on future developments. In light of COVID-19, we, as of December
31, 2020, evaluated whether there are conditions or events that cause substantial doubt about our ability to continue as a going
concern. We reviewed our revenue concentration risk, the recoverability of our accounts receivable (i.e. credit risk) and tested
our assets for potential impairment. As a result of this evaluation it was determined that the only material impact of COVID-19
to us has been lower charter activity which has effected the entire industry and resulted in lower profitability and greater losses.
However, many of our estimates and assumptions, especially charter rates, require increased judgment and carry a higher degree
of variability and volatility. As events continue to evolve and additional information becomes available, our estimates may change
in future periods.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>This
section is a discussion of our financial condition and results of operations as of and for the years ended December 31, 2019 and
2020. You should read the following discussion and analysis together with our financial statements and related notes included
elsewhere in this Annual Report. This discussion includes forward-looking statements which are subject to risks and uncertainties
that could cause actual events or conditions to differ materially from those currently anticipated, expressed or implied by such
forward-looking statements. For a discussion of some of those risks and uncertainties, please read the section entitled &ldquo;Forward-Looking
Statements&rdquo; and &ldquo;Item 3. Key Information &ndash; D. Risk Factors.&rdquo;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Important
Financial and Operational Terms</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
use a variety of financial and operational terms and concepts. These include the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Voyage
Revenues, net</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
generate revenues by chartering our vessels for the transportation of petroleum products and other liquid bulk items, such as
organic chemicals and vegetable oils. Revenues are generated primarily by the number of vessels in our fleet, the number of voyage
days employed and the amount of daily charter hire earned under vessels&rsquo; charters. These factors, in turn, can be affected
by a number of decisions by us, including the amount of time spent positioning a vessel for charter, dry-dockings, repairs, maintenance
and upgrading, as well as the age, condition and specifications of our ships and supply and demand factors in the product tanker
market. At December 31, 2020, we employed two of our vessels on time charters with the remaining three vessels in our fleet employed
in the spot market. Revenues from time charter agreements providing for varying daily rates are accounted as operating leases
and thus are recognized on a straight line basis over the term of the time charter as service is performed. Revenue under spot
charters is recognized from loading of the current spot charter to discharge of the current spot charter as discussed below. Vessels
operating on time charters provide more predictable cash flows but can yield lower profit margins than vessels operating in the
spot market during periods characterized by favorable market conditions. The vessel owner generally pays commissions on both types
of charters on the gross charter rate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of January 1, 2018, we adopted Accounting Standard Update (&ldquo;ASU&rdquo;) 2014-09 &ldquo;<I>Revenue from Contracts with Customers
(Topic 606)</I>&rdquo;. The core principle is that a company should recognize revenue when promised goods or services are transferred
to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services.
We analyzed our contacts with charterers at the adoption date and have determined that our spot charters fall under the provisions
of ASC 606, while our time charter agreements are lease agreements that fall under the provisions of ASC 842 and that contain
certain non-lease components.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
elected to adopt ASC 606 by applying the modified retrospective transition method, recognizing the cumulative effect of adopting
this guidance as an adjustment to the 2018 opening balance of accumulated deficit. As of December 31, 2017, there were no vessels
employed under spot charters and as a result, we have not included any adjustments to the 2018 opening balance of accumulated
deficit and prior periods were not retrospectively adjusted.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
assessed our contracts with charterers for spot charters and concluded that there is one single performance obligation for each
of our spot charters, which is to provide the charterer with a transportation service within a specified time period. In addition,
we have concluded that spot charters meet the criteria to recognize revenue over time as the charterer simultaneously receives
and consumes the benefits of our performance. The adoption of this standard resulted in a change whereby our method of revenue
recognition changed from discharge-to-discharge (assuming a new charter has been agreed before the completion of the previous
spot charter) to load-to-discharge. This resulted in no revenue being recognized from discharge of the prior spot charter to loading
of the current spot charter and all revenue being recognized from loading of the current spot charter to discharge of the current
spot charter. This change results in revenue being recognized later in the voyage, which may cause additional volatility in revenues
and earnings between periods. Demurrage income represents payments by a charterer to a vessel owner when loading or discharging
time exceeds the stipulated time in the spot charter. We have determined that demurrage represents a variable consideration and
we estimate demurrage at contract inception. Demurrage income estimated, net of address commission, is recognized over the time
of the charter as the performance obligation is satisfied.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 94 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->90<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
a spot charter, we incur and pay for certain voyage expenses, primarily consisting of brokerage commissions, port and canal costs
and bunker consumption, during the spot charter (load-to-discharge) and during the ballast voyage (date of previous discharge
to loading, assuming a new charter has been agreed before the completion of the previous spot charter). Before the adoption of
ASC 606, all voyage expenses were expensed as incurred, except for brokerage commissions. Brokerage commissions are deferred and
amortized over the related voyage period in a charter to the extent revenue has been deferred since commissions are earned as
revenues are earned. Under ASC 606 and after implementation of ASC 340-40 <I>&ldquo;Other assets and deferred costs&rdquo;</I>
for contract costs, incremental costs of obtaining a contract with a customer and contract fulfillment costs, should be capitalized
and amortized as the performance obligation is satisfied, if certain criteria are met. We assessed the new guidance and concluded
that voyage costs during the ballast voyage represented costs to fulfil a contract which give rise to an asset and should be capitalized
and amortized over the spot charter, consistent with the recognition of voyage revenues from spot charter from load-to-discharge,
while voyage costs incurred during the spot charter should be expensed as incurred. With respect to incremental costs, we have
selected to adopt the practical expedient in the guidance and any costs to obtain a contract will be expensed as incurred (for
our spot charters that do not exceed one year). Vessel operating expenses are expensed as incurred.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, pursuant to this standard, and the new Leases standard discussed below, as of January 1, 2018, we elected to present
Revenues, net of address commissions. Address commissions represent a discount provided directly to the charterers based on a
fixed percentage of the agreed upon charter. Since address commissions represent a discount (sales incentive) on services rendered
by us and no identifiable benefit is received in exchange for the consideration provided to the charterer, these commissions are
presented as a reduction of revenue in the accompanying audited consolidated statements of comprehensive loss included elsewhere
herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or
less, in accordance with the optional exception in ASC 606.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
elected to early adopt the new lease standard as of September 30, 2018 with adoption reflected as of January 1, 2018. We adopted
the standard by using the modified retrospective method and selected the additional optional transition method. Also, we elected
to apply a package of practical expedients under ASC 842, which allowed us, not to reassess (i) whether any existing contracts,
on the date of adoption, contained a lease, (ii) lease classification of existing leases classified as operating leases in accordance
with ASC 840 and (iii) initial direct costs for any existing leases. In this respect no cumulative-effect adjustment was recognized
to the 2018 opening balance of accumulated deficit. We assessed its new time charter contracts at the adoption date under the
new guidance and concluded that these contracts contain a lease with the related executory costs (insurance), as well as non-lease
components to provide other services related to the operation of the vessel, with the most substantial service being the crew
cost to operate the vessel. We concluded that the criteria for not separating the lease and non-lease components of its time charter
contracts are met, since (i) the time pattern of recognizing revenues for crew and other services for the operation of the vessels,
is similar to the time pattern of recognizing rental income, (ii) the lease component of the time charter contracts, if accounted
for separately, would be classified as an operating lease, and (iii) the predominant component in its time charter agreements
is the lease component. After the lease commencement date, we evaluate lease modifications, if any, that could result in a change
in the accounting for leases. For a lease modification, an evaluation is performed to determine if it should be treated as either
a separate lease or a change in the accounting of an existing lease. Brokerage and address commissions on time charter revenues
are deferred and amortized over the related voyage period, to the extent revenue has been deferred, since commissions are earned
as revenues earned, and are presented in voyage expenses and as a reduction to voyage revenues (see above), respectively. Vessel
operating expenses are expensed as incurred. By taking the practical expedients, existing time charters at January 1, 2018, continued
to be accounted for under ASC 840 while new time charters commencing in 2018 and onwards are accounted for under ASC 842. The
adoption of ASC 842 had no effect on our consolidated financial position and results of operations for the years ended December
31, 2018 and 2019. Upon adoption of ASC 842, we made an accounting policy election to not recognize contract fulfillment costs
for time charters under ASC 340-40.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Time
Charters</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
time charter is a contract for the use of a vessel for a specific period of time during which the charterer pays substantially
all of the voyage expenses, including port and canal charges and the cost of bunker (fuel oil), but the vessel owner pays vessel
operating expenses, including the cost of crewing, insuring, repairing and maintaining the vessel, the costs of spares and consumable
stores and tonnage taxes. Time charter rates are usually set at fixed rates during the term of the charter. Prevailing time charter
rates fluctuate on a seasonal and on a year-to-year basis and, as a result, when employment is being sought for a vessel with
an expiring or terminated time charter, the prevailing time charter rates achievable in the time charter market may be substantially
higher or lower than the expiring or terminated time charter rate. Fluctuations in time charter rates are influenced by changes
in spot charter rates, which are in turn influenced by a number of factors, including vessel supply and demand. The main factors
that could increase total vessel operating expenses are crew salaries, insurance premiums, spare parts orders, repairs that are
not covered under insurance policies and lubricant prices.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Spot
Charters</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally,
a spot charter refers to a contract to carry a specific cargo for a single voyage, which commonly lasts from several days up to
three months. Spot charters typically involve the carriage of a specific amount and type of cargo on a load-port to discharge-port
basis, subject to various cargo handling terms, and the vessel owner is paid on a per-ton basis. Under a spot charter, the vessel
owner is responsible for the payment of all expenses including its capital costs, voyage expenses (such as port, canal and bunker
costs) and vessel operating expenses. Fluctuations in spot charter rates are caused by imbalances in the availability of cargoes
for shipment and the number of vessels available at any given time to transport these cargoes at a given port.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 95 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->91<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Voyage
Related Costs and Commissions</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
incur voyage related costs for our vessels operating under spot charters, which mainly include port and canal charges and bunker
expenses. Port and canal charges and bunker expenses primarily increase in periods during which vessels are employed on spot charters
because these expenses are for the account of the vessel owner. Brokerage commissions payable, if any, depend on a number of factors,
including, among other things, the number of shipbrokers involved in arranging the charter and the amount of commissions charged
by brokers related to the charterer. Such commissions are deferred and amortized over the related voyage period in a charter to
the extent revenue has been deferred since commissions are earned as revenues are earned.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Vessel
Operating Expenses</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
incur vessel operating expenses for our vessels operating under time and spot charters. Vessel operating expenses primarily consist
of crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the cost of spares and consumable
stores, tonnage taxes and other miscellaneous expenses necessary for the operation of the vessel. All vessel operating expenses
are expensed as incurred.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>General
and Administrative Expenses</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
primary components of general and administrative expenses consist of the annual fee payable to Maritime for the administrative
services under our Head Management Agreement, which includes the services of our senior executive officers, and the expenses associated
with being a public company. Such public company expenses include the costs of preparing public reporting documents, legal and
accounting costs, including costs of legal and accounting professionals and staff, and costs related to compliance with the rules,
regulations and requirements of the SEC, the rules of NASDAQ, board of directors&rsquo; compensation and investor relations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Management
Fees</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
pay management fees to Maritime and ITM for commercial and technical management services, respectively, for our vessels. These
services include: obtaining employment for our vessels and managing our relationships with charterers; strategic management services;
technical management services, which include managing day-to-day vessel operations, ensuring regulatory and classification society
compliance, arranging our hire of qualified officers and crew, arranging and supervising dry-docking and repairs and arranging
insurance for vessels; and providing shoreside personnel who carry out the management functions described above. As part of their
ship management services, Maritime provides us with supervision services for new construction of vessels; these costs are capitalized
as part of the total delivered cost of the vessel.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Depreciation</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
depreciate the cost of our vessels after deducting the estimated residual value, on a straight-line basis over the expected useful
life of each vessel, which is estimated to be 25 years from the date of initial delivery from the shipyard. We estimate the residual
values of our vessels to be $300 per lightweight ton.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Special
Survey and Drydocking</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are obliged to periodically drydock each of our vessels for inspection, and to make significant modifications to comply with industry
certification or governmental requirements. Generally, each vessel is drydocked every 30 to 60 months for scheduled inspections,
depending on its age. The capitalized costs of drydockings for a given vessel are amortized on a straight-line basis to the next
scheduled drydocking of the vessel.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Interest
and Finance Costs</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have historically incurred interest expense and financing costs in connection with the debt incurred to partially finance the
acquisition of our existing fleet. We have also incurred interest expense in relation to the $5.0 million promissory note we issued
in favor of Maritime Investors. Except for the interest payments under our promissory note and the loan for the Eighthone that
are based on fixed rates, the interest rate under our debt agreements is linked to the LIBOR rate. In order to hedge our variable
interest rate exposure, on January 19, 2018, we, via one of our vessel-owning subsidiaries, purchased an interest rate cap with
one of our lenders for a notional amount of $10.0 million and a cap rate of 3.5%. The interest rate cap will terminate on July
18, 2022. In the future, we may consider the use of additional financial hedging products to further limit our interest rate exposure.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
evaluating our financial condition, we focus on the above financial and operating measures as well as fleet and vessel type for
utilization, time charter equivalent rates and operating expenses to assess our operating performance. We also monitor our cash
position and outstanding debt to assess short-term liquidity and our ability to finance further fleet expansion. Discussions about
possible acquisitions or sales of existing vessels are based on our financial and operational criteria which depend on the state
of the charter market, availability of vessel investments, employment opportunities, anticipated dry-docking costs and general
economic prospects.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 96 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->92<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that the important factors to consider in analyzing future results of operations and trends in future periods include
the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">charter
    rates and periods of charter hire and any revenues we would receive in the future from any pools in which our vessels may
    operate;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">vessel
    operating expenses and voyage related costs and commissions;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">depreciation
    and amortization expenses, which are a function of the cost of our vessels, significant vessel maintenance or improvement
    costs, our vessels&rsquo; estimated useful lives and estimated residual values;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">financing
    costs related to our indebtedness, including hedging of interest rate risk;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">costs
    of being a public reporting company, including general and administrative expenses, compliance, accounting and legal costs
    and regulatory expenses; and</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">fluctuations
    in foreign exchange rates because our revenues are in U.S. dollars but some of our expenses are paid in other currencies.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
from time charters, and to the extent we enter into any in the future, bareboat charters, are stable over the duration of the
charter, provided there are no unexpected or periodic off-hire periods and no performance claims from the charterer or charterer
defaults. Revenues fluctuate from spot charters and, in case we also decide to participate in pools, depending on the hire rate
in effect at the time of the charter or the results of the spot based pool.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Recent
accounting pronouncements are discussed in Note 2 of the consolidated financial statements contained within this Annual Report.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Implications
of Not Being an Emerging Growth Company</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 31, 2020, we ceased to be an &ldquo;emerging growth company&rdquo; as defined in the JOBS Act. Since we are not an &ldquo;accelerated
filer&rdquo; or a &ldquo;large accelerated filer&rdquo; (as such terms are defined under the U.S. securities laws) we are not
required comply with the provisions of Section 404(b) of SOX, which would otherwise require our independent registered public
accounting firm to provide us with an attestation report on the effectiveness of our IFCR. Compliance with Section 404 is expensive
for our shareholders and time consuming for management and could result in the detection of internal control deficiencies of which
we are currently unaware. However, we are required to comply with other SOX mandates, including CEO and CFO certifications, the
requirement to establish and maintain ICFR and have management assess its effectiveness, and a financial statement audit by an
independent auditor, who is required to obtain an understanding of ICFR in the performance of the financial statement audit but
not for the purpose of expressing an opinion on the effectiveness of our ICFR. If we become subject to additional SOX provisions,
including Section 404(b), in the future, compliance with these provisions will likely incrementally increase our legal and financial
compliance costs and make some activities more time consuming and costly.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.
Operating Results</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2020, we employed two of the vessels in our fleet on time charters and three vessels were operating in the spot market.
Our MR vessels are available to operate the entire year, except for scheduled special surveys and dry-dockings. Due to marginally
increased spot trading activity for our MR&rsquo;s the number of non-operating days per year, which represent average time spent
off-hire, increased in 2020. If a vessel undergoes a scheduled intermediate survey, or special survey with BWTS installation,
the estimated duration is five or 25 days, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
break-out of revenue by spot and time charters for the years ended December 31, 2019 and 2020 is reflected below (in thousands
of U.S. dollars):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 11.6pt 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Year ended</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 11.6pt 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>December 31, 2019</B></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 11.6pt 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Year ended</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 11.6pt 0 12pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>December 31, 2020</B></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Spot</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Time</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Spot</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Time</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 44%; text-align: left">Revenues, net</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">8,067</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">19,686</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">7,022</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">14,689</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table reflects our fleet&rsquo;s ownership days, available days, operating days, utilization, TCE, average number of
vessels, number of vessels at period end, average age and operating expenses in each case, for the years ended December 31,
2019 and 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year ended December 31,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid">Fleet Operating Data</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2019</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left">Ownership days (1)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">2,190</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">1,830</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Available days (2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,162</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,764</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Operating days (3)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,925</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,523</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Utilization % (4)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">89.0</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">86.3</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Daily time charter equivalent rate (5)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">11,756</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">11,456</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Daily vessel operating expenses (6)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5,825</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5,847</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Average number of vessels (7)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.0</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Number of vessels at period end</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Weighted average age of vessels (8)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.6</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 97 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->93<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(1)</I></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Ownership
    days are the total number of days in a period during which we owned each of the vessels in our fleet. Ownership days are an
    indicator of the size of our fleet over a period and affect both the amount of revenues generated and the amount of expenses
    incurred during the respective period.</I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(2)</I></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>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.
    Available days measures the aggregate number of days in a period during which vessels should be capable of generating revenues.</I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(3)</I></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>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. Operating days measures the aggregate
    number of days in a period during which vessels actually generate revenues.</I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(4)</I></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>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&rsquo;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.</I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(5)</I></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Daily
    TCE rate 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 calculated 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 bunker costs that are unique to a particular voyage, which would otherwise be paid by the charter under a time charter
    contract.</I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(6)</I></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Daily
    vessel operating expenses are direct operating expenses such as crewing, provisions, repairs and maintenance, insurance, deck
    and engine stores, lubricating oils and tonnage tax divided by ownership days.</I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(7)</I></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Average
    number of vessels is the number of vessels that constituted our fleet for the relevant period, as measured by the sum of the
    number of days each vessel was part of our fleet during such period divided by the number of calendar days in the period.</I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(8)</I></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Weighted
    average age of the fleet is the sum of the ages of our vessels, weighted by the dwt of each vessel on the total fleet dwt.</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table reflects the calculation of our daily TCE rates for the years ended December 31, 2019 and 2020 (in thousands of
U.S. dollars, except total operating days and daily TCE rates):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year ended December 31,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2019</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left">Revenues, net</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 14%; text-align: right">27,753</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 14%; text-align: right">21,711</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Voyage related costs and commissions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,122</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,268</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Time charter equivalent revenues *</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">22,631</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">17,443</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Total operating days</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,925</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1, 523</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Daily time charter equivalent rate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">11,756</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">11,456</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>*
Subject to rounding</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
decrease in the TCE rate in 2020 compared to 2019 was primarily attributable to fewer available days and lower revenue primarily
reflecting the sale of our older MR Pyxis Delta in early 2020, lower charter rates and the special surveys that three of our vessels
had undergone during 2020 compared to one in 2019. For the year ended December 31, 2020, we reported a net loss to common shareholders
of $7.0 million vs. $8.3 million in 2019. In 2020, lower revenues, net of $6.0 million or 21.8%, compared to 2019 were partially
offset by an aggregate decrease of approximately $3.8 million in vessel operating expenses, management fees, depreciation and
interest and finance costs, net, which primarily reflected the impact from the sale of Pyxis Delta and the repayment of its loan.
Furthermore, the decline in our revenues, net was also partially offset by $0.8 million decrease in voyage related costs and commissions
as a result of the fewer operating days of our small tankers which were employed under spot charter arrangements. These differences
were counterbalanced by the recognition of a $2.8 million loss on vessel held for sale in 2019 resulting in a $1.4 million improvement
in the Net Loss for the year ended December 31, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 98 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->94<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Recent
Daily Fleet Data:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(In
U.S. dollars, except for Utilization %)</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt; font-size: 11pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center; font-size: 11pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1.5pt; text-align: center; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Year ended December 31,</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2019</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2020</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; font-weight: bold; text-align: left">Eco-Efficient MR2: (2 of our vessels)</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 14%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 14%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 2%; font-size: 11pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD>
    <TD STYLE="width: 14%; font-size: 11pt; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 11pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TCE</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">14,337</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">14,377</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opex</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">5,872</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">6,107</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utilization %</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">100</TD>
    <TD STYLE="text-align: left">%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">97.2</TD>
    <TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Eco-Modified MR2: (1 of our vessels)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TCE</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">13,410</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">14,130</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opex</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">6,813</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">6,612</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utilization %</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">99.1</TD>
    <TD STYLE="text-align: left">%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">97.5</TD>
    <TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Standard MR2: (1 of our vessels)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TCE</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">13,115</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opex</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">6,092</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utilization %</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">99.7</TD>
    <TD STYLE="text-align: left">%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">-</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Handysize Tankers: (2 of our vessels)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TCE</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">5,860</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">5,331</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opex</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">5,150</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">5,204</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utilization %</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">68.1</TD>
    <TD STYLE="text-align: left">%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">69.5</TD>
    <TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Fleet: (6 vessels)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TCE</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">11,756</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">11,456</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Opex</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">5,825</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">5,847</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utilization %</FONT></TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">89.0</TD>
    <TD STYLE="text-align: left">%</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">86.3</TD>
    <TD STYLE="text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2020 our fleet consisted of two eco-efficient MR2 tankers, <I>Pyxis Theta</I> and <I>Pyxis Epsilon</I>, one eco-modified
MR2, <I>Pyxis Malou</I>, and two handysize tankers, <I>Northsea Alpha</I> and <I>Northsea Beta</I>. During 2019 to 2020, the vessels
in our fleet were employed at various occasions under time and spot charters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Consolidated
Statements of Comprehensive Loss for the Fiscal Year Ended December 31, 2019 Compared to the Fiscal Year Ended December 31, 2020</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt; text-align: center; font-size: 11pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2019</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2020</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Change</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">%</TD><TD STYLE="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; font-size: 11pt">&nbsp;</TD><TD STYLE="text-align: center; font-style: italic">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: center; font-style: italic">(In thousands of U.S. dollars)</TD><TD STYLE="text-align: center; font-style: italic">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center; font-weight: bold">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; font-weight: bold">Revenues, net:</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">$</TD>
    <TD STYLE="text-align: right">27,753</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">$</TD>
    <TD STYLE="text-align: right">21,711</TD><TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">$</TD>
    <TD STYLE="text-align: right">(6,042</TD><TD STYLE="text-align: left">)</TD><TD STYLE="text-align: center">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right">(21.8</TD><TD STYLE="text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold">Expenses:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 44%; text-align: left">Voyage related costs and commissions</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(5,122</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(4,268</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">854</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(16.7</TD><TD STYLE="width: 1%; text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Vessel operating expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12,756</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10,880</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,876</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14.7</TD><TD STYLE="text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">General and administrative expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,407</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,378</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1.2</TD><TD STYLE="text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Management fees, related parties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(724</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(637</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">87</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12.0</TD><TD STYLE="text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Management fees, other</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(930</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(819</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">111</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11.9</TD><TD STYLE="text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Amortization of special survey costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(240</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(253</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(13</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.4</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Depreciation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,320</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,418</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">902</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(17.0</TD><TD STYLE="text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Loss on vessel held-for-sale</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,756</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,756</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(100.0</TD><TD STYLE="text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Gain from the sale of vessel, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Bad debt provisions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(26</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(100.0</TD><TD STYLE="text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Operating loss</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(2,528</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(1,935</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">593</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(23.5</TD><TD STYLE="font-weight: bold; text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Other expenses:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Loss from financial derivative</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(27</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(96.3</TD><TD STYLE="text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Interest and finance costs, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,775</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,964</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">811</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14.0</TD><TD STYLE="text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Total other expenses, net</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(5,802</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(4,965</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">837</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(14.4</TD><TD STYLE="font-weight: bold; text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Net loss</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(8,330</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(6,900</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">1,430</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(17.2</TD><TD STYLE="font-weight: bold; text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Dividend Series A Convertible Preferred Stock</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(82</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(82</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(100</TD><TD STYLE="text-align: left">)%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 11pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Net loss attributable to common shareholders</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(8,330</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">(6,982</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">$</TD><TD STYLE="font-weight: bold; text-align: right">1,348</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(16.2</TD><TD STYLE="font-weight: bold; text-align: left">)%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 99 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->95<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Revenues,
net</I>: Revenues, net, of $21.7 million for the year ended December 31, 2020, represent a decrease of $6.1 million, or 21.8%,
from $27.8 million in the comparable period in 2019. Our Handysize tankers operated solely in the spot market during 2019 and
2020 whereas our MR tankers operated both on spot and in the time charter market during both periods. Revenue from spot voyages
in 2020 was $7.0 million a decrease of $1.1 million from $8.1 million in 2019. Time charter revenue decreased by 25.4% or $5.0
million, from $19.7 million in 2019 to $14.7 million in 2020. The decrease was primarily attributable to lower charter rates,
as well as the decrease of our total available days from 2,162 days in 2019 to 1,764 days in 2020 as a result of the sale of our
oldest MR Pyxis Delta and the scheduled special surveys of <I>Northsea Alpha</I>, <I>Northsea Beta</I> and <I>Pyxis Epsilon </I>that
took place in 2020, resulting in more dry-dock days from 28 in 2019 to 66 in 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Voyage
related costs and commissions</I>: Voyage related costs and commissions of $4.3 million for the year ended December 31, 2020,
represented a decrease of $0.8 million, or 16.7%, from $5.1 million in the comparable period in 2019. For the year ended December
31, 2020, operating days for our small tankers were 482 contrary to 497 days for the comparative period in 2019. The lower spot
chartering activity contribute to less voyage costs as under spot charters, all voyage expenses are typically borne by us rather
than the charterer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Vessel
operating expenses</I>: Vessel operating expenses of $10.9 million for the year ended December 31, 2020, represented a decrease
of $1.9 million, or 14.7%, from $12.8 million in the comparable period in 2019, which was mainly attributed to the sale of Pyxis
Delta.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>General
and administrative expenses</I>: General and administrative expenses were $2.4 million for the year ended December 31, 2020 were
stable compared to 2019.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Management
fees, related parties</I>: Management fees to Maritime of $0.6 million for the year ended December 31, 2020, represented a decrease
of 12.0 % over the comparable period in 2019 or $0.1 million due to the sale of Pyxis Delta in January 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Management
fees, other</I>: Management fees, payable to ITM of $0.8 million for the year ended December 31, 2020, represented a decrease
of 11.9% or $0.1 million compared to the year ended December 31, 2019 which was also attributed to the sale of <I>Pyxis Delta</I>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Amortization
of special survey costs</I>: Amortization of special survey costs of $0.3 million for the year ended December 31, 2020, represented
a small increase of 5.4%, compared to the same period in 2019 primarily attributed to the additional amortization after the Pyxis
Epsilon, Northsea Alpha and Beta special surveys in 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Depreciation</I>:
Depreciation of $4.4 million for the year ended December 31, 2020, a decrease of $0.9 million or 17.0% compared to $5.3 million
charged for the 2019 period. The decrease was attributed to a five vessel fleet in 2020 as compared to a six vessel fleet for
the same period in 2019.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Loss
on vessel held-for-sale:</I> the non-cash loss of $2.8 million during the year ended December 31, 2019, relates to the sale of
<I>Pyxis Delta</I> that was closed in January 2020. There was no comparable amount in the year ended December 31, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Interest
and finance costs, net: </I>Interest and finance costs, net, for the year ended December 31, 2020, amounted to $5.0 million, compared
to $5.8 million in the comparable period in 2019, a decrease of $0.8 million, or 14.0%. The decrease was attributable to lower
LIBOR rates paid on floating rate bank debt compared to the same period in 2019 and the prepayment of the associated outstanding
loan of Pyxis Delta upon its sale. The total borrowings outstanding (exclusive of promissory note and deferred financing costs)
decreased to $54.3 million at December 31, 2020 from $58.9 million a year earlier.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Results
for the Year Ended December 31, 2019 Compared to the Year Ended December 31, 2018</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
a discussion of our results for the year ended December 31, 2019 compared to the year ended December 31, 2018, please see &ldquo;Item
5 - Operating and Financial Review and Prospects - A. Operating Results&rdquo; contained in our annual report on Form 20-F for
the year ended December 31, 2019, filed with the SEC on March 31, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.
Liquidity and Capital Resources</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Overview</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
principal sources of liquidity are cash flows from operations, borrowings from bank debt, proceeds from issuances of equity and,
we expect in the future, from the selective sale of vessels and the proceeds from further issuances of equity and debt. We expect
that our future liquidity requirements will relate primarily to:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 100 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->96<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">payments
    of interest and other debt-related expenses and the repayment of principal on our loans;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our
    operating expenses, including dry-docking and special survey costs;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">maintenance
    of cash reserves to provide for contingencies and to adhere to minimum liquidity for loan covenants; and</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">vessel
    acquisitions.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 30, 2018, we filed with the SEC a prospectus supplement to sell up to $2.3 million of common shares through an At-the-Market
(&ldquo;ATM&rdquo;) offering or similar direct placement. We did not issue any securities under this program until November 2018
but on November 19, 2018 we amended the prospectus supplement to increase the offering to $3.675 million. During the year ended
December 31, 2019 we sold 214,828 common shares at weighted average price per share of $1.65 that resulted in gross proceeds to
the Company of approximately $354,000. No shares have been sold under the ATM Program in 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 13, 2020, we announced the closing of our offering of 200,000 Units at an offering price of $25.00 per Unit (the &ldquo;Offering&rdquo;).
Each Unit was immediately separable into one Series A Preferred Share and eight (8) detachable Warrants, each warrant exercisable
for one common share, for a total of up to 1,600,000 of our common shares. Each Warrant will entitle the holder to purchase one
common share at an initial exercise price of $1.40 per share at any time prior to October 13, 2025 or, in case of absence of an
effective registration statement, to exchange those cashless based on a formula. Any Warrants that remain unexercised on October
13, 2025 shall be automatically exercised by way of a cashless exercise on that date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also agreed to issue and sell to designees of the underwriter as compensation, two separate types of Underwriter&rsquo;s Warrants
for an aggregate purchase price of $100 (absolute amount). The Warrants were issued pursuant to an Underwriting Agreement dated
October 8, 2020. The first type of the Underwriter&rsquo;s Warrants is a warrant for the purchase of an aggregate of 2,000 Series
A Preferred Shares at an exercise price of $24.92 and the second type is a warrant for the purchase of an aggregate of 16,000
Warrants at an exercise price of $0.01, at any time on or after April 6, 2021 and prior to October 8, 2025 (the &ldquo;Termination
Date&rdquo;). On exercise, each Underwriter Warrant allows the holder to purchase one of our Series A Preferred Shares or one
Warrant or, in case of absence of an effective registration statement, to exchange those cashless based on a formula set in the
Underwriting Agreement. Any Underwriter&rsquo;s Warrants that remain unexercised on the Termination Date shall be automatically
exercised by way of a cashless exercise on that date. The Underwriter&rsquo;s Warrants are also subject to customary adjustment
provisions similar to the detachable Warrants discussed above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have accounted for Underwriter&rsquo;s Warrants in accordance with ASC 718-Compensation-Stock Compensation, classified within
stockholders&rsquo; equity. As of December 31, 2020, 2,000 Underwriter&rsquo;s Warrants to purchase 2,000 Series A Preferred Shares
and 16,000 Underwriter&rsquo;s warrant to purchase 16,000 Warrants remained outstanding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 13, 2020, we had granted the underwriter a 45-day option to purchase up to 30,000 additional Series A Preferred Shares
and/or 240,000 additional Warrants. The purchase price to be paid by the Underwriters per optional preferred share was $23.051
and the purchase price per optional Warrant was $0.00925. On the same day, the underwriter partially exercised its overallotment
option for 135,040 Warrants for gross proceeds of $1. We considered that the overallotment option was a freestanding financial
instrument but did not meet the derivative definition criteria and did not require bifurcation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Warrants are also subject to customary adjustment provisions, such as for stock dividends, subdivisions and combinations and certain
fundamental transactions such as those in which we directly or indirectly, in one or more related transactions effect our merger
or consolidation with or into another entity, or we effect any sale, lease, license, assignment, transfer, conveyance or other
disposition of all or substantially all of its assets in one or a series of related transactions. We determined that the Warrants
are indexed to our own stock and meet all the conditions for equity classification. As of December 31, 2020, 1,735,040 Warrants
remained outstanding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Series A Preferred Shares and Warrants are listed on the Nasdaq Capital Market under the symbols &ldquo;PXSAP&rdquo; and &ldquo;PXSAW&rdquo;,
respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
rights, preferences and restrictions attaching to Series A Preferred Shares and Warrants are described in the &ldquo;Description
of Securities&rdquo; filed herewith as Exhibit 2.2 to this Annual Report.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 20, 2020, we paid a cash dividend of $0.1991 per share on each Series A Preferred Share for the first period in November
2020. On December 21, 2020, we paid a cash dividend of $0.1615 per share on each Series A Preferred Share for the month of December
2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 20, 2021, February 22, 2021 and March 22, 2021, we paid cash dividends of $0.1615 per Series A Preferred Share for each
month which aggregated $83.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
received gross proceeds of $5.0 million from the Offering, prior to deducting underwriting discounts and offering expenses. The
net proceeds from the Offering of approximately $4.3 million were used for general corporate purposes, including working capital
and the repayment of debt.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 24, 2021, we announced that we had closed our definitive securities purchase agreements with a group of investors, which
resulted in gross proceeds of $25.0 million, before deducting placement offering expenses. We issued 14,285,715 shares of common
stock at a price of $1.75 per share. We will use the net proceeds from the offering for general corporate purposes, which may
include the repayment of outstanding indebtedness and potential vessel acquisitions. Our securities offered and sold in the private
placement were subsequently registered under the Securities Act, under a resale registration statement filed with the SEC and
became effective on March 11, 2021. Any resale of our shares under such resale registration statement will be made only by means
of a prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 29, 2021, we entered into a new secured loan agreement for the refinancing of the existing Eighthone loan. The $17 million
provided by the new secured loan combined with $7.3 million of available cash were used to prepay the outstanding indebtedness
of $24 million of the previous loan in full and fund closing fees and expenses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 101 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->97<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
expect to rely upon operating cash flows from the employment of our vessels on spot and time charters and amounts due to/from
related parties, long-term borrowings and the proceeds from future equity and debt offerings to fund our liquidity and capital
needs and implement our growth plan. We perform regular cash flow projections to evaluate whether it will be in a position to
cover its liquidity needs for the next 12-month period and be in compliance with the financial and security collateral cover ratio
covenants under its existing debt agreements. In developing estimates of future cash flows, we make assumptions about the vessels&rsquo;
future performance, with assumptions relating to time charter equivalent rates by vessel type, vessels&rsquo; operating expenses,
vessels&rsquo; capital expenditures, fleet utilization, our management fees, general and administrative expenses, and debt service
requirements. The assumptions used to develop estimates of future cash flows are based on historical trends as well as future
expectations. As of December 31, 2020, we had a working capital deficit of $2.9 million, defined as current assets minus current
liabilities. As of the filing date of the consolidated financial statements, we expect that we will be in a position to cover
our liquidity needs for the next 12-month period through the 2021 Private Placement Transaction, the debt refinancing of the Entrust
Loan, and cash generated from the vessels&rsquo; operations. In addition, we may consider the raising of capital including debt,
equity securities, joint ventures and / or sale of assets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business is capital intensive and our future success will depend on our ability to maintain a high quality fleet through the acquisition
of modern tanker vessels and the selective sale of older tanker vessels. We may pursue a sale or other long-term strategy such
as a bareboat charter agreement with purchase option or commitment for <I>Northsea Alpha</I> and <I>Northsea Beta</I>. These acquisitions
and dispositions will be principally subject to management&rsquo;s expectation of future market conditions, our ability to acquire
and dispose of tanker vessels on favorable terms as well as access to cost-effective capital on reasonable terms.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not intend to pay dividends to the holders of our common shares in the near future and expect to retain our cash flows primarily
for the payment of vessel operating costs, dry-docking costs, debt service and other obligations, general corporate and administrative
expenses, and reinvestment in our business (such as to fund vessel or fleet acquisitions), in each case, as determined by our
board of directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Working
Capital Position</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
and cash equivalents as of December 31, 2020, amounted to $1.6 million, compared to $1.4 million as of December 31, 2019. We define
working capital as current assets minus current liabilities. We had a working capital deficit of $2.9 million as of December 31,
2020, compared to the working capital deficit of $5.3 million as of December 31, 2019.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Consolidated
Cash Flows information:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold">Statements of Cash Flows Data</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Year ended December 31,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt; font-style: italic">(In millions of U.S. dollars)</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2019</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2020</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left">Net cash provided by / (used in) operating activities</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 14%; text-align: right">5.7</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 14%; text-align: right">(13.0</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net cash (used in) / provided by investing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(0.5</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">12.6</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Net cash used in financing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(4.2</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(0.7</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Operating
Activities:</I> Net cash used in operating activities was $13.0 million for 2020, compared to net cash provided by operating activities
of $5.7 million for 2019. There were a number of factors driving the decrease in our net cash from operating activities compared
to the prior year. Firstly, aggregate movements in current assets and liabilities during the year ended December 31, 2020, decreased
cash by $16.5 million which was significantly attributable to a decrease in trade accounts payable and accrued liabilities of
$0.8 million and payments to related parties (Maritime) of $12.6 million from the net proceeds from the sale of Pyxis Delta, the
refinancing of Seventhone and the Offering. Furthermore, a decrease in cash by $3.0 million was the result of the decrease in
hire collected in advance by $1.7 million, the decrease in trade accounts receivable, net, by $0.7 million as well as a decrease
by approximately $0.6 million in special survey costs as a result of the scheduled special surveys of Northsea Alpha, Northsea
Beta and Pyxis Epsilon that took place in 2020. A decrease in cash by $0.5 million related to inventories was almost fully offset
by an increase in prepayments and other assets by $0.4 million. Secondly, lower revenues, net in 2020, of $6.0 million were partially
offset by an aggregate decrease of approximately $3.8 million in voyage related costs and commissions, vessel operating expenses,
management fees and interest and finance costs, net, which primarily reflected the impact from the sale of Pyxis Delta and the
repayment of its loan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Investing
Activities</I>: Net cash provided by investing activities was $12.6 million during 2020 consisted of the total net proceeds from
the sale of Pyxis Delta of $13.2 million offset by $0.5 million to the costs incurred for the ballast water treatment system fitted
on Pyxis Epsilon, compared to net cash payments of $0.5 million for the ballast water treatment installation on Pyxis Malou, that
was completed in 2019.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Financing
Activities</I>: Net cash used in financing activities in 2020 amounted to $0.7 million. During 2020, we received $15.3 million
proceeds from the new loan facility for Pyxis Theta with Alpha Bank and paid the aggregate amount of $19.9 million which includes
debt repayments for Pyxis Delta and Pyxis Theta as a result of the sale of Pyxis Delta as well as scheduled loan amortization
and payment of financing costs of $0.3 million in relation to Seventhone&rsquo;s new loan facility. Additionally, we received
$4.3 million net proceeds from the Offering. Net cash used in financing activities in 2019 amounted to $4.2 million relating to
net proceeds from the issuance of common stock of $0.3 million offset by scheduled loan principal repayments of $4.5 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 102 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->98<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Indebtedness</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
vessel-owning subsidiaries, as borrowers, entered into loan agreements in connection with the purchase of each of the vessels
in our fleet. As of December 31, 2020, our vessel-owning subsidiaries had outstanding borrowings under the following loan agreements:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECONDONE
    CORP. (&ldquo;Secondone&rdquo;) (which owns <I>Northsea Alpha</I>), THIRDONE CORP. (&ldquo;Thirdone&rdquo;) (which owns <I>Northsea
    Beta</I>) and FOURTHONE CORP. (&ldquo;Fourthone&rdquo;) (which owns <I>Pyxis Malou</I>) refinanced existing indebtedness of
    $26.9 million on February 28, 2018 under the Secondone, Thirdone and Fourthone loan agreements utilizing a new 5-year secured
    term loan of $20.5 million with Amsterdam Trade Bank N.V., and cash of $2.1 million. The remaining balance of approximately
    $4.3 million was written-off by the previous lender at closing and was recorded as gain from debt extinguishment in the first
    quarter of 2018. The new loan bears interest at LIBOR plus a margin of 4.65% per annum, and matures in February 2023. The
    loan is repayable in quarterly installments and a balloon payment. Standard loan covenants include, amongst others, a minimum
    loan to value ratio and liquidity. As a condition subsequent to the execution of this loan agreement, the borrowers, Secondone,
    Thirdone and Fourthone, proceeded with all required procedures for their re-domiciliation to the jurisdiction of the Republic
    of Malta. The re-domiciliation became effective on March 1, 2018 and the borrowers were renamed to Secondone Corporation Ltd.,
    Thirdone Corporation Ltd. and Fourthone Corporation Ltd., respectively. The loan is secured by, among other things as set
    forth below, joint-and-several first preferred mortgages relating to <I>Northsea Alpha</I>, <I>Northsea Beta</I> and <I>Pyxis
    Malou</I>. As of December 31, 2019 and 2020 the aggregate outstanding balance of the loans relating to these vessels was $17.4
    million and $15.3 million, respectively.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SIXTHONE
    CORP. (&ldquo;Sixthone&rdquo;) (which owned Pyxis Delta as of January 2020) and SEVENTHONE CORP. (&ldquo;Seventhone&rdquo;)
    (which owns Pyxis Theta) jointly and severally entered into a loan agreement on October 12, 2012, as subsequently amended
    and supplemented, with Hamburg Commercial Bank (&ldquo;HCOB&rdquo;) (previously known as HSH Nordbank AG) providing for a
    loan facility up to $37.3 million. In February 2013, Sixthone drew down an amount of $13.5 million and, in September 2013,
    Seventhone drew down an amount of $21.3 million (&ldquo;Tranche A&rdquo; and &ldquo;Tranche B&rdquo;, respectively). The loan
    bears interest at LIBOR plus a margin of 3.35% per year. Under the original agreement, the tranche relating to Sixthone matured
    in May 2017 and the tranche relating to Seventhone matured in September 2018. On September 29, 2016, we agreed with the lender
    of Sixthone to extend the maturity of Tranche A from May 2017 to September 2018, under the same amortization schedule and
    applicable margin. In addition, on June 6, 2017, HCOB agreed to further extend the maturity of the respective loans from September
    2018 to September 2022 under the same applicable margin, but with an extended amortization profile. The loan is repayable
    in quarterly installments and a balloon payment. The loan is secured by, among other things as set forth below, joint-and-several
    first preferred mortgages relating to Pyxis Delta and Pyxis Theta. As of December 31, 2019, the aggregate outstanding balance
    of the loan relating to these vessels was $17.5 million. Following the sale of Delta in January 2020, the outstanding loan
    tranche of $4.0 million related to Sixthone was repaid in full and a prepayment of $1.6 million was paid against the outstanding
    loan tranche of Seventhone. Following these payments, the debt outstanding under the facility was $11.8 million. On June 25,
    2020, we signed a Commitment Letter with a new lender for the refinancing of the existing facility. On July 8, 2020, Seventhone
    entered into the new $15.25 million secured loan agreement with the ALPHA BANK, for the purpose of refinancing the outstanding
    indebtedness of $11.3 million under the previous loan facility. The new loan bears interest at LIBOR plus a margin of 3.35%
    per annum. The principal obligation amortizes in 19 consecutive quarterly installments of $300 each, the first falling due
    in January 2021, and the last installment accompanied by a balloon payment of $9.25 million falling due in July 2025. Standard
    collateral interests and customary covenants are incorporated in this facility. As of December 31, 2020, the aggregate outstanding
    balance of the loan relating to <I>Pyxis Theta</I> was $15.0 million.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EIGHTHONE
    CORP. (&ldquo;Eighthone&rdquo;) (which owns <I>Pyxis Epsilon</I>) entered into a new $24.0 million loan agreement with Wilmington
    Trust National Association on September 27, 2018 for the purpose of refinancing the outstanding indebtedness with DVB Bank
    SE. The loan facility bears an interest rate of 11.0% per annum and matures in September 2023. Fees are payable upon early
    prepayment or on final repayment of outstanding principal, subject to certain conditions or events being met. The principal
    obligation amortizes in 18 quarterly installments that started on March 29, 2019, equal to the lower of $0.4 million and excess
    cash computed through a cash sweep mechanism, plus a balloon payment due at maturity. The facility is secured by, among other
    things as set forth below, a first priority mortgage relating to <I>Pyxis Epsilon</I>. As of December 31, 2019 and 2020, the
    aggregate outstanding balance of the loan relating to <I>Pyxis Epsilon</I> was $24.0 million. On March 29, 2021, we entered
    into a new secured loan agreement for the refinancing of the existing Eighthone loan. The $17 million provided by the new
    secured loan combined with $7.3 million of available cash were used to prepay the outstanding indebtedness of $24 million
    of the previous loan in full and fund closing fees and expenses. The new five year loan has quarterly amortization of $0.3
    million with $11 million due at maturity. The loan is priced at Libor plus 3.35%. All other terms and conditions were standard
    for a bank loan of this type.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 103 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->99<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
of the loan agreements referenced above is secured by a first priority mortgage over the respective vessel and a first priority
assignment of the vessel&rsquo;s insurances and earnings, and guaranteed by the parent company. In addition, certain of our loan
agreements and guarantees require us to maintain specified financial ratios and satisfy financial covenants. These financial ratios
and covenants include requirements that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    certain vessel-owning subsidiaries that are a borrower under the respective loan agreement must maintain pledged deposits
    equal to a specified dollar amount;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">we
    must maintain minimum liquidity of between $0.3 million and $0.85 million per vessel;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    fair market value of the mortgaged vessel plus any additional collateral must be no less than a certain percentage, ranging
    from 115% to 150%, of outstanding borrowings under the applicable loan agreement, less, in certain loan agreements, any money
    in respect of the principal standing to the credit of the retention account and any free or pledged cash deposits held with
    the lender in our or its subsidiary&rsquo;s name (the minimum security collateral cover or &ldquo;MSC&rdquo;); and</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">for
                                         the ALPHA BANK credit facility, the ratio of the Company&rsquo;s total liabilities to
                                         total assets is not to exceed 75%. This requirement is only applicable in order to assess
                                         whether the Vessel-owning company is entitled to distribute dividends to Pyxis. As of
                                         December 31, 2020, the requirement was met as such ratio was 66%, or 9%
                                         lower than the required threshold.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
events of default under our loan documents generally include provisions relating to events of default, such as:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    non-payment on the due date of any amount under the loan agreements or any related document;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    breach of any covenant (which includes a requirement for Mr. Valentis to maintain 40% or more of ownership or Mr. Valentis
    to continue to act as the Chairman, of the corporate guarantor<B>)</B> or undertaking or failure to provide additional security
    as required;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    untrue or incorrect representation or warranty; and</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    cross-default.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2020, we were in compliance with all of our financial covenants with respect to our loan agreements and there
was no amount available to be drawn down under our existing loan agreements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
discussed above, with the exception of the Eighthone loan, our loan interest rates payable are calculated at LIBOR plus a margin,
and hence we are exposed to movements in LIBOR. In order to hedge our variable interest rate exposure, on January 19, 2018, Seventhone
entered into an interest rate cap agreement with its lender for a notional amount of $10.0 million and a cap rate of 3.5%. The
interest rate cap will terminate on July 18, 2022. At inception, Seventhone paid $0.05 million to enter into the interest rate
cap which at December 31, 2020 had a fair value of $0.0 million.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amended
and Restated Promissory Note</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 28, 2015, we and Maritime Investors entered into a promissory note, which as subsequently amended and supplemented, has
an outstanding principal balance of $5.0 million payable on a quarterly basis at an annual interest rate of 9.0%, of which 4.5%
is payable in cash and 4.5% in restricted common stock. Please refer to &ldquo;Item 7 &ndash; Related Party Transactions&rdquo;
below for more information&rdquo; and &ldquo;Note 3 &ndash; Transaction with related parties&rdquo; to our consolidated financial
statements included in this Annual Report.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Major
Capital Expenditures</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
2019, $0.8 million was paid for carrying out the scheduled 2<SUP>nd</SUP> special survey of <I>Pyxis Malou</I> during the first
quarter of 2019 as well as installing a BWTS during the special survey.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
2020, $0.8 million was paid to complete the costs for the 2<SUP>nd</SUP> special survey of <I>Pyxis Malou</I> and installation
of the BWTS.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the second quarter of 2020, <I>Pyxis Epsilon</I> had her first special survey and BWTS installation at an aggregate cost of $1.05
million. In the fourth quarter of 2020, <I>Northsea Alpha</I> and <I>Northsea Beta</I> had their second special surveys at a cost
of $0.7 million in the aggregate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Critical
Accounting Policies</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
discussion and analysis of our financial condition and results of operations is based upon our consolidated financial statements,
which have been prepared in accordance with U.S. GAAP. The preparation of those financial statements required us to make estimates
and judgments that affect the reported amounts of assets and liabilities, revenues and expenses and related disclosure at the
date of our financial statements. Actual results may differ from these estimates under different assumptions and conditions. Critical
accounting policies are those that reflect significant judgments of uncertainties and potentially result in materially different
results under different assumptions and conditions. We have described below what we believe are our most critical accounting policies,
because they generally involve a comparatively higher degree of judgment in their application. For a description of all of our
significant accounting policies, please see Note 2 to our audited consolidated financial statements included elsewhere in this
Annual Report.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 104 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->100<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Going
Concern</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
perform on cash flow projections on a regular basis to evaluate whether we will be in a position to both cover our liquidity needs
for the next 12-month period and be in compliance with the financial and security collateral cover ratio covenants under our existing
debt agreements. In developing estimates of future cash flows, we make assumptions about the vessels&rsquo; future performance,
with assumptions relating to time charter equivalent rates by vessel type, vessels&rsquo; operating expenses, vessels&rsquo; capital
expenditures, fleet utilization, our management fees and general and administrative expenses, and cash flow requirements for debt
servicing. The assumptions used to develop estimates of future cash flows are based on historical trends as well as future expectations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
determine cash flow projections by considering the:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">estimated
    vessel utilization ranging from 75.0% and 98.6%, depending on the vessel type and whether the vessel is operating on spot
    or under time charter;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">charter
    revenues from existing time charters for the fixed fleet days, and an estimated daily time charter equivalent using independent
    market analysts&rsquo; estimates for similar vessels for the unfixed days over the remaining period until the end of the 12-month
    period, net of our recent historical data on vessel operating expenses, management fees and general and administrative expenses;
    and</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">estimated
    cost and off&ndash;hire period of scheduled intermediate and special survey dry-dockings.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2020, we had a working capital deficit of $2.9 million, defined as current assets minus current liabilities. We
considered such deficit in conjunction with the future market prospects and potential future financings. As of the filing date
of this Annual Report, we believe that we will be in a position to cover our liquidity needs for the next 12-month period through
the 2021 Private Placement Transaction, the debt refinancing of the Entrust Loan, and cash generated from the vessels&rsquo; operations
and possible asset sales. We believe that we will be in compliance with the financial and security collateral cover ratio covenants
under our existing debt agreements for the next 12-month period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Vessel
Impairment</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
carrying values of our vessels may not represent their fair market value at any point in time since the market prices of secondhand
vessels tend to fluctuate with changes in charter rates and the cost of newbuildings. Historically, both charter rates and vessel
values tend to be cyclical. We record impairment losses only when events occur that cause us to believe that future cash flows
for any individual vessel (which is considered a cash generating unit) will be less than its carrying value. The carrying amounts
of vessels held and used by us are reviewed accordingly for potential impairment whenever events or changes in circumstances indicate
that the carrying amount plus the unamortized dry dock and survey balances of a particular vessel may not be fully recoverable.
In these instances, an impairment charge would be recognized if the estimate of the undiscounted future cash flows expected to
result from the use of the vessel and our eventual disposition is less than the vessel&rsquo;s carrying amount plus the unamortized
dry-dock and survey balances. This assessment is made at the individual vessel level as separately identifiable cash flow information
for each vessel is available. Measurement of the impairment loss is based on the fair value of the asset. We determine the fair
value of our assets based on management estimates and assumptions and by making use of available market data and taking into consideration
third party valuations. As of December 31, 2019, our fleet was independently valued at $92.1 million based on the average of appraisals
from two internationally recognized maritime brokers. Our fleet was valued at $79.8 million at December 31, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should
the carrying value plus the unamortized dry-dock and survey balance of the vessel exceed its estimated future undiscounted net
operating cash flows, impairment is measured based on the excess of the carrying amount over the fair market value of the asset.
We determine the fair value of its vessels based on management estimates and assumptions and by making use of available market
data and taking into consideration third party valuations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
impairment charge for our vessels was recorded as of December 31, 2019 and 2020, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the purposes of the impairment test in 2020, we determine future undiscounted net operating cash flows for each vessel and compare
it to the vessel&rsquo;s carrying value. The future undiscounted net operating cash flows are determined by considering the:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">estimated
    vessel utilization of 75.0% to 98.6% (depending on the type of the vessel) for the first year and 78.0% to 93.0%, including
    scheduled off-hire days for planned dry-dockings and vessel surveys, for the years thereafter, based on historical experience;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">estimated
    vessel scrap value at $300 per lightweight ton;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">charter
    revenues from existing time charters for the fixed fleet days and the most recent seven year historical average time charter
    rates, for similar vessels for the unfixed days over the remaining estimated useful life of the vessel, net of our recent
    historical data on vessel operating expenses;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">estimated
    cost of scheduled intermediate and special survey dry-dockings; and</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">inflationary
    factor for vessel operating expenses and dry-docking costs of 2.0% per year.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
the estimate of future undiscounted net operating cash flows for any vessel is lower than the vessel&rsquo;s carrying value, we
compare the carrying value to the vessel&rsquo;s fair value. If the fair market value is lower than the vessel&rsquo;s carrying
value, the carrying value is written down to the vessel&rsquo;s fair market value, by recording a charge to operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 105 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->101<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we believe that the assumptions used to evaluate potential impairment are reasonable and appropriate, these assumptions are highly
subjective. For example, we determined future undiscounted net operating cash flows, in part, based on the average gross one-year
time charter equivalent rate for the most recent seven-year period. This seven-year period represents a reasonable amount of time
in which a substantial portion of the worldwide product tankers newbuilding orderbook was delivered and the global economic conditions
gradually improved from the recession of 2008-09 and the volatile period of 2020. Historically, actual freight rates, which have
experienced wide spreads between peaks and troughs, industry costs and scrap prices have been volatile, and long-term estimates
may differ considerably. There can be no assurance as to how long charter rates and vessel values will remain at their present
levels or whether they will change by any significant degree.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Vessel
Lives and Depreciation</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
depreciate our vessels on a straight line basis over the expected useful life of each vessel, which is 25 years from the date
of its initial delivery from the shipyard, which we believe is within industry standards and represents the most reasonable useful
life for each of our vessels. Depreciation is based on the cost of the vessel less its estimated residual value at the date of
the vessel&rsquo;s acquisition, which is estimated at $300 per lightweight ton, which our management believes is common in the
shipping industry. Second hand vessels are depreciated from the date of their acquisition through their remaining estimated useful
lives. A decrease in the useful life of a vessel or in its residual value would have the effect of increasing the annual depreciation
charge. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its useful life is adjusted
to end at the date such regulations become effective.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Revenues,
net</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
generate our revenues from charterers. The vessels are chartered using either spot charters, where a contract is made in the spot
market for the use of a vessel for a specific voyage for a specified charter rate, or time charters, where a contract is entered
into for the use of a vessel for a specific period of time and a specified daily charter hire rate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents our revenue disaggregated by revenue source, net of commissions, for the years ended December 31, 2019
and 2020:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>December 31,</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2019</B></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>December 31, </B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2020</B></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left">Revenues derived from spot charters, net</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 14%; text-align: right">8,067</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 14%; text-align: right">7,022</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Revenues derived from time charters, net</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">19,686</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">14,689</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Revenues, net</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">27,753</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">21,711</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Revenue
from customers (ASC 606):</I></B> As of January 1, 2018, we adopted Accounting Standard Update (&ldquo;ASU&rdquo;) 2014-09 &ldquo;<I>Revenue
from Contracts with Customers (Topic 606)</I>&rdquo;. The core principle is that a company should recognize revenue when promised
goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled
for those goods or services. We analyzed our contracts with charterers at the adoption date and have determined that our spot
charters fall under the provisions of ASC 606, while our time charter agreements are lease agreements that fall under the provisions
of ASC 842 and that contain certain non-lease components. We elected to adopt ASC 606 by applying the modified retrospective transition
method, recognizing the cumulative effect of adopting this guidance as an adjustment to the 2018 opening balance of accumulated
deficit.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
assessed our contracts with charterers for spot charters and concluded that there is one single performance obligation for each
of our spot charters, which is to provide the charterer with a transportation service within a specified time period. In addition,
we have concluded that a spot charter meets the criteria to recognize revenue over time as the charterer simultaneously receives
and consumes the benefits of our performance. The adoption of this standard resulted in a change whereby our method of revenue
recognition changed from discharge-to-discharge (assuming a new charter has been agreed before the completion of the previous
spot charter) to load-to-discharge. This resulted in no revenue being recognized from discharge of the prior spot charter to loading
of the current spot charter and all revenue being recognized from loading of the current spot charter to discharge of the current
spot charter. This change results in revenue being recognized later in the voyage, which may cause additional volatility in revenues
and earnings between periods. Demurrage income represents payments by a charterer to a vessel owner when loading or discharging
time exceeds the stipulated time in the spot charter. We have determined that demurrage represents a variable consideration and
estimates demurrage at contract inception. Demurrage income estimated, net of address commission, is recognized over the time
of the charter as the performance obligation is satisfied.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
a spot charter, we incur and pay for certain voyage expenses, primarily consisting of brokerage commissions, port and canal costs
and bunker consumption, during the spot charter (load-to-discharge) and during the ballast voyage (date of previous discharge
to loading, assuming a new charter has been agreed before the completion of the previous spot charter). Before the adoption of
ASC 606, all voyage expenses were expensed as incurred, except for brokerage commissions. Brokerage commissions are deferred and
amortized over the related voyage period in a charter to the extent revenue has been deferred since commissions are earned as
our revenues are earned. Under ASC 606 and after the implementation of ASC 340-40 <I>&ldquo;Other assets and deferred costs&rdquo;
</I>for contract costs, incremental costs of obtaining a contract with a customer and contract fulfillment costs, should be capitalized
and amortized as the performance obligation is satisfied, if certain criteria are met. We assessed the new guidance and concluded
that voyage costs during the ballast voyage represented costs to fulfil a contract which give rise to an asset and should be capitalized
and amortized over the spot charter, consistent with the recognition of voyage revenues from spot charter from load-to-discharge,
while voyage costs incurred during the spot charter should be expensed as incurred. With respect to incremental costs, we have
selected to adopt the practical expedient in the guidance and any costs to obtain a contract will be expensed as incurred, for
our spot charters that do not exceed one year. Vessel operating expenses are expensed as incurred.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 106 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->102<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, pursuant to this standard and the new Leases standard (discussed below), as of January 1, 2018, we elected to present
Revenues net of address commissions. Address commissions represent a discount provided directly to the charterers based on a fixed
percentage of the agreed upon charter. Since address commissions represent a discount (sales incentive) on services rendered by
us and no identifiable benefit is received in exchange for the consideration provided to the charterer, these commissions are
presented as a reduction of revenue in the accompanying consolidated statements of comprehensive loss.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or
less, in accordance with the optional exception in ASC 606.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leases:
We elected to early adopt the new lease standard as of September 30, 2018 with adoption reflected as of January 1, 2018. We adopted
the standard by using the modified retrospective method and selected the additional optional transition method. Also, we elected
to apply a package of practical expedients under ASC 842, which allowed us, not to reassess (i) whether any existing contracts,
on the date of adoption, contained a lease, (ii) lease classification of existing leases classified as operating leases in accordance
with ASC 840 and (iii) initial direct costs for any existing leases. In this respect no cumulative-effect adjustment was recognized
to the 2018 opening balance of accumulated deficit. We assessed its new time charter contracts at the adoption date under the
new guidance and concluded that these contracts contain a lease with the related executory costs (insurance), as well as non-lease
components to provide other services related to the operation of the vessel, with the most substantial service being the crew
cost to operate the vessel. We concluded that the criteria for not separating the lease and non-lease components of its time charter
contracts are met, since (i) the time pattern of recognizing revenues for crew and other services for the operation of the vessels,
is similar to the time pattern of recognizing rental income, (ii) the lease component of the time charter contracts, if accounted
for separately, would be classified as an operating lease, and (iii) the predominant component in its time charter agreements
is the lease component. After the lease commencement date, we evaluate lease modifications, if any, that could result in a change
in the accounting for leases. For a lease modification, an evaluation is performed to determine if it should be treated as either
a separate lease or a change in the accounting of an existing lease. Brokerage and address commissions on time charter revenues
are deferred and amortized over the related voyage period, to the extent revenue has been deferred, since commissions are earned
as revenues earned, and are presented in voyage expenses and as a reduction to voyage revenues (see above), respectively. Vessel
operating expenses are expensed as incurred. By taking the practical expedients, existing time charters at January 1, 2018, continued
to be accounted for under ASC 840 while new time charters commencing in 2018 and onwards are accounted for under ASC 842. The
adoption of ASC 842 had no effect on our consolidated financial position and results of operations for the year ended December
31, 2018 and 2019. Upon adoption of ASC 842, we made an accounting policy election to not recognize contract fulfillment costs
for time charters under ASC 340-40.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 107 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->103<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.
Research and Development, Patents and Licenses, etc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>D.
Trend Information</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
results of operations depend primarily on the charter hire rates that we are able to realize for our vessels, which depend on
the supply and demand dynamics characterizing the product tanker market at any given time. The product tanker industry has been
highly cyclical in recent years, experiencing volatility in charter hire rates and vessel values resulting from changes in the
supply of and demand for products and tanker capacity. The Company&rsquo;s business could be materially and adversely affected
by the risks, or the public perception of the risks and travel restrictions related to the COVID-19 pandemic. The Company is unable
to reasonably predict the estimated length or severity of the COVID-19 pandemic on future operating results. For other trends
affecting our business please see other discussions in &ldquo;Item 4. Information on the Company&rdquo; and &ldquo;Item 5. Operating
and Financial Review and Prospects&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>E.
Off-Balance Sheet Arrangements.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not have any off-balance sheet arrangements as of the date of this Annual Report.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>F.
Tabular Disclosure of Contractual Obligations</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth our contractual obligations and their maturity dates as of December 31, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Total</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Less than<BR> 1 year</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">1-3<BR> years</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">3-5<BR> years</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">More than<BR> 5 years</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-style: italic">&nbsp;</TD>
    <TD COLSPAN="18" STYLE="font-style: italic; text-align: center">(In thousands of U.S. dollars)</TD><TD STYLE="font-style: italic">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 31%; text-align: left">Loan agreements - principal (1)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">54,260</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">3,632</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">39,278</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">11,350</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Interest on loans (2)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10,502</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,952</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5,936</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">614</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Promissory note - principal (3)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Interest on promissory note (3)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,368</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">450</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">900</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">18</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Technical management agreements &ndash; ITM (4)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">191</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">191</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Ship management agreements &ndash; Maritime (5)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">149</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">149</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Administrative services &ndash; Maritime (6)</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">402</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">402</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">$</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">71,872</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">8,776</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">46,114</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">16,982</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(1)</I></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Secondone,
    Thirdone and Fourthone, together, Sixthone and Seventhone, together, and Eighthone, independently, entered into loan agreements
    with lenders, for which the vessels they own are mortgaged as collateral. Please read &ldquo;&ndash; Liquidity and Capital
    Resources &ndash; Indebtedness&rdquo; above for more information. </I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(2)</I></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Assumes
    scheduled loan principal amortization as described above, based on an average 3-month LIBOR rate of 0.24% plus the applicable
    margin over LIBOR for the entire duration of the existing loan agreements. Please also read &ldquo;Item 7. Major Shareholders
    and Related Party Transactions &ndash; B. Related Party Transactions &ndash; Promissory Note Issued to Maritime Investors&rdquo;
    for more information.</I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(3)</I></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>On
    October 28, 2015, we and Maritime Investors entered into a promissory note, which as subsequently amended and supplemented,
    has an outstanding principal balance of $5.0 million payable on a quarterly basis at an annual interest rate of 9.0%, of which
    4.5% is payable in cash and 4.5% in restricted common stock. Please refer to &ldquo;Item 7 &ndash; Related Party Transactions&rdquo;
    below for more information.</I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(4)</I></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>The
    technical management agreements with ITM can be cancelled by us for any reason at any time upon three months&rsquo; advance
    notice, but neither party can cancel the agreement, other than for specified reasons, until 18 months after the initial effective
    date of the ship management agreement. As of December 31, 2020, all such agreements were cancelable upon three months&rsquo;
    advance notice.</I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(5)</I></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>The
    management agreements relating to the vessels had initial terms of five years. The initial terms of these agreements expired
    on December 31, 2015 with respect to Northsea Alpha, Northsea Beta and Pyxis Delta, on December 31, 2017 with respect to Pyxis
    Theta and on December 31, 2018 with respect to Pyxis Epsilon and Pyxis Malou. Following the initial terms, the management
    agreements were automatically renewed by the terms of the agreement for consecutive five year periods and may be terminated
    by either party on three months&rsquo; notice.</I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>(6)</I></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Pursuant
    to our Head Management Agreement, as amended, administrative services are contracted to be provided through March 23, 2025.</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 108 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->104<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>G.
Safe Harbor</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forward-looking
information discussed in this Item 5 includes assumptions, expectations, projections, intentions and beliefs about future events.
These statements are intended as &ldquo;forward-looking statements&rdquo;. We caution that assumptions, expectations, projections,
intentions and beliefs about future events may and often do vary from actual results and the differences can be material. Please
see the section entitled &ldquo;Forward-Looking Statements&rdquo; in this Annual Report.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><A NAME="m_010"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ITEM
6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.
Directors and Senior Management</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Directors
and Executive Officers</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 28.35pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth information regarding our executive officers and directors as of the date of the Annual Report. The
business address of each of the below-listed directors and officers is c/o Pyxis Tankers Inc., K. Karamanli 59, Maroussi 15125,
Athens, Greece.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 28%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Age</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 58%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Position</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Valentios
    &ldquo;Eddie&rdquo; Valentis</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman,
    Chief Executive Officer and Class I Director</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Henry
    P. Williams</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">65</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Financial Officer and Treasurer</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Konstantinos
    Lytras</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Operating Officer and Secretary</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Robin
    P. Das</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">48</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class
    III Director</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basil
    G. Mavroleon</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">72</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class
    III Director</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aristides
    J. Pittas</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">61</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Class
    II Director</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Biographical
information with respect to each of our directors and executive officers is set forth below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Valentios
&ldquo;Eddie&rdquo; Valentis</B>, a Class I director, has over 25 years of shipping industry experience, including owning, operating
and managing tankers. He has served as Chief Executive Officer and Chairman of our board of directors since our inception. In
2007, Mr. Valentis founded and is the president of Pyxis Maritime Corp. Since 2001, Mr. Valentis has been the President and Managing
Director of Konkar Shipping Agencies S.A., a drybulk operator based in Greece, a position he continues to hold. From 1998 to 2001,
Mr. Valentis was the Commercial Manager for Loucas G. Matsas Salvage &amp; Towage. From 1996 through 1998, Mr. Valentis worked
as a dry cargo chartering broker. Upon completion of his 2 year naval service in 1995, Mr. Valentis was involved in the operation
of his family&rsquo;s drybulk vessels. Since 2013, Mr. Valentis serves as a member of the Greek Committee of NKK Classification
Society, and, since 2016, as a council member of the International Association of Independent Tanker Owners (INTERTANKO). Mr.
Valentis holds an MBA from Southern New Hampshire University.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Henry
P. Williams</B> was appointed as our Chief Financial Officer and Treasurer in August 2015. Mr. Williams has over 35 years of commercial,
investment and merchant banking experience. From February 2015, he served as a financial consultant to and is employed by Maritime
and its affiliates. From March 2014 to January 2015, Mr. Williams was Managing Director, Head of Maritime, Energy Services &amp;
Infrastructure (U.S.) investment banking for Canaccord Genuity Inc. From August 2012 to February 2014, Mr. Williams was a Senior
Advisor to North Sea Securities LLC, a boutique advisory firm in New York. From November 2010 to June 2012, Mr. Williams was Managing
Director, Global Sector Head, Shipping of Nordea Markets in Oslo, Norway and Head of its U.S. Investment Banking division in New
York. From 1992 until 2010, Mr. Williams was employed by Oppenheimer &amp; Co. Inc., as Managing Director, Head of Energy &amp;
Transportation of its investment banking division. Mr. Williams has an MBA in Finance from New York University Leonard N. Stern
School of Business and a BA in Economics and Business Administration from Rollins College.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Konstantinos
Lytras</B> has served as our Chief Operating Officer since our inception and as our Secretary since October 15, 2018. Mr. Lytras
has also served as Maritime&rsquo;s Financial Director since 2008. Prior to joining Maritime, from 2007 through 2008, Mr. Lytras
served as Managing Director and Co-Founder of Navbulk Shipping S.A., a start-up shipping company focused on dry bulk vessels.
From 2002 through 2007, Mr. Lytras worked as Financial Director of Neptune Lines Shipping and Managing Enterprises S.A. Mr. Lytras
served as Financial Controller of Dioryx Maritime Corp. and Liquimar Tankers Management Inc. from 1996 through 2002. Mr. Lytras
worked as a Financial Assistant from 1992 to 1994 at Inchcape Shipping Services Ltd. Mr. Lytras earned a B.A. in Business Administration
from Technological Institute of Piraeus and a B.S. in Economics from the University of Athens.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 109 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->105<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Robin
P. Das</B> serves as a Class III director. Mr. Das has worked in shipping finance and investment banking since 1995. He is the
founder and has been a director of Auld Partners Ltd, a boutique shipping and finance focused advisory firm, since 2013. From
2011 to 2012, Mr. Das was Managing Director (partner) of Navigos Capital Management LLC, an asset management firm established
to focus on the shipping sector. From 2005 until 2011, Mr. Das was Global Head of Shipping at HSH Nordbank AG, then the largest
lender globally to the shipping industry. Before joining HSH Nordbank AG in 2005, he was Head of Shipping at WestLB and prior
to that time, Mr. Das was joint Head of European Shipping at J.P. Morgan. Since October 2016, Mr. Das also served as director
of Nimrod Sea Assets Limited (LSE:NSA, listed until April 2018), which invested in marine assets associated with the offshore
oil and gas industry. Mr. Das holds a BSc (Honours) degree from the University of Strathclyde.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Basil
G. Mavroleon</B> serves as a Class III director. Mr. Mavroleon has been in the shipping industry for 45 years. Since 1970, Mr.
Mavroleon has worked for Charles R. Weber Company, Inc., one of the oldest and largest tanker brokerages and marine consultants
in the United States. Mr. Mavroleon was Managing Director of Charles R. Weber Company, Inc. for 25 years and Manager of the Projects
Group for five years, from 2009 until 2013. Mr. Mavroleon currently serves as Managing Director of WeberSeas (Hellas) S.A., a
comprehensive sale and purchase, newbuilding, marine projects and ship finance brokerage based in Athens, Greece. He is a Director
of Genco Shipping and Trading Limited (NYSE: GNK), a company engaged in the shipping business focused on the drybulk industry
spot market. Since its inception in 2003 through its liquidation in 2005, Mr. Mavroleon served as Chairman of Azimuth Fund Management
(Jersey) Limited, a hedge fund that invested in tanker freight forward agreements and derivatives. Mr. Mavroleon is on the Advisory
Board of NAMMA (North American Maritime Ministry Association), is Director Emeritus of NAMEPA (North American Marine Environmental
Protection Association) and the Chairman of the New York World Scale Committee (NYC) INC. Mr. Mavroleon was educated at Windham
College, Putney Vermont.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Aristides
J. Pittas</B> serves as a Class II Director. Mr. Pittas has more than 30 years of shipping industry experience. He has been a
member of the board of directors and the Chairman and Chief Executive Officer of Eurodry Ltd. (NASDAQ: EDRY) (&ldquo;Eurodry&rdquo;),
an independent shipping company that operates in the drybulk shipping industry, since its inception on January 8, 2018. He has
also been a member of the board of directors and Chairman and Chief Executive Officer of Euroseas Ltd. (NASDAQ: ESEA) (&ldquo;Euroseas&rdquo;),
an independent shipping company that operates in the drybulk and container shipping industry, since May 2005. Since 1997, Mr.
Pittas has also been the President of Eurochart S.A., Euroseas&rsquo; affiliate, which is a shipbroking company specializing in
chartering, selling and purchasing ships. Since 1995, Mr. Pittas has been the President and Managing Director of Eurobulk Ltd.,
Euroseas&rsquo; and Eurodrys&rsquo; affiliated ship management company. Eurobulk Ltd. is a ship management company that provides
ocean transportation services. In 2005, Mr. Pittas resigned as Managing Director of Eurobulk Ltd. Mr. Pittas has a B.Sc. in Marine
Engineering from University of Newcastle Upon Tyne and a M.Sc. in both Ocean Systems Management and Naval Architecture and Marine
Engineering from the Massachusetts Institute of Technology.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Family
Relationships</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no familial relationships among any of our executive officers or directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.
Compensation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have no direct employees. The services of our executive officers, internal auditors and secretary are provided by Maritime. We
have entered into a Head Management Agreement with Maritime, pursuant to which we pay approximately $1.6 million per year for
the services of these individuals, and for other administrative services associated with our being a public company and other
services to our subsidiaries. Please see &ldquo;Item 7. Major Shareholders and Related Party Transactions &ndash; B. Related Party
Transactions&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
non-executive directors receive in aggregate an annual compensation in the amount of $125,000 per year, plus reimbursements for
actual expenses incurred while acting in their capacity as a director. We may in the future also grant directors awards under
our Pyxis Tankers Inc. 2015 equity incentive plan as compensation. We do not have a retirement plan for our officers or directors.
There are no service contracts with our non-executive directors that provide for benefits upon termination of their services as
director. Individuals serving as chairs of committees will be entitled to receive additional compensation from us as the board
of directors may determine.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 110 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->106<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Equity
Incentive Plan</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 28, 2015, we adopted the Pyxis Tankers Inc. 2015 equity incentive plan (the &ldquo;EIP&rdquo;), which entitles our and
our subsidiaries&rsquo; and affiliates&rsquo; employees, officers and directors, as well as consultants and service providers
to us (including persons who are employed by or provide services to any entity that is itself a consultant or service provider)
and our subsidiaries (including employees of Maritime, our affiliated ship manager), to receive stock options, stock appreciation
rights, restricted stock grants, restricted stock units, unrestricted stock grants, other equity-based or equity-related awards,
and dividend equivalents. We summarize below the material terms of the EIP.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
nominating and corporate governance committee of our board of directors serves as the administrator under the EIP. Subject to
adjustment for changes in capitalization as provided in the EIP, the maximum aggregate number of shares of common stock that may
be delivered pursuant to awards granted under the EIP during the ten-year term of the EIP will be 15% of the then-issued and outstanding
number of shares of our common stock. If an award granted under the EIP is forfeited, or otherwise expires, terminates or is cancelled
or settled without the delivery of shares, then the shares covered by such award will again be available to be delivered pursuant
to other awards under the EIP. Any shares that are held back to satisfy the exercise price or tax withholding obligation pursuant
to any stock options or stock appreciation rights granted under the EIP will again be available for delivery pursuant to other
awards under the EIP. No award may be granted under the EIP after the tenth anniversary of the date the EIP was adopted by our
board of directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the event that we are subject to a &ldquo;change of control&rdquo; (as defined in the EIP), the EIP administrator may, in accordance
with the terms of the EIP, make such adjustments and other substitutions to the EIP and outstanding awards under the EIP as it
deems equitable or desirable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as otherwise determined by the EIP administrator in an award agreement, the exercise price for options shall be equal to the fair
market value of a share of our common stock on the date of grant, but in no event can the exercise price be less than 100% of
the fair market value on the date of grant. The maximum term of each stock option agreement may not exceed ten years from the
date of the grant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Stock
appreciation rights (&ldquo;SARs&rdquo;), will provide for a payment of the difference between the fair market value of a share
of our common stock on the date of exercise of the SAR and the exercise price of a SAR, which will not be less than 100% of the
fair market value on the date of grant, multiplied by the number of shares for which the SAR is exercised. The SAR agreement will
also specify the maximum term of the SAR, which will not exceed ten years from the date of grant. Payment upon exercise of the
SAR may be made in the form of cash, shares of our common stock or any combination of both, as determined by the EIP administrator.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted
and/or unrestricted stock grants may be issued with or without cash consideration under the EIP and may be subject to such restrictions,
vesting and/or forfeiture provisions as the EIP administrator may provide. The holder of a restricted stock grant awarded under
the EIP may have the same voting, dividend and other rights as our other stockholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Settlement
of vested restricted stock units may be in the form of cash, shares of our common stock or any combination of both, as determined
by the EIP administrator. The holders of restricted stock units will have no voting rights.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the provisions of the EIP, awards granted under the EIP may include dividend equivalents. The EIP administrator may determine
the amounts, terms and conditions of any such awards provided that they comply with applicable laws. We have not set aside any
amounts to provide pension, retirement or similar benefits to persons eligible to receive awards under the EIP or otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 28, 2015, our board of directors approved the issuance of 33,222 restricted shares of our common stock to certain of our
officers. As of December 31, 2015, all such shares had been vested, but were not issued until March 2016. On November 15, 2017,
200,000 restricted shares of our common stock were granted and issued to one of our senior officers, and were vested immediately
upon issuance.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.
Board Practices</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors consists of four directors, three of whom, Robin P. Das, Basil G. Mavroleon and Aristides J. Pittas, have been
determined by our board of directors to be independent under the rules of NASDAQ and the rules and regulations of the SEC. Directors
elected by our common shareholders are divided into three classes serving staggered three-year terms. At each annual meeting of
shareholders, directors will be elected to succeed the class of directors whose terms have expired, and each of them shall hold
office until the third succeeding annual meeting of shareholders if the Board is then classified, and until such director&rsquo;s
successor is elected and has qualified. We held our 2020 annual meeting of shareholders on December 11, 2020, at which Basil G.
Mavroleon and Robin P. Das were re-elected to serve as Class III Directors for a term of three years until our 2023 annual meeting
of shareholders. The term of our Class I Director, Valentios Valentis, expires at the 2021 annual meeting of shareholders and
the term of our Class II Director, Aristides J. Pittas, expires at the 2022 annual meeting of shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audit committee consists of three independent, non-executive directors: Robin Das, Basil Mavroleon and Aristides Pittas. We believe
that Robin Das qualifies as an audit committee &ldquo;financial expert,&rdquo; as such term is defined in Regulation S-K promulgated
by the SEC. The audit committee, among other things, reviews our external financial reporting, engages our external auditors,
and oversees our financial reporting procedures and the adequacy of our internal accounting controls.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 111 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->107<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
nominating and corporate governance committee consists of Basil G. Mavroleon, Aristides J. Pittas and Valentios Valentis. The
nominating and corporate governance committee is responsible for recommending to the board of directors nominees for director
and directors for appointment to board committees and advising the board with regard to corporate governance practices.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>D.
Employees</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have no direct employees. The services of our executive officers, internal auditors and secretary are provided by Maritime. We
have entered into a Head Management Agreement with Maritime, pursuant to which we pay approximately $1.6 million per year for
the services of these individuals, and for other administrative services associated with our being a public company and other
services to our subsidiaries. Please see &ldquo;Item 7. Major Shareholders and Related Party Transactions &ndash; B. Related Party
Transactions.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Indemnification
of Officers and Directors</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have entered into agreements to indemnify our directors, executive officers and other employees as determined by the board of
directors. These agreements provide for indemnification for related expenses, including, among other things, attorneys&rsquo;
fees, judgments, fines and settlement amounts incurred by any of these individuals in any action or proceeding except as contained
in specified exceptions. We believe that the provisions in our bylaws and indemnification agreements described above are necessary
to attract and retain talented and experienced officers and directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>E.
Share Ownership</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
respect to the total amount of common stock owned by all of our officers and directors as a group, please see &ldquo;Item 7. Major
Shareholders and Related Party Transactions &ndash; A. Major Shareholders.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><A NAME="m_011"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ITEM
7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.
Major Shareholders</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth information regarding the beneficial owners of more than five percent of shares of our common stock,
and the beneficial ownership of each of our directors and executive officers and of all of our directors and executive officers
as a group as of April 6, 2021. All of our stockholders, including the stockholders listed in this table, are entitled to one
vote for each share held.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beneficial
ownership is determined in accordance with the SEC&rsquo;s rules. In computing percentage ownership of each person, shares subject
to options held by that person that are currently exercisable or convertible, or exercisable or convertible within 60 days of
the date of this Annual Report, are deemed to be beneficially owned by that person. These shares, however, are not deemed outstanding
for the purpose of computing the percentage ownership of any other person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Shares Beneficially Owned</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left">Identity of person or group (1)</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Number</B></FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Percentage (2)</B></FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-align: left">Valentios &ldquo;Eddie&rdquo; Valentis (Maritime Investors Corp.) (3)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">17,592,857</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">47.3</TD><TD STYLE="width: 1%; text-align: left">%</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Henry P. Williams (4)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">116,963</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Konstantinos Lytras (4)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">42,074</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Robin P. Das</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Basil G. Mavroleon</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Aristides J. Pittas</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">All directors and executive officers as a group (8 person)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,751,894</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47.7</TD><TD STYLE="text-align: left">%</TD>
    </TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
        as otherwise provided herein, each person named herein as a beneficial owner of securities has sole voting and investment
        power as to such securities and such person&rsquo;s address is c/o 59 K. Karamanli Street, Maroussi, 15125, Greece.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
        upon 37,225,792 common shares outstanding as of April 6, 2021.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Valentios
        &ldquo;Eddie&rdquo; Valentis is a 100% stockholder of Maritime Investors and shares voting and investment power with Maritime
        Investors of the 17,592,857 shares of our common stock held by it. Mr. Valentis&rsquo; percentage share ownership was
        reduced from 80.8% to 47.3% as a result of shares issued in connection with the 2021 Private Placement Transaction.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
        of Messrs. Lytras and Williams received 11,074 restricted shares of our common stock in March 2016 as an award under our
        EIP. In addition, Mr. Williams also received 200,000 restricted shares of our common stock in November 2017 as an award
        under our EIP.</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.8pt 0 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less
    than 1% of our outstanding shares of common stock.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 112 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->108<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of April 6, 2021, we had 1,210 shareholders of record, 114 of which were located in the United States and held an aggregate of
24,722,099 shares of our common stock, representing 66.4% of our outstanding shares of common stock. However, one of the U.S.
shareholders of record is CEDE &amp; CO., a nominee of The Depository Trust Company, which held 24,720,348 shares of our common
stock as of April 6, 2021. Accordingly, we believe that the shares held by CEDE &amp; CO. include shares of common stock beneficially
owned by both holders in the United States and non-U.S. beneficial owners.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.
Related Party Transactions</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amended
and Restated Head Management Agreement with Maritime.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
operations of our vessels are managed by Maritime, an affiliated ship management company, under our Head Management Agreement
dated August 5, 2015 and separate management agreements with each of our vessel-owning subsidiaries. Under the Head Management
Agreement, Maritime is either directly responsible for or oversees all aspects of ship management for us and our fleet. Under
that agreement, Maritime also provides administrative services to us, which include, among other things, the provision of the
services of our Chief Executive Officer, Chief Financial Officer, Chief Operating Officer and Secretary, one or more internal
auditor(s) and a secretary, as well as use of office space in Maritime&rsquo;s premises. As part of the ship management services,
Maritime provides us and our vessels with the following services: commercial, sale and purchase, provisions, insurance, bunkering,
operations and maintenance, dry-docking and newbuilding construction supervision. Maritime also supervises the crewing and technical
management performed by ITM for all our vessels.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maritime
also currently manages one vessel, <I>Pyxis Lamda</I>, owned by a party affiliated with Mr. Valentis, our founder and Chief Executive
Officer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
term of the Head Management Agreement with Maritime commenced on March 23, 2015 for an initial period of five years through March
23, 2020. The Head Management Agreement can be terminated by Maritime only for cause or under other limited circumstances, such
as upon a sale of us or Maritime or the bankruptcy of either party. On March 23, 2020, the Head Management Agreement was extended
for an additional five-year period through March 23, 2025. Pursuant to the Head Management Agreement, each of our new subsidiaries
that acquires a vessel in the future will enter into a separate management agreement with Maritime with a rate set forth in the
Head Management Agreement. Under the Head Management Agreement, we pay Maritime a cost of $1.6 million annually for the services
of our executive officers and other administrative services, including use of office space in Maritime&rsquo;s premises. In return
for Maritime&rsquo;s ship management services, we pay to Maritime for each vessel while in operation, a daily fee of $325, and
for each vessel under construction, a fee of $450 plus an additional daily fee, which is dependent on the seniority of the personnel,
to cover the cost of the engineers employed to conduct the supervision. The fees payable to Maritime for the administrative and
ship management services will be adjusted effective as of every January 1<SUP>st</SUP> for inflation in Greece or such other country
where it is headquartered. On August 9, 2016, we amended the Head Management Agreement with Maritime to provide that in the event
that the official inflation rate for any calendar year is deflationary, no adjustment shall be made to the Ship-Management Fees
and the Administration Fees, which will remain the same as per the previous calendar year. Effective January 1, 2020, the Ship-Management
Fees and the Administration Fees were increased by 0.26% in line with the average inflation rate in Greece in 2019. However, in
2020 there was nominal deflation in Greece, so there was no scheduled increase in these fees for 2021. In addition, Maritime will
receive 1.0% of the purchase price of any sale and purchase transaction from the seller of the vessel, and 1.25% of all chartering,
hiring and freight revenue procured by or through it. In the event the agreement is terminated without cause and a change of control
(as defined therein) occurs within 12 months after such termination or the agreement is terminated due to a change of control,
we will pay Maritime an amount equal to 2.5 times the administrative fee. On March 18, 2020, we amended the Head Management Agreement
with Maritime to provide that in the event of such change of control and termination, the Company shall also pay to Maritime an
amount equal to 12 months of the then daily Ship-Management Fees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following amounts were charged by Maritime to us during 2018, 2019 and 2020:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">Year Ended December 31,</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-style: italic; border-bottom: Black 1.5pt solid">(In thousands of U.S. dollars)</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2018</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2019</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid">2020</TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left">Charter hire commissions</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">354</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">351</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right">276</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Ship-Management Fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">720</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">724</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">637</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt">Administration Fees</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,618</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,628</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right">1,632</TD><TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt">Total</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,692</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,703</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,545</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 113 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->109<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Promissory
Note issued to Maritime Investors</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 28, 2015, we issued a promissory note in the amount of $2.5 million in favor of Maritime Investors in connection with
its election to receive a portion of the merger true-up shares in the form of a promissory note. The promissory note also includes
amounts due to Maritime Investors for the payment of $0.6 million by Maritime Investors to LookSmart, representing the cash consideration
of the merger, and the amounts that allowed us to pay miscellaneous transactional costs. The promissory note had a maturity of
January 15, 2017 and an interest rate of 2.75% per annum. Certain amendments were made increasing the principal balance to $5.0
million, extending the maturity date to March 31, 2020 and the interest rate to 4.5%. On May 14, 2019, we entered into a second
amendment to the Amended and Restated Promissory Note. This amendment (i) extended the repayment of the outstanding principal,
in whole or in part, until the earlier of a) one year after the repayment of the credit facility of Eighthone with Entrust Global
(the &ldquo;Credit Facility&rdquo;) on September 2023 (see Note 7), b) January 15, 2024 and c) repayment of any Paid-In-Kind (&ldquo;PIK&rdquo;)
interest and principal deficiency amount under the Credit Facility, and (ii) increased the annual interest rate to 9.0% (of which
4.5% is payable in cash quarterly in arrears and 4.5% payable in the Company&rsquo;s restricted common stock) per annum on a daily
basis from April 1, 2019 until the Amended and Restated Promissory Note is paid in full. Otherwise, the annual interest rate of
9% shall continue to be paid in cash or in the afore-mentioned combination of cash and shares on a quarterly basis, at the Company&rsquo;s
option. During the year ended December 31, 2019, we also issued 95,262 of common shares to settle the interest charged on the
Amended and Restated Promissory Note, and during the year ended December 31, 2020, we issued additional 260,495 of common shares
to settle the interest charged on the Amended &amp; Restated Promissory Note.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
charged on the Amended &amp; Restated Promissory Note for the years ended December 31, 2019 and 2020, amounted to $395 and $452,
respectively, and is included in Interest and finance costs, net in the accompanying consolidated statements of comprehensive
loss. Of the total interest charged on the Amended &amp; Restated Promissory Note during the year ended December 31, 2019, $225
was paid in cash and the remaining amount of $170 was settled in common shares. Of the amount settled in common shares, $113 was
settled in common shares during 2019 and the remaining amount of $57 were settled in January 2020. Of the total interest charged
on the Amended &amp; Restated Promissory Note during the year ended December 31, 2020, $226 was payable in cash and the remaining
amount of $226 was settled in common shares. Of the amount settled in common shares, $169 was settled in common shares during
2020 and the remaining amount of $57 was settled in January 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the terms of the Credit Facility, no repayment of principal under the Amended &amp; Restated Promissory Note may be made while
any PIK interest or Principal Deficiency Amount is outstanding under the Credit Facility. After the repayment restrictions on
the Amended &amp; Restated Promissory Note have been lifted per the Credit Facility, the Company, at its option, may continue
to pay interest on the Amended &amp; Restated Promissory Note in the afore-mentioned combination of cash and shares or pay all
interest costs in cash.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Maritime
Advances</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
December 31, 2019, Maritime had extended $6.8 million of advances which we used to pay various operating costs, debt service and
other obligations. At December 31, 2020, we advanced $2.3 million to Maritime to prepay management fees and certain vessel dry
docking costs. The balances with Maritime are interest free and have no specific repayment terms.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
also see Item 7.B. Compensation of Directors, Executive Officers and Key Employees &ndash; Equity Incentive Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.
Interests of Experts and Counsel</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="m_012"></A>ITEM
8. FINANCIAL INFORMATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.
Consolidated Statements and Other Financial Information</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
see Item 18.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Legal
Proceedings</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may, from time to time, be involved in litigation and claims arising out of our operations in the normal course of business. At
this time, we are not aware of any proceedings against us or the vessels in our fleet or contemplated to be brought against us
or the vessels in our fleet which could have significant effects on our financial position or profitability. We maintain insurance
policies with insurers in amounts and with coverage and deductibles as our board of directors believes are reasonable and prudent.
We expect that most claims arising in the normal course of business would be covered by insurance, subject to customary deductibles.
Any such claims, however, even if lacking merit, could result in the expenditure of significant financial and managerial resources.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dividend
Policy</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as required for the Series A Preferred Shares, we do not intend to pay common stock dividends in the near future and will make
dividend payments to our stockholders in the future only if our board of directors, acting in its sole discretion, determines
that such payments would be in our best interest and in compliance with relevant legal, fiduciary and contractual requirements,
including our current and future loan agreements. For example, there is a restrictive covenant against paying dividends under
certain circumstances, including if there is a default under the loan agreements or, only with respect to our subsidiary Seventhone
under the Alpha Bank Facility entered into in July 2020, if the ratio of our (and our subsidiaries as a group) total liabilities
to market value adjusted total assets is greater than 75% in the relevant year. As of December 31, 2020, the ratio of total liabilities
over the market value of our adjusted total assets (calculated in accordance with the Alpha Bank Facility) was 66% and therefore,
under the Alpha Bank Facility, Seventhone was permitted to distribute dividends to us as of December 31, 2020. However, the payment
of any dividends is not guaranteed or assured, and if paid at all in the future, may be discontinued at any time at the discretion
of the board of directors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 114 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->110<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.
Significant Changes</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="m_013"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ITEM
9. THE OFFER AND LISTING</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.
Offer and Listing Details</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
shares of common stock were approved for listing on the NASDAQ Capital Market on October 28, 2015 under the symbol &ldquo;PXS&rdquo;
and the first reported trade on the NASDAQ Capital Market for our shares was in November 2015. Our shares continue to be listed
on the NASDAQ Capital Market. Our Series A Preferred Shares are also currently trading on the NASDAQ Capital Market under the
symbol &ldquo;PXSAP&rdquo;, and our warrants are trading on the NASDAQ Capital Market under the symbol PXSAW.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 6, 2018 we received a deficiency notice from The NASDAQ Stock Market, Inc. stating that, for a period of 30 consecutive
trading days, our shares of common stock closed below the minimum price of $1.00 per share as required for continued listing on
the NASDAQ Capital Market. In accordance with the notice, we had until March 5, 2019 or 180 calendar days from the date of the
notice, to regain compliance with NASDAQ&rsquo;s continued listing minimum closing bid price requirements (Marketplace Rule 5550(a)(2)).
We received a written notification from the exchange on October 31, 2018 stating that the closing bid price of our shares had
been $1.00 per share or higher for 10 consecutive trading days, from October 15 to October 26, 2018, and, accordingly, we were
again in compliance with the exchange&rsquo;s minimum closing bid price rule.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 2, 2020, Nasdaq had notified us of our noncompliance with the minimum bid price of $1.00 over the previous 30 consecutive
business days as required by Nasdaq&rsquo;s listing rules. On December 29, 2020, we received written notification granting us
a 180-day extension, or until June 28, 2021 to regain compliance with the minimum bid price requirement. Subsequently, from January
28, 2021 to February 16, 2021, our closing bid price for our common shares has been $1.00 per share or greater and on February
16, 2021, we received a letter from Nasdaq confirming that we had regained compliance with Nasdaq&rsquo;s continued listing requirements
regarding the minimum closing bid price.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of April 8, 2021, our common stock price was $1.10. Please also see &ldquo;Item 3. Key Information &ndash; D. Risk Factors &ndash;
If our common stock does not meet the NASDAQ&rsquo;s minimum share price requirement, and if we cannot cure such deficiency within
the prescribed timeframe, our common stock could be delisted.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 11.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.
Plan of Distribution</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.
Markets</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
see &ldquo;Item 9. The Offer and Listing - A. Offer and Listing Details&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>D.
Selling Shareholders</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>E.
Dilution</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>F.
Expenses of the Issue</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="m_014"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ITEM
10. ADDITIONAL INFORMATION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.
Share Capital</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.
Memorandum and Articles of Association</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Articles of Incorporation have been filed as Exhibit 3.1 to our Registration Statement on Form F-4 (File No. 333-203598) filed
with the SEC on April 23, 2015. Our Bylaws have been filed as Exhibit 3.2 to our Registration Statement on Form F-4 (File No.
333-203598) filed with the SEC on April 23, 2015. The information contained in these exhibits is incorporated by reference herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a corporation organized under the laws of the Republic of the Marshall Islands and are subject to the provisions of Marshall
Islands law. Given below is a summary of the material features of our common shares. This summary is not a complete discussion
of our charter documents and other instruments that create the rights of our shareholders. You are urged to read carefully those
documents and instruments, which are included as exhibits to this Annual Report.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 115 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->111<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
authorized capital stock consists of 450,000,000 shares of common stock, par value $0.001 per share, of which 21,370,280 shares
are issued and outstanding as of December 31, 2019 and 50,000,000 shares of preferred stock, par value $0.001 per share, none
of which are outstanding. As of December 31, 2020, 21,962,881 common shares and 181,475 Series A Preferred Shares (out of an authorized
1,000,000) were outstanding. All of our shares of stock are in registered form. There are no limitations on the rights to own
securities, including the rights of non-resident or foreign shareholders to hold or exercise voting rights on the securities,
imposed by the laws of the Republic of The Marshall Islands or by our Articles of Incorporation or Bylaws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
rights, preferences and restrictions attaching to each class of shares of our capital stock are described in the &ldquo;Description
of Securities&rdquo; filed herewith as Exhibit 2.2 to this Annual Report.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 28, 2015, our board of directors approved the EIP, providing for the granting of share-based awards to our directors,
officers and employees and affiliates and to our consultants and service providers. On November 15, 2017, 200,000 restricted shares
of our common stock were granted and issued to one of our senior officers, which were vested immediately upon issuance. During
the year ended December 31, 2018 and 2019, no additional shares were granted under the EIP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 6, 2017, we entered into a securities purchase agreement with certain accredited investors (the &ldquo;Investors&rdquo;),
pursuant to which we, in a private placement, agreed to issue and sell to the Investors an aggregate of 2,400,000 shares of our
common stock at a price per share of $2.00.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 30, 2018, we launched our At-The-Market Program (&ldquo;ATM Program&rdquo;) under which we may, from time to time, issue
and sell shares of our common stock up to an aggregate offering of $2.3 million through a sales agent as either agent or principal.
On November 19, 2018, the ATM Program was amended to increase the offering to $3.675 million. As of December 31, 2018, and 2019,
we offered and sold of 182,297 and 214,828 shares of common stock, respectively, under the ATM Program. No shares have been sold
under the ATM Program in 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
October 2020, we issued 200,000 Units at a price of $25.00 per Unit (the &ldquo;Series A Preferred Share and Warrants Transaction&rdquo;).
Each Unit was immediately separable into (i) one 7.75% Series A Cumulative Convertible Preferred Share, par value $0.001 per share
(the &ldquo;Series A Preferred Shares&rdquo;), and (ii) eight warrants (the &ldquo;Warrants&rdquo;). Each Warrant will entitle
the holder to purchase one common share at an initial exercise price of $1.40 per share at any time prior to October 13, 2025
or, in case of absence of an effective registration statement, to exchange those cashless based on a formula. Any Warrants that
remain unexercised on October 13, 2025 shall be automatically exercised by way of a cashless exercise on that date. We also agreed
to issue and sell to designees of the underwriter as compensation, two separate types of Underwriter&rsquo;s Warrants for an aggregate
purchase price of $100 (absolute amount). The warrants were issued pursuant to an Underwriting Agreement dated October 8, 2020.
The first type of the Underwriter&rsquo;s Warrants is a warrant for the purchase of an aggregate of 2,000 Series A Preferred Shares
at an exercise price of $24.92 and the second type is a warrant for the purchase of an aggregate of 16,000 Warrants at an exercise
price of $0.01, at any time on or after April 6, 2021 and prior to October 8, 2025. Each Series A Preferred Share is convertible
into common shares at a conversion price of $1.40 per common share, or 17.86 common shares, at any time at the option of the holder,
subject to certain customary adjustments. Dividends on the Series A Preferred Shares are cumulative from and including the date
of original issuance in the amount of $1.9375 per share each year, which is equivalent to 7.75% of the $25.00 liquidation preference
per share. Dividends on the Series A Preferred Shares are paid monthly in arrears starting November 20, 2020, to the extent declared
by our Board of Directors. Please refer to &ldquo;Item 5. Operating and Financial Review and Prospects &ndash; B. Liquidity and
Capital Resources&rdquo; for more information on the foregoing. As of April 6, 2021, 58,814 Series A Preferred Shares had been
converted and 144,500 Warrants exercised, resulting in the issuance of 11,197,029 common shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2019, we also issued 95,262 of common shares to settle the interest charged on the Amended and Restated Promissory
Note. During the year ended December 31, 2020, we issued additional 260,495 of common shares to settle the interest charged on
the Amended &amp; Restated Promissory Note. On January 4, 2021, following the second amendment to the Amended &amp; Restated Promissory
Note dated May 14, 2019, we issued 64,446 of common shares at the volume weighted average closing share price for the 10-day period
immediately prior to the quarter end.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 17, 2021, we entered into a Securities Purchase Agreement with certain accredited investors for the private placement
of 14,285,715 shares of our common stock at a purchase price of $1.75 per share (the &ldquo;2021 Private Placement Transaction&rdquo;),
which resulted in gross proceeds of approximately $25.0 million. In connection with the 2021 Private Placement Transaction, we
entered into a registration rights agreement pursuant to which we agreed to register for resale all of the shares issued in the
2021 Private Placement Transaction. In addition, we issued warrants to the placement agent, which are exercisable for the purchase
of an aggregate of 3% of our shares sold in the 2021 Private Placement Transaction (428,571 warrants to purchase common shares).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Common
Stock</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
outstanding share of common stock entitles the holder to one vote on all matters submitted to a vote of shareholders. Subject
to preferences that may be applicable to any outstanding preferred shares, holders of our common stock are entitled to receive
ratably all dividends, if any, declared by our board of directors out of funds legally available for dividends. Upon our dissolution
or liquidation or the sale of all or substantially all of our assets, after payment in full of all amounts required to be paid
to creditors and to the holders of preferred stock having liquidation preferences, if any, the holders of our common stock are
entitled to receive pro-rata the remaining assets available for distribution. Holders of our common stock do not have preemptive,
subscription or conversion rights or redemption or sinking fund provisions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Preferred
Stock</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors has the authority to authorize the issuance from time to time of one or more classes of preferred stock with
one or more series within any class thereof, with such voting powers, full or limited, or without voting powers and with such
designations, preferences and relative, participating, optional or special rights and qualifications, limitations or restrictions
thereon as shall be set forth in the resolution or resolutions adopted by our board of directors providing for the issuance of
such preferred stock. Issuances of preferred stock, while providing flexibility in connection with possible financings, acquisitions
and other corporate purposes, could, among other things, adversely affect the voting power of the holders of our common stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Directors</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
directors are elected by a plurality of the votes cast at a meeting of stockholders entitled to vote. There is no provision for
cumulative voting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors
are elected annually on a staggered basis. There are three classes of directors; each class serves a separate term length. Our
board of directors has the authority to, in its discretion, fix the amounts which shall be payable to members of the board of
directors and to members of any committee for attendance at the meetings of the board of directors or of such committee and for
services rendered to us.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shareholders
Meetings</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
our Bylaws, annual shareholder meetings will be held at a time and place selected by our board of directors. The meetings may
be held in or outside of the Marshall Islands. Special shareholder meetings may be called at any time by the majority of our board
of directors or the chairman of the board. No business may be conducted at the special meeting other than the business brought
before the special meeting by the majority of our board of directors or the chairman of the board. Our board of directors may
set a record date between 15 and 60 days before the date of any meeting to determine the shareholders that will be eligible to
receive notice and vote at the meeting. One or more shareholders representing at least one-third of the total voting rights of
our total issued and outstanding shares present in person or by proxy at a shareholder meeting shall constitute a quorum for the
purposes of the meeting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 116 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->112<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Interested
Transactions</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Bylaws provide that no contract or transaction between us and one or more of our directors or officers, or between us and any
other corporation, partnership, association or other organization in which one or more of its directors or officers are our directors
or officers, or have a financial interest, will be void or voidable solely for this reason, or solely because the director or
officer is present at or participates in the meeting of the board of directors or committee thereof which authorizes the contract
or transaction or solely because his or her or their votes are counted for such purpose, if (i) the material facts as to the relationship
or interest and as to the contract or transaction are disclosed or are known to our board of directors or its committee and the
board of directors or the committee in good faith authorizes the contract or transaction by the affirmative vote of a majority
of disinterested directors, or, if the votes of the disinterested directors are insufficient to constitute an act of the board
of directors as provided in the BCA, by unanimous vote of the disinterested directors; (ii) the material facts as to the relationship
or interest are disclosed to the shareholders, and the contract or transaction is specifically approved in good faith by the vote
of the shareholders; or (iii) the contract or transaction is fair to us as of the time it is authorized, approved or ratified,
by the board of directors, its committee or the shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Certain
Provisions of Our Articles of Incorporation and Bylaws</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
provisions of Marshall Islands law and our articles of incorporation and bylaws could make the acquisition of the Company by means
of a tender offer, a proxy contest, or otherwise, and the removal of our incumbent officers and directors more difficult. These
provisions are expected to discourage certain types of coercive takeover practices and inadequate takeover bids and to encourage
persons seeking to acquire control of the Company to work with our management.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
articles of incorporation and bylaws include provisions that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">allow
    our board of directors to issue, without further action by the shareholders, up to 50,000,000 shares of undesignated preferred
    stock;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">providing
    for a classified board of directors with staggered, three year terms;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">prohibiting
    cumulative voting in the election of directors;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">prohibiting
    stockholder action by written consent unless consent is signed by all stockholders entitled to vote on the action;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">authorizing
    the removal of directors only for cause and only upon the affirmative vote of the holders of two-thirds of the outstanding
    shares of our common stock cast at an annual meeting of stockholders;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">require
    that special meetings of our shareholders be called only by a majority of our board of directors or the chairman of the board;
    and</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">establish
    an advance notice procedure for shareholder proposals to be brought before an annual meeting of shareholders.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
articles of incorporation also prohibit us from engaging in any &ldquo;Business Combination&rdquo; with any &ldquo;Interested
Shareholder&rdquo; (as such terms are explained further below) for a period of three years following the date the shareholder
became an Interested Shareholder, unless:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">prior
    to such time, our board of directors approved either the Business Combination or the transaction which resulted in the shareholder
    becoming an Interested Shareholder;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">upon
    consummation of the transaction which resulted in the shareholder becoming an Interested Shareholder, the Interested Shareholder
    owned at least 85% of our voting stock outstanding at the time the transaction commenced, excluding for purposes of determining
    the number of shares outstanding those shares owned (i) by persons who are directors and also officers and (ii) employee stock
    plans in which employee participants do not have the right to determine confidentially whether shares held subject to the
    plan will be tendered in a tender or exchange offer;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 117 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->113<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">at
    or subsequent to such time, the Business Combination is approved by our board of directors and authorized at an annual or
    special meeting of shareholders, and not by written consent, by the affirmative vote of at least two thirds of the outstanding
    voting stock that is not owned by the Interested Shareholder; or</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    shareholder became an Interested Shareholder prior to March 23, 2015.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
restrictions shall not apply if:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    shareholder becomes an Interested Shareholder inadvertently and (i) as soon as practicable divests itself of ownership of
    sufficient shares so that the shareholder ceases to be an Interested Shareholder; and (ii) would not, at any time within the
    three-year period immediately prior to a Business Combination between the Company and such shareholder, have been an Interested
    Shareholder but for the inadvertent acquisition of ownership; or</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    Business Combination is proposed prior to the consummation or abandonment of and subsequent to the earlier of the public announcement
    or the notice required of a proposed transaction which (i) constitutes one of the transactions described in the following
    sentence; (ii) is with or by a person who either was not an Interested Shareholder during the previous three years or who
    became an Interested Shareholder with the approval of the Board; and (iii) is approved or not opposed by a majority of the
    members of our board of directors then in office (but not less than one) who were directors prior to any person becoming an
    Interested Shareholder during the previous three years or were recommended for election or elected to succeed such directors
    by a majority of such directors. The proposed transactions referred to in the preceding sentence are limited to:</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
a merger or consolidation of the Company (except for a merger in respect of which, pursuant to the BCA, no vote of our shareholders
is required);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
a sale, lease, exchange, mortgage, pledge, transfer or other disposition (in one transaction or a series of transactions), whether
as part of a dissolution or otherwise, of assets of the Company or of any direct or indirect majority-owned subsidiary of the
Company (other than to any direct or indirect wholly-owned subsidiary or to the Company) having an aggregate market value equal
to 50% or more of either that aggregate market value of all of the assets of the Company determined on a consolidated basis or
the aggregate market value of all the outstanding shares; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
a proposed tender or exchange offer for 50% or more of our outstanding voting shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
articles of incorporation define a &ldquo;Business Combination&rdquo; to include:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    merger or consolidation of the Company or any direct or indirect majority-owned subsidiary of the Company with (i) the Interested
    Shareholder or any of its affiliates, or (ii) with any other corporation, partnership, unincorporated association or other
    entity if the merger or consolidation is caused by the Interested Shareholder;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    sale, lease, exchange, mortgage, pledge, transfer or other disposition (in one transaction or a series of transactions), except
    proportionately as a shareholder of the Company, to or with the Interested Shareholder, whether as part of a dissolution or
    otherwise, of assets of the Company or of any direct or indirect majority-owned subsidiary of the Company which assets have
    an aggregate market value equal to 10% or more of either the aggregate market value of all the assets of the Company determined
    on a consolidated basis or the aggregate market value of all the outstanding shares;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    transaction which results in the issuance or transfer by the Company or by any direct or indirect majority-owned subsidiary
    of the Company of any shares, or any share of such subsidiary, to the Interested Shareholder, except: (A) pursuant to the
    exercise, exchange or conversion of securities exercisable for, exchangeable for or convertible into shares, or shares of
    any such subsidiary, which securities were outstanding prior to the time that the Interested Shareholder became such; (B)
    pursuant to a merger with a direct or indirect wholly-owned subsidiary of the Company solely for purposes of forming a holding
    company; (C) pursuant to a dividend or distribution paid or made, or the exercise, exchange or conversion of securities exercisable
    for, exchangeable for or convertible into shares, or shares of any such subsidiary, which security is distributed, pro-rata
    to all holders of a class or series of shares subsequent to the time the Interested Shareholder became such; (D) pursuant
    to an exchange offer by the Company to purchase shares made on the same terms to all holders of said shares; or (E) any issuance
    or transfer of shares by the Company; provided however, that in no case under items (C)-(E) of this subparagraph shall there
    be an increase in the Interested Shareholder&rsquo;s proportionate share of the any class or series of shares;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    transaction involving the Company or any direct or indirect majority-owned subsidiary of the Company which has the effect,
    directly or indirectly, of increasing the proportionate share of any class or series of shares, or securities convertible
    into any class or series of shares, or shares of any such subsidiary, or securities convertible into such shares, which is
    owned by the Interested Shareholder, except as a result of immaterial changes due to fractional share adjustments or as a
    result of any purchase or redemption of any shares not caused, directly or indirectly, by the Interested Shareholder; or</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    receipt by the Interested Shareholder of the benefit, directly or indirectly (except proportionately as a shareholder of the
    Company), of any loans, advances, guarantees, pledges or other financial benefits (other than those expressly permitted above)
    provided by or through the Company or any direct or indirect majority-owned subsidiary.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 118 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->114<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
articles of incorporation define an &ldquo;Interested Shareholder&rdquo; as any person (other than the Company, Maritime Investors
and any direct or indirect majority-owned subsidiary of the Company or Maritime Investors and its affiliates) that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">is
    the owner of 15% or more of our outstanding voting shares; or</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">is
    an affiliate or associate of the Company and was the owner of 15% or more of the outstanding voting shares of the Company
    at any time within the three-year period immediately prior to the date on which it is sought to be determined whether such
    person is an Interested Shareholder; and the affiliates and associates of such person; provided, however, that the term &ldquo;Interested
    Shareholder&rdquo; shall not include any person whose ownership of shares in excess of the 15% limitation set forth herein
    is the result of action taken solely by the Company; provided that such person shall be an Interested Shareholder if thereafter
    such person acquires additional shares of voting shares of the Company, except as a result of further Company action not caused,
    directly or indirectly, by such person.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.
Material Contracts</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attached
as exhibits to this Annual Report are the contracts we consider to be both material and not entered into in the ordinary course
of business. Descriptions of such contracts are included in &ldquo;Item 4. Information on the Company&rdquo;, &ldquo;Item 5. Operating
and Financial Review and Prospects&rdquo;, &ldquo;Item 7. Major Shareholders and Related Party Transactions&rdquo;, and in Notes
3 (Transactions with Related Parties) and 7 (Long-term Debt) to our consolidated financial statements included in this Annual
Report. Other than these contracts, we have not entered into any other material contracts in the two years immediately preceding
the date of this Annual Report, other than contracts entered into in the ordinary course of business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>D.
Exchange Controls</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Marshall Islands law, there are currently no restrictions on the export or import of capital, including foreign exchange controls
or restrictions that affect the remittance of dividends, interest or other payments to non-resident holders of our common shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>E.
Taxation</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Certain
U.S. Federal Income Tax Considerations</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a summary of certain material U.S. federal income tax consequences of an investment in our common stock and our Series
A Preferred Shares. The discussion set forth below is based upon the Code, Treasury regulations and judicial and administrative
rulings and decisions all as in effect and available on the date hereof and all of which are subject to change, possibly with
retroactive effect. There can be no assurance that any of these regulations or other guidance will be enacted, promulgated or
provided, and if so, the form they will take or the effect that they may have on this discussion. This discussion is not binding
on the IRS or the courts and prospective investors should note that no rulings have been or are expected to be sought from the
IRS with respect to any of the U.S. federal income tax consequences discussed below, and no assurance can be given that the IRS
will not take contrary positions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 119 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->115<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
the following summary does not deal with all U.S. federal income tax consequences applicable to any given investor, nor does it
address the U.S. federal income tax considerations applicable to categories of investors subject to special taxing rules, such
as brokers, expatriates, banks, real estate investment trusts, regulated investment companies, insurance companies, tax-exempt
organizations, controlled foreign corporations, individual retirement or other tax-deferred accounts, dealers or traders in securities
or currencies, traders in securities that elects to use a mark-to-market method of accounting for their securities holdings, partners
and partnerships, S corporations, estates and trusts, investors required to recognize income for U.S. federal income tax purposes
no later than when such income is reported on an &ldquo;applicable financial statement&rdquo;, persons subject to the &ldquo;base
erosion and anti-avoidance&rdquo; tax, investors that hold their common stock as part of a hedge, straddle or an integrated or
conversion transaction, investors whose &ldquo;functional currency&rdquo; is not the U.S. dollar or investors that own, directly
or indirectly, 10% or more of our stock by vote or value. Furthermore, the discussion does not address alternative minimum tax
consequences or estate or gift tax consequences or any state tax consequences, and is generally limited to investors that hold
our common stock as &ldquo;capital assets&rdquo; within the meaning of Section 1221 of the Code. Each investor is strongly urged
to consult, and depend on, his or her own tax advisor in analyzing the U.S. federal, state, local and non-U.S. tax consequences
particular to him or her of an investment in our common stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THIS
DISCUSSION SHOULD NOT BE VIEWED AS TAX ADVICE. YOU SHOULD CONSULT YOUR OWN TAX ADVISERS CONCERNING THE U.S. FEDERAL TAX CONSEQUENCES
TO YOU IN LIGHT OF YOUR OWN PARTICULAR CIRCUMSTANCES, AS WELL AS ANY OTHER TAX CONSEQUENCES ARISING UNDER THE LAWS OF ANY STATE,
LOCAL, FOREIGN OR OTHER TAXING JURISDICTION, THE EFFECT OF ANY CHANGES IN APPLICABLE TAX LAW, AND YOUR ENTITLEMENT TO BENEFITS
UNDER AN APPLICABLE INCOME TAX TREATY.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
Federal Income Taxation of the Company</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
Income</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
exempt from U.S. federal income taxation under Section 883 of the Code or under an applicable U.S. income tax treaty, a foreign
corporation that earns only shipping income is generally subject to U.S. federal income taxation under one of two alternative
tax regimes: (i) the 4% gross basis tax or (ii) the net basis tax and branch profits tax. For this purpose, shipping income includes
income from (i) the use of a vessel, (ii) hiring or leasing of a vessel for use on a time, operating or bareboat charter basis
or (iii) the performance of services directly related to the use of a vessel (and thus includes spot, time and bareboat charter
income). We anticipate that we will earn substantially all our shipping income from the chartering or employment of vessels for
use on a spot or time charter basis; we may also, in the future, place one or more of our vessels in pooling arrangements or on
bareboat charters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
U.S.-source portion of shipping income is 50% of the income attributable to voyages that begin or end, but not both begin and
end, in the United States. Generally, no amount of the income from voyages that begin and end outside the United States is treated
as U.S. source, and consequently none of the shipping income attributable to such voyages is subject to the 4% gross basis tax.
Although the entire amount of shipping income from voyages that both begin and end in the United States would be U.S. source,
we are not permitted by United States law to engage in voyages that both begin and end in the United States and therefore we do
not expect to have any U.S.-source shipping income.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Republic of Malta has in place with the United States of America both an order for the relief from double taxation in relation
to the taxation of income derived from the international operation of ships as well as a Convention for the avoidance of double
taxation and the prevention of fiscal evasion with respect to taxes on income has an income tax treaty with the United States,
but the Republic of the Marshall Islands does not have an income tax treaty with the United States. Accordingly, income earned
by our subsidiaries organized under the laws of the Republic of Malta, but not by us or our subsidiaries organized under the laws
of the Republic of the Marshall Islands, may qualify for a treaty-based exemption.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>The
4% Gross Basis Tax</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
United States imposes a 4% U.S. federal income tax on a foreign corporation&rsquo;s gross U.S.- source shipping income to the
extent such income is not treated as effectively connected with the conduct of a U.S. trade or business. As a result of the 50%
sourcing rule discussed above, the effective tax is 2% of the gross income attributable to voyages beginning or ending in the
United States.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 120 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->116<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>The
Net Basis Tax and Branch Profits Tax</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not expect to engage in any activities in the United States or otherwise have a fixed place of business in the United States.
Nonetheless, if this situation were to change or if we were to be treated as engaged in a U.S. trade or business, all or a portion
of our taxable income, including gain from the sale of vessels, could be treated as effectively connected with the conduct of
this U.S. trade or business (or &ldquo;effectively connected income&rdquo;). Any effectively connected income, net of allowable
deductions, would be subject to U.S. federal corporate income tax (with the statutory rate currently being 21%). In addition,
we also may be subject to a 30% &ldquo;branch profits&rdquo; tax on earnings effectively connected with the conduct of the U.S.
trade or business (as determined after allowance for certain adjustments), and on certain interest paid or deemed paid that is
attributable to the conduct of our U.S. trade or business. The 4% gross basis tax described above is inapplicable to income that
is treated as effectively connected income. Our U.S.-source shipping income would be considered to be effectively connected income
only if we have or are treated as having a fixed place of business in the United States involved in the earning of U.S.-source
shipping income and substantially all of our U.S.-source shipping income is attributable to regularly scheduled transportation
(such as the operation of a vessel that follows a published schedule with repeated sailings at regular intervals between the same
points for voyages that begin or end in the United States). Based on our intended mode of shipping operations and other activities,
we do not expect to have any effectively connected income. In the absence of exemption from tax under Section 883 of the Code
(and/or, only in the case of income earned by our subsidiaries organized under the laws of the Republic of Malta, the applicable
exemption, under the aforementioned order for double taxation relief in relation to the taxation of income derived from the international
operation of ships and/or the income tax treaty between the United States and the Republic of Malta), our gross U.S. source shipping
income would be subject to the 4% U.S. federal income tax imposed, described above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>The
Section 883 Exemption</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
4% gross basis tax, the net basis tax and the branch profits tax described above are inapplicable to shipping income that qualifies
for exemption under Section 883 of the Code (the &ldquo;Section 883 Exemption&rdquo;). A foreign corporation will qualify for
the Section 883 Exemption if:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">it
    is organized in a &ldquo;qualified foreign country,&rdquo; which is a country outside the United States that grants an equivalent
    exemption from tax to corporations organized in the United States (an &ldquo;equivalent exemption&rdquo;);</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">it
                                                                              satisfies one of the following two ownership tests (discussed in more detail below): (A) more than 50% of the value of its
                                                                              shares is beneficially owned, directly or indirectly, by &ldquo;qualified shareholders&rdquo; (the &ldquo;50% Ownership
                                                                              Test&rdquo;); or (B) its shares are &ldquo;primarily and regularly traded on an established securities market&rdquo; in a
                                                                              qualified foreign country or in the United States (the &ldquo;Publicly-Traded Test.&rdquo;); and</FONT></P></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">it
        meets certain substantiation, reporting and other requirements (which include the filing of U.S. income tax</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">returns).</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
our 2020 taxable year, we and three of our subsidiaries that earn shipping income were organized under the laws of the Republic
of the Marshall Islands. Effective March 1, 2018, three of our subsidiaries that earn shipping income domiciled to the Republic
of Malta. The U.S. Treasury recognizes each of the Republic of the Marshall Islands and the Republic of Malta as a country that
grants an equivalent exemption and thus is a qualified foreign country. Therefore, if we and our subsidiaries satisfy the 50%
Ownership Test or Publicly-Traded Test for a taxable year, and otherwise comply with applicable substantiation and reporting requirements,
we will be exempt from U.S. federal income tax for that taxable year with respect to our U.S.-source shipping income.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
respect of our subsidiaries organized under the laws of the Republic of Malta, we believe in any case that we may rely on the
applicable treaty exemption provided for in the aforementioned order for double taxation relief in relation to the taxation of
income derived from the international operation of ships and/or the tax treaty in place between the U.S. and the Republic of Malta
and thus need not satisfy the aforementioned criteria for exemption as set out in Section 883 of the Code</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>The
50% Ownership Test</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of the 50% Ownership Test, &ldquo;qualified shareholders&rdquo; include: (i) individuals who are &ldquo;residents&rdquo;
(as defined in the Treasury regulations promulgated under Section 883 of the Code (the &ldquo;Section 883 Regulations&rdquo;)
of qualified foreign countries, (ii) corporations organized in qualified foreign countries that meet the Publicly-Traded Test
(discussed below), (iii) governments (or subdivisions thereof) of qualified foreign countries, (iv) non-profit organizations organized
in qualified foreign countries, and (v) certain beneficiaries of pension funds organized in qualified foreign countries, in each
case, that do not beneficially own the shares in the foreign corporation claiming the Section 883 Exemption, directly or indirectly
(at any point in the chain of ownership), in the form of bearer shares (as described in the Section 883 Regulations). For this
purpose, certain constructive ownership rules under the Section 883 Regulations require looking through the ownership of entities
to the owners of the interests in those entities. The foreign corporation claiming the Section 883 Exemption based on the 50%
Ownership Test must obtain all the facts necessary to satisfy the IRS that the 50% Ownership Test has been satisfied (as detailed
in the Section 883 Regulations) and must meet certain substantiation and reporting requirements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 121 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->117<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>The
Publicly-Traded Test</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Section 883 Regulations provide, in pertinent part, that shares of a foreign corporation will be considered to be &ldquo;primarily
traded&rdquo; on an established securities market in a country if the number of shares of each class of stock that are traded
during any taxable year on all established securities markets in that country exceeds the number of shares in each such class
that are traded during that year on established securities markets in any other single country. Our common shares, which constitute
our sole class of issued and outstanding stock, are &ldquo;primarily traded&rdquo; on the NASDAQ Capital Market, which is an established
market for these purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the Section 883 Regulations, our common shares would be considered to be &ldquo;regularly traded&rdquo; on an established securities
market if one or more classes of our shares representing more than 50% of our outstanding stock, by both total combined voting
power of all classes of stock entitled to vote and total value, are listed on such market, to which we refer as the &ldquo;listing
threshold.&rdquo; Our common shares, which constitutes our sole class of issued and outstanding stock, are listed on the NASDAQ
Capital Market. Accordingly, we will satisfy the listing threshold.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Section 883 Regulations also require that with respect to each class of stock relied upon to meet the listing threshold, (i) such
class of stock is traded on the market, other than in minimal quantities, on at least 60 days during the taxable year or one-sixth
of the days in a short taxable year (the &ldquo;trading frequency test&rdquo;); and (ii) the aggregate number of shares of such
class of stock traded on such market during the taxable year must be at least 10% of the average number of shares of such class
of stock outstanding during such year or as appropriately adjusted in the case of a short taxable year (the &ldquo;trading volume
test&rdquo;). Even if this were not the case, the Section 883 Regulations provide that the trading frequency and trading volume
tests will be deemed satisfied if such class of stock is traded on an established securities market in the United States and such
shares are regularly quoted by dealers making a market in such shares; for this purpose, a dealer makes a market in a stock only
if the dealer regularly and actively offers to, and in fact does, purchase the stock from, and sell the stock to, customers who
are not related to the dealer in the ordinary course.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notwithstanding
the foregoing, the Section 883 Regulations also provide, in pertinent part, that a class of shares will not be considered to be
&ldquo;regularly traded&rdquo; on an established securities market for any taxable year in which 50% or more of the vote and value
of the outstanding shares of such class are owned, actually or constructively under specified share attribution rules, on more
than half the days during the taxable year by one or more persons who each own 5% or more of the vote and value of such class
of outstanding stock (the &ldquo;5% Override Rule&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of being able to determine the persons who actually or constructively own 5% or more of the vote and value of our common
shares (or &ldquo;5% shareholders&rdquo;) the Section 883 Regulations permit us to rely on those persons that are identified on
Schedule 13G and Schedule 13D filings with the SEC, as owning 5% or more of our common shares. The Section 883 Regulations further
provide that an investment company which is registered under the Investment Company Act of 1940, as amended, will not be treated
as a 5% shareholder for such purposes. Consistent with the Schedule 13D/A filed with the SEC on November 4, 2019, Mr. Valentis
beneficially owned more than 5% of our common stock for all of the 2020 taxable year. Thus, we believe that the 5% Override Rule
is triggered for the 2020 taxable year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
even if the 5% Override Rule is triggered, the Treasury regulations provide that the 5% Override Rule will nevertheless not apply
if we can establish that within the group of 5% shareholders, qualified shareholders (as defined generally under the Section 883
Regulations and discussed above) own sufficient number of shares to preclude non-qualified shareholders in such group from owning
50% or more of our common shares for more than half the number of days during the taxable year. In this case, Mr. Valentis was
the sole 5% shareholder for the 2020 taxable year and is a qualified shareholder for purposes of the Section 883 Regulations.
Thus, we believe that the 5% Override Rule would be inapplicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on the foregoing, we intend to take the position that we and our subsidiaries satisfy both the 50% Ownership Test and the Publicly-Traded
Test for the 2020 taxable year and intend to comply with the substantiation and reporting requirements that are applicable under
Section 883 of the Code to claim the Section 883 Exemption. If in the 2021 or any future taxable year, the ownership of our shares
of common stock changes, because, among other things, we can give no assurance that such shareholders are qualified shareholders
or that a sufficient number of qualified shareholders will cooperate with us in respect of the applicable substantiation and reporting
requirements, there can be no assurance that we will satisfy either the 50% Ownership Test or the Publicly-Traded Test, in which
case we and our subsidiaries would not qualify for the Section 883 Exemption for that taxable year and would be subject to U.S.
federal tax as set forth in the above discussion (subject to only in the case of income earned by our subsidiaries organized under
the laws of the Republic of Malta, the applicable exemption, under the aforementioned order for double taxation relief in relation
to the taxation of income derived from the international operation of ships and/or the income tax treaty between the United States
and the Republic of Malta).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 122 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->118<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gain
on Sale of Vessels</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, regardless of whether we qualify for the Section 883 Exemption, we will not be subject to U.S. federal income tax with
respect to gain realized on a sale of a vessel, provided the sale is considered to occur outside of the United States under U.S.
federal income tax principles. A sale of a vessel will generally be considered to occur outside of the U.S. for this purpose if
title to the vessel, and risk of loss with respect to the vessel, pass to the buyer outside of the United States. To the extent
possible, we will attempt to structure any sale of a vessel so that it is considered to occur outside of the United States.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
Federal Income Taxation of U.S. Holders</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
used herein, &ldquo;U.S. Holder&rdquo; means a beneficial owner of common stock that is an individual citizen or resident of the
United States for U.S. federal income tax purposes, a corporation (or other entity taxable as a corporation for U.S. federal income
tax purposes) created or organized in or under the laws of the United States or any state thereof (including the District of Columbia),
an estate the income of which is subject to U.S. federal income taxation regardless of its source or a trust where a court within
the United States is able to exercise primary supervision over the administration of the trust and one or more U.S. persons (as
defined in the Code) have the authority to control all substantial decisions of the trust (or a trust that has made a valid election
under Treasury regulations to be treated as a domestic trust). A &ldquo;Non-U.S. Holder&rdquo; generally means any owner (or beneficial
owner) of common stock that is not a U.S. Holder, other than a partnership. If a partnership holds common stock, the tax treatment
of a partner will generally depend upon the status of the partner and upon the activities of the partnership. Partners of partnerships
holding common stock should consult their own tax advisors regarding the tax consequences of an investment in the common stock
(including their status as U.S. Holders or Non-U.S. Holders).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distributions
on Common Stock</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the discussion of PFICs below, any distributions made by us with respect to our shares of common stock to a U.S. Holder of
common stock will generally constitute dividends, which may be taxable as ordinary income or qualified dividend income as described
in more detail below, to the extent of our current or accumulated earnings and profits as determined under U.S. federal income
tax principles. Distributions in excess of our earnings and profits will be treated as a non-taxable return of capital to the
extent of the U.S. Holder&rsquo;s tax basis in its common stock and, thereafter, as capital gain.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
Holders that are corporations generally will not be entitled to claim a dividends received deduction with respect to any distributions
they receive from us, except that certain U.S. Holders that are corporations and that directly, indirectly or constructively own
10% or more of our voting power or value may be entitled to a 100% dividends received deduction under certain circumstances. The
rules with respect to the dividends received deduction are complex and involve the application of rules that depend on a U.S.
Holder&rsquo;s particular circumstances and on whether we are a PFIC, CFC or both, among other things. You should consult your
own tax advisor to determine the effect of the dividends received deduction on your ownership of our common stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
paid with respect to our common stock generally will be treated as non-U.S. source income and generally will constitute &ldquo;passive
category income&rdquo; for purposes of computing allowable foreign tax credits for U.S. federal foreign tax credit purposes. The
rules with respect to foreign tax credits are complex and involve the application of rules that depend on a U.S. Holder&rsquo;s
particular circumstances. You should consult your own tax advisor to determine the foreign tax credit implications of owning our
common stock, including rules regarding the ability to utilize foreign tax credits against income recognized currently by a U.S.
Stockholder under the TCJA.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
paid on the shares of a non-U.S. corporation to an individual U.S. Holder generally will not be treated as qualified dividend
income that is taxable at preferential tax rates. However, dividends paid in respect of our common stock to an individual U.S.
Holder may qualify as qualified dividend income if: (i) our common stock is readily tradable on an established securities market
in the United States; (ii) we are not a PFIC for the taxable year during which the dividend is paid or in the immediately preceding
taxable year; (iii) the individual U.S. Holder has owned the common stock for more than 60 days in the 121-day period beginning
60 days before the &ldquo;ex-dividend date&rdquo; and (iv) the individual U.S. Holder is not under an obligation to make related
payments with respect to positions in substantially similar or related property. Thus, we can give no assurance that any dividends
paid on our common shares will be eligible for these preferential rates in the hands of such individual U.S. Holders. Any dividends
paid by us which are not eligible for these preferential rates will be taxed as ordinary income to an individual U.S. Holder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
special rules may apply to any &ldquo;extraordinary dividend&rdquo;&ndash;generally, a dividend in an amount which is equal to
or in excess of 10% of a shareholder&rsquo;s adjusted tax basis (or fair market value in certain circumstances) or dividends received
within a one-year period that, in the aggregate, equal or exceed 20% of a shareholder&rsquo;s adjusted tax basis (or fair market
value upon the shareholder&rsquo;s election) in a common share&ndash;paid by us to a U.S. Holder that is a corporation for U.S.
federal income tax purposes. If we pay an &ldquo;extraordinary dividend&rdquo; on our common shares that is treated as &ldquo;qualified
dividend income,&rdquo; then any loss derived by certain U.S. Holders that are corporations for U.S. federal income tax purposes
from the sale or exchange of such common shares will be treated as long-term capital loss to the extent of such dividend.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 123 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->119<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sale,
Exchange or Other Disposition of Common Stock</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the discussion of PFICs below, a U.S. Holder generally will recognize taxable gain or loss upon a sale, exchange or other disposition
of common stock in an amount equal to the difference between the amount realized by the U.S. Holder from such sale, exchange or
other disposition and the U.S. Holder&rsquo;s tax basis in such common stock. Assuming we do not constitute a PFIC for any taxable
year, this gain or loss will generally be treated as long-term capital gain or loss if the U.S. Holder&rsquo;s holding period
is greater than one year at the time of the sale, exchange or other disposition. A U.S. Holder&rsquo;s ability to deduct capital
losses is subject to certain limitations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax
Considerations Relating to the Series A Preferred Shares</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
U.S. federal income tax treatment of distributions on the Series A Preferred Shares and of gain or loss upon a sale, exchange
or other disposition of the Series A Preferred Shares will be similar to the U.S. federal income tax treatment of distributions
on, and gain or loss upon a sale, exchange or disposition, of common shares, as described above. For additional information, U.S.
Holders should review the section titled &ldquo;Taxation&rdquo; of the prospectus filed with the Securities and Exchange Commission
dated October 8, 2020 and consult their own tax advisors regarding the tax consequences of an investment in the Series A Preferred
Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.8%
Tax on Net Investment Income</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
U.S. Holder that is an individual, estate, or, in certain cases, a trust, will generally be subject to a 3.8% tax on the lesser
of, in the case of a U.S. Holder that is an individual, (i) the U.S. Holder&rsquo;s net investment income for the taxable year
and (ii) the excess of the U.S. Holder&rsquo;s modified adjusted gross income for the taxable year over a certain threshold (which
in the case of individuals will be between $125,000 and $250,000). A U.S. Holder&rsquo;s net investment income will generally
include distributions we make on the common stock which are treated as dividends for U.S. federal income tax purposes and capital
gains from the sale, exchange or other disposition of the common stock. This tax is in addition to any income taxes due on such
investment income.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PFIC
Status and Significant Tax Consequences</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Special
U.S. federal income tax rules apply to a U.S. Holder that holds shares in a foreign corporation classified as a PFIC, for U.S.
federal income tax purposes. In general, we will be treated as a PFIC with respect to a U.S. Holder if, for any taxable year in
which such holder holds our common shares, either:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
at least 75% of our gross income for such taxable year consists of passive income (e.g., dividends, interest, capital gains and
rents derived other than in the active conduct of a rental business), which we refer to as the income test; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
at least 50% of the average value of our assets during such taxable year produce, or are held for the production of, passive income,
which we refer to as the asset test.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of determining whether we are a PFIC, cash will be treated as an asset which is held for the production of passive income.
In addition, we will be treated as earning and owning our proportionate share of the income and assets, respectively, of any of
our subsidiary corporations in which we own at least 25% of the value of the subsidiary&rsquo;s stock. Income earned, or deemed
earned, by us in connection with the performance of services would not constitute passive income. By contrast, rental income would
generally constitute &ldquo;passive income&rdquo; unless we were treated under specific rules as deriving our rental income in
the active conduct of a trade or business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on our current and projected operations, we do not believe that we (or any of our subsidiaries) were a PFIC in the 2020 taxable
year, nor do we expect (or any of our subsidiaries) to become a PFIC with respect to the 2021 or any later taxable year. In making
the determination as to whether we are a PFIC, we intend to treat the gross income that we derive or that are deemed to derive
from the spot and time chartering activities of us or any of our subsidiaries as services income, rather than rental income. Correspondingly,
such income should not constitute passive income, and the assets that we or our wholly-owned subsidiaries own and operate in connection
with the production of such income should not constitute passive assets for purposes of determining whether we are a PFIC. We
believe that there is substantial legal authority supporting our position consisting of case law and IRS pronouncements concerning
the characterization of income derived from spot and time charters as services income for other tax purposes. However, there is
also authority which characterizes time charter income as rental income rather than services income for other tax purposes. In
the absence of any legal authority specifically relating to the statutory provisions governing PFICs, the IRS or a court could
disagree with our position. In addition, although we intend to conduct our affairs in a manner to avoid being classified as a
PFIC with respect to any taxable year, we cannot assure you that the nature of our operations will not change in the future.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 124 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->120<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
discussed more fully below, if we were to be treated as a PFIC for any taxable year, a U.S. Holder would be subject to different
taxation rules depending on whether the U.S. Holder makes an election to treat us as a &ldquo;qualified electing fund&rdquo; (a
&ldquo;QEF election&rdquo;). As an alternative to making a QEF election, a U.S. Holder should be able to make a &ldquo;mark-to-market&rdquo;
election with respect to our common shares, as discussed below. If we were treated as a PFIC, a U.S. Holder will generally be
required to file IRS Form 8621 with respect to its ownership of our common shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxation
of U.S. Holders Making a Timely QEF Election</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a U.S. Holder makes a timely QEF election (an &ldquo;electing holder&rdquo;) the electing holder must report for U.S. federal
income tax purposes its pro-rata share of our ordinary earnings and net capital gain, if any, for each of our taxable years during
which we are a PFIC that ends with or within the taxable year of the electing holder, regardless of whether distributions were
received from us by the electing holder. No portion of any such inclusions of ordinary earnings will be treated as &ldquo;qualified
dividend income.&rdquo; Net capital gain inclusions of certain non-corporate U.S. Holders may be eligible for preferential capital
gains tax rates. The electing holder&rsquo;s adjusted tax basis in the common shares will be increased to reflect any income included
under the QEF election. Distributions of previously taxed income will not be subject to tax upon distribution but will decrease
the electing holder&rsquo;s tax basis in the common shares. An electing holder would not, however, be entitled to a deduction
for its pro-rata share of any losses that we incur with respect to any taxable year. An electing holder would generally recognize
capital gain or loss on the sale, exchange or other disposition of our shares of common stock or Series A Preferred Shares. A
U.S. Holder would make a timely QEF election for our shares of common stock or Series A Preferred Shares by filing IRS Form 8621
with his U.S. federal income tax return for the first year in which he held such shares when we were a PFIC. If we determine that
we are a PFIC for any taxable year, we intend to provide each U.S. Holder with information necessary for the U.S. Holder to make
the QEF election described above. If we were treated as a PFIC for our 2021 taxable year, we anticipate that, based on our current
projections, we would not have a significant amount of taxable income or gain that would be required to be taken into account
by U.S. Holders making a QEF election effective for such taxable year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxation
of U.S. Holders Making a &ldquo;Mark-to-Market&rdquo; Election</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alternatively,
if we were to be treated as a PFIC for any taxable year and, as we anticipate will be the case, our shares are treated as &ldquo;marketable
stock,&rdquo; a U.S. Holder would be allowed to make a &ldquo;mark-to-market&rdquo; election with respect to our shares of common
stock or Series A Preferred Shares, provided the U.S. Holder completes and files IRS Form 8621 in accordance with the relevant
instructions and related Treasury regulations. If that election is made, the U.S. Holder generally would include as ordinary income
in each taxable year the excess, if any, of the fair market value of the shares at the end of the taxable year over such Holder&rsquo;s
adjusted tax basis in the shares. The U.S. Holder would also be permitted an ordinary loss in respect of the excess, if any, of
the U.S. Holder&rsquo;s adjusted tax basis in the shares over its fair market value at the end of the taxable year, but only to
the extent of the net amount previously included in income as a result of the mark-to-market election. A U.S. Holder&rsquo;s tax
basis in his shares of our common stock or Series A Preferred Shares would be adjusted to reflect any such income or loss amount
recognized. Any gain realized on the sale, exchange or other disposition of our shares of common stock or Series A Preferred Shares
would be treated as ordinary income, and any loss realized on the sale, exchange or other disposition of the shares would be treated
as ordinary loss to the extent that such loss does not exceed the net mark-to-market gains previously included by the U.S. Holder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Taxation
of U.S. Holders Not Making a Timely QEF or Mark-to-Market Election</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we were to be treated as a PFIC for any taxable year, a U.S. Holder who does not make either a QEF election or a &ldquo;mark-to-market&rdquo;
election for that year (a &ldquo;non-electing holder&rdquo;) would be subject to special rules with respect to (i) any excess
distribution (i.e., the portion of any distributions received by the non-electing holder on the shares in a taxable year in excess
of 125% of the average annual distributions received by the non-electing holder in the three preceding taxable years, or, if shorter,
the non-electing holder&rsquo;s holding period for the shares), and (ii) any gain realized on the sale, exchange or other disposition
of our shares of common stock. Under these special rules:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
the excess distribution or gain would be allocated ratably over the non-electing holder&rsquo;s aggregate holding period for the
shares;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
the amount allocated to the current taxable year, and any taxable year prior to the first taxable year in which we were a PFIC,
would be taxed as ordinary income and would not be &ldquo;qualified dividend income&rdquo;; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)
the amount allocated to each of the other taxable years would be subject to tax at the highest rate of tax in effect for the applicable
class of taxpayer for that year, and an interest charge for the deemed tax deferral benefit would be imposed with respect to the
resulting tax attributable to each such other taxable year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 125 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->121<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
HOLDERS ARE URGED TO CONSULT THEIR TAX ADVISORS AS TO OUR STATUS AS A PFIC, AND, IF WE (AND/OR ONE OR MORE OF OUR SUBSIDIARIES)
ARE TREATED AS A PFIC, AS TO THE EFFECT ON THEM OF, AND THE REPORTING REQUIREMENTS WITH RESPECT TO, THE PFIC RULES AND THE DESIRABILITY
OF MAKING, AND THE AVAILABILITY OF, EITHER A QEF ELECTION OR A MARK-TO-MARKET ELECTION WITH RESPECT TO OUR SHARES OF COMMON STOCK
or Series A Preferred Shares. WE PROVIDE NO ADVICE ON TAXATION MATTERS.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
Federal Income Taxation of Non-U.S. Holders</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
on Common Stock or Series A Preferred Shares</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
Non-U.S. Holder generally will not be subject to U.S. federal income or withholding tax on dividends received from us with respect
to our shares of common stock or Series A Preferred Shares, unless that income is effectively connected with the Non-U.S. Holder&rsquo;s
conduct of a trade or business in the United States. In general, if the Non-U.S. Holder is entitled to the benefits of an applicable
U.S. income tax treaty with respect to those dividends, that income is taxable only if it is attributable to a permanent establishment
maintained by the Non-U.S. Holder in the United States.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sale,
Exchange or Other Disposition of Common Stock or Series A Preferred Shares</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
Non-U.S. Holder generally will not be subject to U.S. federal income or withholding tax on any gain realized upon the sale, exchange
or other disposition of our shares of common stock or Series A Preferred Shares, unless:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
the gain is effectively connected with the Non-U.S. Holder&rsquo;s conduct of a trade or business in the United States; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
the Non-U.S. Holder is an individual who is present in the United States for 183 days or more during the taxable year of disposition
and who also meets other conditions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
or Gains Effectively Connected with a U.S. Trade or Business</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the Non-U.S. Holder is engaged in a U.S. trade or business for U.S. federal income tax purposes, dividends on the common shares
and gain from the sale, exchange or other disposition of our shares of common stock or Series A Preferred Shares, that is effectively
connected with the conduct of that trade or business, will generally be subject to regular U.S. federal income tax in the same
manner as discussed in the previous section relating to the taxation of U.S. Holders. In addition, in the case of a corporate
Non-U.S. Holder, its earnings and profits that are attributable to the effectively connected income, which are subject to certain
adjustments, may be subject to an additional U.S. federal branch profits tax at a rate of 30%, or at a lower rate as may be specified
by an applicable U.S. income tax treaty.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Backup
Withholding and Information Reporting</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
reporting to the IRS may be required with respect to payments on our shares of common stock or Series A Preferred Shares and with
respect to proceeds from the sale of the shares of common stock or Series A Preferred Shares. With respect to Non-U.S. Holders,
copies of such information returns reporting may be made available to the tax authorities in the country in which the Non-U.S.
Holder resides under the provisions of any applicable income tax treaty or exchange of information agreement. A &ldquo;backup&rdquo;
withholding tax (currently at a 24% rate) may also apply to those payments if a non-corporate holder of the shares of common stock
or Series A Preferred Shares fails to provide certain identifying information (such as the holder&rsquo;s taxpayer identification
number or an attestation to the status of the holder as a Non-U.S. Holder), such holder is notified by the IRS that he or she
has failed to report all interest or dividends required to be shown on his or her federal income tax returns or, in certain circumstances,
such holder has failed to comply with applicable certification requirements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-U.S.
Holders may be required to establish their exemption from information reporting and backup withholding by certifying under penalties
of perjury their status on IRS Form W-8BEN, W-8BEN-E, W-8ECI or W-8IMY, as applicable. A Non-U.S. Holder should consult his or
her own tax advisor as to the qualifications for exemption from backup withholding and the procedures for obtaining the exemption.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
Holders of our shares of common stock or Series A Preferred Shares may be required to file forms with the IRS under the applicable
reporting provisions of the Code. For example, such U.S. Holders may be required, under Sections 6038, 6038B and/or 6046 of the
Code, to supply the IRS with certain information regarding the U.S. Holder, other U.S. Holders and us if (i) such person owns
at least 10% of the total value or 10% of the total combined voting power of all classes of shares entitled to vote or (ii) the
acquisition, when aggregated with certain other acquisitions that may be treated as related under applicable regulations, exceeds
$100,000. In the event a U.S. Holder fails to file a form when required to do so, the U.S. Holder could be subject to substantial
tax penalties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 126 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->122<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a shareholder is a Non-U.S. Holder and sells his or her shares of common stock or Series A Preferred Shares to or through a U.S.
office of a broker, the payment of the proceeds is subject to both U.S. backup withholding and information reporting unless the
shareholder certifies that he or she is not a U.S. person, under penalty of perjury, or he or she otherwise establishes an exemption.
If our shareholder is a Non-U.S. Holder and sells his or her common stock or Series A Preferred Shares through a non-U.S. office
of a non-U.S. broker and the sales proceeds are paid to such shareholder outside the United States, then information reporting
and backup withholding generally will not apply to that payment. However, U.S. information reporting requirements, but not backup
withholding, will apply to a payment of sales proceeds, even if that payment is made to a shareholder outside the United States,
if the shareholder sells his or her shares of common stock or Series A Preferred Shares through a non-U.S. office of a broker
that is a U.S. person or has some other contacts with the United States. Such information reporting requirements will not apply,
however, if the broker has documentary evidence in its records that the shareholder is not a U.S. person and certain other conditions
are met, or the shareholder otherwise establishes an exemption.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Backup
withholding is not an additional tax and may be refunded (or credited against the holder&rsquo;s U.S. federal income tax liability,
if any), provided that appropriate returns are filed with and certain required information is furnished to the IRS in a timely
manner.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, individuals who are U.S. Holders (and to the extent specified in applicable Treasury regulations, Non-U.S. Holders and
certain U.S. entities) who hold &ldquo;specified foreign financial assets&rdquo; (as defined in Section 6038D of the Code) are
required to file IRS Form 8938 with information relating to the asset for each taxable year in which the aggregate value of all
such assets exceeds $75,000 at any time during the taxable year or $50,000 on the last day of the taxable year (or such higher
dollar amount as prescribed by applicable Treasury regulations). Specified foreign financial assets would include, among other
assets, our shares of common stock or Series A Preferred Shares, unless the shares are held in an account maintained with a U.S.
financial institution. Substantial penalties apply to any failure to timely file IRS Form 8938, unless the failure is shown to
be due to reasonable cause and not due to willful neglect. Additionally, in the event an individual U.S. Holder (and to the extent
specified in applicable Treasury regulations, a Non-U.S. Holder or a U.S. entity) that is required to file IRS Form 8938 does
not file such form, the statute of limitations on the assessment and collection of U.S. federal income taxes of such holder for
the related tax year may not close until three years after the date that the required information is filed. U.S. Holders (including
U.S. entities) and Non-U.S. Holders are encouraged consult their own tax advisors regarding their reporting obligations in respect
of our shares of common stock or Series A Preferred Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Material
Marshall Islands, Maltese and Greek Tax Law Considerations</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a summary of certain material tax consequences of our activities to us and our shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are incorporated in the Marshall Islands and Malta and some of our operations are located in Greece.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
current Marshall Islands law, we are not subject to tax on income or capital gains, and no Marshall Islands withholding tax will
be imposed upon payments of dividends by us to our shareholder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Maltese law, the subsidiary companies Secondone Corporation Ltd., Thirdone Corporation Ltd. and Fourthone Corporation Ltd., being
Maltese registered companies, are deemed by the Income Tax Act to be resident in Malta for tax purposes. However such companies,
being the respective registered owners and operators of the Maltese registered vessels <I>Northsea Alpha</I> , <I>Northsea Beta
</I>and <I>Pyxis Malou</I> , are not subject to Malta income tax on any profits derived by them, including tax on any gains of
a capital nature as may be derived from the sale or other transfer of the vessels concerned, to the extent that (1) such profits
are derived from &lsquo;shipping activities&rsquo; (being in particular the international carriage of goods or passengers by sea
in terms of the EU Maritime State Aid Guidelines and such other activities that have been approved or considered as eligible for
tonnage tax purposes by the European Commission) and (2) such vessels have been declared by the Minister responsible for Shipping
to be and continue to qualify as &lsquo;tonnage tax ships&rsquo; under the Merchant Shipping (Taxation And Other Matters Relating
to Shipping Organizations) Regulations 2018; provided that for the year in respect of which exemption from tax is applied (i)
all applicable tonnage taxes have been paid and (ii) separate accounts were kept clearly distinguishing the payments and receipts
by the companies concerned in respect of shipping activities, including the ownership, operation, administration or management
of the vessels as tonnage tax ships, and payments and receipts in respect of any other business.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
Maltese withholding tax will be imposed upon payment of dividends by any one of Secondone Corporation Ltd., Thirdone Corporation
Ltd. and Fourthone Corporation Ltd., being the three (3) Maltese registered companies concerned, to their shareholder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
subsidiary companies Seventhone Corp. and Eighthone Corp., being companies registered under the laws of the Marshall Islands,
are not considered to be tax resident in Malta and are therefore not subject to any income tax in Malta, including tax on any
gains of a capital nature as may be derived from the sale or other transfer of the Maltese registered vessels <I>Pyxis Theta</I>
and <I>Pyxis Epsilon</I> which are respectively owned by them. The appointment by these companies of a Resident Agent in Malta
in connection with their registration with the registrar of Shipping as &lsquo;International Owners&rsquo; does not constitute
a permanent establishment in Malta for tax purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 127 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->123<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Greek Law, the ship management companies which have established an office in Greece under the so called &ldquo;Law 89&rdquo; regime,
currently legislated by Law 27/1975 as in force, are not subject to any income tax. The same applies to the shipowning companies
of the vessels which are managed by such ship management companies and to their foreign holding companies, provided the latter
are exclusively holding companies of such shipowning companies, without other activities. There is, however, an annual tonnage
tax levy over the vessels managed by such companies, lesser than previously (in view of the below mentioned recent agreement)
for which the respective shipowning company and ship management company are jointly and severally liable to pay to the Greek State;
also, the tax residents of Greece who receive dividends from such shipowning or their holding companies, (pursuant to a recent
agreement between the Union of Greek Shipowners and the Greek State) are taxed at 10% on the dividends which they receive and
which they import into Greece, not being liable to any other taxation for these, or any tax for those dividends which either remain
with the holding company or are paid to the individual Greek tax resident abroad.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>F.
Dividends and Paying Agents</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>G.
Statement by Experts</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>H.
Documents on Display</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
file reports and other information with the SEC. These materials, including this Annual Report and the accompanying exhibits,
are available at the SEC&rsquo;s website at http://www.sec.gov.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>I.
Subsidiary Information</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="m_015"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ITEM
11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">COVID-19
outbreak: The effects of the infectious disease, COVID-19, are rapidly evolving globally and are uncertain. The Company&rsquo;s
business could be adversely affected by this outbreak. Any prolonged restrictive measures in order to control the spread of COVID-19
or other adverse public health development in Asia, U.S. or the Company&rsquo;s targeted markets may have a material and adverse
effect on the demand for the Company&rsquo;s vessels, operations and financial condition.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
see &ldquo;Note 10. Risk Management and Fair Value Measurements&rdquo; to our consolidated financial statements included in this
Annual Report for a further description of our risk management.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.
Quantitative Information about Market Risk</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Interest
Rate Risk</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
shipping industry is a capital intensive industry, requiring significant amounts of investment. Much of this investment is provided
in the form of long-term debt. Our amortizing bank debt usually contains interest rates that fluctuate with the financial markets.
Increasing interest rates could adversely impact future earnings and our ability to service debt.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
interest expense is affected by changes in the general level of interest rates, particularly LIBOR. As an indication of the extent
of our sensitivity to interest rate changes, an increase of 100 basis points would have decreased our net income and cash flows
during the years ended December 31, 2019 and 2020 by approximately $0.6 million and $0.5 million, respectively, based upon our
average debt level during 2018 and 2019.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 128 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->124<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Foreign
Currency Exchange Risk</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
generate most of our revenue in U.S. dollars, but a portion of our expenses, are in currencies other than U.S. dollars (mainly
in Euro), and any gain or loss we incur as a result of the U.S. dollar fluctuating in value against those currencies is included
in vessel operating expenses and in general and administrative expenses. As of December 31, 2019 and 2020, approximately 8% and
15%, respectively, of our outstanding accounts payable were denominated in currencies other than the U.S. dollar (mainly in Euro).
We hold cash and cash equivalents mainly in U.S. dollars. We do not consider foreign currency exchange risk to be a significant
risk to our business in the current environment and foreseeable future.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Inflation</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not consider inflation to be a significant risk to our business in the current environment and foreseeable future.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.
Qualitative Information about Market Risk</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Interest
Rate Exposure</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
debt obligations under each of our subsidiaries&rsquo; loan agreements bear interest at LIBOR plus a fixed margin. Increasing
interest rates could adversely affect our future profitability. Lower interest rates lower the returns on cash investments. We
regularly monitor interest rate exposure and will enter into swap arrangements with acceptable financial counterparties to hedge
exposure where it is considered economically advantageous to do so. However, there may be certain incremental costs incurred if
we enter into such arrangements. In order to hedge our variable interest rate exposure, on January 19, 2018, Seventhone entered
into an interest rate cap agreement with one of its lenders for a notional amount of $10.0 million and a cap rate of 3.5%. The
interest rate cap will terminate on July 18, 2022.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Operational
Risk</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are exposed to operating costs risk arising from various vessel operations. The key areas of operating risk include dry-dock,
repair costs, insurance and piracy. Our risk management includes various strategies for technical management of dry-dock and repairs
coordinated with a focus on measuring cost and quality. Our relatively young fleet helps to minimize the risk. Given the potential
for accidents and other incidents that may occur in vessel operations, the fleet is insured against various types of risk. Finally,
we have established a set of countermeasures in order to minimize this risk of piracy attacks during voyages, which include hiring
third party security to protect the crew and make navigation safer for the vessels.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Foreign
Exchange Rate Exposure</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
vessel-owning subsidiaries generate revenues in U.S. dollars but incur a portion of their vessel operating expenses, and we incur
a majority of our general and administrative costs, in other currencies, primarily Euros. The amount and frequency of some of
these expenses (such as vessel repairs, supplies and stores) may fluctuate from period to period, while other of these expenses,
such as the compensation paid to Maritime for the administrative services, remain relatively fixed. Depreciation in the value
of the U.S. dollar relative to other currencies will increase the U.S. dollar cost to us of paying such expenses and, as a result,
an adverse or positive movement could increase or decrease operating expenses. The portion of our business conducted in other
currencies could increase in the future, which could expand our exposure to losses arising from currency fluctuations. We believe
these adverse effects to be immaterial and have not entered into any derivative contracts for either transaction or translation
risk during the year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Credit
Risk</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is a concentration of credit risk with respect to cash and cash equivalents to the extent that substantially all of our amounts
are held across four banks. While we believe this risk of loss is low, we keep this under review and will revise our policy for
managing cash and cash equivalents if we consider it advantageous and prudent to do so. We limit our credit risk with trade accounts
receivable by performing ongoing credit evaluations of our customers&rsquo; financial condition. We generally do not acquire collateral
for trade accounts receivable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may have a credit risk in relation to vessel employment and at times may have multiple vessels employed by one charterer. We consider
and evaluate concentration of credit risk regularly and perform on-going evaluations of these charterers for credit risk. As of
December 31, 2020 and April 6, 2021, two and three of our vessels, respectively, were employed with the same charterer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 129 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->125<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Commodity
Risk Exposure</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
price and supply of bunker is unpredictable and fluctuates as a result of events outside our control, including geo-political
developments, supply and demand for oil and gas, actions by members of the Organization of Petroleum Exporting Countries, or OPEC,
and other oil and gas producers, war and unrest in oil producing countries and regions, regional production patterns and environmental
concerns and regulations. Because we do not hedge our bunker costs, an increase in the price of bunker beyond our expectations
may adversely affect our profitability and cash flows.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Liquidity
Risk</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
principal objective in relation to liquidity is to ensure that we have access at minimum cost to sufficient liquidity to enable
us to meet our obligations as they come due and to provide adequately for contingencies. Our policy is to manage our liquidity
by strict forecasting of cash flows arising from time charter revenue, vessel operating expenses, general and administrative overhead
and servicing of debt. We maintain limited cash balances in financial institutions operating in Greece.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Inflation</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not expect inflation to be a significant risk in the current and foreseeable economic environment. In the event that inflation
becomes a significant factor in the global economy, inflationary pressures would result in increased operating, voyage and finance
costs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="m_016"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ITEM
12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.
Debt Securities</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.
Warrants and Rights</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.
Other Securities</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>D.
American Depositary Shares</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 130 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->126<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="m_017"></A>PART
II</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="m_018"></A>ITEM
13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="m_019"></A>ITEM
14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="m_020"></A>ITEM
15. CONTROLS AND PROCEDURES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A.
Disclosure Controls and Procedures</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
management of Pyxis Tanker Inc., with the participation of the Chief Executive Officer (<I>principal executive officer)</I> and
Chief Financial Officer (<I>principal financial officer)</I>, after evaluating the effectiveness of our disclosure controls and
procedures (as defined in Rule 13a-15(e) of the Exchange Act) as of December 31, 2020, has concluded that, as of such date, our
disclosure controls and procedures were effective and ensure that information required to be disclosed by us in reports that we
file or submit under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer
(<I>principal executive officer)</I> and Chief Financial Officer (<I>principal financial officer)</I>, to allow timely decisions
regarding required disclosure and is recorded, processed, summarized and reported within the time periods specified by the SEC&rsquo;s
rules and forms.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>B.
Management&rsquo;s Annual Report on Internal Control over Financial Reporting</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with Rule 13a-15(f) of the Exchange Act, our management is responsible for the establishment and maintenance of adequate
internal controls over our financial reporting. Pyxis Tankers Inc.&rsquo;s internal control system was designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in
accordance with GAAP. Our system of internal control over financial reporting includes those policies and procedures that (i)
pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions
of our assets; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made
only in accordance with authorizations of our management and directors; and (iii) provide reasonable assurance regarding prevention
or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the financial
statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of
any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes
in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Management performed an assessment
of the effectiveness of our internal controls over financial reporting as of December 31, 2020 using the criteria set forth by
the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control, Integrated Framework (2013).
Based on its assessment, management has determined that our internal control over financial reporting was effective as of December
31, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>C.
Attestation Report of the Registered Public Accounting Firm</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>D.
Changes in Internal Control over Financial Reporting</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
were no changes in our internal control over financial reporting that occurred during the period covered by this Annual Report
that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="m_021"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ITEM
16. RESERVED</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 131 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->127<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="m_022"></A>ITEM
16A. AUDIT COMMITTEE FINANCIAL EXPERT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Board has determined that Mr. Robin Das is an audit committee financial expert as defined by the SEC rules and that he has the
requisite financial sophistication under the applicable rules and regulations of the NASDAQ Stock Market. Mr. Das is independent
as such term is defined in Rule 10A-3 under the Exchange Act and under the listing standards of the NASDAQ Stock Market.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="m_023"></A>ITEM
16B. CODE OF ETHICS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors has approved and adopted a Code of Business Conduct and Ethics for all officers and employees, a copy of which
is available on our website at http://www.pyxistankers.com. We will provide any person, free of charge, with a copy of our Code
of Business Conduct and Ethics upon written request to our registered office at 59 K. Karamanli Street, Maroussi 15125 Greece.
Any waivers that are granted from any provision of our Code of Business Conduct and Ethics may be disclosed on our website within
five business days following the date of such waiver.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="m_024"></A>ITEM
16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ernst
&amp; Young (Hellas) Certified Auditors Accountants S.A. (&ldquo;Ernst &amp; Young&rdquo;), has served as our independent registered
public accounting firm for the years ended December 31, 2019 and 2020. Our audit committee was established October 28, 2015. Our
accountants billed the following fees to us for professional services:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
Audit Fees</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
audit fees for the audit of each of the years ended December 31, 2019 and 2020 $166,000 and $142,000, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
Audit Services Fees</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit
services fees charged for the years ended December 31, 2019 and 2020 were $ $23,000 and $83,000 respectively. Such fees reflect
audit performed on the Company&rsquo;s subsidiaries, related consents and comfort letters and any other audit related services
required for SEC or other regulatory filings.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
Tax Fees</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax
fees charged for the years ended December 31, 2019 and 2020 were $1,000 and $1,380, respectively. Fees related to U.S. Federal
Tax Compliance assurance services.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
All Other Fees</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
other fees were charged for the years ended December 31, 2019 and 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)
Audit and Non-Audit Services Pre-Approval Policy</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)
Our audit committee is responsible for the appointment, compensation, retention and oversight of the work of the independent auditors.
As part of this responsibility, the audit committee pre-approves the audit and non-audit fees, terms and services performed by
the independent auditors in order to assure that they do not impair the auditors&rsquo; independence. Our audit committee has
not adopted a detailed policy which sets forth the procedures and the conditions pursuant to which services proposed to be performed
by the independent auditors may be pre-approved.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)
Our audit committee has separately pre-approved all engagements and fees paid to our principal accountants since October 28, 2015.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)
Audit Work Performed by Other Than Principal Accountant if Greater Than 50%</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="m_025"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>ITEM
16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 132 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->128<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="m_026"></A>ITEM
16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
purchases of equity securities by the issuer and affiliated purchasers has taken place during 2019.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="m_027"></A>ITEM
16F. CHANGE IN REGISTRANT&rsquo;S CERTIFYING ACCOUNTANT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="m_028"></A>ITEM
16G. CORPORATE GOVERNANCE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that our corporate governance practices are in compliance with, and are not prohibited by, the laws of the Marshall Islands.
Therefore, we believe we are exempt from many of NASDAQ&rsquo;s corporate governance practices other than the requirements regarding
the disclosure of a going concern audit opinion, submission of a listing agreement, notification of material non-compliance with
NASDAQ corporate governance practices, and the establishment and composition of an audit committee and a formal written audit
committee charter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
practices that we follow in lieu of NASDAQ&rsquo;s corporate governance rules include:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">instead
    of obtaining an independent review of related party transactions for conflicts of interests by our audit committee or another
    independent body of our board of directors, consistent with Marshall Islands law requirements, no transaction between us and
    one or more of our directors or officers, or between us and any other entity in which one or more of our directors or officers
    are directors or officers, or have a financial interest, shall be void or voidable for this reason alone or solely because
    such director or officer is present at or participates in the meeting of our board of directors that authorized the contract
    or transaction or solely because the vote of such director or officer are counted for such purposes if: (i) the material facts
    as to such director&rsquo;s or officer&rsquo;s relationship or interest and as to the contract or transaction are disclosed
    or are known to our board of directors, and our board of directors in good faith authorizes such contract or transaction by
    the affirmative votes of a majority of the disinterested directors, or, if the votes of the disinterested directors are insufficient
    to constitute an act of our board of directors as defined in Section 55 of the BCA, by unanimous vote of our disinterested
    directors; (ii) the material facts as to the director&rsquo;s or officer&rsquo;s relationship or interest and as to such contract
    or transaction are disclosed and the contract or transaction is specifically approved in good faith by a vote of the stockholders
    entitled to vote thereon; or (iii) the contract or transaction is fair to us as of the time it is authorized, and is approved
    or ratified by our board of directors, a committee thereof or our stockholders. Interested directors may be counted in determining
    the presence of a quorum at a meeting of our board of directors or of a committee that authorizes the aforementioned contract
    or transaction;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as
    a foreign private issuer, we will not be required to solicit proxies or provide proxy statements to NASDAQ pursuant to NASDAQ
    corporate governance rules or Marshall Islands law. Consistent with Marshall Islands law, we intend to notify our stockholders
    of meetings between 15 and 60 days before the meeting. This notification will contain, among other things, information regarding
    business to be transacted at the meeting. In addition, our bylaws provide that stockholders must give us advance notice to
    properly introduce any business at a meeting of the stockholders and that stockholders may designate in writing a proxy to
    act on their behalf;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">consistent
    with Marshall Islands law, we do not disclose all agreements and arrangements between any director or nominee for director,
    and any person or entity other than the Company, relating to compensation or other payment in connection with such person&rsquo;s
    candidacy or service of director of the Company;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 133 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->129<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
    place of a compensation committee and consistent with Marshall Islands law requirements, our entire board of directors, a
    majority of whom are currently independent, reviews and approves executive compensation and performance awards as well as
    the policies and procedures to determine such payments;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
    place of a nominating and corporate governance committee composed of only independent directors and consistent with Marshall
    Islands law requirements, our nominating and corporate governance committee is composed of two independent directors and one
    non-independent executive director;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">instead
    of holding regular meetings at which only independent directors are present, our entire board of directors, a majority of
    whom are currently independent, will hold regular meetings as is consistent with Marshall Islands law;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">stockholder
    approval is not required to amend or terminate our equity incentive plan or to establish a new equity incentive plan since
    Marshall Islands law permits the board of directors to take these actions;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">as
    a foreign private issuer, we will not be required to obtain stockholder approval prior to the issuance of securities in connection
    with an acquisition of the stock or assets of another company;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
    lieu of obtaining stockholder approval prior to the issuance of designated securities, we intend to comply with provisions
    of the BCA and obtain the approval of our board of directors for such share issuances; and</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">consistent
    with Marshall Islands law, we do not require that our corporate actions or issuances cannot disparately reduce or restrict
    the voting rights of existing shareholders.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="m_029"></A>ITEM
16H. MINE SAFETY DISCLOSURE</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 134 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->130<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="m_030"></A>PART
III</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="m_031"></A>ITEM
17. FINANCIAL STATEMENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Refer
to Item 18.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="m_032"></A>ITEM
18. FINANCIAL STATEMENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
see Financial Statements beginning on page F-1 of this Annual Report.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="m_033"></A>ITEM
19. EXHIBITS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following exhibits are filed as part of this Annual Report</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; width: 0.75in; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit Number</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center; width: 0.1in; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description of Exhibit</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center; width: 0.1in; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: center; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Schedule / Form</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center; width: 0.1in; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: center; width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>File Number</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center; width: 0.1in; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: center; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center; width: 0.1in; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: center; width: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>File Date</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1#</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1640043/000161577415000808/s100989_ex3-1.htm" STYLE="-sec-extract: exhibit">Articles of Incorporation of the Company</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-4</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">333-203598</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 23, 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.2#</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1640043/000161577415000808/s100989_ex3-2.htm" STYLE="-sec-extract: exhibit">Bylaws of the Company</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-4</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">333-203598</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 23, 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.1#</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1640043/000161577415002753/s101907_ex4-2.htm" STYLE="-sec-extract: exhibit">Specimen Stock Certificate of Pyxis Tankers Inc.</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-4</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">333-203598</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 28, 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.2*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="ex2-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Description of Securities</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.3#</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1640043/000091957420006034/d8581986_ex4-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Certificate of Designation of Series A Preferred Shares</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-1/A</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">333-245405</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 28, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.4#</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1640043/000091957420006034/d8566894_ex4-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Warrant Agency Agreement (including Form of Warrant)</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-1/A</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">333-245405</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 28, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.5#</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1640043/000091957420006034/d8595520_ex4-4.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Underwriter&rsquo;s Warrant (Common Share Warrant)</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-1/A</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">333-245405</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 28, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.6#</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1640043/000091957420006034/d8597410_ex4-5.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Underwriter&rsquo;s Warrant (Series A Preferred Shares)</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-1/A</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">333-245405</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 28, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.7#</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><A HREF="https://www.sec.gov/Archives/edgar/data/1640043/000091957421002141/d8816512_ex4-6.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Underwriter&rsquo;s Warrant (Common Shares Warrant)</FONT></A></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">333-253741</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 1, 2021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1#</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1640043/000161577415002479/s101786_ex10-3.htm" STYLE="-sec-extract: exhibit">Amended and Restated Head Management Agreement, dated August 5, 2015, by and between Pyxis Tankers Inc. and Pyxis Maritime Corp.</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-4</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">333-203598</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 4, 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1.1#</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1640043/000156459017005424/pxs-ex411_330.htm" STYLE="-sec-extract: exhibit">First Amendment dated August 9, 2016, to the Amended and Restated Head Management Agreement, dated August 5, 2015, by and between Pyxis Tankers Inc. and Pyxis Maritime Corp.</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20-F</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">001-37611</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 28, 2017</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1.2#</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1640043/000149315220005508/ex4-1_2.htm" STYLE="-sec-extract: exhibit">Second Amendment dated March 18, 2020, to the Amended and Restated Head Management Agreement, dated August 5, 2015, by and between Pyxis Tankers Inc. and Pyxis Maritime Corp.</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20-F</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">001-37611 </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1.2 </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 31, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.2#</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1640043/000161577415002479/s101786_ex10-4.htm" STYLE="-sec-extract: exhibit">Form of Ship Management Agreement with International Tanker Management Ltd.</A></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-4</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">333-203598</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 4, 2015</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 135 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->131<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
    Number</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description
    of Exhibit</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.5in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Schedule
    / Form</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.75in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>File
    Number</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.5in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>File
    Date</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.4#</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1640043/000149315218003807/ex4-8.htm" STYLE="-sec-extract: exhibit">Facility Agreement dated February 23, 2018, by and among Secondone Corp., Thirdone Corp. and Fourthone Corp., as borrowers, and Amsterdam Trade Bank N.V. as arranger, facility agent and security agent</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20-F</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">001-37611</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
    23, 2018</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.5#</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1640043/000161577415002086/s101600_ex10-11.htm" STYLE="-sec-extract: exhibit">Promissory Note in favor of Maritime Investors Corp. issued by Pyxis Tankers Inc. as of April 23, 2015</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-4</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">333-203598</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.11</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August
    6, 2015</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.6#</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1640043/000161577415002479/s101786_ex10-12.htm" STYLE="-sec-extract: exhibit">Form of 2015 Equity Incentive Plan</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-4</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">333-203598</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.12</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    4, 2015</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.7#</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1640043/000161577415002479/s101786_ex10-13.htm" STYLE="-sec-extract: exhibit">Form of Indemnification Agreement</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-4</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">333-203598</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.13</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
    4, 2015</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8#</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1640043/000095012316015497/pxs-ex412_1490.htm" STYLE="-sec-extract: exhibit">Promissory Note in favor of Maritime Investors Corp. issued by Pyxis Tankers Inc. as of October 28, 2015</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20-F</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">001-37611</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.12</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
    23, 2016</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8.1#</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1640043/000156459017005424/pxs-ex4121_328.htm" STYLE="-sec-extract: exhibit">First Amendment dated August 9, 2016, to the Promissory Note in favor of Maritime Investors Corp. issued by Pyxis Tankers Inc. as of October 28, 2015</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20-F</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">001-37611</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.12.1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
    28, 2017</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8.2#</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1640043/000156459017005424/pxs-ex4122_326.htm" STYLE="-sec-extract: exhibit">Second Amendment dated March 7, 2017, to the Promissory Note in favor of Maritime Investors Corp. issued by Pyxis Tankers Inc. as of October 28, 2015</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20-F</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">001-37611</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.12.2</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
    28, 2017</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 136 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->132<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.75in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
    Number</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description
    of Exhibit</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.5in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Schedule
    / Form</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.75in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>File
    Number</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.5in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1in; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>File
    Date</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8.3#</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1640043/000149315218000032/ex1.htm" STYLE="-sec-extract: exhibit">Amended and Restated Promissory Note in favor of Maritime Investors Corp. issued by Pyxis Tankers Inc. dated December 29, 2017</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SC
    13D/A</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">005-89171</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January
    2, 2018</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8.4#</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1640043/000149315219004178/ex4-13_4.htm" STYLE="-sec-extract: exhibit">Amendment No. 1 dated June 29, 2018 to the Amended &amp; Restated Promissory Note in favor of Maritime Investors Corp. issued by Pyxis Tankers Inc. as of December 29, 2017</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20-F</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">001-37611</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.13.4</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
29, 2019</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.8.5#</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1640043/000149315220005508/ex4-11_5.htm" STYLE="-sec-extract: exhibit">Amendment No. 2 dated May 14, 2019 to the Amended &amp; Restated Promissory Note in favor of Maritime Investors Corp. issued by Pyxis Tankers Inc. as of December 29, 2017</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20-F</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">001-37611</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.11.5</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
    31, 2020</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.9#</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1640043/000149315219004178/ex4-17.htm" STYLE="-sec-extract: exhibit">Facility Agreement dated September 27, 2018, by and among Eighthone Corp. as borrower, Pyxis Tankers Inc. as guarantor and Wilmington Trust, National Association as facility agent and security agent.</A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20-F</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">001-37611</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;4.17</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
    29, 2019</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.9.1#</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="https://www.sec.gov/Archives/edgar/data/1640043/000149315219004178/ex4-17_1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred Fee Agreement dated September 28, 2018, by and among Eighthone Corp. as borrower and Wilmington Trust, National Association as facility agent</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20-F</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">001-37611</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;4.17.1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
    29, 2019</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.10#</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="https://www.sec.gov/Archives/edgar/data/1640043/000149315218004250/ex1-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity Distribution Agreement, dated March 30, 2018 between Pyxis Tankers Inc. and Noble Capital Markets</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6K</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">001-37611</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
    30, 2018</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.10.1#</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="https://www.sec.gov/Archives/edgar/data/1640043/000149315218016571/ex1-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amendment No. 1 to the Equity Distribution Agreement dated November 19, 2018 between Pyxis Tankers Inc. and Noble Capital Markets</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6K</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">001-37611</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
    20, 2018</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.11#</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="https://www.sec.gov/Archives/edgar/data/1640043/000091957420004993/d8590295_ex10-13.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan Agreement dated July 8, 2020 by and between Alpha Bank S.A., as lender, and Seventhone Corp., as borrower</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">333-245405</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.13</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August
    13, 2020</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.12#</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="https://www.sec.gov/Archives/edgar/data/1640043/000091957420004993/d8566894ex10-13_1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Corporate Guarantee dated July 8, 2020 by and between Pyxis Tankers Inc., as guarantor, and Alpha Bank S.A., as lender, in respect of the Loan Agreement dated July 8, 2020, by and between Alpha Bank S.A. and Seventhone Corp.</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">333-245405</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.13.1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August
    13, 2020</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.13#</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="https://www.sec.gov/Archives/edgar/data/1640043/000091957421002141/d8816512_ex1-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Placement Agency Agreement, dated February 17, 2021, by and between ThinkEquity, a division of Fordham Financial Management, Inc.</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">333-253741</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
    1, 2021</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.14#</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="https://www.sec.gov/Archives/edgar/data/1640043/000091957421001946/d8807183_ex10-1.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities Purchase Agreement, dated February 17, 2021, among Pyxis Tankers Inc. and the purchasers identified on the signature pages thereto</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6-K</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">001-37611</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February
    24, 2021</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.15#</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="https://www.sec.gov/Archives/edgar/data/1640043/000091957421001946/d8807183_ex10-2.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Lock-Up Agreement</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6-K</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">001-37611</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February
    24, 2021</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.16#</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="https://www.sec.gov/Archives/edgar/data/1640043/000091957421001946/d8807183_ex10-3.htm" STYLE="-sec-extract: exhibit"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration Rights Agreement, dated February 17, 2021, among Pyxis Tankers Inc. and the purchasers identified on the signature pages thereto</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6-K</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">001-37611</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February
    24, 2021</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.17*</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="ex4-15.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loan Agreement, dated March 29, 2021, by and among Alpha Bank S.A. and Eighthone Corp.</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.1*</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="ex8-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">List of Subsidiaries</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.1*</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="ex12-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification by the Principal Executive Officer pursuant to Securities Exchange Act Rules 13a-14(a) / 15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.2*</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="ex12-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification by the Principal Financial Officer pursuant to Securities Exchange Act Rules 13a-14(a) / 15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.1*</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="ex13-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification by the Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.2*</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="ex13-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certification by the Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.1*</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="ex15-1.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Independent Registered Public Accounting Firm (Ernst &amp; Young (Hellas) Certified Auditors Accountants S.A.)</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.2*</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="ex15-2.htm"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consent of Drewry Shipping Consultants Ltd.</FONT></A></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">101*</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
        following materials from the Company&rsquo;s Annual Report on Form 20-F for the fiscal year ended December 31, 2020, formatted
        in eXtensible Business Reporting Language (XBRL):</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
        Consolidated Balance Sheets as at December 31, 2019 and 2020;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
        Consolidated Statements of Comprehensive Income / (Loss) for the years ended December 31, 2018, 2019 and 2020;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)
        Consolidated Statements of Stockholders&rsquo; Equity for the years ended December 31, 2018, 2019 and 2020;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)
        Consolidated Statements of Cash Flows for the years ended December 31, 2018, 2019 and 2020; and</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)
        Notes to the Consolidated Financial Statements.</FONT></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.2in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">#</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicates
    a document previously filed with the SEC, incorporated by reference herein.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed
    herewith.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 137 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->133<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SIGNATURES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this Annual Report on its behalf.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PYXIS
    TANKERS INC.</B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 45%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/
    Valentios Valentis</I></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Valentios
    Valentis</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman,
    Chief Executive Officer and Director</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
    April 12, 2021</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 138; Options: NewSection; Value: 134 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->134<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>PYXIS
TANKERS INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>INDEX
TO CONSOLIDATED FINANCIAL STATEMENTS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.1in; padding-bottom: 1.5pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.5in; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Page</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#ma_001"><FONT STYLE="font-size: 10pt">Report
    of Independent Registered Public Accounting Firm</FONT></A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-2</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#ma_002"><FONT STYLE="font-size: 10pt">Consolidated
    Balance Sheets as at December 31, 2019 and 2020</FONT></A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-3</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#ma_003"><FONT STYLE="font-size: 10pt">Consolidated
    Statements of Comprehensive Loss for the years ended December 31, 2018, 2019 and 2020</FONT></A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-4</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#ma_004"><FONT STYLE="font-size: 10pt">Consolidated
    Statements of Stockholders&rsquo; Equity for the years ended December 31, 2018, 2019 and 2020</FONT></A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-5</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#ma_005"><FONT STYLE="font-size: 10pt">Consolidated
    Statements of Cash Flows for the years ended December 31, 2018, 2019 and 2020</FONT></A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-6</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="#ma_006"><FONT STYLE="font-size: 10pt">Notes
    to the Consolidated Financial Statements</FONT></A></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-7</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 139 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="text-align: center; width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="ma_001"></A>Report
of Independent Registered Public Accounting Firm</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">To the Stockholders
and the Board of Directors of Pyxis Tankers Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Opinion
on the Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have audited the accompanying consolidated
balance sheets of Pyxis Tankers Inc. (&ldquo;the Company&rdquo;) as of December 31, 2020 and 2019, the related consolidated statements
of comprehensive loss,&nbsp;stockholders&rsquo; equity and cash flows for each of the three years in the period ended December 31, 2020,
and the related notes (collectively referred to as the &ldquo;consolidated financial statements&rdquo;). In our opinion, the consolidated
financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2020 and
2019, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2020,
in conformity with U.S. generally accepted accounting principles.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Basis for
Opinion</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">These financial
statements are the responsibility of the Company&rsquo;s management. Our responsibility is to express an opinion on the Company&rsquo;s
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight
Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal
securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We conducted
our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.
As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the
purpose of expressing an opinion on the effectiveness of the Company&rsquo;s internal control over financial reporting. Accordingly,
we express no such opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Our audits
included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that our audits provide a reasonable basis for our opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Critical Audit Matter</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The critical audit matter communicated
below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated
to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2)
involved our especially challenging, subjective, or complex judgments. The communication of the critical audit matter does not
alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the
critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which
it relates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 27%; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 73%; text-align: justify"><FONT STYLE="font-size: 10pt"><B><I>Impairment
    of Long-Lived Assets</I></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-size: 10pt"><I>Description
    of the matter</I></FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">At December 31, 2020, the carrying
        value of the Company&rsquo;s vessels plus unamortized dry-docking costs was $85.4 million. As discussed in Notes 2(m)
        and 5 to the consolidated financial statements, the Company evaluates its vessels for impairment whenever events or changes
        in circumstances indicate that the carrying value of a vessel plus unamortized dry-docking costs, may not be recoverable
        in accordance with the guidance in ASC 360 &ndash; Property, Plant and Equipment (&ldquo;ASC 360&rdquo;). If indicators
        of impairment exist, management analyses the future undiscounted net operating cash flows expected to be generated throughout
        the remaining useful life of each vessel and compares it to the carrying value of the vessel plus unamortized dry-docking
        costs. Where the vessel&rsquo;s carrying value plus unamortized dry-docking costs, exceeds the undiscounted net operating
        cash flows, management will recognize an impairment loss equal to the excess of the carrying value of the vessel plus
        unamortized dry-docking costs over its fair value.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Auditing management&rsquo;s
        recoverability assessment was complex given the judgement and estimation uncertainty involved in determining certain assumptions
        to forecast undiscounted net operating cash flows, specifically the future charter rates for non-contracted revenue days.
        These charter rates are particularly subjective as they involve the development and use of assumptions about the tanker
        shipping market through the end of the useful lives of the vessels. These assumptions are forward looking and subject
        to the inherent unpredictability of future global economic and market conditions.</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt"><I>How
    we addressed the matter in our audit</I></FONT></TD>
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We analysed management&rsquo;s
impairment assessment by comparing the methodology used to evaluate impairment of each vessel against the accounting guidance
in ASC 360. To test management&rsquo;s undiscounted net operating cash flow forecasts, our procedures included, among others,
comparing the future vessel charter rates for non-contracted revenue days with external market data such as available market data
from various analysts and recent economic and industry changes, and internal data such as historical charter rates for the vessels.
In addition, we performed sensitivity analyses to assess the impact of changes to future charter rates for non-contracted revenue
days in the determination of the net operating cash flows. We also evaluated whether these assumptions were consistent with evidence
obtained in other areas of the audit. Our procedures also included testing the completeness and accuracy of the data used within
the forecasts.</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ Ernst &amp; Young (Hellas) Certified
Auditors Accountants S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We have served as the Company&rsquo;s
auditor since 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Athens, Greece</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 12, 2021</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>


<!-- Field: Page; Sequence: 140; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="text-align: center; width: 34%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="ma_002"></A>PYXIS
TANKERS INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Consolidated
Balance Sheets</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
at December 31, 2019 and 2020</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in thousands of U.S. dollars, except for share and per share data)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Notes</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">2019</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">2020</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">ASSETS</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">CURRENT ASSETS:</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 46%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash and cash equivalents</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 14%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,441</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,620</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Restricted cash, current portion</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">535</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Inventories</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">4</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">501</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">681</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Trade accounts receivable</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,243</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">672</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Less: Allowance for credit losses</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(9</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Trade accounts receivable, net</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,243</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">663</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Due from related parties</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">3</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,308</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Vessel held-for-sale</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">5</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">13,190</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Prepayments and
    other assets</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">325</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">133</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    current assets</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">17,235</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,405</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">FIXED ASSETS, NET:</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Vessels, net</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">5</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">87,507</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">83,774</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    fixed assets, net</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">87,507</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">83,774</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">OTHER NON-CURRENT
    ASSETS:</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Restricted cash, net of current portion</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
    7</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,200</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,417</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Financial derivative instrument</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">10</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Deferred charges, net</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">6</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">779</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,594</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Prepayments and
    other assets</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">47</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    other non-current assets</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,027</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,011</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    assets</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">108,769</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">93,190</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">LIABILITIES AND STOCKHOLDERS&rsquo;
    EQUITY</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">CURRENT LIABILITIES:</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Current portion of long-term debt, net
    of deferred financing costs</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">7</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">8,984</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,255</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Trade accounts payable</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,538</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,642</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Due to related parties</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">3</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">6,849</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Hire collected in advance</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,415</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">726</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Accrued and other
    liabilities</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">750</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">677</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    current liabilities</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">22,536</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">8,300</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">NON-CURRENT LIABILITIES:</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Long-term debt, net of current portion
    and deferred financing costs, non-current</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">7</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">49,233</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">50,331</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Promissory note</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">3</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,000</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,000</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    non-current liabilities</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">54,233</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">55,331</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">COMMITMENTS AND CONTINGENCIES</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">11</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">STOCKHOLDERS&rsquo;
    EQUITY:</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Preferred stock ($0.001 par value;
    50,000,000 shares authorized of which 1,000,000 authorized Series A Convertible Preferred Shares; 0 and 181,475 Series
    A Convertible Preferred Shares issued and outstanding as at December 31, 2019 and 2020, respectively)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">8</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Common stock ($0.001 par value; 450,000,000
    shares authorized; 21,370,280 and 21,962,881 shares issued and outstanding as at December 31, 2019 and 2020, respectively)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">8</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">21</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">22</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Additional paid-in capital</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">8</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">75,154</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">79,692</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Accumulated deficit</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(43,175</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(50,155</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    stockholders&rsquo; equity</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">32,000</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">29,559</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    liabilities and stockholders&rsquo; equity</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">108,769</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">93,190</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 141; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="text-align: center; width: 34%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="ma_003"></A>PYXIS
TANKERS INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Consolidated
Statements of Comprehensive Loss</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2018, 2019 and 2020</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in thousands of U.S. dollars, except for share and per share data)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">Notes</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">2018</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">2019</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">2020</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 41%; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Revenues,
    net</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 12%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 11%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">28,457</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 11%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">27,753</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 11%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">21,711</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">Expenses:</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Voyage related costs and commissions</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">
    3</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(11,817</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(5,122</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4,268</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Vessel operating expenses</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(12,669</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(12,756</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(10,880</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">General and administrative expenses</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">3</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2,404</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2,407</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2,378</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Management fees, related parties</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">3</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(720</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(724</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(637</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Management fees, other</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(930</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(930</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(819</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Amortization of special survey costs</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">6</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(133</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(240</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(253</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Depreciation</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">5</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(5,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(5,320</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4,418</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Vessel impairment charge</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">5, 10</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2,282</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Loss on vessel held-for-sale</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2, 5</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2,756</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gain from the sale of vessel, net</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">7</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Bad debt provisions</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(13</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(26</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Operating
    loss</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(8,011</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2,528</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1,935</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other income / (expenses):</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gain from debt extinguishment</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">7</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,306</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Loss from financial derivative instrument</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">10</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(19</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(27</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Interest and
    finance costs, net</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">3, 12</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4,490</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(5,775</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4,964</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total
    other expenses, net</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(203</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(5,802</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4,965</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
    loss</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(8,214</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(8,330</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(6,900</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dividend Series A Convertible Preferred
    Shares</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">8, 9</FONT></P></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(82</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
    loss attributable to common shareholders</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(8,214</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(8,330</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(6,982</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Loss per common share,
    basic and diluted</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">9</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.39</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.39</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(0.32</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">Weighted average number of shares,
    basic and diluted</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">9</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">20,894,202</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">21,161,164</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">21,548,126</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 142; Value: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 33%">&nbsp;</TD><TD STYLE="text-align: center; width: 34%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="ma_004"></A>PYXIS
TANKERS INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Consolidated
Statements of Stockholders&rsquo; Equity</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2018, 2019 and 2020</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in thousands of U.S. dollars, except for share and per share data)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Series
    A Convertible Preferred Shares</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Common
    Stock</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Additional</B></FONT></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Total</B></FONT></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">#
    of Shares</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Par
    Value</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>#
                                         of</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shares</B></FONT></P></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Par
    Value</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Paid-in
    Capital</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: center; font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Accumulated
    Deficit</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Stockholders&rsquo;</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Equity</B></FONT></P></TD><TD STYLE="text-align: center; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 37%; font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">BALANCE,
    January 1, 2018</FONT></TD><TD STYLE="width: 2%; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 5%; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 5%; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 5%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">20,877,893</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 5%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">21</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 5%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">74,766</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%; font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 5%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(26,631</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="width: 2%; font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 5%; border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48,156</FONT></TD><TD STYLE="width: 1%; padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net proceeds from the issuance of common
    stock</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">182,297</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net loss</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(8,214</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(8,214</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">BALANCE, December
    31, 2018</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">21,060,190</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">21</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">74,767</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(34,845</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">39,943</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net proceeds from the issuance of common
    stock</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">214,828</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">274</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">274</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Issuance of common stock under the promissory
    note</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">95,262</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">113</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">113</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net loss</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(8,330</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(8,330</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">BALANCE, December
    31, 2019</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">21,370,280</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">21</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">75,154</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(43,175</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">32,000</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Impact of adoption of ASU 2016-13 new
    accounting standard for credit losses</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(9</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(9</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Issuance of common stock under the promissory
    note</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">260,495</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">226</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">226</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Issuance of Series A Convertible Preferred
    Shares &amp; Warrants</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">200,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,313</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,313</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Conversion of Series A Convertible Preferred
    Shares to common stock</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(18,525</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">332,106</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right">(1</TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><P STYLE="margin: 0">Series A Convertible</P><FONT STYLE="font-family: Times New Roman, Times, Serif">Preferred  Shares  dividends</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(71</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(71</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net loss</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(6,900</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(6,900</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">BALANCE, December
    31, 2020</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">181,475</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">21,962,881</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">22</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">79,692</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(50,155</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">29,559</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 143; Options: NewSection; Value: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><A NAME="ma_005"></A>PYXIS
TANKERS INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Consolidated
Statements of Cash Flows</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2018, 2019 and 2020</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in thousands of U.S. dollars)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">2018</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">2019</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif">2020</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash flows from operating
    activities:</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 46%; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net loss</FONT></TD><TD STYLE="width: 2%; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 14%; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(8,214</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="width: 2%; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 14%; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(8,330</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="width: 2%; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 14%; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(6,900</FONT></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Adjustments to reconcile net loss to
    net cash from operating activities:</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Depreciation</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,320</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,418</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Amortization of special survey costs</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">133</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">240</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">253</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Amortization and write-off of financing
    costs</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">386</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">258</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">328</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Vessel impairment charge</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,282</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gain from debt extinguishment</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4,306</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Loss from financial derivative instrument</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">19</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">27</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Loss on vessel held-for-sale</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,756</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gain on sale of vessel, net</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(7</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Bad debt provisions</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">13</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">26</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Issuance of common stock under the promissory
    note</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">113</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">169</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Changes in assets
    and liabilities:</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Inventories</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">209</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">306</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(180</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Trade accounts receivable, net</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1,895</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,316</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">571</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Due from related parties</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2,308</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Prepayments and other assets</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">227</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(210</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">239</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Special surveys cost</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(588</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(435</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1,068</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Trade accounts payable</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">2,499</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(274</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(939</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Due to related parties</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">1,277</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">3,447</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(6,849</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Hire collected in advance</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">422</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">993</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(689</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Accrued and other
    liabilities</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(167</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">108</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(69</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
    cash (used in) / provided by operating activities</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2,203</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,661</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(13,030</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash flows from investing
    activities:</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Advances for ballast water treatment
    system</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(47</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Proceeds from the sale of vessel, net</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">13,197</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Vessel additions</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(25</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Ballast water
    treatment system installation</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(99</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(470</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(542</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
    cash (used in) / provided by investing activities</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(99</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(517</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">12,630</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash flows from financing
    activities:</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Proceeds from long-term debt</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">44,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">15,250</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Repayment of long-term debt</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(43,640</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4,503</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(19,909</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gross proceeds from issuance of common
    stock</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">315</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">354</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Common stock offerings costs</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(407</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(23</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(57</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Gross proceeds from the issuance of
    Series A Convertible Preferred Shares</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,571</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Series A Convertible
                                 </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">Preferred Shares offering
                                 costs</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(260</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dividend distributions declared and
    paid</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(69</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Payment for financial derivative instrument</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(47</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Payment of financing
    costs</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(908</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(265</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net
    cash used in financing activities</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(187</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(4,172</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(739</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Net (decrease) /
    increase in cash and cash equivalents and restricted cash</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(2,489</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">972</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">(1,139</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash and cash equivalents
    and restricted cash at the beginning of the year</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">6,693</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,204</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,176</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash
    and cash equivalents and restricted cash at end of the year</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,204</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,176</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,037</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>


<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">SUPPLEMENTAL INFORMATION:</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 46%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cash paid for interest</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,283</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">5,163</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">4,432</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Non-cash financing activities &ndash;
    issuance of common stock under the promissory note</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">113</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">226</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Unpaid portion of ballast water treatment
    system installation</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">56</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">174</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Unpaid portion for common stock offering
    costs</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">&mdash;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">57</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">35</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying notes are an integral part of these consolidated financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 144; Value: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="ma_006"></A><B>PYXIS
TANKERS INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notes
to the Consolidated Financial Statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
31, 2019 and 2020</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in thousands of U.S. dollars, except for share and per share data)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.
Basis of Presentation and General Information</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PYXIS
TANKERS INC. (&ldquo;Pyxis&rdquo;) is a corporation incorporated in the Republic of the Marshall Islands on March 23, 2015. As
of December 31, 2020, Pyxis owns 100% ownership interest in the following five vessel-owning companies:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECONDONE
    CORPORATION LTD, established under the laws of the Republic of Malta (&ldquo;Secondone&rdquo;);</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THIRDONE
    CORPORATION LTD, established under the laws of the Republic of Malta (&ldquo;Thirdone&rdquo;);</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FOURTHONE
    CORPORATION LTD, established under the laws of the Republic of Malta (&ldquo;Fourthone&rdquo;);</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SEVENTHONE
    CORP., established under the laws of the Republic of the Marshall Islands (&ldquo;Seventhone&rdquo;); and</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EIGHTHONE
    CORP., established under the laws of the Republic of the Marshall Islands (&ldquo;Eighthone,&rdquo; and collectively with
    Secondone, Thirdone, Fourthone, and Seventhone, the &ldquo;Vessel-owning companies&rdquo;).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
also currently own 100% ownership interest in the following non-vessel owning companies:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SIXTHONE
    CORP., established under the laws of the Republic of the Marshall Islands (&ldquo;Sixthone&rdquo;);</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MARITIME
    TECHNOLOGIES CORP., established under the laws of Delaware;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
the subsidiaries of the Vessel-owning companies are engaged in the marine transportation of liquid cargoes through the ownership
and operation of tanker vessels, as listed below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Vessel-owning</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>company</B></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Incorporation</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>date</B></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Vessel</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">DWT</FONT></TD><TD STYLE="padding-bottom: 1.5pt; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Year</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>built</B></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Acquisition</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>date</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 15%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Secondone</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">05/23/2007</FONT></TD><TD STYLE="width: 2%; font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Northsea
    Alpha</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 13%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">8,615</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 13%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2010</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">05/28/2010</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Thirdone</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">05/23/2007</FONT></TD><TD STYLE="font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Northsea Beta</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">8,647</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2010</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">05/25/2010</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Fourthone</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">05/30/2007</FONT></TD><TD STYLE="font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pyxis Malou</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">50,667</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2009</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">02/16/2009</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Sixthone</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">01/15/2010</FONT></TD><TD STYLE="font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pyxis Delta*</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">46,616</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2006</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">03/04/2010</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Seventhone</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">05/31/2011</FONT></TD><TD STYLE="font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pyxis Theta</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">51,795</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2013</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">09/16/2013</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Eighthone</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">02/08/2013</FONT></TD><TD STYLE="font-style: italic"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-style: italic; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pyxis Epsilon</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">50,295</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">2015</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">01/14/2015</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*
Pyxis Delta, which was owned by Sixthone Corp. (&ldquo;Sixthone&rdquo;), was sold to an unaffiliated third party on January 13,
2020</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secondone,
Thirdone and Fourthone were initially established under the laws of the Republic of the Marshall Islands, under the names SECONDONE
CORP., THIRDONE CORP. and FOURTHONE CORP., respectively. In March and April 2018, these vessel-owning companies completed their
re-domiciliation under the jurisdiction of the Republic of Malta and were renamed as mentioned above. For further information,
please refer to Note 7.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted
in the United States of America (&ldquo;U.S. GAAP&rdquo;) and include the accounts of Pyxis and its wholly-owned subsidiaries
(collectively the &ldquo;Company&rdquo;), as of December 31, 2019 and 2020 and for the years ended December 31, 2018, 2019 and
2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
of the Company&rsquo;s vessels are double-hulled and are engaged in the transportation of refined petroleum products and other
liquid bulk items, such as organic chemicals and vegetable oils. The vessels <I>Northsea Alpha</I> and <I>Northsea Beta</I> are
smaller tanker sister ships and <I>Pyxis Malou</I>, <I>Pyxis Theta</I> and <I>Pyxis Epsilon</I>, are medium-range tankers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to the consummation of the transactions discussed below, Mr. Valentios (&ldquo;Eddie&rdquo;) Valentis was the sole ultimate stockholder
of Pyxis and the Vessel-owning companies, holding all of their issued and outstanding share capital through Maritime Investors
Corp. (&ldquo;Maritime Investors&rdquo;). Maritime Investors owned directly 100% of Pyxis, Secondone and Thirdone, and owned
indirectly (through the intermediate holding company PYXIS HOLDINGS INC. (&ldquo;Holdings&rdquo;)) 100% of Fourthone, Sixthone,
Seventhone and Eighthone.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 25, 2015, Pyxis caused MARITIME TECHNOLOGIES CORP., a Delaware corporation (&ldquo;Merger Sub&rdquo;), to be formed as its
wholly-owned subsidiary and to be a party to the agreement and plan of merger discussed below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 23, 2015, Pyxis and Merger Sub entered into an agreement and plan of merger (the &ldquo;Agreement and Plan of Merger&rdquo;)
(further amended on September 22, 2015) with among others, LOOKSMART LTD. (&ldquo;LS&rdquo;), a digital advertising solutions
company listed on NASDAQ. Merger Sub served as the entity into which LS was merged in accordance with the Agreement and Plan of
Merger (the &ldquo;Merger&rdquo;). Upon execution of the Agreement and Plan of Merger, Pyxis paid LS a cash consideration of $600.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>


<!-- Field: Page; Sequence: 145; Value: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PYXIS
TANKERS INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notes
to the Consolidated Financial Statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
31, 2019 and 2020</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in thousands of U.S. dollars, except for share and per share data)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1.
Basis of Presentation and General Information - Continued</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to the Merger, on October 26, 2015, Holdings and Maritime Investors transferred all of their shares in the Vessel-owning companies
to Pyxis as a contribution in kind, at no consideration. Since there was no change in ultimate ownership or control of the business
of the Vessel-owning companies, the transaction constituted a reorganization of companies under common control and was accounted
for in a manner similar to a pooling of interests. Accordingly, upon the transfer of the assets and liabilities of the Vessel-owning
companies, the financial statements of the Company were presented using combined historical carrying amounts of the assets and
liabilities of the Vessel-owning companies.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 28, 2015, in accordance with the terms of the Agreement and Plan of Merger, LS, after having divested of its business
and all of its assets and liabilities, merged with and into the Merger Sub, with Merger Sub surviving the Merger and continuing
to be a wholly-owned subsidiary of Pyxis.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 28, 2015, the Merger was consummated and the Company&rsquo;s shares commenced their listing on the NASDAQ Capital Markets
thereafter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pyxis
was both the legal and accounting acquirer of LS. The acquisition by Pyxis of LS was not an acquisition of an operating company
as the business, assets and liabilities of LS were spun-off prior to the Merger. As such, for accounting purposes, the Merger
between Merger Sub and LS was accounted for as a capital transaction rather than as a business combination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PYXIS
MARITIME CORP. (&ldquo;Maritime&rdquo;), a corporation established under the laws of the Republic of the Marshall Islands, which
is beneficially owned by Mr. Valentis, provides certain ship management services to the Vessel-owning companies (Note 3).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
effect from the delivery of each vessel, the crewing and technical management of the vessels were contracted to INTERNATIONAL
TANKER MANAGEMENT LTD. (&ldquo;ITM&rdquo;) with permission from Maritime. ITM is an unrelated third party technical manager, represented
by its branch based in Dubai, UAE. Each ship-management agreement with ITM is in force until it is terminated by either party.
The ship-management agreements can be cancelled either by the Company or ITM for any reason at any time upon three months&rsquo;
advance notice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Impact
of COVID-19 on the Company&rsquo;s Business</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
spread of the COVID-19 virus, which has been declared a pandemic by the World Health Organization, in 2020 has caused substantial
disruptions in the global economy and the shipping industry, as well as significant volatility in the financial markets, the severity
and duration of which remains uncertain.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
impact of the COVID-19 pandemic continues to unfold and may continue to have negative effect on the Company&rsquo;s business,
financial performance and the results of its operations, including due to decreased demand for global seaborne refined
petroleum products trade and related charter rates, the extent of which will depend largely on future developments. In light
of COVID-19, the Company, as of December 31, 2020, evaluated whether there are conditions or events that cause substantial
doubt about its ability to continue as a going concern. The Company reviewed its revenue concentration risk, the
recoverability of its accounts receivable (i.e. credit risk) and tested its assets for potential impairment. As a result of
this evaluation it has been determined that the only material impact of COVID-19 to the Company has been lower charter
activity which has affected the entire industry and resulted in lower profitability and greater losses as well as
in higher dry-docking costs. However, many of the Company&rsquo;s estimates and assumptions, especially charter rates,
require increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and
additional information becomes available, the Company&rsquo;s estimates may change in future periods.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2020, Mr. Valentis beneficially owned approximately 79.6% of the Company&rsquo;s common stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 146; Value: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PYXIS
TANKERS INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notes
to the Consolidated Financial Statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
31, 2019 and 2020</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in thousands of U.S. dollars, except for share and per share data)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.
Significant Accounting Policies:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(a)
Principles of Consolidation:</I></B> The accompanying consolidated financial statements have been prepared in accordance with
U.S. GAAP. The consolidated financial statements include the accounts of Pyxis and its wholly-owned subsidiaries (the Vessel-owning
companies and Merger Sub). All intercompany balances and transactions have been eliminated upon consolidation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pyxis,
as the holding company, determines whether it has a controlling financial interest in an entity by first evaluating whether the
entity is a voting interest entity or a variable interest entity. Under Accounting Standards Codification (&ldquo;ASC&rdquo;)
810 &ldquo;Consolidation&rdquo; a voting interest entity is an entity in which the total equity investment at risk is sufficient
to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the
right to receive residual returns and the right to make financial and operating decisions. Pyxis consolidates voting interest
entities in which it owns all, or at least a majority (generally, greater than 50%), of the voting interest. Variable interest
entities (&ldquo;VIE&rdquo;) are entities as defined under ASC 810-10, that in general either do not have equity investors with
voting rights or that have equity investors that do not provide sufficient financial resources for the entity to support its activities.
A controlling financial interest in a VIE is present when a company absorbs a majority of an entity&rsquo;s expected losses, receives
a majority of an entity&rsquo;s expected residual returns, or both. The company with a controlling financial interest, known as
the primary beneficiary, is required to consolidate the VIE. Pyxis evaluates all arrangements that may include a variable interest
in an entity to determine if it may be the primary beneficiary, and would be required to include assets, liabilities and operations
of a VIE in its consolidated financial statements. As of December 31, 2020, no such interest existed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(b)
Use of Estimates:</I></B> The preparation of consolidated financial statements in conformity with U.S. GAAP requires management
to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosures of contingent assets
and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reported
period. Actual results could differ from these estimates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(c)
Comprehensive Income / (Loss): </I></B>The Company follows the provisions of ASC 220 &ldquo;Comprehensive Income&rdquo;, which
requires separate presentation of certain transactions which are recorded directly as components of equity. The Company had no
transactions which affect comprehensive loss during the years ended December 31, 2018, 2019 and 2020 and, accordingly, comprehensive
loss was equal to net loss.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(d)
Foreign Currency Translation: </I></B>The functional currency of the Company is the U.S. dollar as the Company&rsquo;s vessels
operate in international shipping markets and, therefore, primarily transact business in U.S. dollars. The Company&rsquo;s accounting
records are maintained in U.S. dollars. Transactions involving other currencies during the year are converted into U.S. dollars
using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities,
which are denominated in other currencies, are translated into U.S. dollars at the exchange rates in effect at the balance sheet
date. Resulting gains or losses are included in Vessel operating expenses in the accompanying consolidated statements of comprehensive
loss. All amounts in the financial statements are presented in thousand U.S. dollars rounded to the nearest thousand.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(e)
Commitments and Contingencies: </I></B>Provisions are recognized when: the Company has a present legal or constructive obligation
as a result of past events; it is probable that an outflow of resources embodying economic benefits will be required to settle
the obligation; and a reliable estimate of the amount of the obligation can be made. Provisions are reviewed at each balance sheet
date. Disclosure of a contingency is made if there is at least a reasonable possibility that a change in the Company&rsquo;s
estimate of its probable liability could occur in the near future.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(f)
Insurance Claims Receivable:</I></B> The Company records insurance claim recoveries for insured losses incurred on damage to fixed
assets and for insured crew medical expenses. Insurance claim recoveries are recorded, net of any deductible amounts, at the time
the Company&rsquo;s fixed assets suffer insured damages or when crew medical expenses are incurred, recovery is probable under
the related insurance policies and the claim is not subject to litigation. The Company assessed the adoption of ASC 326 regarding
the collectability of insurance claims recoveries and concluded that there is no material impact in the Company&rsquo;s financial
statements as of the date of the adoption of ASC 326 on January 1, 2020 and as of December 31, 2020 and thus no provision for
credit losses was recorded as of those dates.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(g)
Concentration of Credit Risk:</I></B> Financial instruments, which potentially subject the Company to significant concentrations
of credit risk, consist principally of cash and cash equivalents and trade accounts receivable. The Company places its cash and
cash equivalents, consisting mostly of deposits, with qualified financial institutions with high creditworthiness. The Company
performs periodic evaluations of the relative creditworthiness of those financial institutions that are considered in the Company&rsquo;s
investment strategy. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its
customers&rsquo; financial condition and generally does not require collateral for its accounts receivable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 147; Value: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PYXIS
TANKERS INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notes
to the Consolidated Financial Statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
31, 2019 and 2020</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in thousands of U.S. dollars, except for share and per share data)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.
Significant Accounting Policies &ndash; Continued:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(h)
Cash and Cash Equivalents and Restricted Cash:</I></B> The Company considers highly liquid investments such as time deposits and
certificates of deposit with an original maturity of three months or less to be cash equivalents. Restricted cash is associated
with pledged retention accounts in connection with the loan repayments and minimum liquidity requirements under the loan agreements
discussed in Note 7 and is presented separately in the accompanying consolidated balance sheets. The Company assessed the adoption
of ASC 326 for cash equivalents and restricted cash and concluded that there is no impact in the Company&rsquo;s financial statements
as of the date of the adoption of ASC 326 on January 1, 2020 and as of December 31, 2020 and thus no provision for credit losses
was recorded as of those dates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(i)
Income Taxation:</I></B> Under the laws of the Republic of the Marshall Islands, the country of incorporation of certain of the
Company&rsquo;s vessel-owning companies, and/or the vessels&rsquo; registration, the vessel-owning companies are not liable for
any income tax on their income derived from shipping operations. Instead, a tax is levied depending on the countries where the
vessels trade based on their tonnage, which is included in Vessel operating expenses in the accompanying consolidated statements
of comprehensive loss. The vessel-owning companies with vessels that have called on the United States during the relevant year
of operation are obliged to file tax returns with the Internal Revenue Service. The applicable tax is 50% of 4% of U.S. related
gross transportation income unless an exemption applies. The Company believes that based on current legislation the relevant vessel-owning
companies are entitled to an exemption because they satisfy the relevant requirements, namely that (i) the related vessel-owning
companies are incorporated in a jurisdiction granting an equivalent exemption to U.S. corporations and (ii) over 50% of the ultimate
stockholders of the vessel-owning companies are residents of a country granting an equivalent exemption to U.S. persons.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the laws of the Republic of Malta, the country of incorporation of certain of the Company&rsquo;s vessel-owning companies, and/or
the vessels&rsquo; registration, these vessel-owning companies are not liable for any income tax on their income derived from
shipping operations. The Republic of Malta is a country that has an income tax treaty with the United States. Accordingly, income
earned by vessel-owning companies organized under the laws of the Republic of Malta may qualify for a treaty-based exemption.
Specifically, Article 8 (Shipping and Air Transport) of the treaty sets out the relevant rule to the effect that profits of an
enterprise of a Contracting State from the operation of ships in international traffic shall be taxable only in that State.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(j)
Inventories:</I></B> Inventories consist of lubricants and bunkers (where applicable) on board the vessels, which are stated at
the lower of cost and net realizable value. Cost is determined by the first-in, first-out (&ldquo;FIFO&rdquo;) method.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(k)
Trade Accounts Receivable, Net:</I></B> Under spot charters, the Company normally issues its invoices to charterers at the completion
of the voyage. Invoices are due upon issuance of the invoice. Since the Company satisfies its performance obligation over the
time of the spot charter, the Company recognizes its unconditional right to consideration in trade accounts receivable, net of
a provision for doubtful accounts, if any. Trade accounts receivable from spot charters as of December 31, 2019 and 2020, amounted
to $743 and $672, respectively. The allowance for doubtful accounts at December 31, 2019 was zero. The allowance for
expected credit losses at December 31, 2020 was $9 (Note 2(aa)). Under time charter contracts, the Company normally issues
invoices on a monthly basis 30 days in advance of providing its services. Trade accounts receivable from time charters
as of December 31, 2019 and 2020, amounted to $500 and $1, respectively. Hire collected in advance includes cash received in advance
of performance under the contract prior to the balance sheet date and is realized when the associated revenue is recognized under
the contract in periods after such date. The hire collected in advance as of December 31, 2019 and 2020 was $1,415 and $ 706 respectively
and concerns hire received in advance from time charters.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(l)
Vessels, Net:</I></B> Vessels are stated at cost, which consists of the contract price and any material expenses incurred in connection
with the acquisition (initial repairs, improvements, delivery expenses and other expenditures to prepare the vessel for her initial
voyage, as well as professional fees directly associated with the vessel acquisition). Subsequent expenditures for major improvements
are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety
of the vessels; otherwise, these amounts are expensed as incurred.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
cost of each of the Company&rsquo;s vessels is depreciated from the date of acquisition on a straight-line basis over the vessels&rsquo;
remaining estimated economic useful life, after considering the estimated residual value. A vessel&rsquo;s residual value is equal
to the product of its lightweight tonnage and estimated scrap rate of $0.300 per ton. The Company estimates the useful life of
the Company&rsquo;s vessels to be 25 years from the date of initial delivery from the shipyard. In the event that future
regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life will be adjusted
at the date such regulations are adopted.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>


<!-- Field: Page; Sequence: 148; Value: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PYXIS
TANKERS INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notes
to the Consolidated Financial Statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
31, 2019 and 2020</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in thousands of U.S. dollars, except for share and per share data)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.
Significant Accounting Policies &ndash; Continued:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(m)
Impairment of Long Lived Assets:</I></B> The Company reviews its long lived assets for impairment whenever events or changes in
circumstances indicate that the carrying amount plus the unamortized dry-dock and survey balances of these assets may not
be recoverable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
developing estimates of future undiscounted cash flows, the Company makes assumptions and estimates about the vessels&rsquo; future
performance, relating to time charter equivalent rates by vessel type, vessels&rsquo; operating expenses, management fees, vessels&rsquo;
capital expenditures, vessels&rsquo; residual value, fleet utilization and the estimated remaining useful life of each vessel.
The assumptions used to develop estimates of future undiscounted cash flows are based on historical trends as well as future expectations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the extent impairment indicators are present, the projected net operating cash flows are determined by considering the charter
revenues from existing time charters for the fixed days and an estimated daily time charter rate for the unfixed days (based on
the most recent seven year historical average rates over the remaining estimated useful life of the vessels), expected outflows
for vessels&rsquo; operating expenses, planned dry-docking and special survey expenditures, management fees expenditures which
are adjusted every year, pursuant to the Company&rsquo;s existing group management agreement, and fleet utilization of 75.0% to
98.6% (depending on the type of the vessel) for the first year and 78% to 93.0%, including scheduled off-hire days for
planned dry-dockings and vessel surveys, based on historical experience. The residual value used in the impairment test is estimated
to be approximately $0.3 per lightweight ton in accordance with the vessels&rsquo; depreciation policy.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should
the carrying value plus the unamortized dry-dock and survey balance of the vessel exceed its estimated future undiscounted net
operating cash flows, impairment is measured based on the excess of the carrying amount over the fair market value of the asset.
The Company determines the fair value of its vessels based on management estimates and assumptions and by making use of available
market data and taking into consideration third party valuations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
review of the carrying amounts plus the unamortized dry-dock and survey balances in connection with the estimated recoverable
amount for certain of the Company&rsquo;s as of December 31, 2018 indicated an impairment charge of $2,282. No impairment charge
for the Company&rsquo;s vessels was recorded as of December 31, 2019 and 2020 respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(n)
Long-lived Assets Classified as Held for Sale:</I></B> The Company classifies long-lived assets and disposal groups as being held-for-sale
in accordance with ASC 360, &ldquo;Property, Plant and Equipment&rdquo;, when: (i) management, having the authority to approve
the action, commits to a plan to sell the asset; (ii) the asset is available for immediate sale in its present condition subject
only to terms that are usual and customary for sales of such assets; (iii) an active program to locate a buyer and other actions
required to complete the plan to sell the asset have been initiated; (iv) the sale of the asset is probable, and transfer of the
asset is expected to qualify for recognition as a completed sale, within one year; (v) the asset is being actively marketed for
sale at a price that is reasonable in relation to its current fair value and (vi) actions required to complete the plan indicate
that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Long-lived assets classified
as held-for-sale are measured at the lower of their carrying amount or fair value less costs to sell. According to ASC 360-10-35,
the fair value less costs to sell of the long-lived asset (disposal group) should be assessed at each reporting period it remains
classified as held-for-sale. Subsequent changes in the long-lived asset&rsquo;s fair value less costs to sell (increase or decrease)
would be reported as an adjustment to its carrying amount, not exceeding the carrying amount of the long-lived asset at the time
it was initially classified as held-for-sale. These long-lived assets are not depreciated once they meet the criteria to be classified
as held-for-sale and are classified in current assets on the consolidated balance sheet (Notes 5 and 6).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 149; Value: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PYXIS
TANKERS INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notes
to the Consolidated Financial Statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
31, 2019 and 2020</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in thousands of U.S. dollars, except for share and per share data)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.
Significant Accounting Policies &ndash; Continued:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(o)
Financial Derivative Instruments: </I></B>The Company enters into interest rate derivatives to manage its exposure to fluctuations
of interest rate risk associated with its borrowings. All derivatives are recognized in the consolidated financial statements
at their fair value. The fair value of the interest rate derivatives is based on a discounted cash flow analysis. When such derivatives
do not qualify for hedge accounting, the Company recognizes their fair value changes in current period earnings. When the derivatives
qualify for hedge accounting, the Company recognizes the effective portion of the gain or loss on the hedging instrument directly
in other comprehensive income / (loss), while the ineffective portion, if any, is recognized immediately in current period earnings.
The Company, at the inception of the transaction, documents the relationship between the hedged item and the hedging instrument,
as well as its risk management objective and the strategy of undertaking various hedging transactions. The Company also assesses
at hedge inception whether the hedging instruments are highly effective in offsetting changes in the cash flows of the hedged
items.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company discontinues cash flow hedge accounting if the hedging instrument expires and it no longer meets the criteria for hedge
accounting or its designation is revoked by the Company. At that time, any cumulative gain or loss on the hedging instrument recognized
in equity is kept in equity until the forecasted transaction occurs. When the forecasted transaction occurs, any cumulative gain
or loss on the hedging instrument is recognized in the consolidated statement of comprehensive loss. If a hedged transaction is
no longer expected to occur, the net cumulative gain or loss recognized in equity is transferred to the current period&rsquo;s
consolidated statement of comprehensive loss as financial income or expense.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(p)
Accounting for Special Survey and Dry-docking Costs:</I></B> The Company follows the deferral method of accounting for special
survey and dry-docking costs, whereby actual costs incurred at the yard and parts used in the dry-docking or special survey, are
deferred and are amortized on a straight-line basis over the period through the date the next survey is scheduled to become due.
Costs deferred are limited to actual costs incurred at the shipyard and costs incurred in the dry-docking or special survey. If
a dry-dock or a survey is performed prior to the scheduled date, any remaining unamortized balances of the previous dry-dock and
survey are immediately written-off. Unamortized dry-dock and survey balances of vessels that are sold are written-off and included
in the calculation of the resulting gain or loss in the period of the vessel&rsquo;s sale.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Furthermore,
unamortized dry-docking and special survey balances of vessels that are classified as Assets held-for-sale and are not recoverable
as of the date of such classification are immediately written-off and included in the resulting loss on vessel
held-for-sale.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(q)
Financing Costs:</I></B> Costs associated with new loans or refinancing of existing loans, including fees paid to lenders or required
to be paid to third parties on the lender&rsquo;s behalf for obtaining new loans or refinancing existing loans, are recorded as
a direct deduction from the carrying amount of the debt liability. Such costs are deferred and amortized to Interest and finance
costs in the consolidated statements of comprehensive loss during the life of the related debt using the effective interest method.
Unamortized costs relating to loans repaid or refinanced, meeting the criteria of debt extinguishment, are expensed in the period
the repayment or refinancing is made. Commitment fees relating to undrawn loan principal are expensed as incurred.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(r)
Fair Value Measurements:</I></B> The Company follows the provisions of Accounting Standard Update (&ldquo;ASU&rdquo;) 2015-07
&ldquo;Fair Value Measurements and Disclosures&rdquo;, Topic 820, which defines and provides guidance as to the measurement of
fair value. This standard creates a hierarchy of measurement and indicates that, when possible, fair value is the price that would
be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The fair value
hierarchy gives the highest priority (Level 1) to quoted prices in active markets and the lowest priority (Level 3) to unobservable
data, for example, the reporting entity&rsquo;s own data. Under the standard, fair value measurements are separately disclosed
by level within the fair value hierarchy (Note 10).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 150; Value: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PYXIS
TANKERS INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notes
to the Consolidated Financial Statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
31, 2019 and 2020</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in thousands of U.S. dollars, except for share and per share data)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.
Significant Accounting Policies &ndash; Continued:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(s)
Segment Reporting:</I></B> The Company reports financial information and evaluates its operations by charter revenues and not
by the length of ship employment for its customers, i.e., spot or time charters. The Company does not use discrete financial information
to evaluate the operating results for each such type of charter. Although revenue can be identified for these types of charters,
management cannot and does not identify expenses, profitability or other financial information for these charters. Furthermore,
when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide (subject to certain agreed
exclusions) and, as a result, the disclosure of geographic information is impracticable. As a result, management, reviews operating
results solely by revenue per day and operating results of the fleet and thus the Company has determined that it operates under
one reportable segment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(t)
Income/(Loss) per Share:</I></B> Basic income/(loss) per share is computed by dividing the net income/(loss)
attributable to common shareholders by the weighted average number of common shares outstanding during the
period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
computation of diluted income/(loss) per share reflects the potential dilution that could occur if securities or other
contracts to issue common stock were exercised or converted at the beginning of the periods presented, or issuance
date, if later. The treasury stock method is used to compute the dilutive effect of warrants and, shares issued
under the equity incentive plan and the promissory note. The if-converted method is used to compute the dilutive
effect of shares which could be issued upon conversion of the Series A Convertible Preferred Shares into common
shares. Potential common shares that have an anti-dilutive effect (i.e. those that increase income per share or
decrease loss per share) are excluded from the calculation of diluted earnings per share. As the Company
reported losses for the years ended December 31, 2018, 2019 and 2020, the effect of any incremental shares would be
antidilutive and thus excluded from the computation of loss per share.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(u)
Going Concern: </I></B>The Company performs cash flow projections on a regular basis to evaluate whether it will be in a position
to cover its liquidity needs for the next 12-month period and in compliance with the financial and security collateral cover ratio
covenants under its existing debt agreements. In developing estimates of future cash flows, the Company makes assumptions about
the vessels&rsquo; future performance, with significant assumptions relating to time charter equivalent rates by vessel type,
vessels&rsquo; operating expenses, vessels&rsquo; capital expenditures, fleet utilization, the Company&rsquo;s management fees
and general and administrative expenses, and cash flow requirements for debt servicing. The assumptions used to develop estimates
of future cash flows are based on historical trends as well as future expectations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2020, the Company had a working capital deficit of $2,895, defined as current assets minus current liabilities.
The Company considered such deficit in conjunction with the future market prospects and potential future financings. As of the
filing date of these consolidated financial statements, the Company believes that it will be in a position to cover its liquidity
needs for the next 12-month period through the recent Private Placement of Equity, the contemplated debt refinancing of the Entrust
Loan (Note 13) cash generated from the vessels&rsquo; operations and possible asset sales. The Company believes
that will be in compliance with the financial and security collateral cover ratio covenants under its existing debt agreements
for the next 12-month period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(v)
Revenues, net:</I></B> The Company generates its revenues from charterers. The vessels are chartered using either spot charters,
where a contract is made in the spot market for the use of a vessel for a specific voyage for a specified charter rate, or time
charters, where a contract is entered into for the use of a vessel for a specific period of time and a specified daily charter
hire rate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents the Company&rsquo;s revenue disaggregated by revenue source, net of commissions, for the years ended
December 31, 2018, 2019 and 2020:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>December
                                         31,</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2018</B></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>December
                                         31,</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2019</B></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>December
                                         31,</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2020</B></FONT></P></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Revenues derived from spot
    charters, net</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">16,990</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">8,067</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">7,022</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Revenues derived
    from time charters, net</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">11,467</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">19,686</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">14,689</FONT></TD><TD STYLE="padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Revenues,
    net</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">28,457</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">27,753</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif">21,711</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 151; Value: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PYXIS
TANKERS INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notes
to the Consolidated Financial Statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
31, 2019 and 2020</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in thousands of U.S. dollars, except for share and per share data)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.
Significant Accounting Policies &ndash; Continued:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Revenue
from customers (ASC 606):</I></B> As of January 1, 2018, the Company adopted Accounting Standard Update (&ldquo;ASU&rdquo;) 2014-09
&ldquo;<I>Revenue from Contracts with Customers (Topic 606)</I>&rdquo;. The core principle is that a company should recognize
revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an
entity expects to be entitled for those goods or services. The Company analyzed its contracts with charterers at the adoption
date and has determined that its spot charters fall under the provisions of ASC 606, while its time charter agreements are lease
agreements that fall under the provisions of ASC 842 and that contain certain non-lease components. The Company elected to adopt
ASC 606 by applying the modified retrospective transition method, recognizing the cumulative effect of adopting this guidance
as an adjustment to the 2018 opening balance of accumulated deficit. As of December 31, 2017, there were no vessels employed under
spot charters and as a result, the Company has not included any adjustments to the 2018 opening balance of accumulated deficit
and prior periods were not retrospectively adjusted.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company assessed its contracts with charterers for spot charters and concluded that there is one single performance obligation
for its spot charter, which is to provide the charterer with a transportation service within a specified time period. In addition,
the Company has concluded that a spot charter meets the criteria to recognize revenue over time as the charterer simultaneously
receives and consumes the benefits of the Company&rsquo;s performance. The adoption of this standard resulted in a change whereby
the Company&rsquo;s method of revenue recognition changed from discharge-to-discharge (assuming a new charter has been agreed
before the completion of the previous spot charter) to load-to-discharge. This resulted in no revenue being recognized from discharge
of the prior spot charter to loading of the current spot charter and all revenue being recognized from loading of the current
spot charter to discharge of the current spot charter. This change results in revenue being recognized later in the voyage, which
may cause additional volatility in revenues and earnings between periods. Demurrage income represents payments by a charterer
to a vessel owner when loading or discharging time exceeds the stipulated time in the spot charter. The Company has determined
that demurrage represents a variable consideration and estimates demurrage at contract inception. Demurrage income estimated,
net of address commission, is recognized over the time of the charter as the performance obligation is satisfied.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
a spot charter, the Company incurs and pays for certain voyage expenses, primarily consisting of brokerage commissions, port and
canal costs and bunker consumption, during the spot charter (load-to-discharge) and during the ballast voyage (date of previous
discharge to loading, assuming a new charter has been agreed before the completion of the previous spot charter). Before the adoption
of ASC 606, all voyage expenses were expensed as incurred, except for brokerage commissions. Brokerage commissions are deferred
and amortized over the related voyage period in a charter to the extent revenue has been deferred since commissions are earned
as the Company&rsquo;s revenues are earned. Under ASC 606 and after the implementation of ASC 340-40 <I>&ldquo;Other assets and
deferred costs&rdquo;</I> for contract costs, incremental costs of obtaining a contract with a customer and contract fulfillment
costs, should be capitalized and amortized as the performance obligation is satisfied, if certain criteria are met. The Company
assessed the new guidance and concluded that voyage costs during the ballast voyage represented costs to fulfil a contract which
give rise to an asset and should be capitalized and amortized over the spot charter, consistent with the recognition of voyage
revenues from spot charter from load-to-discharge, while voyage costs incurred during the spot charter should be expensed as incurred.
With respect to incremental costs, the Company has selected to adopt the practical expedient in the guidance and any costs to
obtain a contract will be expensed as incurred, for the Company&rsquo;s spot charters that do not exceed one year. Vessel operating
expenses are expensed as incurred.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, pursuant to this standard and the new Leases standard (discussed below), as of January 1, 2018, the Company elected
to present Revenues net of address commissions. Address commissions represent a discount provided directly to the charterers based
on a fixed percentage of the agreed upon charter. Since address commissions represent a discount (sales incentive) on services
rendered by the Company and no identifiable benefit is received in exchange for the consideration provided to the charterer, these
commissions are presented as a reduction of revenue in the accompanying consolidated statements of comprehensive loss.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one
year or less, in accordance with the optional exception in ASC 606.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 152; Value: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PYXIS
TANKERS INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notes
to the Consolidated Financial Statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
31, 2019 and 2020</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in thousands of U.S. dollars, except for share and per share data)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.
Significant Accounting Policies &ndash; Continued:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B><I>Leases:
</I></B>The Company elected to early adopt the new lease standard <I>&ldquo;Leases&rdquo; ASC 842</I> as of September 30,
2018 with adoption reflected as of January 1, 2018. The Company adopted the standard by using the modified retrospective method
and selected the additional optional transition method. Also, the Company elected to apply a package of practical expedients under
ASC 842, which allowed the Company, not to reassess (i) whether any existing contracts, on the date of adoption, contained a lease,
(ii) lease classification of existing leases classified as operating leases in accordance with ASC 840 and (iii) initial direct
costs for any existing leases. In this respect no <FONT STYLE="background-color: white">cumulative-effect adjustment was recognized
</FONT>to the 2018 opening balance of accumulated deficit<FONT STYLE="background-color: white">. </FONT>The Company assessed its
new time charter contracts at the adoption date under the new guidance and concluded that these contracts contain a lease with
the related executory costs (insurance), as well as non-lease components to provide other services related to the operation of
the vessel, with the most substantial service being the crew cost to operate the vessel. The Company concluded that the criteria
for not separating the lease and non-lease components of its time charter contracts are met, since (i) the time pattern of recognizing
revenues for crew and other services for the operation of the vessels, is similar to the time pattern of recognizing rental income,
(ii) <FONT STYLE="background-color: white">the lease component of the time charter contracts, if accounted for separately, would
be classified as an operating lease, and </FONT>(iii) the predominant component in its time charter agreements is the lease component.
After the lease commencement date, the Company evaluates lease modifications, if any, that could result in a change in the
accounting for leases. For a lease modification, an evaluation is performed to determine if it should be treated as either a separate
lease or a change in the accounting of an existing lease.  Brokerage and address commissions on time charter revenues are
deferred and amortized over the related voyage period, to the extent revenue has been deferred, since commissions are earned as
revenues earned, and are presented in voyage expenses and as a reduction to voyage revenues (see above), respectively. Vessel
operating expenses are expensed as incurred. By taking the practical expedients, existing time charters at January 1, 2018, continued
to be accounted for under ASC 840 while new time charters commencing in 2018 and onwards are accounted for under ASC 842. The
adoption of ASC 842 had no effect on the Company&rsquo;s consolidated financial position and results of operations for the year
ended December 31, 2018 and 2019. <FONT STYLE="background-color: white">Upon adoption of ASC 842, the Company made an accounting
policy election to not recognize contract fulfillment costs for time charters under ASC 340-40. </FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24.5pt; text-align: justify; text-indent: -24.5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenues
for the years ended December 31, 2018, 2019 and 2020, deriving from significant charterers individually accounting for 10% or
more of revenues (in percentages of total revenues), were as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Charterer</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2018</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2019</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">71</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">71</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">74</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</FONT></TD></TR>
</TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(w)
Restricted Cash: </I></B>As of January 1, 2018, the Company adopted the ASU 2016-18 &ldquo;<I>Statement of Cash Flows (Topic 230):
Restricted Cash</I>&rdquo;, which requires that the statement of cash flows explain the change in the total of cash and cash equivalents
and restricted cash. Restricted cash of $3,659, $3,735 and $2,417 as at December 31, 2018, 2019 and 2020, respectively, has been
aggregated with cash and cash equivalents in both the beginning-of-year and end-of-year line items of the consolidated
statements of cash flows for each of the periods presented. The implementation of this update has no impact on the Company&rsquo;s
consolidated balance sheet and consolidated statement of comprehensive loss.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the accompanying consolidated
balance sheets that are presented in the accompanying consolidated statement of cash flows for the years ended December 31, 2018,
2019 and 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>December
                                         31,</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2018</B></FONT></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>December
                                         31,</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2019</B></FONT></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31, <BR>
    2020</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    and cash equivalents</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">545</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,441</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,620</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted
    cash, current portion</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">255</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">535</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted
    cash, net of current portion</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,404</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,200</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,417</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    cash and cash equivalents and restricted cash</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,204</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,176</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,037</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(x)
Business combinations:</I></B> As of January 1, 2018, the Company adopted the ASU No. 2017-01, &ldquo;Business Combinations&rdquo;
(Topic 805) which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating
whether transactions should be accounted for as acquisition (or disposals) of assets or businesses. Under current implementation
guidance, the existence of an integrated set of acquired activities (inputs and processes that generate outputs) constitutes an
acquisition of business. This ASU provides a screen to determine when a set of assets and activities does not constitute a business.
The implementation of this update had no effect on the Company&rsquo;s consolidated financial position and results of operations
for the year ended December 31, 2018.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(y)
Debt Modifications and Extinguishments:</I></B> The Company follows the provisions of ASC 470-50, Modifications and Extinguishments,
to account for all modifications or extinguishments of debt instruments, except debt that is extinguished through a troubled debt
restructuring or a conversion of debt to equity securities of the debtor pursuant to conversion privileges provided in terms of
the debt at issuance. This standard also provides guidance on whether an exchange of debt instruments with the same creditor
constitutes an extinguishment and whether a modification of a debt instrument should be accounted for in the same manner as an
extinguishment. In circumstances where an exchange of debt instruments or a modification of a debt instrument does not result
in extinguishment accounting, this standard provides guidance on the appropriate accounting treatment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 153; Value: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PYXIS
TANKERS INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notes
to the Consolidated Financial Statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
31, 2019 and 2020</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in thousands of U.S. dollars, except for share and per share data)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.
Significant Accounting Policies &ndash; Continued:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">On
July 8, 2020, Seventhone entered into a $15,250 secured loan agreement with the new lender, for the purpose of refinancing the
outstanding indebtedness of $11,293 under the previous loan facility, which was fully settled on the same day. The Company considered
the guidance under ASC 470-50 &ldquo;Debt Modifications and Extinguishments&rdquo; and concluded that the transaction should be
accounted for as debt extinguishment (Note 7).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>(z) Distinguishing Liabilities from
Equity:</I></B> The Company follows the provisions of ASC 480 &ldquo;Distinguishing liabilities from equity&rdquo; to determine
the classification of certain freestanding financial instruments as either liabilities or equity. The Company in its assessment
for the accounting of the Series A Convertible Preferred Shares and detachable warrants issued in connection with the October
13, 2020 public offering has taken into consideration ASC 480 &ldquo;Distinguishing liabilities from equity&rdquo; and determined
that the Series A Convertible Preferred Shares and detachable warrants should be classified as equity instead of liability (Note
8). The Company further analyzed key features of the Series A Convertible Preferred Shares and detachable warrants to determine
whether these are more akin to equity or to debt and concluded that the Series A Convertible Preferred Shares and detachable warrants
are equity-like. In its assessment, the Company identified certain embedded features, examined whether these fall under the definition
of a derivative according to ASC 815 applicable guidance or whether certain of these features affected the classification. Derivative
accounting was deemed inappropriate and thus no bifurcation of these features was performed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>(aa) New Accounting Pronouncements
&ndash; Adopted</I></B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I></I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Expected
credit losses:</B> In June 2016, the FASB issued ASU No. 2016-13&mdash;Financial Instruments&mdash;Credit Losses (Topic 326) &mdash;Measurement
of Credit Losses on Financial Instruments. ASU No. 2016-13 amended guidance on reporting credit losses for assets held at amortized
cost basis and available for sale debt securities. In May 2019, the FASB issued ASU 2019-05, &ldquo;Codification Improvements
to Topic 326, Financial Instruments&mdash;Credit Losses, Financial Instruments&mdash;Credit Losses, Topic 815, Derivatives and
Hedging, and Topic 825 Financial Instruments&rdquo;, the amendments of which provide entities that have certain instruments within
the scope of Subtopic 326-20, Financial Instruments&mdash;Credit Losses&mdash;Measured at Amortized Cost, with an option to irrevocably
elect the fair value option in Subtopic 825-10, Financial Instruments&mdash;Overall, applied on an instrument-by-instrument basis
for eligible instruments, upon adoption of Topic 326. The amendments clarify that receivables arising from operating leases are
outside of the scope of Subtopic 326-20. Accordingly, any impairment of receivables arising from operating leases i.e. time charters,
should be accounted for in accordance with Topic 842, Leases, and not in accordance with Topic 326. Impairment of receivables
arising from voyage charters, which are accounted for in accordance with Topic 606, Revenues from Contracts with Customers, are
within the scope of Subtopic 326 and must therefore be assessed for expected credit losses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of January 1, 2020, the Company adopted ASU 2016-13&mdash;Financial Instruments&mdash;Credit Losses (Topic 326). The accounting
standard amends the current financial instrument impairment model by requiring entities to use a forward-looking approach based
on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables. Under the
new guidance, an entity recognizes as an allowance its estimate of lifetime expected credit losses which will result in more timely
recognition of such losses. The Company adopted the accounting standard using the prospective transition approach as of January
1, 2020, which resulted in a cumulative adjustment of $(9), in the opening balance of accumulated deficit for the fiscal year
of 2020. The Company maintains an allowance for credit losses for expected uncollectable accounts receivable, which is recorded
as an offset to trade accounts receivable and changes in such, if any, are classified as Bad debt provisions in the Consolidated
Statements of Comprehensive Loss.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
adoption of ASC 326 primarily impacted trade receivables recorded on Consolidated Balance Sheet. The Company assessed collectability
by reviewing accounts receivable on a collective basis where similar characteristics exist and on an individual basis when the
Company identifies specific customers with known disputes or collectability issues. In determining the amount of the allowance
for credit losses, the Company considered historical collectability based on past due status. The Company also considered customer-specific
information, current market conditions and reasonable and supportable forecasts of future economic conditions to inform adjustments
to historical loss data.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; margin: 0">As of January 1, 2020 and December 31, 2020, the <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company
concluded on an expected credit loss rate of 0.05% on the total outstanding receivables arising from voyage charters and 2.4%
on outstanding receivables from demurrages. Management monitors its trade receivables on a daily and on a charter-by charterer
basis in order to determine if adjustments are necessary in the expected credit loss rate. No additional allowance was warranted
for the year ended December 31, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fair
Value measurement:</B> On January 1, 2020, the Company adopted ASU 2018-13, &ldquo;Fair Value Measurement (Topic 820)&mdash;Disclosure
Framework&mdash;Changes to the Disclosure Requirements for Fair Value Measurement&rdquo;, which improves the effectiveness of
fair value measurement disclosures. In particular, the amendments in this Update modify the disclosure requirements on fair value
measurements in Topic 820, Fair Value Measurement, based on the concepts in FASB Concepts Statement, Conceptual Framework for
Financial Reporting&mdash;Chapter 8: Notes to Financial Statements, including the consideration of costs and benefits. The amendments
in the Update apply to all entities that are required under existing GAAP to make disclosures about recurring and non-recurring
fair value measurements. The amendments on changes in unrealized gains and losses, the range and weighted average of significant
unobservable inputs used to develop Level 3 fair value measurements and the narrative description of measurement uncertainty should
be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All
other amendments should be applied retrospectively to all periods presented upon their effective date. The adoption of this new
accounting guidance did not have a material effect on the Company&rsquo;s consolidated financial statements and related disclosures.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 154; Value: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PYXIS
TANKERS INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notes
to the Consolidated Financial Statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
31, 2019 and 2020</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in thousands of U.S. dollars, except for share and per share data)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2.
Significant Accounting Policies &ndash; Continued:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B></B></FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Variable
Interest Entities:</B> On January 1, 2020, the Company adopted ASU 2018-17, &ldquo;Consolidation (Topic 810) &ndash; Targeted
Improvements to Related Party Guidance for Variable Interest Entities&rdquo;, which improves the accounting for the following
areas: (i) applying the variable interest entity (VIE) guidance to private companies under common control and (ii) considering
indirect interests held through related parties under common control for determining whether fees paid to decision makers and
service providers are variable interests, thereby improving general purpose financial reporting. The Company applied the amendments
in this Update retrospectively, as required. The adoption of this new accounting guidance did not have a material effect on the
Company&rsquo;s consolidated financial statements and related disclosures.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>(ab)
New Accounting Pronouncements &ndash; Not Yet Adopted:</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform
on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships,
and other transactions affected by reference rate reform. ASU 2020-04 applies to contracts that reference LIBOR or another reference
rate expected to be terminated because of reference rate reform. In January 2021, the FASB issued ASU 2021-01, Reference Rate
Reform (Topic 848). The amendments in this Update clarify that certain optional expedients and exceptions in Topic 848 for contract
modifications and hedge accounting apply to derivative instruments that use an interest rate for margining, discounting, or contract
price alignment that is modified as a result of reference rate reform. Amendments in this Update to the expedients and exceptions
in Topic 848 capture the incremental consequences of the scope clarification and tailor the existing guidance to derivative instruments
affected by the discounting transition. The amendments in this Update apply to all entities that elect to apply the optional guidance
in Topic 848. ASU 2020-04 and ASU 2021-10 can be adopted as of March 12, 2020 through December 31, 2022. As of December 31, 2020,
the Company has not yet elected any optional expedients provided in the standard. The Company will apply the accounting relief
as relevant contract and hedge accounting relationship modifications are made during the reference rate reform transition period.
The Company does not expect the standard to have a material impact on our consolidated financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
August 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives
and Hedging - Contracts in Entity&rsquo;s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity&rsquo;s
Own Equity. The ASU reduces the number of accounting models for convertible debt instruments by eliminating the cash conversion
model. As compared with current U.S. GAAP, more convertible debt instruments will be reported as a single liability instrument
and the interest rate of more convertible debt instruments will be closer to the coupon interest rate. The ASU also aligns the
consistency of diluted Earnings Per Share (&ldquo;EPS&rdquo;) calculations for convertible instruments by requiring that (1) an
entity use the if-converted method and (2) share settlement be included in the diluted EPS calculation for both convertible instruments
and equity contracts when those contracts include an option of cash settlement or share settlement. The ASU is effective for fiscal
years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but
no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The FASB
has specified that an entity should adopt the guidance as of the beginning of its annual fiscal year. The Company is currently
evaluating the impact this guidance may have on its consolidated financial statements and related disclosures.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.
Transactions with Related Parties<I>:</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company uses the services of Maritime, a ship management company with its principal office in Greece and an office in the U.S.A.
Maritime is engaged under separate management agreements directly by the Company&rsquo;s respective subsidiaries to provide a
wide range of shipping services, including but not limited to, chartering, sale and purchase, insurance, operations and dry-docking
and construction supervision, all provided at a fixed daily fee per vessel. For the ship management services, Maritime charges
a fee payable by each subsidiary of $0.325 per day per vessel while the vessel is in operation including any pool arrangements
and $0.450 per day per vessel while the vessel is under construction, as well as an additional daily fee (which is dependent on
the seniority of the personnel) to cover the cost of engineers employed to conduct the supervision of the newbuilding (collectively
the &ldquo;Ship-management Fees&rdquo;). In addition, Maritime charges the Company a commission rate of 1.25% on all charter hire
agreements arranged by Maritime.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
management agreements for the vessels had an initial term of five years. For the Northsea Alpha and Northsea Beta the base term
expired on December 31, 2015, for Pyxis Theta it expired on December 31, 2017 and for the Pyxis Epsilon and the Pyxis Malou it
expired on December 31, 2018. Following their initial expiration dates, the management agreements were automatically renewed for
consecutive five year periods, or until terminated by either party on three months&rsquo; notice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Head Management Agreement (the &ldquo;Head Management Agreement&rdquo;) with Maritime commenced on March 23, 2015 and continued
through March 23, 2020. Following the initial expiration date, the Head Management Agreement was automatically renewed for a five-year
period (unless terminated by either party on 90 days&rsquo; notice). Maritime provides administrative services to the Company,
which include, among other, the provision of the services of the Company&rsquo;s Chief Executive Officer, Chief Financial Officer,
General Counsel and Corporate Secretary, Chief Operating Officer, one or more internal auditor(s) and a secretary, as well as
the use of office space in Maritime&rsquo;s premises. Under the Head Management Agreement, the Company pays Maritime a fixed fee
of $1,600 annually (the &ldquo;Administration Fees&rdquo;). In the event of a change of control of the Company during the management
period or within 12 months after the early termination of the Head Management Agreement, then the Company will pay to Maritime
an amount equal to 2.5 times the then annual Administration Fees. Pursuant to the amendment of this agreement on March 18, 2020,
in the event of such change of control and termination, the Company shall also pay to Maritime an amount equal to 12 months of
the then daily Ship-management Fees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 155; Value: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PYXIS
TANKERS INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notes
to the Consolidated Financial Statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
31, 2019 and 2020</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in thousands of U.S. dollars, except for share and per share data)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.
Transactions with Related Parties - Continued:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Ship-management Fees and the Administration Fees are adjusted annually according to the official inflation rate in Greece or such
other country where Maritime was headquartered during the preceding year. On August 9, 2016, the Company amended the Head Management
Agreement with Maritime to provide that in the event that the official inflation rate for any calendar year is deflationary, no
adjustment shall be made to the Ship-management Fees and the Administration Fees, which will remain, for the particular calendar
year, as per the previous calendar year. Effective January 1, 2019 and 2020, the Ship-management Fees and the Administration Fees
were increased by 0.62%, and, 0.26% respectively, in line with the average inflation rate of Greece for 2018 and 2019. For 2020,
the average rate in Greece was a deflation of 1.24% and as a result no adjustment shall be made to the Ship-management Fees and
the Administration Fees effective January 1, 2021, which will remain, for the particular calendar year, as per the previous year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following amounts were charged by Maritime pursuant to the head management and ship-management agreements with the Company, and
are included in the accompanying consolidated statements of comprehensive loss:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year
    Ended December 31,</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2018</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2019</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Included
    in Voyage related costs and commissions</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 46%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Charter
    hire commissions</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">354</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">351</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">276</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Included
    in Management fees, related parties</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ship-management
    Fees</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">720</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">724</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">637</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Included
    in General and administrative expenses</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Administration
    Fees</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,618</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,628</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,632</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,692</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,703</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,545</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 28, 2015 the Company issued a promissory note in favor of Maritime Investors in the amount of $2.5 million, with an interest
rate payable of 2.75% and maturity of January 15, 2017. Certain amendments were made increasing the principal balance to $5.0
million, extending the maturity date to March 31, 2020 and the interest rate to 4.5%. On May 14, 2019, the Company entered into
a second amendment to the Amended &amp; Restated Promissory Note which (i) extended the repayment of the outstanding principal,
in whole or in part, until the earlier of a) one year after the repayment of the credit facility of Eighthone with Entrust Global
(the &ldquo;Credit Facility&rdquo;) on September 2023 (see Note 7), b) January 15, 2024 and c) repayment of any Paid-In-Kind (&ldquo;PIK&rdquo;)
interest and principal deficiency amount under the Credit Facility, and (ii) increased the interest rate to 9.0% per annum of
which 4.5% shall be paid in cash and 4.5% shall be paid in common shares of the Company calculated on the volume weighted average
closing share price for the 10 day period immediately prior to each quarter end. The new interest rate was effective from April
1, 2019. After the repayment restrictions have been lifted per the Credit Facility, the Company, at its option, may continue to
pay interest on the Amended &amp; Restated Promissory Note in the afore-mentioned combination of cash and shares or pay all interest
costs in cash. The Company considered the guidance under ASC 470-50 &ldquo;Debt Modifications and Extinguishments&rdquo; and concluded
that the transaction should be accounted for as debt extinguishment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
respect to the portion of interest that will be settled in common shares, the Company considered the guidance in ASC 480 that
requires obligations that can be settled in shares with a fixed monetary value at settlement (e.g., share-settled debt) and followed
the guidance in ASC 835-30 to accrue the liability to the redemption amount using the interest method.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
charged on the Amended &amp; Restated Promissory Note for the years ended December 31, 2018, 2019 and 2020, amounted to $213,
$395 and $452, respectively, and is included in Interest and finance costs, net (Note 12) in the accompanying consolidated statements
of comprehensive loss. Of the total interest charged on the Amended &amp; Restated Promissory Note during the year ended December
31, 2019, $225 was paid in cash and the remaining amount of $170 was settled in common shares. Of the amount settled in common
shares, $113 was settled in common shares during 2019 and the remaining amount of $57 were settled in January 2020. Of the total
interest charged on the Amended &amp; Restated Promissory Note during the year ended December 31, 2020, $226 was payable in cash
and the remaining amount of $226 was settled in common shares. Of the amount settled in common shares, $169 was settled in common
shares during 2020 and the remaining amount of $57 was settled in January 2021.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 156; Value: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PYXIS
TANKERS INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notes
to the Consolidated Financial Statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
31, 2019 and 2020</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in thousands of U.S. dollars, except for share and per share data)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>3.
Transactions with Related Parties - Continued:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount of $5,000 is separately reflected in the accompanying consolidated balance sheets under non-current liabilities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2019 and 2020, there was a balance due to Maritime of $6,849 and due from Maritime of $2,308, respectively. Relevant
balances are reflected in Due to related parties and Due from related parties, respectively, in the accompanying consolidated
balance sheets. The balance with Maritime is interest free and with no specific repayment terms.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>4.
Inventories:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24.4pt; text-align: justify; text-indent: -24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amounts in the accompanying consolidated balance sheets are analyzed as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31, <BR> 2019</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31,<BR>
    2020</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 64%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lubricants</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">403</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">348</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bunkers</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">98</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">333</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">501</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">681</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>5.
Vessels, net:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24.4pt; text-align: justify; text-indent: -24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amounts in the accompanying consolidated balance sheets are analyzed as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vessel</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    Book</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Value</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance
    January 1, 2019</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">134,310</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(26,318</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">107,992</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5,320</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5,320</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additions</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">625</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">625</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reclassification
    of vessel as held-for-sale</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(26,412</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,622</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(15,790</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance
    December 31, 2019</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">108,523</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(21,016</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">87,507</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,418</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4,418</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additions</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">685</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">685</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance
    December 31, 2020</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">109,208</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(25,434</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">83,774</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2018, the Company reviewed the carrying amount in connection with the estimated recoverable amount for each of
its vessels. This review indicated that such carrying amount was not fully recoverable for the Company&rsquo;s vessels <I>Northsea
Alpha</I> and <I>Northsea Beta</I>. Consequently, the carrying value of these vessels plus unamortized dry-dock and survey
balances amounting to $12,989 was written down resulting in a total impairment charge of $2,282 that was charged against Vessels,
net, based on level 2 inputs of the fair value hierarchy, as discussed in Notes 2 and 10. No impairment charge was deemed necessary
for the years ended December 31, 2019 and 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
of the Company&rsquo;s vessels have been pledged as collateral to secure the bank loans discussed in Note 7.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 13, 2019, the Company decided to make arrangements to sell Pyxis Delta and the Company concluded that all the criteria
required by the relevant accounting standard, ASC 360-10-45-9, for the classification of the vessel Pyxis Delta as &ldquo;held
for sale&rdquo; were met. On December 11, 2019, the Company entered into an agreement with a third-party to sell the vessel. As
at December 31, 2019, the amount of $13,190 was separately reflected in Vessel held-for-sale on the consolidated balance sheet,
representing the estimated fair market value of the vessel based on the vessel&rsquo;s sale price, net of costs to sell. The difference
between the estimated fair value less costs to sell the vessel and the vessel&rsquo;s carrying value (including the unamortized
balance of its associated dry-docking cost), amounting to $2,756, was written-off and included in the consolidated statement of
comprehensive loss for the year ended December 31, 2019 and classified as Loss on vessel held-for-sale. The total net proceeds
from the sale of the vessel were approximately $13.2 million, of which, $5.7 million was used for the prepayment of the
Pyxis Delta and Pyxis Theta loan facility and $7.5 million for the repayment of the Company&rsquo;s liabilities to its related
party (Maritime) and for the repayment of obligations to its trade creditors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2019, additions of $625 relate to the ballast water treatment system installation of Pyxis Malou, of which, $569
was paid in 2019 and the balance of $56 during the first quarter of 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
                                         of December 31, 2020, additions amounted to $685 of which $660 relates
                                         to the ballast water treatment system installation of Pyxis Epsilon, of which, $486 was
                                         paid in 2020 and $174 is accrued and remains unpaid.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 157; Value: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PYXIS
TANKERS INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notes
to the Consolidated Financial Statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
31, 2019 and 2020</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in thousands of U.S. dollars, except for share and per share data)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24.5pt; text-align: justify; text-indent: -24.5pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6.
Deferred charges, net:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24.4pt; text-align: justify; text-indent: -24.4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
movement in the deferred charges, net in the accompanying consolidated balance sheets are as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dry
    docking costs</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 76%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance,
    January 1, 2018</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 20%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">285</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additions</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">588</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amortization</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(133</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance,
    December 31, 2018</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">740</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additions</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">435</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amortization</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(240</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfer
    to vessel held-for-sale</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(156</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance,
    December 31, 2019</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">779</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additions</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,068</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amortization</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(253</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance,
    December 31, 2020</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,594</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amortization of the dry-docking costs is separately reflected in the accompanying consolidated statements of comprehensive loss.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.
Long-term Debt:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amounts shown in the accompanying consolidated balance sheets at December 31, 2019 and 2020, are analyzed as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vessel
    (Borrower)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31,<BR>
    2019</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31,<BR>
    2020</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 64%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
    Northsea Alpha (Secondone)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,690</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,290</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
    Northsea Beta (Thirdone)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,690</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,290</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
    Pyxis Malou (Fourthone)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,020</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,730</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
    Pyxis Delta (Sixthone)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,050</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
    Pyxis Theta (Seventhone)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13,469</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14,950</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
    Pyxis Epsilon (Eighthone)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">58,919</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54,260</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
    portion</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9,241</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,410</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less:
    Current portion of deferred financing costs</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(257</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(155</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Current
    portion of long-term debt, net of deferred financing costs, current</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,984</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,255</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-term
    portion</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49,678</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50,850</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less:
    Non-current portion of deferred financing costs</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(445</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(519</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-term
    debt, net of current portion and deferred financing costs, non-current</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">49,233</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">50,331</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    September 26, 2007, Secondone and Thirdone jointly entered into a loan agreement with a financial institution for an amount
    of up to $24,560, in order to partly finance the acquisition cost of the vessels <I>Northsea Alpha </I>and <I>Northsea Beta</I>.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
    on a loan agreement concluded on December 12, 2008, Fourthone borrowed $41,600 in February 2009 in order to partly finance
    the acquisition cost of the <I>Pyxis Malou</I>.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>


<!-- Field: Page; Sequence: 158; Value: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PYXIS
TANKERS INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notes
to the Consolidated Financial Statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
31, 2019 and 2020</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in thousands of U.S. dollars, except for share and per share data)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.
Long-term Debt - Continued:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 28, 2018, the Company refinanced the then existing indebtedness of $26,906 under the Secondone, Thirdone and Fourthone
loan agreements with a new 5-year secured loan of $20,500 and cash of $2,100. The remaining balance of $4,306 was written-off
by the previous lender at closing, which was recorded as gain from debt extinguishment in the 2018 consolidated statement of comprehensive
loss.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
of Secondone&rsquo;s and Thirdone&rsquo;s outstanding loan balance at December 31, 2020, amounting to $3,290, is repayable in
9 remaining quarterly installments of $100 each amounting to $900 in the aggregate, the first falling due in February 2021, and
the last installment accompanied by a balloon payment of $2,390 falling due in February 2023.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2020, the outstanding balance of the Fourthone loan of $8,730 is repayable in 9 quarterly installments amounting
to $3,330, the first falling due in February 2021, and the last installment accompanied by a balloon payment of $5,400 falling
due in February 2023. The first installment, amounting to $330, is followed by four amounting to $360 each and four amounting
to $390 each.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
loan bears interest at LIBOR plus a margin of 4.65% per annum.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a condition subsequent to the execution of this loan agreement, the borrowers, Secondone, Thirdone and Fourthone, were required
to re-domicile to the jurisdiction of the Republic of Malta. In March and April 2018, these vessel-owning companies completed
their re-domiciliation and were renamed to SECONDONE CORPORATION LTD., THIRDONE CORPORATION LTD. and FOURTHONE CORPORATION LTD.,
respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Standard
loan covenants include, among others, a minimum liquidity and an MSC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
facility also imposes certain customary covenants and restrictions with respect to, among other things, the borrowers&rsquo; ability
to incur additional indebtedness, create liens, change its share capital, engage in mergers, or sell the vessel and a minimum
collateral value to outstanding loan principal.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Covenants:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company undertakes to maintain minimum deposits with the bank of $1,450 at all times.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MSC
    is to be at least 150% until February 2022 and at least 155% thereafter.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    borrowers, Secondone, Thirdone and Fourthone are 100% legally and beneficially (directly) owned by the Company. No change
    of ownership of the borrowers and change of control of the Company without lender&rsquo;s prior written consent, where
    control means: (i) the power (whether by way of ownership of shares, partnership units, proxy, contract, agency or otherwise)
    to: (a) cast, or control the casting of, more than 50% of the maximum number of votes that might be cast at a general meeting
    of the Company; or (b) appoint or remove all, or the majority, of the directors or other equivalent officers of the Company;
    or (c) give directions with respect to the operating and financial policies of the Company with which the directors or other
    equivalent officers of the Company are obliged to comply; and/or (ii) the holding beneficially of more than 50% of the issued
    shares of the Company (excluding any part of that issued shares that carries no right to participate beyond a specified amount
    in a distribution of either profits or capital).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 60.5pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    October 12, 2012, Sixthone and Seventhone concluded as joint and several borrowers a loan agreement with a financial institution
    in order to partly finance the acquisition and construction cost of the <I>Pyxis Delta</I> and the <I>Pyxis Theta</I>, respectively.
    In February 2013, Sixthone drew down an amount of $13,500, while in September 2013, Seventhone drew down an amount of $21,300
    (&ldquo;Tranche A&rdquo; and &ldquo;Tranche B&rdquo;, respectively). On September 29, 2016, the Company agreed with the lender
    of Sixthone to extend the maturity of Tranche A from May 2017 to September 2018, under the same amortization schedule and
    applicable margin. In addition, on June 6, 2017, the lender of Sixthone and Seventhone agreed to further extend the maturity
    of its respective loans from September 2018 to September 2022 under the same applicable margin, but with an extended amortization
    schedule.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 13, 2019, the Company decided to make arrangements to sell Pyxis Delta, and the Company concluded that all the criteria
required by the relevant accounting standard, ASC 360-10-45-9, for the classification of the vessel Pyxis Delta as &ldquo;held
for sale&rdquo; were met. As at December 31, 2019, upon classification of Pyxis Delta as vessel held-for-sale, the total outstanding
balance of Tranche A of $4,050 was classified in the consolidated balance sheet under the line item &ldquo;Current portion of
long-term debt, net of deferred financing costs&rdquo;. According to the loan agreement, the early prepayment of the outstanding
balance of Tranche A obliged the Company to make a prepayment of $1,624 for Tranche B so that the required security cover ratio
of the facility remained the same as the ratio applied immediately prior to the sale. As of December 31, 2019, the amount of $1,624
of Tranche B, that was due to be prepaid upon the early prepayment of Tranche A, was also classified in the consolidated balance
sheet under the line item &ldquo;Current portion of long-term debt, net of deferred financing costs&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 159; Value: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PYXIS
TANKERS INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notes
to the Consolidated Financial Statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
31, 2019 and 2020</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in thousands of U.S. dollars, except for share and per share data)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.
Long-term Debt - Continued:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
January 13, 2020, pursuant to the sale agreement that the Company entered into in late 2019, Pyxis Delta was delivered to her
buyers. The total net proceeds from the sale of the vessel were $13,197, $5,674 out of which was used to prepay the loan facility
secured by the <I>Pyxis Delta</I> and the <I>Pyxis Theta</I> and $7,523 for the repayment of the Company&rsquo;s
liabilities to Maritime and obligations to its trade creditors. On July 8, 2020, Seventhone entered into a $15,250 secured loan
agreement with the new lender, for the purpose of refinancing the outstanding indebtedness of $11,293 under the previous loan
facility, which was fully settled on the same day. The new loan bears interest at LIBOR plus a margin of 3.35% per annum.
As of December 31, 2020, the outstanding balance of the Seventhone loan of $14,950 is repayable in 19 consecutive quarterly installments
of $300 each, the first falling due in January 2021, and the last installment accompanied by a balloon payment of $9,250 falling
due in July 2025. Standard collateral interests and customary covenants are incorporated in this facility.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Standard
loan covenants include, among others, a minimum liquidity and a minimum required Security Cover Ratio (&ldquo;MSC&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
facility imposes certain customary covenants and restrictions with respect to, among other things, the borrower&rsquo;s ability
to distribute dividends, incur additional indebtedness, create liens, change its share capital, engage in mergers, or sell the
vessel and a minimum collateral value to outstanding loan principal.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Covenants:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company undertakes to maintain minimum deposit with the bank of $500 at all times.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    ratio of the Company&rsquo;s total liabilities to total assets is not to exceed 75%. This requirement is only applicable in
    order to assess whether the Vessel-owning company is entitled to distribute dividends to Pyxis. As of December 31, 2020, the
    requirement was met as such ratio was 71%, or 4% lower than the required threshold.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">MSC
    is to be at least 125% of the respective outstanding loan balance.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
    change shall be made directly or indirectly in the ownership, beneficial ownership, control or management of Seventhone or
    of the Company or any share therein or the Pyxis Theta, as a result of which less than 100% of the shares and voting rights
    in Seventhone or less than 40% of the shares and voting rights in the Company remain in the ultimate legal and beneficial
    owners disclosed at the negotiation of this loan agreement.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 60.5pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
    September 27, 2018, Eighthone entered into a new $24,000 loan agreement, for the purpose of refinancing the outstanding indebtedness
    of $16,000 under the previous loan facility and for general corporate purposes. The new facility matures in September 2023
    and is secured by a first priority mortgage over the vessel, general assignment covering earnings, insurances and requisition
    compensation, an account pledge agreement and a share pledge agreement concerning the respective vessel-owning subsidiary
    and technical and commercial managers&rsquo; undertakings.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
new loan facility bears an interest rate of 11% of which 1.0% can be paid as PIK interest per annum for the first two years, and
11.0% per annum thereafter and incurs fees due upfront and upon early prepayment or final repayment of outstanding principal.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
principal obligation amortizes in 10 quarterly installments starting in March 29, 2021, equal to the lower of $400 and excess
cash computed through a cash sweep mechanism, plus a balloon payment due at maturity. As of December 31, 2020, the outstanding
balance of Eighthone loan was $24,000. Management cannot currently assess with any certainty that any amount under the cash sweep
will be made prior to loan maturity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
facility also imposes certain customary covenants and restrictions with respect to, among other things, the borrower&rsquo;s ability
to distribute dividends, incur additional indebtedness, create liens, change its share capital, engage in mergers, or sell the
vessel and a minimum collateral value to outstanding loan principal.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 160; Value: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PYXIS
TANKERS INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notes
to the Consolidated Financial Statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
31, 2019 and 2020</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in thousands of U.S. dollars, except for share and per share data)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>7.
Long-term Debt - Continued:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Covenants:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24.5pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
    of December 31, 2019, the Company had to maintain minimum deposits with the bank (&ldquo;Liquidity Account&rdquo;) of $750
    at all times. Based on the first supplemental letter dated 9, July 2020, the Company undertook to maintain the credit balance
    of the Liquidity Account not falling at any time below $375 and to credit on each Quarter End Date (such first Quarter End
    Date being the December 31, 2020) an amount equal to $1 per day to the Liquidity Account calculated on and from October 1,
    2020, until such time that the amount standing to the credit of the Liquidity Account is no less than the Minimum Liquidity
    Amount of $750. </FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
    the Second Supplemental Letter signed on September 25, 2020, MSC was to be at least 115% of the respective outstanding loan
    balance until December 31, 2020 (inclusive) and at least 125% thereafter.</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Company ceases to own directly the entire share capital of Eighthone; or Mr. Valentis (either directly and/or indirectly through
    companies beneficially owned by him/or trusts of foundations of which he is a beneficiary) ceases to own at least 25 per cent.
    of the share capital of the Company; or Mr. Valentis ceases to be the Chairman of the Company.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 60.5pt; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the facility, a deferred fee may be payable on the occurrence of certain events including, among others, the sale of the vessel
or on repayment or maturity of the loan. If payable, the amount due is calculated as the lesser of (a) 15% of the amount of the
loan borrowed under the facility agreement and (b) 15% of the difference between (i) the charter-free fair market value of the
vessel plus any dry dock reserve account balance and (ii) any outstanding loan amount at the time of the repayment or maturity
of the facility. In the event that the deferred fee and the prepayment fee become simultaneously payable, only the higher of the
prepayment fee or the deferred fee will be payable. Management has assessed this deferred fee as a contingent liability under
ASC 450 and concluded that such loss contingency should not be accrued as of December 31, 2020 by a charge in the
consolidated statements of comprehensive loss, since information available as of December 31, 2020 did not indicate that
was probable that the liability had been incurred as of the balance sheet date at December 31, 2020 and could
not be reliably estimated. A prepayment fee of $0.2 million was paid following the refinancing of the facility on March 30,
2021 (Note 13).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
loan is secured by a first priority mortgage over the respective vessel and a first priority assignment of the vessel&rsquo;s
insurances and earnings. Each loan agreement contains customary ship finance covenants including restrictions as to changes in
management and ownership of the vessel and in dividend distributions when certain financial ratios are not met.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2020, the Company was in compliance with all of its financial and MSC covenants with respect to its loan agreements.
In addition, as of December 31, 2020, there was no amount available to be drawn down by the Company under its existing loan agreements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
annual principal payments required to be made after December 31, 2020, are as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
    December 31,</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,410</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2022</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,530</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35,970</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,200</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025
    and thereafter</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10,150</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">54,260</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
interest expense on long-term debt and promissory note for the years ended December 31, 2018, 2019 and 2020, amounted to
$4,048, $5,517 and $4,636 respectively, and is included in Interest and finance costs, net (Note 12) in the accompanying
consolidated statements of comprehensive loss. The Company&rsquo;s weighted average interest rate (including the margin) for the
years ended December 31, 2018, 2019 and 2020, was 6.00%, 8.18% and 7.69% per annum, including the promissory note discussed in
Note 3, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>


<!-- Field: Page; Sequence: 161; Value: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PYXIS
TANKERS INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notes
to the Consolidated Financial Statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
31, 2019 and 2020</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in thousands of U.S. dollars, except for share and per share data)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.
Equity Capital Structure and Equity Incentive Plan:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&rsquo;s authorized common and preferred stock consists of 450,000,000 common shares, 50,000,000 preferred shares of
which 1,000,000 are authorized as Series A Convertible Preferred Shares. The Company had nil and 181,475 Series A Convertible
Preferred Shares issued and outstanding as at December 31, 2019 and 2020, respectively with a par value of USD 0.001 per share.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
amounts shown in the accompanying consolidated balance sheets as Additional paid-in capital represent contributions made by the
stockholders at various dates to finance vessel acquisitions in excess of the amounts of bank loans obtained, advances for working
capital purposes, net of subsequent distributions primarily from re-imbursement of certain payments to shipyards in respect to
the construction of new-built vessels, the non-cash portion of the interest payable in shares under the Amended
&amp; Restated Promissory Note, net proceeds from the issuance of common stock and the net proceeds of $4.3 million
from the Company&rsquo;s offering of 200,000 units referred below. There was no paid-in capital re-imbursement for the years ended December 31, 2019 and 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 2, 2018, the Company filed with the SEC a registration statement on Form F-3, under which it may sell from time to time
common stock, preferred stock, debt securities, warrants, purchase contracts and units, each as described therein, in any combination,
in one or more offerings up to an aggregate dollar amount of $100,000. In addition, the selling stockholders referred to in the
registration statement may sell in one of more offerings up to 5,233,222 shares of the Company&rsquo;s common stock from time
to time as described therein. The registration statement was declared effective by the SEC on February 12, 2018. On March 30,
2018, the Company filed a prospectus supplement to the Shelf Registration Statement related to an At-The-Market Program (&ldquo;ATM
Program&rdquo;) under which it may, from time to time, issue and sell shares of its common stock up to an aggregate offering of
$2,300 through a sales agent as either agent or principal. No shares were sold under this initial ATM Program, but on November
19, 2018, the prospectus supplement was amended to increase the offering to $3,675. As of December 31, 2018, and 2019, the
Company issued and sold 182,297 and 214,828 common shares, respectively, under the ATM Program. As of December 31, 2020, no
shares have been sold under the ATM Program.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
October 13, 2020, the Company announced the closing of its offering of 200,000 Units at an offering price of $25.00
per Unit (the &ldquo;Offering&rdquo;). Each Unit was immediately separable into one 7.75% Series A Convertible
Preferred Shares and eight (8) detachable Warrants, each warrant exercisable for one common share, for a total of up
to 1,600,000 common shares of the Company. Each Warrant will entitle the holder to purchase one common share at an initial
exercise price of $1.40 per share at any time prior to October 13, 2025 or, in case of absence of an effective registration
statement, to exchange those cashless based on a formula. Any Warrants that remain unexercised on October 13, 2025 shall be
automatically exercised by way of a cashless exercise on that date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 13, 2020, the Company had granted the underwriter a 45-day option to purchase up to 30,000 additional Series A Convertible
Preferred Shares and/or 240,000 additional Warrants. The purchase price to be paid by the Underwriters per optional preferred
share was $23.051 and the purchase price per optional Warrant was $0.00925. On the same day, the underwriter partially exercised
its overallotment option for 135,040 Warrants for gross proceeds of $1. The Company considered that the overallotment option was
a freestanding financial instrument but did not meet the derivative definition criteria and did not require bifurcation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Warrants are also subject to customary adjustment provisions, such as for stock dividends, subdivisions and combinations and certain
fundamental transactions such as those in which the Company directly or indirectly, in one or more related transactions effect
any merger or consolidation of the Company with or into another entity, or the Company effects any sale, lease, license, assignment,
transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions.
The Company determined that the Warrants are indexed to its own stock and meet all the conditions for equity classification. As
of December 31, 2020, 1,735,040 Warrants remained outstanding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Series A Convertible Preferred Shares and Warrants are listed on the Nasdaq Capital Market under the symbols &ldquo;PXSAP&rdquo;
and &ldquo;PXSAW&rdquo;, respectively.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
Series A Convertible Preferred Share is convertible into common shares at an initial conversion price of $1.40 per common share,
or 17.86 common shares, at any time at the option of the holder, subject to certain customary adjustments.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
the trading price of Pyxis Tankers&rsquo; common stock equals or exceeds $2.38 per share for at least 20 days in any 30 consecutive
trading day period ending 5 days prior to notice, the Company can call, in whole or in part, for mandatory conversion of
the Series A Convertible Preferred Shares. The holders, however, will be prohibited from converting the Series A Convertible
Preferred Shares into common shares to the extent that, as a result of such conversion, the holder would own more than 9.99% of
the total number common shares then issued and outstanding, unless a 61-day notice is delivered to the Company. The conversion
price is subject to customary anti-dilution and other adjustments relating to the issuance of common shares as a dividend or the
subdivision, combination, or reclassification of common shares into a greater or lesser number of common shares.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Beginning
on October 13, 2023,</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif"> the Company may, at its option, redeem
the Series A Convertible Preferred Shares, in whole or in part, by paying $25.00 per share, plus any accrued
and unpaid dividends to the date of redemption.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">If </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">the
Company liquidates, dissolves or winds up, holders of the Series A Convertible Preferred Shares will have the right
to receive $25.00 per share, plus all accumulated, accrued and unpaid dividends (whether or not earned or declared) to and
including the date of payment, before any payments are made to the holders of the Company&rsquo;s common shares or to the
holders of equity securities the terms of which provide that such equity securities will rank junior to the Series A
Convertible Preferred Shares. The rights of holders of Series A Convertible Preferred Shares to receive their liquidation
preference also will be subject to the proportionate rights of any other class or series of our capital stock ranking in
parity with the Series A Convertible Preferred Shares as to liquidation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 162; Value: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PYXIS
TANKERS INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notes
to the Consolidated Financial Statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
31, 2019 and 2020</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in thousands of U.S. dollars, except for share and per share data)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>8.
Equity Capital Structure and Equity Incentive Plan - Continued:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Series A Convertible Preferred Shares are not redeemable for a period of three years from issuance, except upon change of control.
In the case of a change of control that is pre-approved by the Company&rsquo;s Board of Directors, holders of Series A Convertible
Preferred Shares have the option to (i) demand that the Company redeem the Series A Convertible Preferred Shares at (a) $26.63
per Series A Convertible Preferred Share from the date of issuance until October 13, 2021, (b) $25.81 per Series A Convertible
Preferred Share from October 13, 2021 until October 13, 2022 and (c) $25.00 after October 13, 2022, or (ii) continue to hold the
Series A Convertible Preferred Shares. Upon a change of control, the holders also have the option to convert some or all of the
Series A Convertible Preferred Shares, together with any accrued or unpaid dividends, into shares of common stock at the conversion
rate. Change of Control means that (i) Mr. Valentios Valentis and his affiliates cease to own <FONT STYLE="font-size: 10pt">at
least 20% of the voting securities of the Company, or (ii) a person or group acquires at least 50% voting control of the Company,
and in the case of each of either (i) or (ii), neither the Company nor any surviving entity has its common stock listed on a recognized
U.S. exchange.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Series A Convertible Preferred Shares did not generate a beneficial conversion feature (BCF) upon issuance as the fair value of
the Company&rsquo;s common shares was lower than the conversion price. The Series A Convertible Preferred Shares did not meet
the criteria for mandatorily redeemable financial instruments. Additionally, the Company determined that the nature of the Series
A Convertible Preferred Shares was more akin to an equity instrument and that the economic characteristics and risks of the embedded
conversion options were clearly and closely related to the Series A Convertible Preferred Shares. As such, the conversion options
were not required to be bifurcated from the equity host under ASC 815, Derivatives and Hedging. The Company also determined that
the redemption call option did meet the definition of a derivative but is eligible for exception from derivative accounting and
thus no bifurcation of the feature was performed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Series A Convertible Preferred Shares will not vote with the common shares, however, if dividends on the Series A Convertible
</FONT>Preferred Shares are in arrears for eighteen (18) or more consecutive or non-consecutive monthly dividends, the holders
of the Series A Convertible Preferred Shares, voting as a single class, shall be entitled to vote for the election of one
additional director to serve on the Board of Directors until the next annual meeting of shareholders following the date on which
all dividends that are owed and are in arrears have been paid. In addition, unless the Company has received the affirmative
vote or consent of the holders of at least 66.67% of the then outstanding Series A Convertible Preferred Shares, voting
as a single class, the Company may not create or issue any class or series of capital stock ranking senior to the Series A Convertible
Preferred Shares with respect to dividends or distributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Dividends
on the Series A Convertible Preferred Shares are cumulative from and including the date of original issuance in the amount of
$1.9375 per share each year, which is equivalent to 7.75% of the $25.00 liquidation preference per share. Dividends on the
Series A Convertible Preferred Shares are paid monthly in arrears starting November 20, 2020, to the extent declared by the
board of directors of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
November 20, 2020, the Company paid a cash dividend of $0.1991 per share on each Series A Convertible Preferred Share for the
first period in November 2020. On December 21, 2020, the Company paid a cash dividend of $0.1615 per share on each Series A
Convertible Preferred Share for the month of December 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I></I></FONT></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company also agreed to issue and
sell to designees of the underwriter as compensation, two separate types of Underwriter&rsquo;s Warrants for an aggregate purchase
price of $100 (absolute amount). The warrants were issued pursuant to an Underwriting Agreement dated October 8, 2020. The first
type of the Underwriter&rsquo;s Warrants is a warrant for the purchase of an aggregate of 2,000 Series A Convertible Preferred
Shares at an exercise price of $24.92 and the second type is a warrant for the purchase of an aggregate of 16,000 Warrants at
an exercise price of $0.01, at any time on or after April 6, 2021 and prior to October 8, 2025 (the &ldquo;Termination Date&rdquo;).
On exercise, each Underwriter Warrant allows the holder to purchase one Series A Convertible Preferred Share or one Warrant of
the Company or, in case of absence of an effective registration statement, to exchange those cashless based on a formula set in
the Underwriting Agreement.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">Any Underwriter&rsquo;s Warrants
that remain unexercised on the Termination Date shall be automatically exercised by way of a cashless exercise on that date.
The Underwriter&rsquo;s Warrants are also subject to customary adjustment provisions similar to the detachable Warrants
discussed above.</P>

<P STYLE="text-align: justify; font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has accounted for Underwriter&rsquo;s
Warrants in accordance with ASC 718-Compensation-Stock Compensation, classified within stockholders&rsquo; equity. As of December
31, 2020, 2,000 Underwriter&rsquo;s Warrants to purchase 2,000 Series A Convertible Preferred Shares and 16,000 Underwriter&rsquo;s
warrant to purchase 16,000 Warrants remained outstanding.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Company received gross proceeds of $5.0 million from the Offering, prior to deducting underwriting discounts and offering expenses.
The net proceeds from the Offering of approximately $4.3 million were used for general corporate purposes, including working capital
and the repayment of debt.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2018, following the issuance and sale of 182,297 shares of common stock under the ATM Program, the Company&rsquo;s
outstanding common shares increased from 20,877,893 to 21,060,190. As of December 31, 2019, following the issuance and sale of
additional 214,828 common shares under the ATM Program the Company raised $354 at an average (gross) price of $1.65/share.
Furthermore, during the same period, the Company issued 95,262 of common shares to settle the interest charged on the Amended
&amp; Restated Promissory Note, discussed in Note 3. As a result of the above transactions the Company&rsquo;s outstanding common
shares increased from 21,060,190 to 21,370,280 as at December 31, 2019. During the year ended December 31, 2020, the Company issued
additional 260,495 of common shares to settle the interest charged on the Amended &amp; Restated Promissory Note, discussed in
Note 3. Furthermore, during the same year 18,525 Series A Convertible Preferred Shares were converted to 332,106 common stock.
The Company&rsquo;s common stock issued and outstanding increased from 21,370,280 to 21,962,881 as at December 31, 2020 and, as
of the same date, the Company&rsquo;s outstanding Series A Convertible Preferred Stock decreased from 200,000 to 181,475 while
no Warrants of any type were exercised.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Page; Sequence: 163; Value: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"><B>PYXIS
TANKERS INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0"><B>Notes
to the Consolidated Financial Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0">December
31, 2019 and 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0; margin-left: 0">(Expressed
in thousands of U.S. dollars, except for share and per share data)</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>9.
Loss per Common Share:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    the years ended December 31,</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2018</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2019</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 46%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
    loss available to common stockholders</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8,214</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8,330</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6,982</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted
    average number of common shares, basic and diluted</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,894,202</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,161,164</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21,548,126</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss
    per common share, basic and diluted</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.39</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.39</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(0.32</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0">As <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">of
December 31, 2020, securities that could potentially dilute basic loss per share in the future that were not included in the computation
of diluted loss per share, because to do so would have anti-dilutive effect, were any incremental shares of the unexercised warrants,
calculated with the treasury stock method, as well as shares assumed to be converted with respect to the Series A Convertible
Preferred Shares calculated with the if-converted method. At December 31, 2018 and 2019, there were no securities that could potentially
dilute basic loss per share.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.
Risk Management and Fair Value Measurements: </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
principal financial assets of the Company consist of cash and cash equivalents, trade accounts receivable due from charterers
and amounts due from related parties. The principal financial liabilities of the Company consist of long-term bank loans, trade
accounts payable and a promissory note.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Interest
rate risk</I>: </B>The Company&rsquo;s interest rates are calculated at LIBOR plus a margin, as discussed in Note 7 and hence
the Company is exposed to movements in LIBOR. In order to hedge its variable interest rate exposure, on January 19, 2018, the
Company, via one of its vessel-ownings subsidiaries, entered into an interest rate cap agreement with one of its lenders for a
notional amount of $10,000 and a cap rate of 3.5%. The interest rate cap will terminate on July 18, 2022.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Credit
risk</I>: </B>Credit risk is minimized since trade accounts receivable from charterers  are presented net of the expected credit
losses. The Company places its cash &amp; cash equivalents, primarily with high credit qualified financial institutions. The
Company performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the
Company&rsquo;s investment strategy. On the balance sheet date there were no significant concentrations on credit risk. The
maximum exposure to credit risk is represented by the carrying amount of each financial asset on the balance sheet.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Currency
risk</I>: </B>The Company&rsquo;s transactions are denominated primarily in U.S. dollars; therefore, overall currency exchange
risk is limited. Balances in foreign currency other than U.S. dollars are not considered significant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Fair
value: </I></B>The Management has determined that the fair values of the assets and liabilities as of December 31, 2020, are as
follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Carrying</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Value</B></FONT></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Fair</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Value</B></FONT></P></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
    and cash equivalents</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,037</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,037</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade
    accounts receivable, net</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">663</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">663</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade
    accounts payable</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,642</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,642</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-term
    debt with variable interest rates, net</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30,260</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30,260</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-term
    loans and promissory note with non-variable interest rates, net *</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29,000</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33,864</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I></I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">* As at December 31, 2020, Carrying Value
of Eighthone Loan and Amended &amp; Restated Promissory Note is $24,000 and $5,000, respectively. Theoretical Fair Value of Eighthone
Loan and Amended &amp; Restated Promissory Note is $28,121 and $5,743, respectively.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>


<!-- Field: Page; Sequence: 164; Value: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PYXIS
TANKERS INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notes
to the Consolidated Financial Statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
31, 2019 and 2020</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in thousands of U.S. dollars, except for share and per share data)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>10.
Risk Management and Fair Value Measurements - Continued: </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Assets
measured at fair value on a recurring basis: Interest rate cap</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&rsquo;s interest rate cap does not qualify for hedge accounting. The Company adjusts its interest rate cap contract to
fair market value at the end of every period and records the resulting gain or loss during the period in the consolidated statements
of comprehensive loss. Information on the classification, the derivative fair value and the loss from financial derivative instrument
included in the consolidated financial statements is shown below:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated
    Balance Sheets &ndash; Location</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31, <BR>
    2019</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31, <BR>
    2020</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
    derivative instrument &ndash; Other non-current assets</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidated
    Statements of Comprehensive Loss - Location</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31, <BR>
    2019</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
    31, <BR>
    2020</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
    derivative instrument &ndash; Fair value at the beginning of the period</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(28</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
    derivative instrument &ndash; Fair value as at period end</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss
    from financial derivative instrument</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(27</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Assets
measured at fair value on a recurring basis: Interest rate cap</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of the Company&rsquo;s interest rate cap agreement is determined based on market-based LIBOR rates. LIBOR rates are
observable at commonly quoted intervals for the full term of the cap and therefore, are considered Level 2 items in accordance
with the fair value hierarchy.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Assets
measured at fair value on a non-recurring basis: Long lived assets held and used and Held for sale</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2018, the Company reviewed the carrying amount in connection with the estimated recoverable amount for each of
its vessels. This review indicated that such carrying amount was not fully recoverable for the Company&rsquo;s vessels <I>Northsea
Alpha</I> and <I>Northsea Beta</I>. Consequently, the carrying value of these vessels was written-down to their respective fair
values as presented in the table below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vessel</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Significant
    Other<BR> Observable Inputs <BR> (Level 2)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vessel
    Impairment<BR> Charge (charged against<BR> Vessels, net)</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; width: 64%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Northsea
    Alpha</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,125</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,142</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: italic 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Northsea
    Beta</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6,125</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,140</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TOTAL</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12,250</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,282</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value is based on level 2 inputs of the fair value hierarchy and reflects the Company&rsquo;s best estimate of the value
of each vessel on a time charter free basis and is supported by a vessel valuation of an independent shipbroker which is mainly
based on recent sales and purchase transactions of similar vessels.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company performs an impairment exercise whenever there are indicators of impairment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recognized the total Vessel impairment charge of $2,282 which is included in the accompanying consolidated statements
of comprehensive loss for the year ended December 31, 2018.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
impairment loss was recognized for the years ended December 31, 2019 and 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 13, 2019, the Company decided to make arrangements to sell Pyxis Delta, and the Company concluded that all the criteria
required by the relevant accounting standard, ASC 360-10-45-9, for the classification of the vessel as &ldquo;held for sale&rdquo;,
were met. Long lived assets classified as held-for-sale are measured at the lower of their carrying amount or fair value less
costs to sell. As at December 31, 2019, the Company has classified Pyxis Delta under Vessel held-for-sale on the consolidated
balance sheet, at a value of $13,190 representing the estimated fair market value of the vessel, net of costs to sell, based on
the gross selling price of the agreement signed with a third party to sell the vessel, on December 11, 2019. (Level 2 inputs of
the fair value hierarchy).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2019 and 2020, the Company did not have any other assets or liabilities measured at fair value on a non-recurring
basis.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 165; Value: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PYXIS
TANKERS INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notes
to the Consolidated Financial Statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
31, 2019 and 2020</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in thousands of U.S. dollars, except for share and per share data)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>11.
Commitments and Contingencies:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Minimum
contractual charter revenues: </I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company employs certain of its vessels under lease agreements. Time charters typically may provide for variable lease payments,
charterers&rsquo; options to extend the lease terms at higher rates and termination clauses. The Company&rsquo;s contracted time
charters as of December 31, 2020, range from one to three months, with varying extension periods at the charterers&rsquo; option
and do not provide for variable lease payments. Our time charters contain customary termination clauses which protect either the
Company or the charterers from material adverse situations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future
minimum contractual charter revenues, gross of 1.25% address commission and 1.25% brokerage commissions to Maritime and of any
other brokerage commissions to third parties, based on the vessels&rsquo; committed, non-cancelable, long-term time charter contracts
as of December 31, 2020, are as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: justify; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Year
    ending December 31,</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: justify; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2021</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 16%; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,358</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,358</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Other</I></B>:
Various claims, suits and complaints, including those involving government regulations and environmental liability, arise in the
ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other
claims with suppliers relating to the operations of the Company&rsquo;s vessels. Currently, management is not aware of any such
claims not covered by insurance or contingent liabilities, which should be disclosed, or for which a provision has not been established
in the accompanying consolidated financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>12.
Interest and Finance Costs, net:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accrues for the cost of environmental and other liabilities when management becomes aware that a liability is
probable and is able to reasonably estimate the probable exposure. As of December 31, 2020 and as of the date of the
issuance of these consolidated financial statements, management is not aware of any other claims or contingent liabilities, which
should be disclosed or for which a provision should be established in the accompanying consolidated financial statements. The
Company is covered for liabilities associated with the individual vessels&rsquo; actions to the maximum limits as provided by
Protection and Indemnity (P&amp;I) Clubs, members of the International Group of P&amp;I Clubs.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amounts in the accompanying consolidated statements of comprehensive loss are analyzed as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    the years ended December 31,</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2018</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2019</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2020</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 46%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
    on long-term debt (Note 7)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,835</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,122</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,184</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Interest
    on promissory note (Note 3)</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">213</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">395</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">452</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-term
    debt prepayment fees</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">56</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&mdash;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amortization
    and write-off of financing costs</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">386</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">258</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">328</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,490</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,775</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,964</FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13.
Subsequent Events:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Issuance
of shares:</I></B> On January 4, 2021 and April 2, 2021, following the second amendment to the Amended &amp; Restated Promissory
Note dated May 14, 2019, the Company issued 64,446 and 47,827 of common shares, respectively, at the volume weighted
average closing share price for the 10-day period immediately prior to the quarter end, as discussed in Note 3.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Pyxis
Regains Compliance with NASDAQ&rsquo;s Minimum Closing Bid Price Rule: </I></B>On July 2, 2020, NASDAQ had notified the Company
of its noncompliance with the minimum bid price of $1.00 over the previous 30 consecutive business days as required by the Listing
Rules of the NASDAQ Stock Market. On December 29, 2020, the Company received written notification granting the Company a 180-day
extension, or until June 28, 2021, to regain compliance with the minimum bid price requirement. Subsequently, from January 28,
2021 to February 16, 2021, the Company&rsquo;s closing bid price for its common shares was $1.00 per share or greater and,
on February 17, 2021, NASDAQ informed the Company that it had regained compliance with the exchange&rsquo;s minimum closing
bid price rule (NASDAQ Listing Rule 5550(a)(2)).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 166; Value: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PYXIS
TANKERS INC.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Notes
to the Consolidated Financial Statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
31, 2019 and 2020</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Expressed
in thousands of U.S. dollars, except for share and per share data)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 24.5pt; text-align: justify; text-indent: -24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>13.
Subsequent Events - Continued:</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Closing
of $25.0 Million Private Placement of Common Stock: </I></B>On February 24, 2021 the Company announced that it had closed its
definitive securities purchase agreements with a group of investors, which resulted in gross proceeds to Pyxis Tankers of $25.0
million, before deducting placement offering expenses. Pyxis Tankers issued 14,285,715 shares of common stock at a price of $1.75
per share. The Company will use the net proceeds from the offering for general corporate purposes, which may include the repayment
of outstanding indebtedness and potential vessel acquisitions. The securities offered and sold by Pyxis Tankers in the private
placement were subsequently registered under the Securities Act of 1933, as amended (the &ldquo;Securities Act&rdquo;), under
a resale registration statement filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) and became effective
on March 11, 2021. Any resale of Pyxis Tankers&rsquo; shares under such resale registration statement will be made only by means
of a prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><B><I>Series A Convertible</I></B><B><I> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preferred
Shares Conversions &amp; Warrant Exercises:</FONT></I></B><FONT STYLE="font: 10pt Times New Roman, Times, Serif"> During the period
through April 6, 2021, 58,814 of Series A Convertible Preferred Shares were converted into 1,052,529 registered
common shares of the Company and 144,500 Warrants were exercised for 144,500 registered common shares. The Company received $0.2
million on Warrant exercise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of April 6, 2021, we had a total of 37,225,792 common shares issued and outstanding of which Mr. Valentis beneficially
owned 47.3%.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Series A Convertible Preferred Shares
Dividend Payments:</I></B> On January 20, 2021, February 22, 2021 and March 22, 2021, the Company paid cash dividends of $0.1615
per Series A Convertible Preferred Share for each month which aggregated to $83.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Amendment
to Eighthone Loan: </I></B>On March 4, 2021, Eighthone Corp., the owner of the Pyxis Epsilon, entered into a Third Amendment with
Wilmington Trust, as Agent, to modify two loan covenants. The Minimum Liquidity amount shall remain at $0.5 million through 2021
and increase to $0.75 million thereafter until maturity. The Minimum Security Cover shall remain at 115% of the outstanding loan
(currently $24 million) through 2021 and increase to 125% thereafter. All other terms and conditions shall remain in full force
and effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Refinancing
</I></B></FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>of Eighthone Loan:</I></B> On March 29, 2021,
the Company entered into a new secured loan agreement for the refinancing of the existing Eighthone loan.
The $17 million provided by the new secured loan combined with $7.3 million of available cash were used to prepay
the outstanding indebtedness of the previous loan in full and fund closing fees and expenses. The new five year loan
has quarterly amortization of $0.3 million with $11 million due at maturity. The loan is priced at Libor plus 3.35%.
All other terms and conditions were standard for a bank loan of this type.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"></P>

<!-- Field: Page; Sequence: 167; Options: Last -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.2
<SEQUENCE>2
<FILENAME>ex2-2.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: center; padding: 0; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
2.2</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DESCRIPTION
OF THE REGISTRANT&rsquo;S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2020, Pyxis Tankers Inc. had common stock, par value $0.001 per share (&ldquo;common stock&rdquo; or &ldquo;common shares&rdquo;),
7.75% Series A Cumulative Convertible Preferred Shares, par value $0.001 per share ( &ldquo;Series A Preferred Shares&rdquo;), and Warrants
to purchase common stock, par value of $0.001 per share (&ldquo;Warrants&rdquo;), registered under Section 12 of the Securities Exchange
Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;). Unless otherwise indicated in this description of securities, &ldquo;Pyxis,&rdquo;
the &ldquo;Company,&rdquo; &ldquo;we,&rdquo; &ldquo;us&rdquo; and &ldquo;our&rdquo; refer to Pyxis Tankers Inc. and not to its subsidiaries.</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
our Articles of Incorporation, our authorized capital stock consists of 450,000,000 shares of common stock, par value $0.001 per share,
and 50,000,000 are designated as preferred shares, par value $0.001 per share. As of December 31, 2020, we had 21,962,881 common shares
issued and outstanding, 181,475 Series A Preferred Shares outstanding and 1,735,040 Warrants outstanding. All of our shares of stock
are in registered form. There are no limitations on the rights to own securities, including the rights of non-resident or foreign shareholders
to hold or exercise voting rights on the securities, imposed by the laws of the Republic of the Marshall Islands or by our Articles of
Incorporation or Bylaws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DESCRIPTION
OF COMMON SHARES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following description sets forth certain material provisions of the Company&rsquo;s common stock. The following summary does not purport
to be complete and is subject to, and is qualified in its entirety by reference to, the applicable provisions of the Company&rsquo;s
Articles of Incorporation (the &ldquo;Articles of Incorporation&rdquo;) and Bylaws (the &ldquo;Bylaws&rdquo;), each of which is incorporated
by reference as an exhibit to the Annual Report on Form 20-F of which this Exhibit is a part. We encourage you to refer to our Articles
of Incorporation and Bylaws for additional information.</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Holders
of our common stock do not have preemptive, subscription or conversion rights or redemption or sinking fund provisions.</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Voting
Rights</B></FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
outstanding share of common stock entitles the holder to one vote on all matters submitted to a vote of shareholders. Our directors are
elected by a plurality of the votes cast at a meeting of stockholders entitled to vote. There is no provision for cumulative voting.</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Directors
are elected annually on a staggered basis. There are three classes of directors; each class serves a separate term length. Our board
of directors has the authority to, in its discretion, fix the amounts which shall be payable to members of the board of directors and
to members of any committee for attendance at the meetings of the board of directors or of such committee and for services rendered to
us.</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dividend
Rights</B></FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to preferences that may be applicable to any outstanding preferred shares, holders of our common stock are entitled to receive ratably
all dividends, if any, declared by our board of directors out of funds legally available for dividends.</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Liquidation
Rights</B></FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
our dissolution or liquidation or the sale of all or substantially all of our assets, after payment in full of all amounts required to
be paid to creditors and to the holders of preferred stock having liquidation preferences, if any, the holders of our common stock are
entitled to receive pro-rata the remaining assets available for distribution.</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 1; Options: NewSection -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: center; padding: 0; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Limitations
on Ownership</B></FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no limitations on the rights to own securities, including the rights of non-resident or foreign shareholders to hold or exercise
voting rights on the securities, imposed by the laws of the Republic of The Marshall Islands or by our Articles of Incorporation or Bylaws.</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Anti-takeover
Effect of Certain Provisions of our Articles of Incorporation and Bylaws</B></FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
provisions of Marshall Islands law and our articles of incorporation and bylaws could make the acquisition of the Company by means of
a tender offer, a proxy contest, or otherwise, and the removal of our incumbent officers and directors more difficult. These provisions
are expected to discourage certain types of coercive takeover practices and inadequate takeover bids and to encourage persons seeking
to acquire control of the Company to work with our management.</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
articles of incorporation and bylaws include provisions that:</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">allow
    our board of directors to issue, without further action by the shareholders, up to 50,000,000 shares of undesignated preferred stock;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">providing
    for a classified board of directors with staggered, three year terms;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">prohibiting
    cumulative voting in the election of directors;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">prohibiting
    stockholder action by written consent unless consent is signed by all stockholders entitled to vote on the action;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">authorizing
    the removal of directors only for cause and only upon the affirmative vote of the holders of two-thirds of the outstanding shares
    of our common stock cast at an annual meeting of stockholders;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">require
    that special meetings of our shareholders be called only by a majority of our board of directors or the chairman of the board; and</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">establish
    an advance notice procedure for shareholder proposals to be brought before an annual meeting of shareholders.</FONT></TD></TR>
  </TABLE>
<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
articles of incorporation also prohibit us from engaging in any &ldquo;Business Combination&rdquo; with any &ldquo;Interested Shareholder&rdquo;
(as such terms are explained further below) for a period of three years following the date the shareholder became an Interested Shareholder,
unless:</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">prior
    to such time, our board of directors approved either the Business Combination or the transaction which resulted in the shareholder
    becoming an Interested Shareholder;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">upon
    consummation of the transaction which resulted in the shareholder becoming an Interested Shareholder, the Interested Shareholder
    owned at least 85% of our voting stock outstanding at the time the transaction commenced, excluding for purposes of determining the
    number of shares outstanding those shares owned (i) by persons who are directors and also officers and (ii) employee stock plans
    in which employee participants do not have the right to determine confidentially whether shares held subject to the plan will be
    tendered in a tender or exchange offer;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>

<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">at
    or subsequent to such time, the Business Combination is approved by our board of directors and authorized at an annual or special
    meeting of shareholders, and not by written consent, by the affirmative vote of at least two thirds of the outstanding voting stock
    that is not owned by the Interested Shareholder; or</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    shareholder became an Interested Shareholder prior to March 23, 2015.</FONT></TD></TR>
  </TABLE>
<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
restrictions shall not apply if:</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">a
    shareholder becomes an Interested Shareholder inadvertently and (i) as soon as practicable divests itself of ownership of sufficient
    shares so that the shareholder ceases to be an Interested Shareholder; and (ii) would not, at any time within the three-year period
    immediately prior to a Business Combination between the Company and such shareholder, have been an Interested Shareholder but for
    the inadvertent acquisition of ownership; or</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the
    Business Combination is proposed prior to the consummation or abandonment of and subsequent to the earlier of the public announcement
    or the notice required of a proposed transaction which (i) constitutes one of the transactions described in the following sentence;
    (ii) is with or by a person who either was not an Interested Shareholder during the previous three years or who became an Interested
    Shareholder with the approval of the Board; and (iii) is approved or not opposed by a majority of the members of our board of directors
    then in office (but not less than one) who were directors prior to any person becoming an Interested Shareholder during the previous
    three years or were recommended for election or elected to succeed such directors by a majority of such directors. The proposed transactions
    referred to in the preceding sentence are limited to:</FONT></TD></TR>
  </TABLE>
<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
a merger or consolidation of the Company (except for a merger in respect of which, pursuant to the Marshall Islands Business Corporations
Act (the &ldquo;BCA&rdquo;), no vote of our shareholders is required);</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
a sale, lease, exchange, mortgage, pledge, transfer or other disposition (in one transaction or a series of transactions), whether as
part of a dissolution or otherwise, of assets of the Company or of any direct or indirect majority-owned subsidiary of the Company (other
than to any direct or indirect wholly-owned subsidiary or to the Company) having an aggregate market value equal to 50% or more of either
that aggregate market value of all of the assets of the Company determined on a consolidated basis or the aggregate market value of all
the outstanding shares; or</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
a proposed tender or exchange offer for 50% or more of our outstanding voting shares.</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
articles of incorporation define a &ldquo;Business Combination&rdquo; to include:</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    merger or consolidation of the Company or any direct or indirect majority-owned subsidiary of the Company with (i) the Interested
    Shareholder or any of its affiliates, or (ii) with any other corporation, partnership, unincorporated association or other entity
    if the merger or consolidation is caused by the Interested Shareholder;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    sale, lease, exchange, mortgage, pledge, transfer or other disposition (in one transaction or a series of transactions), except proportionately
    as a shareholder of the Company, to or with the Interested Shareholder, whether as part of a dissolution or otherwise, of assets
    of the Company or of any direct or indirect majority-owned subsidiary of the Company which assets have an aggregate market value
    equal to 10% or more of either the aggregate market value of all the assets of the Company determined on a consolidated basis or
    the aggregate market value of all the outstanding shares;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    transaction which results in the issuance or transfer by the Company or by any direct or indirect majority-owned subsidiary of the
    Company of any shares, or any share of such subsidiary, to the Interested Shareholder, except: (A) pursuant to the exercise, exchange
    or conversion of securities exercisable for, exchangeable for or convertible into shares, or shares of any such subsidiary, which
    securities were outstanding prior to the time that the Interested Shareholder became such; (B) pursuant to a merger with a direct
    or indirect wholly-owned subsidiary of the Company solely for purposes of forming a holding company; (C) pursuant to a dividend or
    distribution paid or made, or the exercise, exchange or conversion of securities exercisable for, exchangeable for or convertible
    into shares, or shares of any such subsidiary, which security is distributed, pro-rata to all holders of a class or series of shares
    subsequent to the time the Interested Shareholder became such; (D) pursuant to an exchange offer by the Company to purchase shares
    made on the same terms to all holders of said shares; or (E) any issuance or transfer of shares by the Company; provided however,
    that in no case under items (C)-(E) of this subparagraph shall there be an increase in the Interested Shareholder&rsquo;s proportionate
    share of the any class or series of shares;</FONT></TD></TR>
  </TABLE>
<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 3 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    transaction involving the Company or any direct or indirect majority-owned subsidiary of the Company which has the effect, directly
    or indirectly, of increasing the proportionate share of any class or series of shares, or securities convertible into any class or
    series of shares, or shares of any such subsidiary, or securities convertible into such shares, which is owned by the Interested
    Shareholder, except as a result of immaterial changes due to fractional share adjustments or as a result of any purchase or redemption
    of any shares not caused, directly or indirectly, by the Interested Shareholder; or</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any
    receipt by the Interested Shareholder of the benefit, directly or indirectly (except proportionately as a shareholder of the Company),
    of any loans, advances, guarantees, pledges or other financial benefits (other than those expressly permitted above) provided by
    or through the Company or any direct or indirect majority-owned subsidiary.</FONT></TD></TR>
  </TABLE>
<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
articles of incorporation define an &ldquo;Interested Shareholder&rdquo; as any person (other than the Company, Maritime Investors and
any direct or indirect majority-owned subsidiary of the Company or Maritime Investors and its affiliates) that:</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">is
    the owner of 15% or more of our outstanding voting shares; or</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">is
    an affiliate or associate of the Company and was the owner of 15% or more of the outstanding voting shares of the Company at any
    time within the three-year period immediately prior to the date on which it is sought to be determined whether such person is an
    Interested Shareholder; and the affiliates and associates of such person; provided, however, that the term &ldquo;Interested Shareholder&rdquo;
    shall not include any person whose ownership of shares in excess of the 15% limitation set forth herein is the result of action taken
    solely by the Company; provided that such person shall be an Interested Shareholder if thereafter such person acquires additional
    shares of voting shares of the Company, except as a result of further Company action not caused, directly or indirectly, by such
    person.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>DESCRIPTION
OF PREFERRED STOCK</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors has the authority to authorize the issuance from time to time of one or more classes of preferred stock with one or
more series within any class thereof, with such voting powers, full or limited, or without voting powers and with such designations,
preferences and relative, participating, optional or special rights and qualifications, limitations or restrictions thereon as shall
be set forth in the resolution or resolutions adopted by our board of directors providing for the issuance of such preferred stock. Issuances
of preferred stock, while providing flexibility in connection with possible financings, acquisitions and other corporate purposes, could,
among other things, adversely affect the voting power of the holders of our common stock.</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 24.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description
of Series A Preferred Shares</B></FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
October 2020, we issued 200,000 units (the &ldquo;Units&rdquo;) at a price of $25.00 per Unit (the &ldquo;Series A Preferred Share and
Warrants Transaction&rdquo;). Each Unit was immediately separable into (i) one Series A Preferred Shares, and (ii) eight Warrants.</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following summary of the terms and provisions of the Series A Preferred Shares does not purport to be complete and is qualified in its
entirety by reference to our Articles of Incorporation, the form of Certificate of Designation establishing the Series A Preferred Shares
(the &ldquo;Certificate of Designation&rdquo;), filed as an exhibit to the registration statement on Form F-1 filed with the U.S. Securities
and Exchange Commission (the &ldquo;SEC&rdquo;) on August 13, 2020 (File No. 333-245405), as amended.</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>


<!-- Field: Page; Sequence: 4 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Dividends.
</I>Holders of the Series A Preferred Shares will be entitled to receive, when, as and if declared by our board of directors, cumulative
cash dividends payable monthly in an amount per Series A Preferred Share equal to $1.9375 per share each year, which is equivalent to
7.75% of the $25.00 liquidation preference per share per annum. Dividends on the Series A Preferred Shares will be payable monthly in
arrears, beginning with the month ending October 31, 2020. To the extent declared by our board of directors, dividends will be payable
not later than twenty (20) days after the end of each calendar month, starting on November 20, 2020. Dividends on the Series A Preferred
Shares will accumulate whether or not we have earnings, whether or not there are funds legally available for the payment of such dividends
and whether or not such dividends are declared by our board of directors.</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Right
to Elect One Director Upon Nonpayment</I>. If the Company fails to make a cash dividend payment with respect to eighteen (18) or more
consecutive or non-consecutive monthly dividends (a &ldquo;Dividend Nonpayment&rdquo;), the holders of the Series A Preferred Shares,
voting as a separate class, will be entitled to vote for the election of one additional director to serve on our board of directors until
all dividends that are owed have been paid. Under these provisions, the authorized number of directors on our board of directors shall,
at the next meeting of the board of directors, be increased by one and holders of Series A Preferred Shares, voting together as a single
class, shall be entitled, at our next annual meeting of shareholders called for the election of directors or at a special meeting of
shareholders called by the board of directors, to vote for the election of one additional member of the board of directors (the &ldquo;Preferred
Share Director&rdquo;); <I>provided </I>that (i) any Preferred Share Director shall be reasonably acceptable to the board of directors
and the Nominating and Corporate Governance Committee thereof, acting in good faith, (ii) the election of any such Preferred Share Director
will not cause the Company to violate the corporate governance requirements of Nasdaq Capital Market (&ldquo;Nasdaq&rdquo;), including
the rules and regulations applicable to &ldquo;foreign private issuers&rdquo; (or any other exchange or automated quotation system on
which our securities may be listed or quoted), and (iii) that such Preferred Share Director may not be subject to any &ldquo;Bad Actor&rdquo;
disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act (a &ldquo;Disqualifying Event&rdquo;), except for
a Disqualifying Event covered by Rule 506(d)(2) or (d)(3). In the event of a Dividend Nonpayment, the holders of at least 50% of the
outstanding Series A Preferred Shares may request that the board of directors call a special meeting of shareholders to elect such Preferred
Share Director; <I>provided</I>, however, to the extent permitted by our bylaws, if the next annual or a special meeting of shareholders
is scheduled to be held within 90 days of the receipt of such request, the election of such Preferred Share Director shall be included
in the agenda for, and shall be held at, such scheduled annual or special meeting of shareholders. The Preferred Share Director shall
stand for reelection annually, at each subsequent annual meeting of the shareholders, so long as the holders continue to have such voting
rights. At any meeting at which the holders are entitled to elect a Preferred Share Director, the holders of record of at least one-third
of the then outstanding Series A Preferred Shares, present in person or represented by proxy, shall constitute a quorum and the vote
of the holders of record of a majority of such Series A Preferred Shares so present or represented by proxy at any such meeting at which
there shall be a quorum shall be sufficient to elect the Preferred Share Director. If and when all accumulated and unpaid dividends on
Series A Preferred Shares have been paid in full (a &ldquo;Nonpayment Remedy&rdquo;), the holders shall immediately and, without any
further action by us, be divested of the voting rights described in this section, subject to the revesting of such rights in the event
of a subsequent Dividend Nonpayment. If such voting rights for the holders shall have terminated, the term of office of the Preferred
Share Director so elected shall terminate at the next annual meeting of shareholders following the date of the Nonpayment Remedy or his
or her earlier death, resignation or removal and the authorized number of directors on the board of directors shall automatically decrease
by one. The Preferred Share Director may be removed at any time, with or without cause, by the holders of a majority in voting power
of the outstanding Series A Preferred Shares then outstanding when they have the voting rights described in this section. In the event
that a Dividend Nonpayment shall have occurred and there shall not have been a Nonpayment Remedy, any vacancy in the office of a Preferred
Share Director (other than prior to the initial election of the Preferred Share Director after a Dividend Nonpayment) may be filled by
a vote of the holders of a majority in voting power of the outstanding shares of Series A Preferred Shares then outstanding when they
have the voting rights described above; <I>provided</I> that (i) any Preferred Share Director shall be reasonably acceptable to the board
of directors and the Nominating and Corporate Governance Committee thereof, acting in good faith, (ii) the election of any such Preferred
Share Director will not cause the Company to violate the corporate governance requirements of Nasdaq, including the rules and regulations
applicable to &ldquo;foreign private issuers&rdquo; (or any other exchange or automated quotation system on which our securities may
be listed or quoted), and (iii) that such Preferred Share Director may not be subject to any &ldquo;Bad Actor&rdquo; disqualifications
described in Rule 506(d)(1)(i) to (viii) under the Securities Act (a &ldquo;Disqualifying Event&rdquo;), except for a Disqualifying Event
covered by Rule 506(d)(2) or (d)(3). The Preferred Share Director shall be entitled to one vote on any matter that shall come before
the board of directors for a vote.</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: center; padding: 0; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Voting
Rights. </I>In addition to the voting rights discussed above, so long as any Series A Preferred Shares are outstanding and remain unredeemed,
the Company may not, without the vote or consent of the holders of a majority of the Series A Preferred Shares: (i) engage in a merger,
consolidation or share exchange that materially and adversely affects the rights, preferences or voting power of the Series A Preferred
Shares, unless Series A Preferred Shares are converted into or exchanged for (A) cash equal to or greater than the applicable redemption
price per share or (B) preferred shares of the surviving entity having rights, preferences and privileges that are materially the same
as those of the Series A Preferred Shares; (ii) amend our Articles of Incorporation or the Certificate of Designation to materially and
adversely affect the rights, preferences or voting power of Series A Preferred Shares; or (iii) declare or pay any junior dividends or
repurchase any junior securities during any time that all dividends on the Series A Preferred Shares have not been paid in full in cash.</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Call
Feature.</I> Beginning October 13, 2023, we may, at our option, redeem the Series A Preferred Shares, in whole or in part, by paying
$25.00 per share, plus any accrued and unpaid dividends to the date of redemption.</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Liquidation
Preference of Series A Preferred Shares.</I> If we liquidate, dissolve or wind up, holders of the Series A Preferred Shares will have
the right to receive $25.00 per share, plus all accumulated, accrued and unpaid dividends (whether or not earned or declared) to and
including the date of payment, before any payments are made to the holders of our common shares or to the holders of equity securities
the terms of which provide that such equity securities will rank junior to the Series A Preferred Shares. The rights of holders of Series
A Preferred Shares to receive their liquidation preference also will be subject to the proportionate rights of any other class or series
of our capital stock ranking in parity with the Series A Preferred Shares as to liquidation.</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Conversion
at Option of Holder</I>. Each Series A Preferred Share, together with accrued but unpaid dividends, is convertible into common shares
at an initial conversion price (the &ldquo;Conversion Price&rdquo;) of $1.40 per common share, which initially equals 17.86 common shares,
at any time at the option of the holder, subject to adjustment for the Anti-Dilution Provisions set forth below.</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Anti-Dilution
Provisions</I>. The Conversion Price is subject to adjustment for: (i) the payment of stock dividends or other distributions payable
in common shares on any class or series of our capital stock; (ii) the issuance to all holders of common shares of certain rights or
warrants entitling them to subscribe for or purchase common shares at a price per share less than the market price per common share;
(iii) subdivisions, combinations and reclassifications of common shares; and (iv) distributions to all holders of common shares of any
shares of stock (excluding common shares) or evidence of indebtedness or assets (including securities, but excluding those dividends,
rights, warrants and distributions referred to in clause (i), (ii) or (iii) above and dividends and distributions paid in cash). For
the avoidance of doubt, the Conversion Price will not be adjusted for any issuances of equity securities and equity-linked securities,
for any issuances of securities in connection with employee stock incentive programs or shares issued under that certain promissory note
originally issued on October 28, 2015 and subsequently amended and restated on May 14, 2019.</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Market
Trigger Conversion</I>. We, at our option, may cause the Series A Preferred Shares, together with accrued but unpaid dividends, to be
converted, which we refer to as a &ldquo;Market Trigger Conversion,&rdquo; in whole or in part, on a pro rata basis, into fully paid
and nonassessable common shares at the Conversion Price if the trading price of the common shares shall have equaled or exceeded 170%
of the Conversion Price for at least 20 trading days in any 30 consecutive trading day period ending five days prior to the Market Trigger
Conversion Date which is defined below.</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: center; padding: 0; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Buy-In
on Failure to Timely Deliver Certificates Upon Conversion</I>. If we fail to deliver to a holder a certificate representing shares issuable
upon the valid conversion of such holder&rsquo;s Series A Preferred Shares or fail to credit such holder&rsquo;s balance account with
the Depository Trust Company with such shares, as applicable, by the earlier of (i) two trading days and (ii) the number of trading days
comprising the Standard Settlement Period after the applicable conversion date (the &ldquo;Share Delivery Date&rdquo;) (other than a
failure caused by incorrect or incomplete information provided by the holder to us), and if after such Share Delivery Date the holder
is required by its brokerage firm to purchase (in an open market transaction or otherwise), or the holder&rsquo;s brokerage firm otherwise
purchases, common shares to deliver in satisfaction of a sale by such holder of the shares which the holder was entitled to receive upon
the conversion relating to such Share Delivery Date, then we are obligated to (A) pay in cash to the holder (in addition to any other
remedies available to or elected by the holder) the amount by which (x) the holder&rsquo;s total purchase price (including brokerage
commissions, if any) for the common shares so purchased exceeds (y) the amount obtained by multiplying (1) the number of common shares
that the Company was required to deliver to the holder in connection with the conversion at issue, times (2) the price at which the sell
order giving rise to such purchase obligation was executed; <I>provided</I>, <I>however</I>, that such holder provides reasonable evidence
of the date and time of such sell order and such sell order occurred after the date on which we were obligated to deliver such common
shares and prior to the delivery of the common shares related to such conversion, and (B) at the option of the holder, either reissue
(if surrendered) the Series A Preferred Shares equal to the number of Series A Preferred Shares submitted for conversion or deliver to
the holder the number of common shares that would have been issued if we had timely complied with our delivery requirements.</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Change
of Control</I>. If we undergo a &ldquo;Change of Control&rdquo; (as defined below) that was pre-approved by the Company&rsquo;s board
of directors, holders of Series A Preferred Shares have the option to (i) demand that the Company redeem the Series A Preferred Shares
at (a) $26.63 per Series A Preferred Share from the date of issuance until and not including October 13, 2021, (b) $25.81 per Series
A Preferred Share on or after October 13, 2021 until and not including October 13, 2022, and (c) $25.00 on or after October 13, 2022,
or (ii) continue to hold the Series A Preferred Shares.</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;Change
of Control&rdquo; means that (i) Mr. Valentios &ldquo;Eddie&rdquo; Valentis and his affiliates cease to own at least 20% of the voting
securities of the Company, or (ii) a person or group acquires at least 50% voting control of the Company, and in the case of each of
either (i) or (ii), neither the Company nor any surviving entity has its common stock listed on a recognized U.S. exchange.</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Ranking.
</I>The Series A Preferred Shares, with respect to dividend rights and rights upon our voluntary or involuntary liquidation, dissolution
or winding up, will rank:</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
senior to our common shares and any other class of equity securities the terms of which provide that such equity securities will rank
junior to the Series A Preferred Shares;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
on parity (pari passu) with any equity securities the terms of which provide that such equity securities will rank without preference
or priority over the other; and</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;
junior to any equity securities the terms of which provide that such equity securities will rank senior to the Series A Preferred Shares,
and to all of our existing and future debt, including, prior to conversion of such debt, any debt convertible into our equity securities.</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will be restricted in our ability to issue or create any class or series of capital stock ranking senior to the Series A Preferred Shares
with respect to dividends or distributions, unless the holders of at least 66.67% of the then outstanding Series A Preferred Shares consent
to the same.</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Exchange
Listing</I>. As of the date hereof, the Series A Preferred Shares are listed on Nasdaq under the symbol &ldquo;PXSAP.&rdquo;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Transfer
and Dividend Paying Agent. </I>V Stock Transfer, LLC will act as the transfer and dividend payment agent and registrar in respect of
the Series A Preferred Shares.</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>


<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: center; padding: 0; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description
of Warrants</B></FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
referenced above, in October 2020, the Company issued 200,000 Units at a price of $25.00 per Unit pursuant to the Series A Preferred
Share and Warrants Transaction. Each Unit was immediately separable into (i) one Series A Preferred Share, and (ii) eight Warrants.</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following summary of the terms and provisions of the Warrants does not purport to be complete and is qualified in its entirety by reference
to our Articles of Incorporation, the form of Warrant Agency Agreement establishing the terms of the Warrants, each of which is filed
as an exhibit to the registration statement on Form F-1 filed with the SEC on August 13, 2020 (File No. 333-245405), as amended.</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Form.
</I>The Warrants were issued under a Warrant Agency Agreement (the &ldquo;Warrant Agreement&rdquo;) between the Company and VStock Transfer,
LLC, as warrant agent (the &ldquo;Warrant Agent&rdquo;). The material terms and provisions of the Warrants are summarized below. The
following description is subject to, and qualified in its entirety by, the Warrant Agreement, which is filed as an exhibit to the registration
statement on [F-1] filed with the SEC on [<FONT STYLE="background-color: yellow">&#9679;</FONT>]. You should review a copy of the form
of Warrant Agreement and accompanying form of Warrant for a complete description of the terms and conditions applicable to the Warrants.</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Exercisability</I>.
The Warrants are exercisable immediately upon issuance and will thereafter remain exercisable at any time up to five (5) years from the
date of original issuance. The Warrants will be exercisable, at the option of each holder, in whole or in part by delivering to us a
duly executed exercise notice accompanied by payment in full for the number of common shares purchased upon such exercise (except in
the case of a cashless exercise as discussed below). No fractional common shares will be issued in connection with the exercise of a
Warrant. In lieu of fractional shares, we will round down to the nearest whole share.</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Cashless
Exercise</I>. If, at any time during the term of the Warrants, the issuance of common shares upon exercise of the Warrants is not covered
by an effective registration statement, the holder is permitted to effect a cashless exercise of the Warrants (in whole or in part) by
having the holder deliver to us a duly executed exercise notice, canceling a portion of the Warrant in payment of the purchase price
payable in respect of the number of common shares purchased upon such exercise.</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Failure
to Timely Deliver Shares</I>. If we fail to deliver to the investor a certificate representing shares issuable upon the valid exercise
of a Warrant or fail to credit such investor&rsquo;s balance account with the Depository Trust Company with such shares issuable upon
the valid exercise of a Warrant by the third trading day after the exercise date as required by the Warrant, and if the investor purchases
the common shares after that third trading day to deliver in satisfaction of a sale by the investor of the underlying Warrant shares
that the investor anticipated receiving from us, then, within three trading days of receipt of the investor&rsquo;s request, we shall
(A) pay in cash to the holder the amount, if any, by which (x) the holder&rsquo;s total purchase price (including brokerage commissions,
if any) for the common shares so purchased exceeds (y) the amount obtained by multiplying (1) the number of common shares that the Company
was required to deliver to the holder in connection with the Warrant exercise at issue, times (2) the price at which the sell order giving
rise to such purchase obligation was executed; <I>provided</I>, <I>however</I>, that such holder provides reasonable evidence of the
date and time of such sell order and such sell order occurred after the date on which we were obligated to deliver such common shares
and prior to the delivery of the common shares related to such Warrant exercise, and (B) at the option of the holder, either reinstate
the portion of the Warrant and equivalent number of common shares underlying such Warrant for which such exercise was not honored (in
which case such exercise shall be deemed rescinded) or deliver to the holder the number of common shares that would have been issued
had the Company timely complied with its exercise and delivery obligations hereunder.</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Exercise
Price.</I> Each Warrant represents the right to purchase a common share at an exercise price equal to $1.40 per share, subject to adjustment
as described below. The exercise price is subject to appropriate adjustment in the event of certain stock dividends and distributions,
stock splits, stock combinations, reclassifications or similar events affecting our common stock and also upon any distributions of assets,
including cash, stock or other property to our shareholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; margin-top: 0; margin-bottom: 0; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: center; padding: 0; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Exchange
Listing</I>. As of October 8, 2020, the Warrants are listed on Nasdaq under the symbol &ldquo;PXSAW.&rdquo; We cannot provide any assurance
that a liquid or active trading market for the Warrants will develop. The common shares underlying the Warrants are listed for trading
on Nasdaq under the symbol &ldquo;PXS.&rdquo;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Rights
as a Shareholder.</I> Except as otherwise provided in the Warrants or by virtue of such holder&rsquo;s ownership of our common shares,
the holder of a Warrant does not have the rights or privileges of a holder of our common shares, including any voting rights, until the
holder exercises the Warrant.</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Governing
Law and Jurisdiction.</I> The Warrant Agency Agreement provides that the validity, interpretation, and performance of the Warrants and
the Warrant Agency Agreement will be governed by the laws of the State of New York, without giving effect to conflicts of law principles
that would result in the application of the substantive laws of another jurisdiction. In addition, the Warrant Agency Agreement provides
that any action, proceeding or claim against the Company arising out of or relating to the Warrants or the Warrant Agency Agreement must
be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York.
Investors in this offering will be bound by these provisions. However, we do not intend that the foregoing provisions would apply to
actions arising under the Securities Act or the Exchange Act.</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Warrant
Agent.</I> VStock Transfer, LLC will act as our Warrant Agent for the Warrants.</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Marshall
Islands Company Considerations</B></FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
corporate affairs are governed by our Articles of Incorporation and Bylaws and by the BCA. The provisions of the BCA resemble provisions
of the corporation laws of a number of states in the United States. While the BCA also provides that it is to be interpreted according
to the laws of the State of Delaware and other states with substantially similar legislative provisions, there have been few, if any,
court cases interpreting the BCA in the Marshall Islands and we cannot predict whether Marshall Islands courts would reach the same conclusions
as courts in the United States. As a result, you may have more difficulty protecting your interests in the face of actions by our management,
directors or controlling shareholders than would shareholders of a corporation incorporated in a U.S. jurisdiction which has developed
a substantial body of case law. The following table provides a comparison between the statutory provisions of the BCA and the General
Corporation Law of the State of Delaware relating to shareholders&rsquo; rights.</FONT></P>

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 2%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 49%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Marshall
    Islands</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Delaware</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shareholder
    Meetings</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Held
    at a time and place as designated in the bylaws.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
    be held at such time or place as designated in the certificate of incorporation or the bylaws, or if not so designated, as determined
    by the board of directors.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Special
    meetings of the shareholders may be called by the board of directors or by such person or persons as may be authorized by the articles
    of incorporation or by the bylaws.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Special
    meetings of the shareholders may be called by the board of directors or by such person or persons as may be authorized by the certificate
    of incorporation or by the bylaws.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
    be held within or without the Marshall Islands.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May
    be held within or without Delaware.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Notice</I>:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Notice</I>:</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Whenever
    shareholders are required to take any action at a meeting, written notice of the meeting shall be given which shall state the place,
    date and hour of the meeting and, unless it is an annual meeting, indicate that it is being issued by or at the direction of the
    person calling the meeting. Notice of a special meeting shall also state the purpose for which the meeting is called.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Whenever
    shareholders are required to take any action at a meeting, a written notice of the meeting shall be given which shall state the place,
    if any, date and hour of the meeting, and the means of remote communication, if any.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    copy of the notice of any meeting shall be given personally, sent by mail or by electronic mail not less than 15 nor more than 60
    days before the meeting.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Written
    notice shall be given not less than 10 nor more than 60 days before the meeting.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shareholders&rsquo;
    Voting Rights</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
    otherwise provided in the articles of incorporation, any action required to be taken at a meeting of shareholders may be taken without
    a meeting, without prior notice and without a vote, if a consent in writing, setting forth the action so taken, is signed by all
    the shareholders entitled to vote with respect to the subject matter thereof, or if the articles of incorporation so provide, by
    the holders of outstanding shares having not less than the minimum number of votes that would be necessary to authorize or take such
    action at a meeting at which all shares entitled to vote thereon were present and voted.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
                                            action required to be taken at a meeting of shareholders may be taken without a meeting if
                                            a consent for such action is in writing and is signed by shareholders having not fewer than
                                            the minimum number of votes that would be necessary to authorize or take such action at a
                                            meeting at which all shares entitled to vote thereon were present and voted.</FONT></P>
                                                                                 <P STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; margin: 0; text-align: justify">&nbsp;</P>
                                                                                 <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: justify">&nbsp;</P>
                                                                                 <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; padding: 0; text-align: justify">&nbsp;</P>
    <P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>
    <P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P></TD></TR>
  </TABLE>
<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 9 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 49%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    person authorized to vote may authorize another person or persons to act for him by proxy.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 2%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 49%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    person authorized to vote may authorize another person or persons to act for him by proxy.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
    otherwise provided in the articles of incorporation or bylaws, a majority of shares entitled to vote constitutes a quorum. In no
    event shall a quorum consist of fewer than one-third of the shares entitled to vote at a meeting.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
    stock corporations, the certificate of incorporation or bylaws may specify the number of shares required to constitute a quorum but
    in no event shall a quorum consist of less than one-third of shares entitled to vote at a meeting. In the absence of such specifications,
    a majority of shares entitled to vote shall constitute a quorum.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
    a quorum is once present to organize a meeting, it is not broken by the subsequent withdrawal of any shareholders.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
    a quorum is once present to organize a meeting, it is not broken by the subsequent withdrawal of any shareholders.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    articles of incorporation may provide for cumulative voting in the election of directors.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    certificate of incorporation may provide for cumulative voting in the election of directors.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Merger
    or Consolidation</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    two or more domestic corporations may merge into a single corporation if approved by the board and if authorized by a majority vote
    of the holders of outstanding shares at a shareholder meeting.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    two or more corporations existing under the laws of the state may merge into a single corporation pursuant to a board resolution
    and upon the majority vote by shareholders of each constituent corporation at an annual or special meeting.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    sale, lease, exchange or other disposition of all or substantially all the assets of a corporation, if not made in the corporation&rsquo;s
    usual or regular course of business, once approved by the board, shall be authorized by the affirmative vote of two-thirds of the
    shares of those entitled to vote at a shareholder meeting.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Every
    corporation may at any meeting of the board sell, lease or exchange all or substantially all of its property and assets as its board
    deems expedient and for the best interests of the corporation when so authorized by a resolution adopted by the holders of a majority
    of the outstanding stock of the corporation entitled to vote.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    domestic corporation owning at least 90% of the outstanding shares of each class of another domestic corporation may merge such other
    corporation into itself without the authorization of the shareholders of any corporation.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    corporation owning at least 90% of the outstanding shares of each class of another corporation may merge the other corporation into
    itself and assume all of its obligations without the vote or consent of shareholders; however, in case the parent corporation is
    not the surviving corporation, the proposed merger shall be approved by a majority of the outstanding stock of the parent corporation
    entitled to vote at a duly called shareholder meeting.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    mortgage, pledge of or creation of a security interest in all or any part of the corporate property may be authorized without the
    vote or consent of the shareholders, unless otherwise provided for in the articles of incorporation.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    mortgage or pledge of a corporation&rsquo;s property and assets may be authorized without the vote or consent of shareholders, except
    to the extent that the certificate of incorporation otherwise provides.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Directors</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 49%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    board of directors must consist of at least one member.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 2%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 49%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    board of directors must consist of at least one member.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    number of board members may be changed by an amendment to the bylaws, by the shareholders, or by action of the board under the specific
    provisions of a bylaw.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    number of board members shall be fixed by, or in a manner provided by, the bylaws, unless the certificate of incorporation fixes
    the number of directors, in which case a change in the number shall be made only by an amendment to the certificate of incorporation.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    the board is authorized to change the number of directors, it can only do so by a majority of the entire board and so long as no
    decrease in the number shall shorten the term of any incumbent director.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    the number of directors is fixed by the certificate of incorporation, a change in the number shall be made only by an amendment of
    the certificate.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Removal</I>:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Removal</I>:</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    or all of the directors may be removed for cause by vote of the shareholders.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
    or all of the directors may be removed, with or without cause, by the holders of a majority of the shares entitled to vote unless
    the certificate of incorporation otherwise provides.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
    the articles of incorporation or the bylaws so provide, any or all of the directors may be removed without cause by vote of the shareholders.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    the case of a classified board, shareholders may effect removal of any or all directors only for cause.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Dissenters&rsquo;
    Rights of Appraisal</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shareholders
    have a right to dissent from any plan of merger, consolidation or sale of all or substantially all assets not made in the usual course
    of business, and receive payment of the fair value of their shares. However, the right of a dissenting shareholder under the BCA
    to receive payment of the appraised fair value of his shares shall not be available for the shares of any class or series of stock,
    which shares or depository receipts in respect thereof, at the record date fixed to determine the shareholders entitled to receive
    notice of and to vote at the meeting of the shareholders to act upon the agreement of merger or consolidation, were either (i) listed
    on a securities exchange or admitted for trading on an interdealer quotation system or (ii) held of record by more than 2,000 holders.
    The right of a dissenting shareholder to receive payment of the fair value of his or her shares shall not be available for any shares
    of stock of the constituent corporation surviving a merger if the merger did not require for its approval the vote of the shareholders
    of the surviving corporation.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appraisal
    rights shall be available for the shares of any class or series of stock of a corporation in a merger or consolidation, subject to
    limited exceptions, such as a merger or consolidation of corporations listed on a national securities exchange in which listed stock
    is offered for consideration is (i) listed on a national securities exchange or (ii) held of record by more than 2,000 holders.</FONT></TD></TR>
  </TABLE>
<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 49%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    holder of any adversely affected shares who does not vote on or consent in writing to an amendment to the articles of incorporation
    has the right to dissent and to receive payment for such shares if the amendment:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 2%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 49%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#9;Alters
    or abolishes any preferential right of any outstanding shares having preference; or</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#9;Creates,
    alters, or abolishes any provision or right in respect to the redemption of any outstanding shares; or</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#9;Alters
    or abolishes any preemptive right of such holder to acquire shares or other securities; or</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; padding-left: 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;&#9;Excludes
    or limits the right of such holder to vote on any matter, except as such right may be limited by the voting rights given to new shares
    then being authorized of any existing or new class.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD COLSPAN="3" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Shareholder&rsquo;s
    Derivative Actions</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
    action may be brought in the right of a corporation to procure a judgment in its favor, by a holder of shares or of voting trust
    certificates or of a beneficial interest in such shares or certificates. It shall be made to appear that the plaintiff is such a
    holder at the time of bringing the action and that he was such a holder at the time of the transaction of which he complains, or
    that his shares or his interest therein devolved upon him by operation of law.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
    any derivative suit instituted by a shareholder of a corporation, it shall be averred in the complaint that the plaintiff was a shareholder
    of the corporation at the time of the transaction of which he complains or that such shareholder&rsquo;s stock thereafter devolved
    upon such shareholder by operation of law.</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    complaint shall set forth with particularity the efforts of the plaintiff to secure the initiation of such action by the board or
    the reasons for not making such effort.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
    requirements regarding derivative suits have been created by judicial decision, including that a shareholder may not bring a derivative
    suit unless he or she first demands that the corporation sue on its own behalf and that demand is refused (unless it is shown that
    such demand would have been futile).</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Such
    action shall not be discontinued, compromised or settled, without the approval of the High Court of the Republic of the Marshall
    Islands.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reasonable
    expenses including attorney&rsquo;s fees may be awarded if the action is successful.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    corporation may require a plaintiff bringing a derivative suit to give security for reasonable expenses if the plaintiff owns less
    than 5% of any class of outstanding shares or holds voting trust certificates or a beneficial interest in shares representing less
    than 5% of any class of such shares and the shares, voting trust certificates or beneficial interest of such plaintiff has a fair
    value of $50,000 or less.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="padding: 0; font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 12; Options: Last -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; margin: 0"></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.15
<SEQUENCE>3
<FILENAME>ex4-15.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Seward & Kissel LLP
         Document created using EDGARfilings PROfile 7.4.0.0
         Copyright 1995 - 2021 Broadridge -->
  </head>
<body style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;" bgcolor="#ffffff">
  <div><br>
  </div>
  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 4.15</font><br>
  </div>
  <div> <br>
  </div>
  <div>Private &amp; confidential <br>
  </div>
  <div> <br>
  </div>
  <div> <br>
  </div>
  <div> <br>
  </div>
  <div> <br>
  </div>
  <div> <br>
  </div>
  <div> <br>
  </div>
  <div> <br>
  </div>
  <div>
    <div style="text-align: center; text-indent: -36pt; margin-left: 36pt; margin-bottom: 18pt;"><u>Dated: 29&#160; </u><u>March, 2021</u></div>
    <div style="text-align: center; text-indent: -36pt; margin-left: 36pt; margin-bottom: 6pt; font-variant: small-caps; font-weight: bold;">ALPHA BANK S.A.</div>
    <div style="text-align: center; text-indent: -36pt; margin-left: 36pt; margin-bottom: 12pt;">- and -</div>
    <div style="text-align: center; text-indent: -36pt; margin-left: 36pt; margin-bottom: 18pt; font-weight: bold;">EIGHTHONE CORP.</div>
    <table style="width: 40%; color: #000000; font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left;" id="zc9ef9a0cba33400989d64463d0b85caf" align="center" border="0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 100%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="text-align: center; text-indent: -36pt; margin-left: 36pt; font-weight: bold;">LOAN AGREEMENT</div>
            <div style="text-align: center; text-indent: -36pt; margin-left: 36pt;">for a secured floating interest rate</div>
            <div style="text-align: center; text-indent: -36pt; margin-left: 36pt;">loan facility of US$17,000,000</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z29b055d740e444a488ad2d8541e8f237" cellpadding="0" cellspacing="0">

        <tr>
          <td colspan="3" rowspan="1" style="width: 7.92%; vertical-align: top; text-align: center;"><u>TABLE OF CONTENTS</u><br>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 7.92%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 86.85%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 5.23%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 7.92%; vertical-align: top;">&#160;<u>CLAUSE</u></td>
          <td rowspan="1" style="width: 86.85%; vertical-align: top; text-align: center;">&#160;<u>HEADINGS</u></td>
          <td rowspan="1" style="width: 5.23%; vertical-align: top; text-align: right;">&#160;<u>PAGE</u></td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 7.92%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 86.85%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 5.23%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 7.92%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">1.</div>
          </td>
          <td style="width: 86.85%; vertical-align: top;">
            <div style="text-indent: -36pt; margin-left: 36pt;">PURPOSE, DEFINITIONS AND INTERPRETATION</div>
          </td>
          <td style="width: 5.23%; vertical-align: top;">
            <div style="text-align: right; text-indent: -36pt; margin-left: 36pt;">1</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.92%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">2.</div>
          </td>
          <td style="width: 86.85%; vertical-align: top;">
            <div style="text-indent: -36pt; margin-left: 36pt;">THE LOAN</div>
          </td>
          <td style="width: 5.23%; vertical-align: top;">
            <div style="text-align: right; text-indent: -36pt; margin-left: 36pt;">23</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.92%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">3.</div>
          </td>
          <td style="width: 86.85%; vertical-align: top;">
            <div style="text-indent: -36pt; margin-left: 36pt;">INTEREST</div>
          </td>
          <td style="width: 5.23%; vertical-align: top;">
            <div style="text-align: right; text-indent: -36pt; margin-left: 36pt;">26</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.92%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">4.</div>
          </td>
          <td style="width: 86.85%; vertical-align: top;">
            <div style="text-indent: -36pt; margin-left: 36pt;">REPAYMENT - PREPAYMENT</div>
          </td>
          <td style="width: 5.23%; vertical-align: top;">
            <div style="text-align: right; text-indent: -36pt; margin-left: 36pt;">30</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.92%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">5.</div>
          </td>
          <td style="width: 86.85%; vertical-align: top;">
            <div style="text-indent: -36pt; margin-left: 36pt;">PAYMENTS, TAXES, LOAN ACCOUNT AND COMPUTATION</div>
          </td>
          <td style="width: 5.23%; vertical-align: top;">
            <div style="text-align: right; text-indent: -36pt; margin-left: 36pt;">32</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.92%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">6.</div>
          </td>
          <td style="width: 86.85%; vertical-align: top;">
            <div style="text-indent: -36pt; margin-left: 36pt;">REPRESENTATIONS AND WARRANTIES</div>
          </td>
          <td style="width: 5.23%; vertical-align: top;">
            <div style="text-align: right; text-indent: -36pt; margin-left: 36pt;">35</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.92%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">7.</div>
          </td>
          <td style="width: 86.85%; vertical-align: top;">
            <div style="text-indent: -36pt; margin-left: 36pt;">CONDITIONS PRECEDENT</div>
          </td>
          <td style="width: 5.23%; vertical-align: top;">
            <div style="text-align: right; text-indent: -36pt; margin-left: 36pt;">41</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.92%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">8.</div>
          </td>
          <td style="width: 86.85%; vertical-align: top;">
            <div style="text-indent: -36pt; margin-left: 36pt;">COVENANTS</div>
          </td>
          <td style="width: 5.23%; vertical-align: top;">
            <div style="text-align: right; text-indent: -36pt; margin-left: 36pt;">46</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.92%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">9.</div>
          </td>
          <td style="width: 86.85%; vertical-align: top;">
            <div style="text-indent: -36pt; margin-left: 36pt;">EVENTS OF DEFAULT</div>
          </td>
          <td style="width: 5.23%; vertical-align: top;">
            <div style="text-align: right; text-indent: -36pt; margin-left: 36pt;">59</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.92%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">10.</div>
          </td>
          <td style="width: 86.85%; vertical-align: top;">
            <div style="text-indent: -36pt; margin-left: 36pt;">INDEMNITIES - EXPENSES &#8211; FEES</div>
          </td>
          <td style="width: 5.23%; vertical-align: top;">
            <div style="text-align: right; text-indent: -36pt; margin-left: 36pt;">64</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.92%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">11.</div>
          </td>
          <td style="width: 86.85%; vertical-align: top;">
            <div style="text-indent: -36pt; margin-left: 36pt;">SECURITY, APPLICATION, AND SET-OFF</div>
          </td>
          <td style="width: 5.23%; vertical-align: top;">
            <div style="text-align: right; text-indent: -36pt; margin-left: 36pt;">70</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.92%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">12.</div>
          </td>
          <td style="width: 86.85%; vertical-align: top;">
            <div style="text-indent: -36pt; margin-left: 36pt;">UNLAWFULNESS, INCREASED COSTS AND BAIL-IN</div>
          </td>
          <td style="width: 5.23%; vertical-align: top;">
            <div style="text-align: right; text-indent: -36pt; margin-left: 36pt;">72</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.92%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">13.</div>
          </td>
          <td style="width: 86.85%; vertical-align: top;">
            <div style="text-indent: -36pt; margin-left: 36pt;">OPERATING ACCOUNT</div>
          </td>
          <td style="width: 5.23%; vertical-align: top;">
            <div style="text-align: right; text-indent: -36pt; margin-left: 36pt;">75</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.92%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">14.</div>
          </td>
          <td style="width: 86.85%; vertical-align: top;">
            <div style="text-indent: -36pt; margin-left: 36pt;">ASSIGNMENT, TRANSFER, PARTICIPATION, LENDING OFFICE</div>
          </td>
          <td style="width: 5.23%; vertical-align: top;">
            <div style="text-align: right; text-indent: -36pt; margin-left: 36pt;">77</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.92%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">15.</div>
          </td>
          <td style="width: 86.85%; vertical-align: top;">
            <div style="text-indent: -36pt; margin-left: 36pt;">MISCELLANEOUS</div>
          </td>
          <td style="width: 5.23%; vertical-align: top;">
            <div style="text-align: right; text-indent: -36pt; margin-left: 36pt;">80</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.92%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">16.</div>
          </td>
          <td style="width: 86.85%; vertical-align: top;">
            <div style="text-indent: -36pt; margin-left: 36pt;">NOTICES AND COMMUNICATIONS</div>
          </td>
          <td style="width: 5.23%; vertical-align: top;">
            <div style="text-align: right; text-indent: -36pt; margin-left: 36pt;">83</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.92%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">17.</div>
          </td>
          <td style="width: 86.85%; vertical-align: top;">
            <div style="text-indent: -36pt; margin-left: 36pt;">LAW AND JURISDICTION</div>
          </td>
          <td style="width: 5.23%; vertical-align: top;">
            <div style="text-align: right; text-indent: -36pt; margin-left: 36pt;">84</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 9pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 9pt;">SCHEDULE 1:<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 108pt" id="TRGRRTFtoHTMLTab">&#160;</font>Form of Drawdown Notice</div>
    <div style="text-align: justify; margin-bottom: 9pt;">SCHEDULE 2:<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 108pt" id="TRGRRTFtoHTMLTab">&#160;</font>Form of Insurance Letter</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <!--PROfilePageNumberReset%Num%1%%%--><br>
    <div style="text-align: justify; margin-bottom: 12pt;">THIS AGREEMENT is dated the 29<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>&#160;day of March,
        2021 made BETWEEN:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb2bea82b73a042e8a0bd8f1f4ad4dfc8" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">1.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="font-weight: bold; font-variant: small-caps;">ALPHA BANK S.A.</font>, a banking soci&#233;t&#233; anonyme incorporated in and pursuant to the laws of the Hellenic Republic with its head office at 40 Stadiou Street, Athens GR 102 52, Greece, acting, except as
                otherwise herein provided, through its office at 93 Akti Miaouli, Piraeus, Greece (hereinafter called the <font style="font-weight: bold; font-style: italic;">"Lender"</font>,<font style="font-weight: bold;">&#160;</font>which expression shall include its successors and assigns); and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zaf56d9966611423b96b555e6056c173a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">2.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="font-weight: bold;">EIGHTHONE CORP.</font>, a corporation duly incorporated in the Republic of the Marshall Islands, having its registered office at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960 (hereinafter called the <font style="font-weight: bold; font-style: italic;">"Borrower"</font>,<font style="font-weight: bold;">&#160;</font>which expression shall include its successors)</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt; margin-bottom: 12pt;">AND IT IS HEREBY AGREED as follows:</div>
    <div style="margin-bottom: 12pt;">
      <div>
        <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z940d5d26cb19461ebf3f6b04286b93b5" cellpadding="0" cellspacing="0">

            <tr>
              <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;"><u>1.</u></td>
              <td style="width: 414pt; vertical-align: top; align: right; font-weight: bold;"><u>PURPOSE, DEFINITIONS AND INTERPRETATION</u></td>
              <td style="width: auto; vertical-align: top; font-weight: bold;"><br>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7aa88814597a48f3bf958fc6c18a5d9f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">1.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Amount and Purpose</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">This Agreement sets out the terms and conditions upon and subject to which the Lender agrees to make available to
      the Borrower a loan facility of Seventeen million Dollars ($17,000,000) representing approximately 63% of the Market Value of the Vessel by way of one (1) Advance, to be used for the purpose of refinancing of part of the Existing Indebtedness under
      the Existing Loan Agreement.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z789bc610fbca4749ad6d36d79535a4c1" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">1.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Definitions</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">Subject to Clauses 1.3 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Interpretation</u></font><font style="font-style: italic;">) </font>and
      Clause 1.4 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Construction of certain terms</u></font><font style="font-style: italic;">)</font>, in this Agreement (unless otherwise defined in the relevant Finance Document and unless the context otherwise requires) and the other Finance
      Documents each term or expression defined in the recital of the parties and in this Clause shall have the meaning given to it in the recital of the parties and in this Clause:</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Account
        Pledge Agreement"</font><font style="font-weight: bold;">&#160;</font>means an agreement to be entered into between the Borrower and the Lender for the creation of a pledge over the
      Operating Account in favour of the Lender, in form and substance as the Lender may approve or require, as the same may from time to time be amended and/or
      supplemented;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Applicable
        Accounting Principles"</font> means the GAAP or IFRS and practices consistently
      applied;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Advance"</font><font style="font-style: italic;">&#160;</font>means each borrowing of a portion of the Commitment by the Borrower or (as the context may require) the principal amount of such borrowing;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Affiliate"
      </font>means, in relation to any person, a subsidiary of that person or a parent company of that person or any other subsidiary of that parent company;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Alternative
        Rate"</font> means a rate agreed between the Lender and the Borrower on the basis of which (instead of LIBOR) the interest rate is determined pursuant to Clause 3.6&#160; <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Market disruption &#8211; Non Availability</u></font><font style="font-style: italic;">)</font>;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Approved
        Auditor"</font> means any of Ernst &amp; Young, PriceWaterhouse Coopers,&#160;Deloitte, Grant Thornton or any other independent and reputable auditor having requisite
      experience</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">1</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">proposed by the Borrower and acceptable to the Lender and, <font style="font-weight: bold; font-style: italic;">"Approved Auditors"</font> means any or all of them, as the context may require;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Approved
        Commercial Manager"</font> means for the time being<font style="font-variant: small-caps;">&#160;</font><font style="font-variant: small-caps;">Pyxis Maritime Corp.</font>, a company lawfully incorporated in, and validly existing under the laws of the Republic of the Marshall Islands, and
      having a licenced office established in Greece pursuant to the Greek laws 378/68, 27/75, 2234/94, 3752/09 and 4150/13 (as amended and in force at the date hereof) at 59 K. Karamanli Street, Maroussi 15125, Greece or any other person appointed by the
      Borrower with the consent of the Lender, as the commercial manager of the Vessel, and includes its successors in title;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Approved
        Managers"</font> means, for the time being, together, the Approved Commercial Manager and the Approved Technical Manager and <font style="font-weight: bold; font-style: italic;">"Approved
        Manager"</font> means any of them, as the context may require;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Approved
        Manager's Undertaking"</font> means a letter of undertaking including (<font style="font-style: italic;">inter alia</font>) an assignment of the relevant Approved Manager's rights,
      title and interest in the Insurances of the Vessel executed or to be executed by that Approved Manager in favour of the Lender agreeing certain matters in relation to that Approved Manager serving as commercial or, as the case may be, technical
      manager of the Vessel and subordinating its rights against the Vessel and Borrower to the rights of the Lender under the Finance Documents, in form and substance as the Lender may approve or require, as the same may from time to time be amended
      and/or supplemented (together, the <font style="font-weight: bold; font-style: italic;">"Approved Managers' Undertakings"</font>)</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Approved
        Shipbrokers"</font> means Golden Destiny, Fearnleys A/S, Clarksons Platou Hellas Ltd., Intermodal Shipbrokers Co. and Allied Shipbroking Inc. and any other first class independent firm of internationally known shipbrokers proposed by the Borrower
      and acceptable to the Lender, and <font style="font-weight: bold; font-style: italic;">"Approved Shipbroker"</font> means any of them;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Approved
        Technical Manager"</font> means for the time being<font style="font-variant: small-caps;">&#160;</font><font style="font-variant: small-caps;">International Tanker Management Ltd.</font>, a company lawfully incorporated in, and validly existing under the laws of Bermuda, and
      having its registered office at Victoria Place, 31 Victoria Street, Hamilton HM 10, Bermuda, represented by its branch office at 809 Executive Heights (Damac Bldg.), P.O.
        Box 24415, Tecom, Dubai, U.A.E., or any other person appointed by the Borrower with the consent of the Lender, as the technical manager of the Vessel, and includes its successors in title;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Article
        55 BRRD"</font> means Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Assignable
        Charterparty"</font> means any time or bareboat charterparty, consecutive voyage charter or contract of affreightment or related document in respect of the employment of the Vessel having a fixed duration&#160; of more than 12 months (excluding any
      optional extensions) and any guarantee of the obligations of the charterer under such charter in respect of the Vessel, whether now existing or hereinafter entered
      or to be entered into by the Borrower or any person, firm or company on its behalf and a charterer, at a daily rate and on terms and conditions acceptable to the
      Lender (and shall include any addenda thereto;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Assignee"</font>
      has the meaning ascribed thereto in Clause 14.3 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Assignment
          by the Lender</u></font><font style="font-style: italic;">)</font>;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Availability
        Period"</font> means the period starting on the date hereof and ending on:</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">2</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfcce5413924045268f91c148c4d086c8" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the 30<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> day of April, 2021 or until such later date as the Lender may agree in writing; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z02f8d4ccca404d41bdc4627f82e021d2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>on such earlier date (if any): (i) on which the whole Commitment has been advanced by the Lender
              to the Borrower, or (ii) on which the Commitment is reduced to zero pursuant to Clauses 3.6&#160; <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Market disruption &#8211; Non Availability</u></font><font style="font-style: italic;">)</font>, 9.2&#160; <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Consequences of Default &#8211; Acceleration</u></font><font style="font-style: italic;">)</font>, 12.1&#160; <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Unlawfulness</u></font><font style="font-style: italic;">)</font> or any other Clause of this
              Agreement;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Bail-In
        Action"</font> means the exercise of any Write-down and Conversion Powers;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Bail-In
        Legislation"</font> means:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z85a23938f39c4c348073f4704a6d5128" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>in relation to an EEA Member Country which has implemented, or which at any time implements, Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms, the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to time; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za3e6506466994f6bb287a984c8c83286" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>in relation to any other state, any analogous law or regulation from time to time which requires contractual recognition of any Write-down and Conversion Powers contained in that law or regulation;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold;">"</font><font style="font-weight: bold; font-style: italic;">Balloon Instalment</font><font style="font-weight: bold;">"</font> means
      the part of the Loan amounting to Eleven million Dollars ($11,000,000);</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Banking
        Day"</font> means a day (other than a Saturday or Sunday) on which banks are open for general business:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze66d6155f4ea49ca933ce7a57022dced" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>in London, New York, Athens and Piraeus regarding the fixing of any interest rate
              which is required to be determined under this Agreement or any Finance Document;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc3f0f64d8173429db1182b0648f6b1f3" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>in New York, Athens and Piraeus in respect of any payment which is required to be made under a Finance Document; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6750f0ea16854c379ed241823dbbff9d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>in Athens, Piraeus and in each country or place in or at which an act is required to be done under this Agreement in accordance with the usual practice of the Lender regarding any other action to be taken under this Agreement or any other Finance Document;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Basel
        II Accord"</font> means the <font style="font-style: italic;">"International Convergence of Capital Measurement and Capital Standards, a Revised </font>Framework<font style="font-style: italic;">"</font> published by the Basel Committee on Banking Supervision in June 2004 in the form existing on the date of this Agreement;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Basel
        II Approach"</font> means either the Standardised Approach or the relevant Internal Ratings Based Approach (each as defined in the Basel II Accord) adopted by the Lender (or its holding company) for the purposes of implementing or complying with
      the Basel II Accord;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Basel
        II Regulation"</font> means (a) any law or regulation implementing the Basel II Accord (including the relevant provisions of CRD IV and CRR) to the extent only such law or regulation re-enacts and/or implements the requirement of the Basel II
      Accord but excluding any provision of such law or regulation implementing the Basel III Accord or (b)</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">3</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">any Basel II Approach adopted by the Lender(s);</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Basel
        III Accord"</font> means:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc530061019c347108a884499f4c640ef" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the agreements on capital requirements, leverage ratio and liquidity standards contained in <font style="font-style: italic;">"Basel III: A global regulatory framework for more resilient banks and banking systems"</font>, <font style="font-style: italic;">"Basel III: International
                framework for liquidity risk measurement, standards and monitoring"</font> and <font style="font-style: italic;">"Guidance for national authorities operating the </font>countercyclical<font style="font-style: italic;"> capital buffer"</font> published by the Basel
              Committee on Banking Supervision in December 2010, each as amended, supplemented or restated;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9f1dbb63dddd4d0897bb6228fd301df8" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the rules for global systemically important banks contained in <font style="font-style: italic;">"Global
                systemically important banks: assessment methodology and the additional loss absorbency </font>requirement<font style="font-style: italic;"> &#8211; Rules text"</font> published by the Basel Committee on Banking Supervision in November 2011, as amended, supplemented or restated; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd52bf26563824ea084f6902d394727ed" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>any further guidance or standards published by the Basel Committee on Banking Supervision relating to Basel III;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Basel
        III Regulation"</font> means any law or regulation implementing the Basel III Accord save and to the extent that it re-enacts a Basel II Regulation;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Beneficial
        Shareholder(s)"</font><font style="font-weight: bold;">&#160;</font>means in respect of each of the Borrower and the Corporate Guarantor, the person or persons disclosed to the Lender as
      being the ultimate legal and beneficial owner or owners (either directly and/or through companies beneficially owned by such person or persons or members of his/her direct family and/or trusts or foundations of which such person or persons or members
      of his/her direct family are legal and beneficial owners) of 100% of the shares and the voting rights attaching to those shares and the legal ownership of those shares in the Borrower and at least 20% in the Corporate Guarantor;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Borrower"</font>
      means the Borrower as specified in the beginning of this Agreement;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">"<font style="font-weight: bold; font-style: italic;">Break Costs</font>" means the amount (if any) by which:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za566d2a705a54ff5a9245c64779d7ace" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the interest (excluding Margin)&#160; which the Lender should have received for the period from the date of receipt of all or any part of its participation in the Loan or
              the relevant part of it or any sum due and payable but unpaid by a Security Party under the Security Documents to the last day of the current Interest Period in respect of the Loan or the relevant part of it or any sum due and payable but
              unpaid by a Security Party under the Security Documents, had the principal amount received been paid on the last day of that Interest Period;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">&#160; exceeds:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7f645b7038f14085a3cd04d33b24c23a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the amount which the Lender would be able to obtain by placing an amount equal to the principal amount or the relevant part of it or any sum due and payable but unpaid
              by a Security Party under the Security Documents received by it on deposit with a leading bank in the London Interbank Market for a period starting on the Banking Day following receipt or recovery and ending on the last day of the current
              Interest Period;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Charterparty
        Assignment"</font> means an assignment of the rights of the Borrower under any Assignable Charterparty and any guarantee of such Assignable Charterparty executed or to be executed by the Borrower in favour of the Lender and the acknowledgement of
      notice of</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">4</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">the assignment in respect of such Assignable Charterparty to be given (on best effort basis by the Borrower) in
      form and substance as the Lender may approve or require, as the same may from time to time be amended and/or supplemented, and <font style="font-weight: bold; font-style: italic;">"Charterparty Assignments"</font> means all of them;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Classification"</font><font style="font-weight: bold;">&#160;</font>means in respect of the Vessel, the classification referred to in the Mortgage with the Classification Society or such other Classification Society as
      the Lender shall, at the request of the Borrower, have agreed in writing shall be treated as the Classification Society for the purposes of the Finance Documents;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Classification
        Society"</font><font style="font-weight: bold;">&#160;</font>means such classification society which is a member
        of IACS and which the Lender shall, at the request of the Borrower, have agreed in writing to be treated as the Classification Society for the purposes of the Finance Documents;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Commitment"</font>
      means the amount which the Lender has agreed to lend to the Borrower under Clause 2.1 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Commitment to Lend</u></font><font style="font-style: italic;">) </font>as reduced pursuant to any relevant term of this Agreement;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Commitment
        Letter"</font><font style="font-weight: bold;">&#160;</font>means the Commitment Letter dated <font style="font-weight: bold;">17</font><sup style="font-weight: bold; vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup><font style="font-weight: bold;">&#160;</font><font style="font-weight: bold;">March, 2021</font>&#160;addressed by the Lender to the Corporate Guarantor and the Approved Manager and shall include any amendments or addenda thereto;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Compulsory
        Acquisition"</font><font style="font-weight: bold;">&#160;</font>means requisition for title or other compulsory acquisition, requisition, appropriation, expropriation, deprivation,
      forfeiture or confiscation for any reason of the Vessel, whether for full or part consideration, a consideration less than its proper value, a nominal consideration or without any consideration, which is effected by any Government Entity or other
      competent authority, whether de jure or de facto, but shall exclude requisition for use or hire not involving requisition of title;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Corporate
        Guarantee"</font> means the irrevocable and unconditional guarantee executed or (as the context may require) to be executed by the Corporate Guarantor as a security for the Outstanding Indebtedness and any and all other obligations of the
        Borrower under this Agreement and the Security Documents, in form and substance satisfactory to the Lender as the same may from time to time be amended and/or supplemented;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Corporate
        Guarantor"</font> means <font style="font-weight: bold; font-variant: small-caps;">Pyxis Tankers
        Inc.</font>,<font style="font-weight: bold;">&#160;</font>a corporation lawfully incorporated in, and validly
        existing under the laws of the Republic of the Marshall Islands and/or any other person nominated by the Borrower and acceptable to the Lender which may give a
        Corporate Guarantee, and includes its successors in title;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"CRD
        IV"</font> means:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z60e89feab9fb4ddbb6bfa5de929e3050" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on
                access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and
                repealing Directives 2006/48/EC and 2006/49/EC, as amended, supplemented or restated; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd604740599834fae935d9dca4630fc40" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>any other law or regulation which implements Basel III;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"CRR"</font>
      means Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions and investment firms and amending regulation (EU) No. 648/2012, as amended, supplemented or restated;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">5</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Deed
        of Release"</font> means a deed releasing the Existing Security in form and substance as the Lender may approve or require;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Default"</font>
      means any Event of Default or any event which with the giving of notice or lapse of time or the <font style="font-weight: bold; font-style: italic;">satisfaction</font> of any other
      condition (or any combination thereof) would constitute an Event of Default;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Default
        Rate"</font> means that rate of interest per annum which is determined in accordance with the provisions of <font style="font-weight: bold; font-style: italic;">Clause</font> 3.4 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Default Interest</u></font><font style="font-style: italic;">)</font>;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"DOC"</font>
      means a document of compliance issued to an Operator in accordance with rule 13 of the ISM Code;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Dollars"</font><font style="font-weight: bold;">&#160;</font>(and the sign <font style="font-weight: bold; font-style: italic;">"$"</font>) <font style="font-weight: bold; font-style: italic;">means</font> the lawful currency for the time being of the United States of America;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Drawdown
        Date"</font> means the date, being a Banking Day, requested by the Borrower for the Loan to be made available, or (as the <font style="font-weight: bold; font-style: italic;">context</font>
      requires) the date on which the Loan is actually made available;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Drawdown
        Notice"</font> means a notice substantially in the terms of Schedule 1 (<font style="font-style: italic;">Form of Drawdown Notice</font>) (or in any other form which <font style="font-weight: bold; font-style: italic;">the</font> Lender approves);</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Earnings"</font>
      means all moneys whatsoever which are now, or later become, payable (actually or contingently) to the Borrower and which arise out of the use or operation of the Vessel, including (but not limited to), all freight, hire and passage moneys,
      compensation payable to the Owner in the event of <font style="font-weight: bold; font-style: italic;">requisition</font> of the Vessel for hire, remuneration for salvage and towage
      services, demurrage and detention moneys, contributions of any nature whatsoever in respect of general average, damages for breach (or payments for variation or termination) of any charterparty or other contract for the employment of the Vessel and
      any other earnings whatsoever due or to become due to the Owner in respect of the Vessel and all sums recoverable under the Insurances in respect of loss of Earnings and includes, if and whenever the Vessel is employed on terms whereby any and all
      such moneys as aforesaid are pooled or shared with any other person, that proportion of the net receipts of the relevant pooling or sharing agreement which is attributable to the Vessel;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"EEA
        Member Country"</font> means <font style="font-weight: bold; font-style: italic;">any</font> member state of the European Union, Iceland, Liechtenstein and Norway;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Environmental
        Affiliate"</font> means any agent or employee of the Borrower or any other Relevant Party or any person having a <font style="font-weight: bold; font-style: italic;">contractual</font>
      relationship with the Borrower or any other Relevant Party in connection with any Relevant Ship or her operation or the carriage of cargo thereon;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Environmental
        Approval"</font> means <font style="font-weight: bold; font-style: italic;">any</font> consent, authorisation, licence or approval of any governmental or public&#160; body or authorities or
      courts applicable to any Relevant Ship or her operation or the carriage of cargo thereon and/or passengers therein and/or provisions of goods and/or services on or from any Relevant Ship required under any Environmental Law;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Environmental
        Claim"</font> means:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8f601d7bb8e842c7aa91ac96829d7231" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>any claim by any governmental, judicial or regulatory authority which arises out of an Environmental Incident or which relates to any Environmental Law; or</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">6</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z94041a1221384ea38a065c5553d9ced1" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>any claim by any other person which relates to an Environmental Incident,</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">and <font style="font-style: italic;">"</font><font style="font-weight: bold; font-style: italic;">claim</font><font style="font-style: italic;">"</font> means a claim for
      damages, compensation, fines, penalties or any other payment of any kind which exceeds $600,000 (or the equivalent in any other currency) per incident;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Environmental
        Incident"</font> means (i) any release of Material of Environmental Concern from the Vessel, (ii) any incident in which Material of Environmental Concern is released from a vessel other than the Vessel and which involves collision between the
      Vessel and such other vessel or some other incident of navigation or operation, in either case, where the Vessel, the Borrower or the Approved Managers (or any of them) are/is actually or allegedly at fault or otherwise liable (in whole or in part)
      or (iii) any other incident in which Material of Environmental Concern is released from a vessel other than the Vessel and where the Vessel is actually or potentially liable to be arrested as a result and/or where the Borrower or the Approved
      Managers (or any of them) are/is actually or allegedly at fault or otherwise liable to any legal or administrative action;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Environmental
        Laws"</font> means all national, international and state laws, rules, regulations, treaties and conventions applicable to&#160; any Relevant Ship pertaining to the pollution or protection of human health or the environment including, without limitation,
      the carriage or Materials of Environmental Concern and actual or threatened emissions, spills, releases or discharges of Materials of Environmental Concern and actual or threatened emissions, spills, releases or discharges of Materials of
      Environmental Concern from any Relevant Ship (including, without limitation, the United States Oil Pollution Act of 1990 and any comparable laws of the individual States of the United States of America);</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Existing
        Indebtedness"</font> means, at any date, the part of the aggregate outstanding Financial Indebtedness owed by the Borrower, as borrower, on that date under the Existing Loan Agreement;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Existing
        Loan Agreement"</font><font style="font-weight: bold;">&#160;</font>means the loan agreement dated <font style="font-weight: bold;">27 September 2018</font>&#160;and made between, <font style="font-style: italic;">inter alia,</font>
      the Existing Lenders, as lenders, the Borrower, as borrower and Wilmington Trust as facility agent and security agent, in respect of a term loan facility of (initially) $24,000,000
      the outstanding amount of which as at the date hereof is $24,000,000, as amended and supplemented from time to time;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Existing
        Lenders"</font><font style="font-weight: bold;">&#160;</font>means the financial institutions listed in part B of schedule 1 of the Existing Loan Agreement, namely Blue Ocean Income Fund LP,
      Blue Ocean Onshore Fund LP, Blue Ocean Investment SPC One and Blue Ocean Investment Fund SPC Three ;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Existing
        Security"</font> means any Security Interests created to secure the Existing Indebtedness;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"EU
        Bail-In Legislation Schedule"</font> means the document described as such and published by the Loan Market Association (or any successor person) from time to time;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Event
        of Default"</font> means any event or circumstance set out in Clause 9 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Events</u></font><font style="font-style: italic;">) </font>or described as such in any of the Finance Documents;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Expenses"</font>
      means the aggregate at any relevant time (to the extent that the same have not been received or recovered by the Lender) of:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1eb50c1fb5204c2ab8f4ef6803f1b63f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>all losses, liabilities, costs, charges, expenses, damages and outgoings of whatever</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">7</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">nature, (including, without limitation, Taxes, repair costs, registration fees and insurance premiums, crew wages,
      repatriation expenses and seamen's pension fund dues) suffered, incurred, charged to or paid or committed to be paid by the Lender in connection with the exercise of the powers referred to in or granted by any of the Finance Documents or otherwise
      payable by the Borrower in accordance with the terms of any of the Finance Documents;</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zaf1a6ffa38df454a85688d80c33e241b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the expenses referred to in Clause 10.2 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Expenses</u></font><font style="font-style: italic;">)</font>; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1b9f083356d54d7193a8d15ad722a2b8" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>interest on all such losses, liabilities, costs, charges, expenses, damages and outgoings from, in the case of Expenses referred to in sub-paragraph (b) above, the date
              on which such Expenses were demanded by the Lender from the Borrower and in all other cases, the date on which the same were suffered, incurred or paid by the Lender until the date of receipt or recovery thereof (whether before or after
              judgement) at the Default Rate (as conclusively certified by the Lender but always absent manifest error);</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"FATCA"</font>
      means:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zce5ee53cfab84ac298eb47f23abda554" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>sections 1471 to 1474 of the US Internal Revenue Code of 1986 (the "<font style="font-weight: bold; font-style: italic;">Code</font>") or any associated regulations or other associated official guidance;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za5183aac1ddc44e5a01a89e8f54dea3f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>any treaty, law, regulation or other official guidance enacted in any other jurisdiction, or relating to an intergovernmental agreement between the US and any other jurisdiction, which (in either case) facilitates the implementation of
                paragraph (a) above; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zca3fe509af7c407b8f483ba544e23337" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>any agreement pursuant to the implementation of paragraphs (a) or (b) above with the US Internal Revenue Service, the US government or any governmental or taxation authority in any other jurisdiction;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"FATCA
        Deduction"</font> means a deduction or withholding from a payment under a Finance Document required by FATCA;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"FATCA
        Exempt Party"</font> means a party that is entitled to receive payments free from any
        FATCA Deduction;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Final
        Maturity Date"</font> means the fifth (5<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) anniversary of the Drawdown Date;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Finance
        Documents"</font> means this Agreement, the Security Documents, the Insurance Letter and any other document designated as such by the Lender and the Borrower;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Financial
        Indebtedness"</font> means, in relation to a person (the <font style="font-style: italic;">"</font><font style="font-weight: bold; font-style: italic;">debtor</font><font style="font-style: italic;">"</font>), a liability of the debtor:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z628797a53a8f4e30bf08a2ffb2672843" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>for principal, interest or any other sum payable in respect of any moneys borrowed or raised by the debtor;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze9bc13d824804de19488656b64f26f53" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>under any loan stock, bond, note or other security issued by the debtor;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z262fce2b9aa04380ab089e9b253fdd1f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>under any acceptance credit, guarantee or letter of credit facility made available to the debtor;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf5c49dc84a924caf93388a1e61d5182e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>under a financial lease, a deferred purchase consideration arrangement or any other</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">8</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">agreement having the commercial effect of a borrowing or raising of money by the debtor;</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd8bbad64444741378fe4bd524cc49e05" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>under any interest or currency swap or any other kind of derivative transaction entered into by the debtor or, if the agreement under which any such transaction is
              entered into requires netting of mutual liabilities, the liability of the debtor for the net amount; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zeaa3f493bccd45ab8091084b3f54d219" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>under a guarantee, indemnity or similar obligation entered into by the debtor in respect of a liability of another person which would fall within (a) to (e) if the
              references to the debtor referred to the other person;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Financial
        Year"</font><font style="font-weight: bold;">&#160;</font>means, in relation to the Borrower, each period of 1 year commencing on 1<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> January thereof in respect of which financial
      statements referred to in Clause 8.1(e) <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Financial
          statements</u></font><font style="font-style: italic;">) </font>are or ought to be prepared;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Flag
        State"</font><font style="font-weight: bold;">&#160;</font>means the Republic of Marshall Islands or such other state or territory proposed in writing by the Borrower to the Lender and
      approved by the Lender (such approval not to be unreasonably withheld, especially when requested for trading purposes), as being the Flag State of the Vessel for the purposes of the Finance Documents;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"GAAP"</font><font style="font-weight: bold;">&#160;</font>means generally accepted accounting principles in the United States of America;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"General
        Assignment"</font> means the first priority deed of assignment of the Earnings, Insurances and Requisition Compensation collateral to the Mortgage executed or (as the context may require) to be executed by the Borrower in favour of the Lender, in
      form and substance as the Lender may approve or require, as the same may from time to time be amended and/or supplemented;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Group"</font><font style="font-weight: bold;">&#160;</font>means, together, the Corporate Guarantor and its direct or indirect Subsidiaries (including the Borrower) from time to time during the Security Period
      and <font style="font-style: italic;">"</font><font style="font-weight: bold; font-style: italic;">Group Member</font><font style="font-style: italic;">"</font> means any member of the Group;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Government
        Entity"</font> means and includes (whether having a distinct legal personality or not) any national or local government authority, board, commission, department, division, organ, instrumentality, court or agency and any association, organisation or
      institution of which any of the foregoing is a member or to whose jurisdiction any of the foregoing is subject or in whose activities any of the foregoing is a participant;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Governmental
        Withholdings"</font><font style="font-weight: bold;">&#160;</font>means withholdings and any restrictions or conditions resulting in any charge whatsoever imposed, either now or hereafter,
      by any sovereign state or by any political sub-division or taxing authority of any sovereign state;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Insurance
        Letter"</font> means a letter from the Borrower in the form of Schedule 2 (<font style="font-style: italic;">Form of Insurance Letter</font>);</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Insurances"</font>
      means all policies and contracts of insurance (including, without limitation, all entries of the Vessel in a protection and indemnity, hull and machinery, war risks or other mutual insurance association) which are from time to time in place or taken
      out or entered into by or for the benefit of the Owner (whether in the sole name of the Owner or in the joint names of the Owner and the Lender, however without the Lender
        being liable for payment of premiums, contributions or calls) in respect of the Vessel and its earnings or otherwise howsoever in connection with the Vessel and all benefits of such policies and/or</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">9</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">contracts (including all claims of whatsoever nature and return of premiums);</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Interest
        Payment Date"</font> means in respect of the Loan or any part thereof in respect of which a separate Interest Period is fixed the last day of the relevant Interest Period and in case of any Interest Period longer than three (3) months the date(s)
      falling at successive three (3) monthly intervals during such longer Interest Period and the last day of such Interest Period, <u>provided, however, that</u> if any of the aforesaid dates falls on a day which is not a Banking Day the Borrower shall pay the accrued interest on the first Banking Day thereafter unless the result of
        such extension would be to carry such Interest Payment Date over into another calendar month in which event such Interest Payment Date shall be the immediately preceding Banking Day;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Interest
        Period"</font> means in relation to the Loan or any part thereof, each period for the calculation of interest in respect of the Loan or such part ascertained in accordance with Clauses 3.2 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Selection of Interest Period</u></font><font style="font-style: italic;">) </font>and 3.3&#160; <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Determination of Interest Periods</u></font><font style="font-style: italic;">)</font>;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"IFRS"</font>
      means international accounting standards within the meaning of the IAS Regulations 1606/2002 to the extent applicable to the relevant financial statements;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"ISM
        Code"</font> means in relation to its application to the Borrower, the Vessel, the Approved Managers and her operation:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf8ec06bb97a44627af094b61ecf74289" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="font-style: italic;">"The International Management Code for the Safe Operation of Ships and
                for Pollution Prevention"</font>, currently known or referred to as the <font style="font-style: italic;">"ISM Code"</font>, adopted by the Assembly of the International
              Maritime Organisation by Resolution A. 741(18) on 4<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> November, 1993 and incorporated on 19<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> May, 1994 into chapter IX of the International Convention for the Safety of Life at Sea 1974 (SOLAS 1974); and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z61c1a0f682404019b5a96c5729136360" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>all further resolutions, circulars, codes, guidelines, regulations and recommendations which are now or in the future issued by or on behalf of the International
              Maritime Organisation or any other entity with responsibility for implementing the ISM Code, including without limitation, the <font style="font-style: italic;">"Guidelines on
                implementation or administering of the International Safety Management (ISM) Code by Administrations"</font> produced by the International Maritime Organisation pursuant to Resolution A. 788(19) adopted on 25<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> November, 1995,</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">as the same may be amended, supplemented or replaced from time to time;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"ISM
        Code Documentation"</font> includes:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zccb7b910572a49e0ba7075d5a162efbb" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the DOC and SMC issued by the Classification Society in all respects acceptable to the Lender in its absolute discretion pursuant to the ISM Code in relation to the
              Vessel within the period specified by the ISM Code;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf5476c743f064daeafcf4de3aa72548f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>all other documents and data which are relevant to the ISM SMS and its implementation and verification which the Lender may require by request; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5a1361a4a8684313b41d6a86d338c1af" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>any other documents which are prepared or which are otherwise relevant to establish and maintain the Vessel's or the Borrower's compliance with the ISM Code which the
              Lender may require by request;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"ISM
        SMS"</font> means the safety management system which is required to be developed, implemented and maintained under the ISM Code;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">10</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"ISPS
        Code"</font> means the International Ship and Port Security Code of the International Maritime Organization and includes any amendments or extensions thereto and any regulation issued pursuant thereto;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"ISSC"</font>
      means an International Ship Security Certificate issued in respect of the Vessel pursuant to the ISPS Code;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Lending
        Office"</font> means the office of the Lender appearing at the beginning of this Agreement or any other office of the Lender designated by the Lender as the Lending Office by notice to the Borrower;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Lender"</font>
      means the Lender as specified in the beginning of this Agreement and includes its successors in title and transferees;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"LIBOR"</font>
      means, in relation to the Loan or any part of the Loan:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbd16e205a2564757901d5c6079c1f131" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the applicable Screen Rate<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#160;</sup>at or about 11.45 a.m. (London time) on&#160; the Quotation Day for Dollars and for a period equal in length to the Interest Period
              then applicable to the Loan or that part of the Loan; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z641796fb232143f2b005ecf6d2387276" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>as otherwise determined pursuant to Clause3.6(d) <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Negotiation of alternative rate of interest</u></font><font style="font-style: italic;">)</font>,</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">and if, in either case, that rate is less than zero, LIBOR shall be deemed to be zero;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Loan"</font>
      means the aggregate principal amount borrowed by the Borrower in respect of the Commitment or (as the context may require) the principal amount thereof owing to the Lender under this Agreement at any relevant time;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Major
        Casualty"</font> means any casualty to the Vessel in respect whereof the claim or the aggregate of the claims against all insurers, before adjustment for any relevant franchise or deductible, exceeds the Major Casualty Amount;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Major
        Casualty Amount"</font><font style="font-weight: bold;">&#160;</font>means Six hundred thousand Dollars
        ($600,000) or the equivalent in any other currency;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Management
        Agreement"</font><font style="font-weight: bold;">&#160;</font>in relation to the Vessel means the agreement made between the Borrower and the relevant Approved Manager providing <font style="font-style: italic;">(inter alia)</font> for that Approved Manager to manage the Vessel (together, the <font style="font-weight: bold; font-style: italic;">"Management Agreements"</font>);</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Margin"</font>
      means three point three five percent (3.35%) per annum;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Market
        Value"</font> means the market value of the Vessel as determined in accordance with Clause 8.5(b) <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Valuation of Vessel</u></font><font style="font-style: italic;">)</font>;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Material
        Adverse Change"</font> means any event or series of events which, in the opinion of the Lender, is likely to have a Material Adverse Effect;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Material
        Adverse Effect"</font> means a material, in the reasonable opinion of the Lender, adverse effect on:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6b12973ddc1a4062b6f5f0427dfb8e01" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the business, property, assets, liabilities, operations or financial condition (of the Borrower and/or any other Security Party taken as a whole;</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">11</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0d73575edec14758be7cb7ae8135aa0c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the ability of the Borrower and/or any other Security Party to (i) comply with or perform any of its obligations or (ii) discharge any of its liabilities, under any
              Finance Document as they fall due; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zabde3a235cf949c88f4fd892aa89b9bf" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the validity, legality or enforceability of any Finance Document or the rights and remedies of the Lender under any Finance Document;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">Provided that the Total Loss of the Vessel shall not be considered as an event having a Material Adverse Effect on (a), (b) or (c) hereinabove so long as the Borrower complies with Clause 4.3.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Material
        of Environmental Concern"</font> means and includes pollutants, contaminants, toxic substances, oil as defined in the United States Oil Pollution Act of 1990 and all
        hazardous substances as defined in the United States Comprehensive Environmental Response, Compensation and Liability Act 1988;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"MII"</font><font style="font-weight: bold;">&#160;</font>and<font style="font-weight: bold;">&#160;</font><font style="font-weight: bold; font-style: italic;">"MAPI"</font><font style="font-style: italic;">&#160;</font>have the meaning given in Clause 10.7 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>MII and MAPI costs</u></font><font style="font-style: italic;">)</font>;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"month"</font>
      means a period beginning in one calendar month and ending in the next calendar month on the day numerically corresponding to the day of the calendar month on which it started, <u>provided that</u> (i) if the period started on the last Banking Day in a calendar month or if there is no such numerically corresponding day, it
      shall end on the last Banking Day in such next calendar month and (ii) if such numerically corresponding day is not a Banking Day, the period shall end on the next following Banking Day in the same calendar month but if there is no such Banking Day
      it shall end on the preceding Banking Day and <font style="font-weight: bold; font-style: italic;">"months"</font> and <font style="font-weight: bold; font-style: italic;">"monthly"</font> shall be construed accordingly;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Mortgage"</font><font style="font-weight: bold;">&#160;</font>means the first preferred&#160; Marshall Islands ship mortgage on the Vessel to be executed by the Borrower in favour of the Lender in form and substance as the Lender may approve or require, as the same may from time to time be
      amended and/or supplemented;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Operating
        Account"</font> means the account opened or to be opened and maintained in the name of the Borrower with the Lending Office or with any other branch or office of the Lender or with such other bank as may be required by and at the discretion of the
      Lender pursuant to Clause 13.7 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Relocation of
          Operating Account</u></font><font style="font-style: italic;">) </font>and shall include any sub-accounts or call accounts (whether in Dollars or any other currency) opened under the
      same designation or any revised designation or number from time to time notified by the Lender to the Borrower, to which (inter alia) all Earnings of the Vessel and/or any other moneys are to be paid in accordance with the provisions of this
      Agreement and/or the General Assignment and/or any of the other Finance Documents;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Operating
        Expenses" </font>means the voyage and operating expenses of the Vessel, including, but not limited to, the expenses for operating, crewing, victualing, insuring, maintaining, repairing and generally trading the Vessel (and if applicable, voyage expenses), the expenses for spares, administration and management of the
      Vessel (inclusive of the management fees), the expenses for complying with requirements of the Classification Society and/or with any regulatory requirements as well as the reserves that the Borrower, acting reasonably, considers necessary for the
      commercial operation of the Vessel and the costs of intermediate and special surveys and dry docking<font style="font-weight: bold; font-style: italic;">&#160;</font>of the Vessel;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Operator"</font>
      means any person who is from time to time during the Security Period concerned in the operation of the Vessel and falls within the definition of <font style="font-style: italic;">"Company"</font>
      set out in rule 1.1.2. of the ISM Code;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">12</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Outstanding
        Indebtedness"</font>&#160;means the aggregate of (a) the Loan and interest accrued and accruing thereon, (b) the Expenses,&#160;(c) all other sums of
      any nature (together with all interest on any of those sums) which from time to time may be payable by the Borrower to the Lender pursuant to the Finance Documents,
      whether actually or contingently,&#160;(d) any damages payable as a result of any
      breach by the Borrower of any of the Finance Documents and (e) any damages or other sums payable as a result of any of the obligations of the Borrower under or
      pursuant to any of the Finance Documents being disclaimed by a liquidator or any other person, or, where the context permits, the amount thereof for the time being outstanding;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Owner"</font>
      means the Borrower;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Party"</font>
      means a party to this Agreement, and <font style="font-weight: bold; font-style: italic;">"Parties"</font> means any or all of them, as the context may require;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">"</font><font style="font-weight: bold; font-style: italic;">Permitted</font><font style="font-style: italic;">&#160;</font><font style="font-weight: bold; font-style: italic;">Financial</font><font style="font-style: italic;">&#160;</font><font style="font-weight: bold; font-style: italic;">Indebtedness</font>" means:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf6adc6324a694c5fa396584f1d2d9ee2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>any Financial Indebtedness incurred under the Finance Documents;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z327f5da4eaae4efebf5f43fea5ebfc02" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>any shareholders' loans, including any loans made by the Corporate Guarantor, which are unsecured and fully subordinated to all Financial Indebtedness incurred under
              the Finance Documents in writing pursuant to a subordination agreement acceptable to the Lender ;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zdec96d2318b241098e9b2b7068186e5f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>any Financial Indebtedness owing to an Approved Manager, subject to the Borrower ensuring on or prior to incurring such Financial Indebtedness, that the rights of the
              relevant creditor thereunder are fully subordinated to the rights of the Lender hereunder in writing pursuant to a subordination agreement acceptable to the Lender; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6fac72295558434882551118ee8df008" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>any Financial Indebtedness incurred in the ordinary course of owning, operating, maintaining, repairing and trading the Vessel or for the purposes of complying with
              requirements of the Classification Society and/or with any regulatory requirements.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Permitted
        Security Interests"</font>&#160;means:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z78bee6987805427a9a519aae5c4f0766" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Security Interests created by the Finance Documents;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb22416453acb48abbf7abb7459935119" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>until the Drawdown Date, the Existing Security;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9dbc70441c474df082386a545961078a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>liens for unpaid master's and crew's wages in accordance with usual maritime practice;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zcc13e7f8265b461ba95cdb64a8d0e5b2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>liens for salvage;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za82e1dbedfbc414eabfef13e59412e95" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>liens arising by operation of law for not more than one month's prepaid hire under any charter in relation to the Vessel not prohibited by this Agreement;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd0f3095d0ecc44d4b66ca5ed533e9fd1" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>liens for master's disbursements incurred in the ordinary course of trading and any other lien arising by operation of law or otherwise in the ordinary course of the
              operation, repair or maintenance of the Vessel, provided such liens do not secure amounts more than 90 days overdue (unless the overdue amount is being contested by the Borrower in good faith by appropriate steps) and, in the case of liens
              for repair or maintenance, in the Vessel is put in the possession of any person for the</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">13</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">purpose of work being done upon her in an amount exceeding or likely to exceed the Major Casualty Amount <u>provided that</u> (i) either that person has first given to the Lender(s) and in terms satisfactory to it a written undertaking not to exercise any lien on the Vessel
      or her earnings for the cost of such work or (ii) the previous consent of the Lender shall have been obtained (which consent shall not be unreasonably withheld);</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z726cd2413563489ab5c65ac58a10365a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(g)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>any Security Interest created in favour of a plaintiff or defendant in any proceedings or arbitration as security for costs and expenses while the Borrower is actively
              prosecuting or defending such proceedings or arbitration in good faith; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z038cbc900fdc447aa63d779dd3906045" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(h)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Security Interests arising by operation of law in respect of taxes which are not overdue for payment or in respect of taxes being contested in good faith by appropriate
              steps and in respect of which appropriate reserves have been made;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Pledged
        Deposit"</font><font style="font-style: italic;">&#160;</font>has the meaning ascribed thereto in Clause 8.1(j) <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Pledged Deposit</u></font></div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Quotation
        Day"</font><font style="font-weight: bold;">&#160;</font>means, in respect of any Interest Period in respect of which an interest rate is to be determined, the date falling two (2) Banking
      Days before the first day of that Interest Period unless market practice differs in the London interbank market, in which case the Quotation Day will be determined by the Lender in accordance with market practice in the London interbank market (and
      if quotations would normally be given by leading banks in the London interbank market on more than one day, the Quotation Day will be the last of those days);</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Registry"</font>
      means the offices of such registrar, commissioner or representative of the Flag State who is duly authorised to register the Vessel, the Borrower's title to the
      Vessel and the Mortgage over the Vessel under the laws and flag of the Flag State;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Regulatory
        Agency"</font> means the Government Entity or other organization in the relevant Flag State which has been designated by the government of the relevant Flag State to implement and/or administer and/or enforce the provisions of the ISM Code;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Related
        Company"</font><font style="font-weight: bold;">&#160;</font>means any company or other entity which is an
        Affiliate of the Borrower and <font style="font-weight: bold; font-style: italic;">"Related Companies" </font>means any or all of them, as the context may require;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Relevant
        Jurisdiction"</font> means any jurisdiction in which or where any Security Party is incorporated, resident, domiciled, has a permanent establishment, carries on,
      or has a place of business or is otherwise effectively connected;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Relevant
        Nominating Body" </font>means any applicable central bank, regulator or other supervisory authority or a group of them, or any working group or committee sponsored or chaired by, or constituted at the request of, any of them or the Financial
      Stability Board;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Relevant
        Party"</font><font style="font-weight: bold;">&#160;</font>means the Borrower and each of the Borrower's
      Related Companies, and <font style="font-weight: bold; font-style: italic;">"Relevant Parties" </font>means
      any or all of them, as the context may require;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Relevant
        Ship"</font><font style="font-weight: bold;">&#160;</font>means the Vessel and any other vessel from time
      to time (whether before or after the date of this Agreement) owned, managed or crewed by, or chartered to, any Relevant Party, and <font style="font-weight: bold; font-style: italic;">"Relevant Ships" </font>means any or all of them, as the context may require;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Repayment
        Date"</font> means each of the dates specified in Clause 4.1 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Repayment</u></font><font style="font-style: italic;">) </font>on which the Repayment Instalments shall be payable by the Borrower to the Lender (together, the</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">14</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Repayment
        Dates"</font>);</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Repayment
        Instalment"</font> means each instalment of the Loan which becomes due for repayment by the Borrower to the Lender on a Repayment Date pursuant to Clause 4.1 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Repayment</u></font><font style="font-style: italic;">) </font>(together, the <font style="font-weight: bold; font-style: italic;">"Repayment Instalments"</font>);</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Replacement
        Benchmark"</font> means a benchmark rate which is:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb1f6ea1d181b4e2fa353aec01284f211" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>formally designated, nominated or recommended as the replacement for a Screen Rate
              by:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc443c88a173049c5be528ed43ffa7f0c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the administrator of that Screen Rate (provided that the market or economic reality that such benchmark rate measures is the same as that measured by that Screen Rate);
              or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9afbeced74d3433a911b35a6062e4023" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>any Relevant Nominating Body,</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 6pt;">&#160;and if replacements have, at the relevant time, been formally designated, nominated or recommended under both
      paragraphs, the <font style="font-style: italic;">"Replacement Benchmark"</font> will be the replacement under paragraph (ii) above;</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc7f6352660a0463c903d431bf9687b3f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>in the opinion of the Lender and the Borrower, generally accepted in the international loan markets as the appropriate successor to a Screen Rate; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze13bad7579f3438cb3976bf7f10ad4d2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>in the opinion of the Lender and the Borrower, an appropriate successor to a Screen Rate<font style="font-style: italic;">;</font></div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Requisition
        Compensation"</font> means all sums of money or other compensation from time to time payable during the Security Period by reason of Compulsory Acquisition of the
      Vessel otherwise than by requisition for hire;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Resolution
        Authority"</font> means any body which has authority to exercise any Write-down and Conversion Powers;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Sanctions"</font>
      means any economic, financial or trade sanctions laws, regulations, embargoes or other restrictive measures adopted, administered, enacted or enforced by any Sanctions Authority, or otherwise imposed by any law or regulation compliance with which is
      reasonable in the ordinary course of business of the Borrower, any other Security Party and the Lender or to which the Borrower, any other Security Party and the Lender are subject (which shall include without limitation, any extra-territorial
      sanctions imposed by law or regulation of the United States of America);</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Sanctions
        Authority"</font> means:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7f116138edc64f9999b5fdd2724011fe" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the government of the United States of America;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z82982db85e0547a7ab52435b4064da51" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the United Nations;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zccf1829d30194018b693bec18adb3026" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the European Union (or the governments of any of its member states);</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9c13eea9320c4717a9de644fc546cad7" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the United Kingdom; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z704b19978a494608a3a468c4f9a71731" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the respective governmental institutions and agencies of any of the foregoing including the Office of Foreign Assets Control of the U.S. Department of the</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">15</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">&#160;Treasury (<font style="font-weight: bold; font-style: italic;">"OFAC"</font>), the United States Department of State, the United States Department of Commerce and Her Majesty's Treasury;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Sanctions
        Restricted Jurisdiction"</font> means any country or territory which is the subject of country-wide or territory-wide Sanctions, including as at the date of this Agreement, Iran, Sudan, Syria, Crimea, North Korea, Venezuela and Cuba.</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Sanctions
        Restricted Person"</font> means a person or vessel:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3d03eb27aaac4dcaafe7304d19d08a35" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>that is, or is directly or indirectly, owned or controlled (as such terms are defined by the relevant Sanctions Authority) by, or acting on behalf of, one or more
              persons or entities on any list (each as amended, supplemented or substituted from time to time) of restricted entities, persons or organisations (or
              equivalent) published by a Sanctions Authority;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2ec8a97d7f234bae839497269779f884" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>that is located or resident in or incorporated under the laws of, or owned or controlled by, a person located or resident in or incorporated under the laws of a Sanctions Restricted Jurisdiction; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z08efbba497184155b7e02cd8050437e2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>that is otherwise the subject of Sanctions;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Screen</font><font style="font-style: italic;">&#160;</font><font style="font-weight: bold; font-style: italic;">Rate"</font> means the London
      interbank offered rate administered by ICE Benchmark Administration Limited (or any other person which takes over the administration of that rate) for Dollars for the relevant period displayed (before any correction, recalculation or republication by the administrator) on page LIBOR01 or LIBOR02 of the Thomson Reuters screen (or any replacement Thomson Reuters page which displays that rate) or on the
      appropriate page of such other information service which publishes that rate from time to time in place of Thomson Reuters. If such page or service ceases to be available, the Lender may specify another page or service displaying the relevant rate
      after consultation with the Borrower;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Screen
        Rate Replacement Event"</font>&#160;means, in relation to a Screen Rate:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zed6bad4348d34bc4a815b6018efa4f17" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the methodology, formula or other means of determining that Screen Rate has, in the opinion of the Lender and the Borrower, materially changed;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze07f70489bd84dc499a522cdf22f87c7" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>(i)</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z10b16736438244f4b819bdfd2ddc7bcd" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 108pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(A)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the administrator of that Screen Rate or its supervisor publicly announces that such administrator is insolvent; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z70d7c5f7992541178ef2c36bb9c739dd" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 108pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(B)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>information is published in any order, decree, notice, petition or filing, however described, or filed with a court, tribunal, exchange, regulatory authority or similar
              administrative, regulatory or judicial body which reasonably confirms that the administrator of that Screen Rate is insolvent,</div>
          </td>
        </tr>

    </table>
    <div style="margin: 0px 0px 12pt 144pt; text-align: justify; text-indent: 0pt;">&#160;<u>provided that</u>,
      in each case, at that time, there is no successor administrator to continue to provide that Screen Rate;</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8bbaceb230184eeeb508f89d9282112b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the administrator of that Screen Rate publicly announces that it has ceased or will cease, to provide that Screen Rate permanently or indefinitely and, at that time, there is no successor administrator to continue to provide that Screen Rate;</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">16</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z877250c5607b49c2a2ff4ed02a48c51d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the supervisor of the administrator of that Screen Rate publicly announces that such
              Screen Rate has been or will be permanently or indefinitely discontinued; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze1e4b334a4d14022b36a28263d2d568e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(iv)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the administrator of that Screen Rate or its supervisor announces that that Screen Rate
              may no longer be used; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7d17411c5dd843eea0a4b68357097c0d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(v)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>in the opinion of the Lender and the Borrower, that Screen Rate is otherwise no
              longer appropriate for the purposes of calculating interest under this Agreement;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Security
        Documents"</font> means:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8bb586de27f44c86825eb4f3e9724fc4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the Account Pledge Agreement;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3fc3df4799b24a84bc40970307df33e2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the Approved Manager's Undertakings;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zcbfc59b0fe8f4947ad37dc654227a7c7" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the General Assignment;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zac81155e8cd0497d922b37989826154a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the Mortgage;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb9a43139b2fa47ef9a0a78924d626a60" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the Charterparty Assignment in respect of any Assignable Charterparty;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2282ea4b637e40a5a0971d67948ec37d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the Corporate Guarantee; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zefdbf820d016433cbafcc60159cb473b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(g)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>any other document (whether creating a Security Interest or not) which is executed at any time by the Borrower or the other Security Parties or any other person as
              security for, or to establish any form of subordination or priorities arrangement in relation to, the whole or any part of the Outstanding Indebtedness and/or any and all other obligations of the Borrower pursuant to this Agreement and other
              moneys from time to time owing or payable under or in connection with this Agreement to the Lender or any of the documents referred to in this definition as each such document may from time to time be amended and/or supplemented, and
              "Security Document" means any of them as the context may require;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Security
        Party"</font> means each of the Borrower, the Corporate Guarantor, the Approved Commercial Manager and any other person (except the Lender, any charterer and any Approved Technical Manager) who, as a surety or mortgagor, as a party to any
      subordination or priorities arrangement, or in any similar capacity, executes a document falling within the last paragraph of the definition of <font style="font-style: italic;">"Finance
        Documents"</font>, and <font style="font-weight: bold; font-style: italic;">"Security Parties"</font> means any or all of them, as the context may require;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Security
        Period"</font> means the period commencing on the Drawdown Date and ending on the date on which the Lender notifies the Borrower and the other Security Parties
      that:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z10581cb171e84be48c74264fdfa166f8" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>all amounts which have become due for payment by the Borrower or any other Security Party under the Finance Documents have been paid;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd6086be9a65c49ae8b186c6d8bd5b86c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>no amount is owing or has accrued (without yet having become due for payment) under any Finance Document; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z18e0cbd6ce79445a908673ccd0dc53af" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>neither the Borrower nor any other Security Party has any future or contingent liability under Clauses 11 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Indemnities- Expenses-Fees</u></font><font style="font-style: italic;">) </font>or<font style="font-style: italic;">&#160;</font>5 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Payments, Taxes, Loan Account and Computation</u></font><font style="font-style: italic;">) </font>or any other provision of this Agreement or another Finance Document;</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">17</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Security
        Requirement"</font><font style="font-weight: bold;">&#160;</font>means the amount in Dollars (as certified by the Lender whose certificate shall, in the absence of manifest error, be
      conclusively binding on the Borrower) which is at any relevant time equal to the Security Requirement Ratio;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Security
        Requirement Ratio"</font><font style="font-weight: bold;">&#160;</font>means one hundred and twenty five (125%) of the Loan outstanding at the relevant time;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Security
        Value"</font><font style="font-weight: bold;">&#160;</font>means the amount in Dollars (as certified by the Lender whose certificate shall, in the absence of manifest error, be conclusive
      and binding on the Borrower) which, at any relevant time is the aggregate of (i) the Market Value of the Vessel as most recently determined in accordance with Clause 8.5(b) <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Valuation of Vessel</u></font><font style="font-style: italic;">)</font> and (ii) the market value of any additional security provided under Clause 8.5(a) <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Security shortfall-Additional security</u></font><font style="font-style: italic;">) </font>and accepted by the Lender (if any)
      and (iii) the amount of the Pledged Deposit referred to in Clause 8.1(j) <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Pledged Deposit</u></font><font style="font-style: italic;">)</font> standing<font style="font-style: italic;">&#160;</font>to the credit of the Operating Account at the relevant time;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"SMC"</font>
      means a safety management certificate issued in respect of the Vessel in accordance with rule 13 of the ISM Code;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Subsidiary"</font>
      of a person means any company or entity directly or indirectly controlled by such person;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Taxes"</font>
      includes all present and future taxes, levies, imposts, duties, fees or charges of whatever nature together with interest thereon and penalties in respect thereof (except taxes concerning the Lender and/or imposed on the overall net income of the
      Lender) and <font style="font-weight: bold; font-style: italic;">"Taxation"</font> shall be construed accordingly;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Total
        Loss"</font><font style="font-weight: bold;">&#160;</font>means:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z464fc928620446febb648e36797a359c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>actual, constructive, compromised or arranged total loss of the Vessel; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zab18348ce77147c7869dffdc0cbaffa6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman',Times,serif;">the Compulsory Acquisition of the Vessel; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z56dc48ed816f473890f7f4b258a3a11f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-family: 'Times New Roman',Times,serif;">any condemnation of the Vessel by any tribunal or by any person or persons claiming to be a tribunal,
              or capture, seizure, confiscation, arrest or detention of the Vessel (other than where the same amounts to the Compulsory Acquisition of the Vessel) by any Government Entity, or by persons acting on behalf of any Government Entity or
              otherwise, unless it is within one hundred and twenty (120) days from the date of such occurrence released and restored to the full control of the Borrower; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z462977dad5ef46acbad16d5eafdda9a4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>any arrest, capture, seizure, confiscation or detention of the Vessel (including any hijacking or theft or piracy or related incident) unless it is within one
                hundred and eighty (180) days from the date of such occurrence redelivered to the full control of the Borrower;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Total
        Loss Date"</font>&#160;means, in relation to the Vessel:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2c43404977184c6ebf0a1c91add2b584" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>in the case of an actual loss of the Vessel, the date on which it occurred or, if that is unknown, the date when the Vessel was last heard of;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z60cdba6f78524f83892fe81bb3c8efb3" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>in the case of a constructive, compromised, agreed or arranged total loss of the Vessel, the earliest of:</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">18</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5951b0105a1e4b4eb6536a28833baaae" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the date on which a notice of abandonment is given to the insurers; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z058c959a04984a028c40c072be9b4b6e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the date of any compromise, arrangement or agreement made by or on behalf of the Owner of the
                Vessel with the Vessel's insurers in which the insurers agree to treat the Vessel as a total loss;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z15be068903b34119b8436d0f03ba4066" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>in the case of the Compulsory Acquisition of the Vessel, on the date upon which the
                relevant requisition of title or other compulsory acquisition occurs;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb6e4520580274ae7b2218b8fa6e959ab" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>in the case of, condemnation, capture, seizure, confiscation, arrest, or detention of such Vessel (other than where the same amounts to Compulsory Acquisition of such
              Vessel) by any Government Entity, or by persons acting on behalf of any Government Entity, which deprives its Owner of the use of such Vessel for more than one hundred twenty (120) days, upon the expiry of the period of one hundred twenty
              (120) days after the date upon which the relevant, condemnation, capture, seizure or confiscation, arrest or detention occurred; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zef3125386d3748d89e8ebb7749051b64" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>in the case of hijacking, capture, seizure or confiscation of a Vessel arising as a result of a piracy or related incident upon the expiry of the period of one hundred
              eighty (180) days after the occurrence thereof;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"UK
        Bail-In Legislation" </font>means (to the extent that the United Kingdom is not an EEA Member Country which has implemented, or implements, Article 55 BRRD) Part 1 of the
        United Kingdom Banking Act 2009 and any other law or regulation applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment
        firms or other financial institutes or their Affiliates (otherwise than through liquidation, administration or other insolvency proceedings);</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"US"</font>
      means the United States of America;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"US
        Tax Obligor"</font> means:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zaaa20ea30fd94c9392ed3aba9a8dd2e0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the Borrower, if it is resident for tax purposes in the United States of America;
              or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd37e16a9ff9240f8807e4abb22556af0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>a Security Party some or all of whose payments under the Finance Documents are from sources within the United States for US Federal income tax purposes;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Vessel"</font> means the oil tanker motor vessel "<font style="font-weight: bold;">PYXIS EPSILON</font>"<font style="font-weight: bold;">&#160;</font>of approximately <font style="font-weight: bold;">29,730</font> gt and <font style="font-weight: bold;">13,823</font> nt, IMO No. <font style="font-weight: bold;">9708760</font> built in 2015 in Korea by SPP Shipbuilding Co., Ltd., of Korea registered under the laws and flag of the Flag State in the ownership of the Borrower with Official No. <font style="font-weight: bold;">9023</font>, together with all her boats, engines, machinery tackle outfit spare gear fuel consumable and other stores belongings and appurtenances whether on board or ashore and whether now owned or hereafter acquired and all the additions,
      improvements and replacements in or on the above described vessel;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Wilmington
        Trust" </font>means Wilmington Trust, National Association of 50 South Sixth Street, Suite 1290, Minneapolis, MN 55402, United States of America;&#160; and</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Write-down
        and Conversion Powers"</font> means:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z099f4c8ff1cd4ded8053067fd14edbb2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time, the powers described as such in relation to that Bail-In Legislation in the EU Bail-In Legislation Schedule; and</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">19</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z21cb8047b7f740619494fe959e53f5a0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>in relation to any other applicable Bail-In Legislation:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbd4477d1687049989bd9601d753078cc" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>any powers under that Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or other financial institution or
              Affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if
              a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z41136cc6621a44c29e2ac716c1c4c0cb" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>any similar or analogous powers under that Bail-In Legislation; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z87339beaaa0c4cc4843907335a0c83be" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>in relation to any UK Bail-In Legislation:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze58bc1aacab4425089a4e1a0d0be1ee3" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>any powers under that UK Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or other financial institution or
              Affiliate of a bank, investment firm or other financial institution, to cancel, reduce, modify or change the form of a liability of such a person or any
              contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as
              if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that UK Bail-In Legislation that are related to or ancillary to any of those powers; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb44fbcfdb2194c06b9ed59d96818bbcd" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>any similar or analogous powers under that UK Bail-In Legislation.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z508d3450acf447e9b2c1bbe6b4fcd2f6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">1.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Interpretation</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">In this Agreement:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze118afcf470845a8b894b0ce7f39a82f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Clause headings and the table of contents are inserted for convenience of reference only and in interpreting a Finance Document or any provision of a Finance Document,
              all Clause, sub-Clause and other headings in that and any other Finance Document shall be entirely disregarded;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z94425a92f21c4d349e3db113283c36f9" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>subject to any specific provision of this Agreement or of any assignment and/or participation or syndication agreement of any nature whatsoever, reference to each of
              the parties hereto and to the other Finance Documents shall be deemed to be reference to and/or to include, as appropriate, their respective successors and permitted assigns;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zabd4b38657604e838df5837713956f0e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>where the context so admits, words in the singular include the plural and vice versa;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z259624e07efc4c229c7952d2b9316454" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the words <font style="font-style: italic;">"including"</font> and <font style="font-style: italic;">"in particular"</font> shall not be construed as limiting the generality of any foregoing words;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf6564fb48bbb4b0b9c1073a207201910" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>references to (or to any specified provisions of) a Finance Document or any other agreement or instrument is a reference to that Finance Document or other</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">20</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">&#160;agreement or instrument as it may from time to time be amended, restated, novated or replaced, however
      fundamentally, whether before the date of this Agreement or otherwise;</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zec18b8ab53e14478a7668aa768b78878" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>references to Clauses and Schedules are to be construed as references to the Clauses of, and the Schedules to, the relevant Finance Document and references to a Finance
              Document include all the terms of that Finance Document and any Schedules, Annexes or Appendices thereto, which form an integral part of same;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z857152a14c224ea2b0486d1a7f29f39e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(g)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>references to the opinion of the Lender or a determination or acceptance by the Lender or to documents, acts, or persons acceptable or satisfactory to the Lender or the
              like shall be construed as reference to opinion, determination, acceptance or satisfaction of the Lender at the sole discretion of the Lender and such opinion, determination, acceptance or satisfaction of the Lender shall be conclusive and
              binding on the Borrower;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze3b1ffa794d34e8f850f1542f15aeb94" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(h)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>references to a <font style="font-style: italic;">"</font><font style="font-weight: bold; font-style: italic;">regulation</font><font style="font-style: italic;">"</font> include any present or future regulation,
              rule, directive, requirement, request or guideline (whether or not having the force of law) of any of any governmental or intergovernmental body, agency, authority, central bank or government department or any self-regulatory or other
              national or supra-national authority or organisation and includes (without limitation) any Basel II Regulation or Basel III Regulation;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za347a677cce34c64a44a2b5301fe6596" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>references to any person include such person's assignees and successors in title; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z21b271117e02447b997b93f524b77ab9" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(j)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>references to or to a provision of, any law include any amendment, extension, re-enactment or replacement, whether made before the date of this Agreement or otherwise;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc8813d816311424ca404ddd18485ff7c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">1.4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Construction of certain terms</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">In this Agreement:</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">"</font><font style="font-weight: bold; font-style: italic;">asset</font><font style="font-style: italic;">"</font> includes every kind
      of property, asset, interest or right, including any present, future or contingent right to any revenues or other payment;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">"</font><font style="font-weight: bold; font-style: italic;">company</font><font style="font-style: italic;">"</font> includes any
      partnership, joint venture and unincorporated association;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">"</font><font style="font-weight: bold; font-style: italic;">consent</font><font style="font-style: italic;">"</font> includes an
      authorisation, consent, approval, resolution, licence, exemption, filing, registration, notarisation and legalisation;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">"</font><font style="font-weight: bold; font-style: italic;">continuing</font><font style="font-style: italic;">"</font>, in relation to
      any Default or any Event of Default, means that the Default or the Event of Default has not been remedied or waived;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">"</font><font style="font-weight: bold; font-style: italic;">contingent liability</font><font style="font-style: italic;">"</font> means
      a liability which is not certain to arise and/or the amount of which remains unascertained;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"control"</font>
      of an entity means:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8f8feb2efcbb4fd8b865d79d5fc0866a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the power (whether by way of ownership of shares, proxy, contract, agency or otherwise) to:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc2e0bbac225b49c28d73e32b75434d69" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>cast, or control the casting of, more than 50 per cent of the maximum number of votes that might be cast at a general meeting of that entity; or</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">21</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1cbd68fade564501b17f223cb4b75e9f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>appoint or remove all, or the majority, of the directors or other equivalent
              officers of that entity; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z18b63c48b7db448cba439ead2631501d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>give directions with respect to the operating and financial policies of that entity
              with which the directors or other equivalent officers of that entity are obliged to comply; and/or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbb4c3c45eb44415d8aec18a6b612830a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the holding beneficially of more than 50 per cent of the issued share capital of that entity (excluding any part of that issued share capital that carries no right to
              participate beyond a specified amount in a distribution of either profits or capital) (and, for this purpose, any Security Interest over share capital shall be disregarded in determining the beneficial ownership of such share capital);</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">&#160;and <font style="font-weight: bold;">controlled</font>
      shall be construed accordingly;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">"</font><font style="font-weight: bold; font-style: italic;">document</font><font style="font-style: italic;">"</font> includes a deed;
      also a letter or fax;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"guarantee"</font>
      means any guarantee, letter of credit, bond, indemnity or similar assurance against loss, or any obligation, direct or indirect, actual or contingent, to purchase or assume any indebtedness of any person or to make an investment in or loan to any
      person or to purchase assets of any person where, in each case, such obligation is assumed in order to maintain or assist the ability of such person to meet its indebtedness and <font style="font-style: italic;">"</font><font style="font-weight: bold; font-style: italic;">guaranteed</font><font style="font-style: italic;">"</font> shall be construed accordingly;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">"</font><font style="font-weight: bold; font-style: italic;">law</font><font style="font-style: italic;">"</font> includes any form of
      delegated legislation, any order or decree, any treaty or international convention and any regulation or resolution of the Council of the European Union, the European Commission, the United Nations or its Security Council;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">"</font><font style="font-weight: bold; font-style: italic;">liability</font><font style="font-style: italic;">"</font> includes every
      kind of debt or liability (present or future, certain or contingent), whether incurred as principal or surety or otherwise;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">"</font><font style="font-weight: bold; font-style: italic;">person</font><font style="font-style: italic;">"</font> includes any
      individual, firm, company, corporation, unincorporated body of persons or any state, political sub-division or any agency thereof and local or municipal authority and any international organisation;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">"</font><font style="font-weight: bold; font-style: italic;">policy</font><font style="font-style: italic;">"</font>, in relation to any
      insurance, includes a slip, cover note, certificate of entry or other document evidencing the contract of insurance or its terms;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">"</font><font style="font-weight: bold; font-style: italic;">regulation</font><font style="font-style: italic;">"</font> includes any
      regulation, rule, official directive, request or guideline whether or not having the force of law of any governmental, intergovernmental or supranational body, agency, department or regulatory, self&#8209;regulatory or other authority or organisation;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">"</font><font style="font-weight: bold; font-style: italic;">right</font><font style="font-style: italic;">"</font> means any right,
      privilege, power or remedy, any proprietary interest in any asset and any other interest or remedy of any kind, whether actual or contingent, present or future, arising under contract or law, or in equity;</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">"</font><font style="font-weight: bold; font-style: italic;">successor</font><font style="font-style: italic;">"</font> includes any
      person who is entitled (by assignment, novation, merger or otherwise) to any other person's rights under this Agreement or any other Finance Document (or any interest in those rights) or who, as administrator, liquidator or otherwise, is entitled to
      exercise those rights; and in particular references to a successor include a person to whom those rights (or any interest in those rights) are transferred or pass as a result of a merger, division, reconstruction or other reorganisation of it or any
      other person;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">22</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"tax"</font>
      includes any present or future tax, duty, impost, levy or charge of any kind which is imposed by any state, any political sub-division of a state or any local or municipal authority (including any such imposed in connection with exchange controls),
      and any connected penalty, interest or fine; and</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><font style="font-style: italic;">"</font><font style="font-weight: bold; font-style: italic;">liquidation</font><font style="font-style: italic;">", "</font><font style="font-weight: bold; font-style: italic;">winding up</font><font style="font-style: italic;">", "</font><font style="font-weight: bold; font-style: italic;">dissolution</font><font style="font-style: italic;">"</font>, or <font style="font-style: italic;">"</font><font style="font-weight: bold; font-style: italic;">administration</font><font style="font-style: italic;">"</font> of person or (ii) a <font style="font-style: italic;">"</font><font style="font-weight: bold; font-style: italic;">receiver</font><font style="font-style: italic;">"</font> or <font style="font-style: italic;">"</font><font style="font-weight: bold; font-style: italic;">administrative receiver</font><font style="font-style: italic;">"</font> or <font style="font-style: italic;">"</font><font style="font-weight: bold; font-style: italic;">administrator</font><font style="font-style: italic;">"</font> in the context of insolvency
      proceedings or security enforcement actions in respect of a person shall be construed so as to include any equivalent or analogous proceedings or any equivalent and analogous person or appointee (respectively) under the law of the jurisdiction in
      which such person is established or incorporated or any jurisdiction in which such person carries on business including (in respect of proceedings) the seeking or occurrences of liquidation, winding-up, reorganisation, dissolution, administration,
      arrangement, adjustment, protection or relief of debtors.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z03312b24c4554767a7d3fc01ae2a7141" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">1.5</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Same meaning</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">Unless a contrary indication appears, a term used in any other Finance Document or in any notice given under or in
      connection with any Finance Document has the same meaning in that Finance Document or notice as in this Agreement.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8d27b7ac073944dfae9621fa2f1987bc" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">1.6</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Inconsistency</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">Unless a contrary indication appears, in the event of any inconsistency between the terms of this Agreement and the
      terms of any other Finance Document when dealing with the same or similar subject matter (other than as relates to the creation and/or perfection of security) are subject to the terms of this Agreement and, in the event of any conflict between any
      provision of this Agreement and any provision of any Finance Document (other than in relation to the creation and/or perfection of security) the provisions of this Agreement shall prevail.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8273c9aeecdb42a7a18097b3e964a8c0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">1.7</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Finance Documents</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">Where any other Finance Document provides that Clause 1.3 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Interpretation</u></font><font style="font-style: italic;">) </font>and Clause 1.4 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Construction of certain terms</u></font><font style="font-style: italic;">)</font>, shall apply to that Finance Document, any other provision of this Agreement which, by its
      terms, purports to apply to all or any of the Finance Documents and/or any Security Party shall apply to that Finance Document as if set out in it but with all necessary changes.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 9pt;" class="DSPFListTable" id="z7d96747d115f40f4aedb1ef64858c605" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;"><u>2.</u></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;"><u>THE LOAN</u></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb4243ecef8f34772bbf938338af0635f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">2.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Commitment to Lend</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The Lender, relying upon (inter alia) each of the representations and warranties set forth in Clause 6 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Representations and warranties</u></font><font style="font-style: italic;">) </font>and in each of the Security Documents, agrees to lend to the Borrower in one (1) Advance and upon and subject to the terms of this Agreement, the
      amount specified in Clause 1.1 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Amount and
          Purpose</u></font><font style="font-style: italic;">) </font>and the Borrower shall apply all amounts borrowed under the Commitment in accordance with Clause 1.1 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Amount and Purpose</u></font><font style="font-style: italic;">)</font>.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zcaef0990e6754b97b984787826c12c12" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">2.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Drawdown Notice and Commitment to Borrow</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">Subject to the terms and conditions of this Agreement, the Commitment shall be advanced</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">23</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">to the Borrower following receipt by the Lender from the Borrower of a Drawdown Notice not later than 10:00 a.m.
      (London time) on the second Banking Day before the date on which the drawdown is intended to be made or such shorter period as the Lender may agree.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3c4b6c8164474d819309ed8c2f6327d4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">2.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Drawdown Notice irrevocable</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">A Drawdown Notice must be signed by a director or a duly authorised attorney-in-fact of the Borrower and shall be
      effective on actual receipt thereof by the Lender and, once served, it, subject as provided in Clause 3.6 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Market disruption &#8211; Non Availability</u></font><font style="font-style: italic;">)</font>, cannot be revoked
      without the prior consent of the Lender.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze35fd320201f48ea8f2256ba80fc7cae" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">2.4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Number of Advances Agreed</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The Commitment shall be advanced to the Borrower in one (1) Advance and any amount undrawn under the Commitment
      shall be cancelled and may not be borrowed by the Borrower at a later date.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z366c778b3da04673950156265e185e99" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">2.5</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Disbursement</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">Upon receipt of the Drawdown Notice complying with the terms of this Agreement the Lender shall, subject to the
      provisions of Clause 7&#160; <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Conditions precedent</u></font><font style="font-style: italic;">)</font>, on the date specified in the Drawdown Notice, make the Commitment available to the Borrower, and payment to the Borrower shall be made to the
      account which the Borrower specifies in the Drawdown Notice.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7e0023abcbea4952ba5a954e07248d07" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">2.6</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Application of Proceeds</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">Without prejudice to the Borrower's obligations under Clause 8.1(c) <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Use of Loan proceeds</u></font><font style="font-style: italic;">)</font>, the Lender is not bound to monitor or verify the application of any amount borrowed pursuant to this Agreement and shall have no responsibility for the application of the proceeds of the Loan (or
      any part thereof) by the Borrower.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze926309ea52840c78d35357e9d20a224" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">2.7</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Termination Date of the Commitment</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">Any part of the Commitment undrawn and uncancelled at the end of the Availability Period shall thereupon be
      automatically cancelled.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9805329c0f15421b99b36061b04c644a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">2.8</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Evidence</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">It is hereby expressly agreed and admitted by the Borrower that abstracts or photocopies of the books of the Lender
      as well as statements of accounts or a certificate signed by an authorised officer of the Lender shall be conclusive binding and full evidence, save for manifest error, on the Borrower as to the existence and/or the amount of the at any time
      Outstanding Indebtedness, of any amount due under this Agreement, of the applicable interest rate or Default Rate or any other rate provided for or referred to in this Agreement, the Interest Period, the value of additional securities under Clause
      8.5(a) <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Security shortfall-Additional
          security</u></font><font style="font-style: italic;">)</font>, the payment or non-payment of any amount. Nevertheless, enforcement procedures or any other court or out-of-court
      procedure can be commenced by the Lender on the basis of the above mentioned means of evidence including written statements or certificates of the Lender.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">24</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd5fb1ac97e354c23a5875b188ca11390" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">2.9</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Cancellation</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The Borrower may, cancel any undrawn part of the Commitment under this Agreement upon giving the Lender not less
      than five (5) Banking Days' notice in writing to that effect, <u>provided, that</u> no Drawdown Notice has been given to the Lender under Clause 2.2 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Drawdown Notice and Commitment to Borrow</u></font><font style="font-style: italic;">) </font>for the full amount of the Commitment or in respect of the portion thereof in respect of which cancellation is required by the Borrower.&#160; Any such
      notice of cancellation, once given, shall be irrevocable. Any amount cancelled may not be drawn. Notwithstanding any such cancellation pursuant to this Clause 2.9 the Borrower shall continue to be liable for any and all amounts due to the Lender
      under this Agreement including without limitation any amounts due to the Lender under Clause 10 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Indemnities - Expenses &#8211; Fees</u></font><font style="font-style: italic;">)</font>.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7eb74b7262c64bc6a22464e4e1d8d3ac" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">2.10</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">No security or lien from other person</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The Borrower has not taken or received, and the Borrower undertakes that until all moneys, obligations and
      liabilities due, owing or incurred by the Borrower under this Agreement and the Security Documents have been paid in full, it will not take or receive, any security or lien from any other Security Party.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf5a1260066a54cc4af105d3bafa08823" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">2.11</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Disbursement of the Commitment to the Existing Lenders</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbd3174f99fac43f09c76971bdc92d201" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Notwithstanding the foregoing provisions of this Clause 2, in the event that any part of the Commitment is required to be drawn down prior to the satisfaction of the
              requirements of Clause 7 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Conditions
                  precedent</u></font><font style="font-style: italic;">) </font>and remitted to Wilmington Trust (in its capacity as the Facility Agent under the Existing Loan Agreement), the
              Lender may in its absolute discretion agree to remit such amount (the <font style="font-style: italic;">"</font><font style="font-weight: bold; font-style: italic;">paid amount</font><font style="font-style: italic;">"</font>) to Wilmington Trust by MT103 prior to the satisfaction of the
              requirements of Clause 7 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Conditions
                  precedent</u></font><font style="font-style: italic;">) </font>expressly subject to the following conditions:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7ec3e9a9aaca4454918dcae192bc457f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The Lender receives from Wilmington Trust a letter of undertaking concerning the discharge of the Existing Security, in form and substance satisfactory to the Lender <font style="font-style: italic;">(the "</font><font style="font-weight: bold; font-style: italic;">Letter of
                Undertaking</font><font style="font-style: italic;">")</font>; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfc7ae098b8c547148e5cdf1f0cdf59e6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>in the event that Wilmington Trust fails to comply with its obligations under the
              Letter of Undertaking:</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 144pt; margin-bottom: 12pt;">:</div>
    <div style="text-align: justify; text-indent: 0pt; margin-left: 144pt; margin-bottom: 12pt;">(1) the continued failure of Wilmington Trust to comply with its obligations under the Letter of
      Undertaking shall be deemed to be an Event of Default for the purposes of this Agreement and (2) the Borrower shall forthwith upon demand by the Lender pay to the Lender such amounts that may be certified by the Lender as being the amount required to
      indemnify the Lender in respect of any cost transferred to the Lender in relation to the paid amount from the date of payment thereof to Wilmington Trust to the date of discharge of the Existing Security or the refund of the paid amount to the Lender
      less the amount (if any) of the earned interest received by the Lender from Wilmington Trust and/or the Existing Lenders.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">25</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z39f725f865c04affa4aaa25c2f6a3b2c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Without prejudice to the obligations of the Borrower to indemnify the Lender on demand, the Lender shall in good faith take reasonable and proper steps diligently to seek recovery of the paid amount from Wilmington Trust and/or the Existing Lenders (<u>provided
                  that</u> prior to taking such action the Borrower shall have agreed to indemnify the Lender for all costs and expenses which may be incurred in seeking recovery of such amount, including, without limitation, all legal fees and
              disbursements reasonably and properly incurred) and if the Lender shall recover any part of the paid amount (and <u>provided that</u> it has previously
              recovered full indemnification under Clause 2.11(a)(ii)) the Lender shall, so long as no Event of Default has occurred and is continuing, pay to the Borrower the amount so recovered after subtracting any tax suffered or incurred thereon or Expenses incurred by the Lender.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z63b406cb4ae44ee589dd00f545b45db2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(iv)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The Lender shall have no liability whatsoever to the Borrower or any other person for any loss caused by Wilmington Trust's&#160; failure for any reason whatsoever to remit
              the said amount and any earned interest to the designated account or to comply fully in accordance with the Letter of Undertaking.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5200f3d415d74789880a5f0ce73f68f4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(v)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Any amounts remitted by Wilmington Trust and/or the Existing Lenders to the Lender and returned pursuant to this Clause 2.11 will be applied as follows, and express
              authority is hereby given by the Borrower to the Lender to make such application, in case the repayment of the Existing Indebtedness has not been effected, these amounts together, if needed,&#160; with the amount of the Pledged Deposit, shall be
              applied in or towards prepayment of the Outstanding Indebtedness in full, and, following such prepayment,&#160; the remaining amount (if any) shall be freely available to the Borrower.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5be1c252ee764b888bf5a2a9c2941daf" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The provisions of Clause 4.5 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Amounts payable on prepayment)</u></font> shall apply to any prepayment of the Loan made under this Clause 2.11.</div>
          </td>
        </tr>

    </table>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z90a9f377dfba41de8240abeec1f6755f" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;"><u>3.</u></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;"><u>INTEREST</u></div>
            </td>
          </tr>

      </table>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zcc181b6ca9e848b8a99e17a5f8a0c4e8" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">3.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Normal Interest Rate</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The Borrower shall pay interest on the Loan (or as the case may be, each portion thereof to which a different
      Interest Period relates) in respect of each Interest Period (or part thereof) on each Interest Payment Date.&#160; The interest rate for the calculation of interest shall be the rate per annum determined by the Lender to be the aggregate of (i) the Margin
      and (ii) LIBOR for such Interest Period, unless there is an Alternative Rate in which case the interest rate for the calculation of interest shall be the rate per annum determined by the Lender to be the aggregate of (i) the Margin and (ii) the
      Alternative Rate.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z16620afca95e425faea488401a3ff19d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">3.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Selection of Interest Period</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb3d89e63256244ceb0452b09766f3517" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Notice</u>:&#160; The Borrower may by notice received by the Lender not later than
              10:00 a.m. (London time) on the second Banking Day before the beginning of each Interest Period specify (subject to Clause 3.3 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Determination of Interest Periods)</u></font>) whether such Interest Period shall have a duration of one (1) or two (2) or three (3) months (or
              such other period as may be requested by the Borrower and as the Lender, in its sole discretion, may agree to).</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">26</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3858f0c8cba246e59f02391698837cb0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Non-availability of matching deposits for Interest Period selected</u>:&#160; If,
              after the Borrower has selected an Interest Period longer than 3 months, the Lender notifies the Borrower by 10.00 a.m. (London time) on the third Banking Day before the commencement of the Interest Period that it is not satisfied that
              deposits in Dollars for a period equal to the Interest Period will be available to it in the London Interbank Market when the Interest Period commences, the Interest Period shall be of such duration as the Lender may advise the Borrower in
              writing.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6539253e0e1d42c6a14581dd3c9fecff" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">3.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Determination of Interest Periods</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">Every Interest Period shall, subject to market availability to be conclusively determined by the Lender, be of the
      duration specified by the Borrower pursuant to Clause 3.2 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Selection of Interest Period</u></font><font style="font-style: italic;">) </font>but so that:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5e4f68f4668c4d158601ec5c8d3d674f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Initial Interest Period</u>: the initial Interest Period applicable to the Loan
              will commence on the Drawdown Date and each subsequent Interest Period will commence forthwith upon the expiry of the preceding Interest Period;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbb9e615717144da5ac2c7e3f4f1c177a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Interest Period overrunning Repayment Date(s)</u>: if any Interest Period would
              otherwise overrun one or more Repayment Dates, then, in the case of the last Repayment Date, such Interest Period shall end on such Repayment Date, and in the case of any other Repayment Date or Dates the Loan shall be divided into parts so
              that there is one part equal to the amount of the Repayment Instalment due on each Repayment Date falling during that Interest Period and having an Interest Period ending on the relevant Repayment Date and another part equal to the amount of
              the balance of the Loan having an Interest Period determined in accordance with Clause 3.2 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Selection of Interest Period</u></font><font style="font-style: italic;">) </font>and the other provisions of this
              Clause 3.3 and the expression <font style="font-style: italic;">"</font><font style="font-weight: bold; font-style: italic;">Interest Period in respect of the Loan</font><font style="font-style: italic;">"</font> when used in this Agreement refers to the Interest Period in respect of the
              balance of the Loan; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za17a7768d59a4a18ac9be70d20707c54" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Failure to notify</u>: if the Borrower fails to specify the duration of an
              Interest Period in accordance with the provisions of Clause 3.2 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Selection of Interest Period</u></font><font style="font-style: italic;">) </font>and this Clause 3.3, such Interest Period shall have a duration
              of three (3) months unless another period shall be agreed between the Lender and the Borrower <u>provided, always, that</u> such period (whether of three
              months or different duration) shall comply with this Clause 3.3.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7ec9eb9366204846ae75243916f75799" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">3.4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Default Interest</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0d02ab907d424ea19b877e9612f0797a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Default interest</u>: If the Borrower fails to pay any sum (including, without
              limitation, any sum payable pursuant to this Clause 3.4) on its due date for payment under any of the Finance Documents, the Borrower shall pay interest on such sum from the due date up to the date of actual payment (as well after as before
              judgement) at the rate determined by the Lender pursuant to this Clause 3.4.&#160; The period beginning on such due date and ending on such date of payment shall be divided into successive periods of not more than three (3) months as selected by
              the Lender each of which (other than the first, which shall commence on such due date) shall commence on the last day of the preceding such period.&#160; The rate of interest applicable to each such period shall be the aggregate (as determined by
              the Lender) of (i) two per cent (2%), per annum, (ii) the Margin and (iii) LIBOR.&#160; Such interest shall be due and payable on the last day of each such period as determined by the Lender and each such day shall, for the purposes of this
              Agreement, be treated as an Interest</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">27</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">Payment Date, provided that if such unpaid sum is of principal which became due and payable by reason of a
      declaration by the Lender under Clause 9.2 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Consequences
          of Default &#8211; Acceleration</u></font><font style="font-style: italic;">) </font>or a prepayment pursuant to Clauses&#160; 4.3 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Compulsory Prepayment in case of Total Loss or sale of the Vessel</u></font><font style="font-style: italic;">)</font>, 8.5(a) <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Security shortfall-Additional security</u></font><font style="font-style: italic;">)</font> and 12.1 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Unlawfulness</u></font><font style="font-style: italic;">) </font> on a date other than an Interest Payment Date relating thereto, the first such period selected by the Lender shall be of a duration equal to the period between the due date of such principal
      sum and such Interest Payment Date and interest shall be payable on such principal sum during such period at a rate two per cent (2%) above the rate applicable thereto immediately before it fell due.&#160; If for the reasons specified in Clause 3.6 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Market disruption &#8211; Non Availability</u></font><font style="font-style: italic;">)</font>, the Lender is unable to determine a rate in accordance with the foregoing provisions of this Clause 3.4 (<font style="font-style: italic;"><u>Default interest</u></font><font style="font-style: italic;">)</font>, interest on any sum not paid on its due date for payment
      shall be calculated at a rate determined by the Lender to be two per cent (2%) per annum above the aggregate of (i) the Margin and (ii) the Alternative Rate.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z099f7019004b4bd08390829462a6ef64" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Compounding of default interest</u>:&#160; Any such interest which is not paid at the
              end of the period by reference to which it was determined shall be compounded semi-annually.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za350fcc8e11f417a80d9950551404073" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">3.5</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Notification of Interest and interest rate</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The Lender shall notify the Borrower promptly of the duration of each Interest Period and of each rate of interest
      determined by it under this Clause 3 without prejudice to the right of the Lender to make determinations at its sole discretion, but this shall not be taken to imply that the Borrower is liable to pay such interest only with effect from the date of
      the Lender's notification. However, omission of the Lender to make such notification (without the application of the Borrower) will not constitute and will not be interpreted as if to constitute a breach of obligation of the Lender except in case of
      wilful misconduct.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z92df5244a46349b78576dfeb1cf7b983" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">3.6</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Market disruption &#8211; Non Availability</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5786ab1ac3d448f0b37c388d69cb228e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Market Disruption Event</u>: If and whenever, at any time prior to the
              commencement of any Interest Period, the Lender (in its discretion) shall have determined (which determination shall be conclusive in the absence of manifest error) that a Market Disruption Event has occurred in relation to the Loan for any
              such Interest Period, then the Lender shall forthwith give notice thereof (a <font style="font-weight: bold; font-style: italic;">"Determination Notice"</font>) to the Borrower
              and the rate of interest on the Loan (or the relevant part thereof) for that Interest Period shall be the percentage rate per annum which is the sum of:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7a3b299f0c744a8c821a1b97f930940b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the Margin; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z496d1f6382484d38b6024f35656b6e9e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the rate which expresses as a percentage rate per annum the cost to the Lender of
              funding the Loan (or the relevant part thereof) from whatever source it may select.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z58f8993b9d2545e3b595ec9f47103bbf" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Suspension of drawdown</u>:&#160; If the Determination Notice is given before the
              Commitment (or a part thereof) is advanced, the Lender's obligation to make the Commitment (or a part thereof) available shall be suspended while the circumstances referred to in the Determination notice continue.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2e94dc4f01d542f081015a064f73c7fd" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Meaning of "Market Disruption Event"</u>: In this Agreement <font style="font-weight: bold; font-style: italic;">"Market Disruption Event"</font> means:</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">28</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zcf7563c641164716ae778661d7309492" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>at or about noon on the Quotation Day for the relevant Interest Period no Screen
              Rate is available for LIBOR for Dollars; and/or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze2b0deb2e3974c088342e293b3aaffe9" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>before close of business in London on the Quotation Day for the relevant Interest Period, the Lender determines (in its sole discretion) that the cost to it of
              obtaining matching deposits in the London Interbank Market to fund the Loan (or the relevant part thereof) for such Interest Period would be in excess of the Screen Rate for such Interest Period; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2e22fa4886a640fe9b67f5f03d06e7e6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>before close of business in London on the Quotation Day for the relevant Interest Period, deposits in Dollars are not available to the Lender in the London Interbank
              Market in the ordinary course of business in sufficient amounts to fund the Loan (or the relevant part thereof) for such Interest Period.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7f7c6c33fd704a1f80fc443ef169ab7e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Negotiation of alternative rate of interest</u>:&#160; If the Determination Notice is
              served after the Loan is borrowed, the Borrower and the Lender shall enter into negotiations (for a period of not more than 15 days after the date on which the Lender serves the Determination Notice (the <font style="font-weight: bold; font-style: italic;">"Negotiation Period"</font>) and shall use reasonable endeavours to agree, an alternative interest rate or (as the case may be) an alternative basis for
              the Lender to fund or continue to fund the Loan during the Interest Period concerned. During the Negotiation Period the Lender shall set an Interest Period and interest rate representing the Cost of Funding of the Lender in Dollars, in each
              case as determined by the Lender, of the Loan plus the Margin.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0f2a7ffa866c47ea833aee4d3bee8092" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Application of agreed alternative rate of interest</u>:<font style="font-weight: bold;">&#160;</font>Any alternative interest rate or an alternative basis which is agreed during the Negotiation Period shall be binding on the Lender and all Security Parties and shall take effect in accordance with the terms agreed<font style="font-weight: bold;">.</font></div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zaf880aa6e61f42c496c624f75da6d303" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Alternative basis of interest in absence of agreement</u>: If the Lender and the Borrower will not enter into negotiations as provided in Clause 3.6(d)(i) or if
              an alternative interest rate or alternative basis is not agreed within the Negotiation Period, and the relevant&#160; circumstances are continuing at the end of the Negotiation Period, then the Lender shall set the following Interest Period and an
              interest rate representing the cost of funding of the Lender in Dollars of the Loan (or the relevant part thereof) plus the Margin for such Interest Period;
              if the relevant circumstances are continuing at the end of the Interest Period so set by the Lender, the Lender shall continue to set the following Interest Period and an interest rate representing its cost of funding in Dollars of the Loan (or the relevant part thereof) plus the Margin for such Interest Period until such time as the circumstances specified in Sub-Clause 3.6(a) <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Market Disruption Event</u></font><font style="font-style: italic;">) </font>shall no longer exist, whereupon the normal rate of interest shall apply.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze85497bb84b44915a95e710428228916" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(g)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Notice of prepayment</u>: If the Borrower does not agree with an interest rate set by the Lender under Clause 3.6(f) <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Alternative basis of interest in absence of agreement</u></font><font style="font-style: italic;">)</font>, the Borrower may give the Lender not less than 5 Banking Days' notice of its intention to prepay the Loan at the end of the
              interest period set by the Lender.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z02eb49a8984b4469a858c2a213876aee" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(h)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Prepayment; termination of Commitment</u>: A notice under Clause 3.6(g) <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Notice of prepayment</u></font><font style="font-style: italic;">) </font>shall be irrevocable; and on the last Banking Day of the interest period set by the Lender the Borrower shall prepay (without premium or penalty) the Loan, together with accrued interest thereon at the applicable interest rate and the</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">29</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">&#160;balance of the Outstanding Indebtedness.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z839e09c28b7649b78edf60e3b0ead786" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Application of prepayment</u>:&#160; The provisions of Clause 4 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Repayment-Prepayment</u></font><font style="font-style: italic;">) </font>shall apply in relation to the prepayment made hereunder.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6848eaf5baf74328be150176059e65ae" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right;"><font style="font-weight: bold;">3</font><font style="font-weight: bold;">.7</font></td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Replacement of Screen Rate</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9907b981666f4290919be600f0e3d8a9" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>If a Screen Rate Replacement Event has occurred in relation to the Screen Rate for dollars, any amendment or waiver which relates to:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z00e9007d02294324afe0b5c70f1cbae7" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>providing for the use of a Replacement Benchmark in relation to that currency in place of that Screen Rate ; and</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: -36pt; margin-left: 108pt; margin-bottom: 12pt;">(ii)</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3fe4c80551cb429189ad4ae2af9357b6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 106.3pt;"><br>
          </td>
          <td style="width: 35.45pt; vertical-align: top; align: right;">(1)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>aligning any provision of any Finance Document to the use of that Replacement Benchmark;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7252f5a310be4115bdb47d0dc8a10019" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 106.3pt;"><br>
          </td>
          <td style="width: 35.45pt; vertical-align: top; align: right;">(2)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>enabling that Replacement Benchmark to be used for the calculation of interest under this Agreement (including, without limitation, any consequential changes required
              to enable that Replacement Benchmark to be used for the purposes of this Agreement);</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze51161d8bfc8476383aefd48ce4e317e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 106.3pt;"><br>
          </td>
          <td style="width: 35.45pt; vertical-align: top; align: right;">(3)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>implementing market conventions applicable to that Replacement Benchmark;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z64cefa446294432988c2cbd0c718e003" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 106.3pt;"><br>
          </td>
          <td style="width: 35.45pt; vertical-align: top; align: right;">(4)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>providing for appropriate fallback (and market disruption) provisions for that Replacement Benchmark; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd1d53aa4da9a4e9d9afbe88e43f08948" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 106.3pt;"><br>
          </td>
          <td style="width: 35.45pt; vertical-align: top; align: right;">(5)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic value from one Party to another as a result of the
              application of that Replacement Benchmark (and if any adjustment or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall be determined on the basis
              of that designation, nomination or recommendation),</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">may be made without the consent of the Borrower.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 9pt;" class="DSPFListTable" id="z44967c6eab744d0d982ea23c1346d731" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;"><u>4.</u></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;"><u>REPAYMENT - PREPAYMENT</u></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd061aafc87e2436ea44f816815f89c5d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">4.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Repayment</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The Borrower shall and it is expressly undertaken by the Borrower to repay the Loan by (a) twenty (20) consecutive
      quarterly Repayment Instalments (the <font style="font-weight: bold;">"Repayment Instalments"</font>) to be repaid on each of the Repayment Dates so that the first Repayment Instalment is repaid on the date falling three (3) months after the Drawdown Date and each of
      the subsequent ones consecutively falling due for payment on each of the dates falling three (3) months after the immediately preceding Repayment Date with the last (the 20<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup>) of such Repayment Instalments falling due for payment on the
      Final Maturity Date and (b) the Balloon Instalment falling due for payment on the Final Maturity Date; subject to the provisions of this Agreement the amount of each of such Repayment Instalments shall be</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">30</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">Dollars Three hundred thousand ($300,000);</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><u>provided, that</u> (a) if
      the last Repayment Date would otherwise fall after the Final Maturity Date, the last Repayment Date shall be the Final Maturity Date, (b) in the event that the Commitment is not drawn down in full by the last day of the Availability Period, the
      amount of each of the Repayment Instalments shall be proportionally reduced, (c) there shall be no Repayment Dates after the Final Maturity Date, (d) on the Final Maturity Date the Borrower shall also pay to the Lender any and all other moneys then
      due and payable under this Agreement and the other Finance Documents and (e) if any of the Repayment Instalments shall become due on a day which is not a Banking Day, the due date therefor shall be extended to the next succeeding Banking Day unless
      such Banking Day falls in the next calendar month in which event such due date shall be the immediately preceding Banking Day.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zda14aa10bcf44f05a87093d67787afa6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">4.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Voluntary Prepayment</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The Borrower shall have the right, upon giving the Lender not less than five (5) days' notice in writing, to
      prepay, without penalty or prepayment fee, part or all of the Loan, in each case together with all unpaid interest accrued thereon and all other sums of money whatsoever due and owing from the Borrower to the Lender hereunder or pursuant to the other
      Finance Documents and all interest accrued thereon, <u>provided, that</u>:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z276b88adff524e7994b4bace7ec8908e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the giving of such notice by the Borrower will irrevocably commit the Borrower to prepay such amount as stated in such notice;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2c0bf930a859424d8fc1564af4b5aa90" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>if the Borrower shall request consent to make such prepayment on a day other than the last day of an Interest Period the Borrower will pay, in addition to the amount to
              be prepaid, any such sum as may be payable to the Lender pursuant to Clause 10.1&#160; <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Indemnity</u></font><font style="font-style: italic;">)</font>;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze57771035738498b9a3f0e8837299767" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>each such prepayment shall be in an amount of $100,000 or a whole multiple thereof or the balance of the Loan and will be applied by the Lender in or towards pro-rata
              prepayment of the Balloon Instalment and the remaining Repayment Instalments;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6d57f85835a541fdadc3f82a39127d7b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>every notice of prepayment shall be effective only on actual receipt (including by fax or electronic mail) by the Lender, shall be irrevocable and shall oblige the
              Borrower to make such prepayment on the date specified;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbbb7dd97c4d9426e807db9a57bf509b8" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the Borrower has provided evidence satisfactory to the Lender that any consent required by the Borrower or any Security Party in connection with the prepayment has been
              obtained and remains in force, and that any regulation relevant to this Agreement which affects the Borrower or any Security Party has been complied with;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5a34b2d5964a4dd89ae912d1c25daff3" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>no amount prepaid may be re-borrowed; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z36c14a4b6d7e4104a80bfe251af9b193" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(g)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the Borrower may not prepay the Loan or any part thereof, save as expressly provided in this Agreement or as otherwise agreed by the Lender;</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><u>Provided always that</u><font style="font-weight: bold;">&#160;</font>if the Borrower shall, subject always to Clause 4.2(a), make a prepayment
        on a Banking Day other than the last day of an Interest Period in respect of the whole of the Loan, it shall, in addition to the amount prepaid and accrued
        interest, pay to</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">31</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">the Lender any amount which the Lender may certify is necessary to compensate the Lender for any Break Costs
      incurred by the Lender as a result of the making of the prepayment in question.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2b4d4c7078304c68ac7298abc61aa2f1" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">4.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Compulsory Prepayment in case of Total Loss or sale of the Vessel</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf0f6808502f5488c8101363993c7f9de" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Total Loss</u>: On the Vessel becoming a Total Loss:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2f47443f147e408881784ad7bf9de219" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>prior to the advancing of the Commitment (or any part thereof), the obligation of the Lender to advance the Commitment (or any part thereof) shall immediately cease and the Commitment shall be reduced to zero; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3c82c7c8eeef4610992a164a0e1042a0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>in case the Commitment (or any part thereof) has been already advanced, the Borrower shall prepay the Outstanding Indebtedness in full on the earlier of (1) the date
              falling one hundred and eighty (180) days after the Total Loss Date and (2) the date of receipt by the Lender of the insurance proceeds relating to such Total Loss or Requisition Compensation.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7cba3c7ccdae404e9cc7a71cc1b6e66e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Sale of the Vessel - Refinancing</u>:&#160; In the event of a sale or other disposal of the Vessel, or in case of refinancing by another bank or if the Borrower requests the Lender's consent for the discharge of the Mortgage on the Vessel, the Borrower shall prepay the Outstanding Indebtedness in full on the date of the sale and delivery of the Vessel to her buyer or on the date of
              the refinancing or the date of the discharge of the Mortgage on the Vessel, as the case may be.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8cb4fff2042b4285ad2b528dbc06c462" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">4.4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Amounts payable on prepayment</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">Any prepayment of all or part of the Loan under this Agreement shall be made together with:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zde7a81a8725d4a7293e075c29ad02017" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>accrued interest on the prepaid amount to the date of such prepayment (calculated, in the
                case of a prepayment pursuant to Clause 3.6 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Market disruption &#8211; Non Availability</u></font><font style="font-style: italic;">)</font> at a rate equal to the aggregate of the Margin and the cost to the Lender of
                funding the Loan);</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zba676b116a8d4c0ea39a3bfa3165b270" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>any additional amount, if applicable, payable under Clause 5.3 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Gross Up</u></font><font style="font-style: italic;">) </font>and/or 12.2 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Increased cost</u></font><font style="font-style: italic;">) </font>and 12.3 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Claim for increased cost</u></font><font style="font-style: italic;">)</font>;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za62e83e927704d5bbb2c0dc512cd5355" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>all other sums payable by the Borrower to the Lender under this Agreement or any of the
                other Finance Documents including, without limitation, any amounts payable under Clause 10 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Indemnities - Expenses &#8211; Fees</u></font><font style="font-style: italic;">)</font>; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z70512284096c48d9b75dd0fdb9049e90" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>in relation to any prepayment made on a date other than an Interest Payment Date in respect of the whole of the Loan, it shall, in addition to the amount prepaid and
              accrued interest, pay to the Lender any amount which the Lender may certify is necessary to compensate the Lender for any Break Costs incurred by the Lender as a result of the making of the prepayment in question.</div>
          </td>
        </tr>

    </table>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 9pt;" class="DSPFListTable" id="z37005729867c494b84806f7a907ff06a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;"><u>5.</u></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;"><u>PAYMENTS, TAXES, LOAN ACCOUNT AND COMPUTATION</u></div>
            </td>
          </tr>

      </table>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z765e10554ab9475ca3aaadefd2cf8b31" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">5.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Payments &#8211; No set-off or counterclaims</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z90c234bb5a694c6db9822cac2f6d9bf3" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The Borrower acknowledges that in performing its obligations under this Agreement, the Lender will be incurring liabilities to third parties in relation to the</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">32</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">funding of amounts to the Borrower, such liabilities matching the liabilities of the Borrower to the Lender and
      that it is reasonable for the Lender to be entitled to receive payments from the Borrower gross on the due date in order that the Lender is put in a position to perform its matching obligations to the relevant third parties. Accordingly, all payments
      to be made by the Borrower under this Agreement and/or any of the other Finance Documents shall be made in full, without any set-off or counterclaim whatsoever and, subject as provided in Clause 5.3&#160; <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Gross-up</u></font><font style="font-style: italic;">)</font>, free and clear of any deductions or withholdings or Governmental Withholdings whatsoever, as follows:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0048de18fa1345c9aad3641a9393a121" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>in Dollars, not later than 10:00 a.m. (London time) on the Banking Day (in Piraeus, Athens, London and New York City) on which the relevant payment is due under the terms of this Agreement; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z879bc76f5c1344159e7167bfdb07045b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>to the account of the Lender at Citibank N.A., 399, Park Avenue, New York 10022, N.Y.,
                U.S.A. (SWIFT Code CITIUS33) for account of the Lender, account number 36251442<font style="font-style: italic;">&#160;</font>(Swift Code: CRBAGRAA), or such other bank in New York as the Lender may notify from time to time to the Borrower, reference: <font style="font-style: italic;">"</font><font style="font-style: italic; font-variant: small-caps;">EIGHTHONE CORP.</font><font style="font-style: italic;">-</font><font style="font-style: italic; font-variant: small-caps;">Loan Agreement dated: 29</font><sup style="font-style: italic; font-variant: small-caps; vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup><font style="font-style: italic; font-variant: small-caps;"> March, 2021</font>", <u>provided, however, that</u> the Lender shall have the right to change the place of account for payment, upon ten (10) Banking Days' prior written notice to the Borrower from the date on which the relevant
              payment has to be made.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6f8a6c9595c24fcc84cac500a20d1ab4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>If at any time it shall become unlawful or impracticable for the Borrower to make payment under this Agreement to the relevant account or bank referred to in Clause
              5.1(a), the Borrower may request and the Lender may agree to alternative arrangements for the payment of the amounts due by the Borrower to the Lender under this Agreement or the other Finance Documents.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc65f4bcaadf34817bd6c517448959f93" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">5.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Payments on Banking Days</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">All payments due shall be made on a Banking Day.&#160; If the due date for payment falls on a day which is not a Banking
      Day, that payment due shall be made on the next following Banking Day unless such Banking Day falls in the next calendar month in which case payment shall be made on the immediately preceding Banking Day.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z89175eb867914f639548737e9204c2a8" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">5.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Gross Up</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">If at any time any law, regulation, regulatory requirement or requirement of any governmental authority, monetary
      agency, central bank or the like compels the Borrower to make payment subject to Governmental Withholdings (other than a FATCA Deduction), the Borrower shall pay to the Lender such additional amounts as may be necessary to ensure that there will be
      received by the Lender a net amount equal to the full amount which would have been received had payment not been made subject to such Governmental Withholdings. The Borrower shall indemnify the Lender against any losses or costs incurred by the
      Lender by reason of any failure of the Borrower to make any such deduction or withholding or by reason of any increased payment not being made on the due date for such payment. The Borrower shall, not later than thirty (30) days after each deduction,
      withholding or payment of any Governmental Withholdings (other than a FATCA Deduction), forward to the Lender official receipts and any other documentary receipts and any other documentary evidence reasonably required by the Lender in respect of the
      payment made or to be made of any deduction or withholding or Governmental Withholding (other than a FATCA Deduction). The obligations of the Borrower under this</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">33</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">provision shall, subject to applicable law, remain in force notwithstanding the repayment of the Loan and the
      payment of all interest due thereon pursuant to the provisions of this Agreement.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2b2c5243db6f4541abad97a5ea8dcc57" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">5.4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Mitigation</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">If circumstances arise which would result in an increased amount being payable by the Borrower under this Clause
      then, without in any way limiting the rights of the Lender under this Clause, the Lender shall use reasonable endeavours to transfer the obligations, liabilities and rights under this Agreement and the Security Documents to another office or
      financial institution not affected by the circumstances, but the Lender shall be under no obligation to take any such action if in its opinion, to do so would or might:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3821e58a80a0496aa495a62b19ef4429" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>have an adverse effect on its business, operations or financial condition on the Lender; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z62432376066d474887635fcb64762824" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>involve it in any activity which is unlawful or prohibited or any activity that is contrary to, or inconsistent, with any regulation of the Lender; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5bf541652a424e34a3bd27e190c19c81" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>involve the Lender in any expense (unless indemnified to its reasonable satisfaction) or tax disadvantage.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z380a7cad0a9f4275888828b4de162b00" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">5.5</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Claw-back of Tax benefit</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">If, following any such deduction or withholding as is referred to in Clause 5.3 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Gross-up</u></font><font style="font-style: italic;">) </font>from any payment by the Borrower, the Lender shall receive or be granted a credit against or remission for any Taxes payable by it, the Lender shall, subject to the Borrower having made any
      increased payment in accordance with Clause 5.3 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Gross-up</u></font><font style="font-style: italic;">) </font>and to the extent that the Lender can do so without prejudicing its retention of the amount of such credit or remission and without prejudice to
      the right of the Lender to obtain any other relief or allowance which may be available to it, reimburse the Borrower with such amount as the Lender shall in its absolute discretion certify to be the proportion of such credit or remission as will
      leave the Lender (after such reimbursement) in no worse position than it would have been in had there been no such deduction or withholding from the payment by the Borrower. Such reimbursement shall be made forthwith upon the Lender certifying that
      the amount of the credit or remission has been received by it, <u>provided, always, that</u>:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbf4570bb36b44bf096dc36481e9d2573" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the Lender shall not be obliged to allocate this transaction any part of a tax repayment or credit which is referable to a number of transactions;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9c778c91050344f19377abef4debefa9" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>nothing in this Clause shall oblige the Lender to rearrange its tax affairs in any particular manner, to claim any type of relief, credit, allowance or deduction
              instead of, or in priority to, another or to make any such claim within any particular time or to disclose any information regarding its tax affairs and computations;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z50a808a52b884c7082f47ffe61f0484b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>nothing in this Clause shall oblige the Lender to make a payment which exceeds any repayment or credit in respect of tax on account of which the Borrower has made an
              increased payment under this Clause;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb3d0c5d976f54174a77499ba33bca72c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>any allocation or determination made by the Lender under or in connection with this Clause shall be binding on the Borrower; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z87c18cf61794488f8049e53c6dc60eb1" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>without prejudice to the generality of the foregoing, the Borrower shall not, by</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">34</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">&#160;virtue of this Clause 5.5, be entitled to enquire about the Lender's tax affairs.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0adfcfe9dbec478b890bb03b1a7fef33" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">5.6</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Loan Account</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">All sums advanced by the Lender to the Borrower under this Agreement and all interest accrued thereon and all other
      amounts due under this Agreement from time to time and all repayments and/or payments thereof shall be debited and credited respectively to a separate loan account maintained by the Lender in accordance with its usual practices in the name of the
      Borrower.&#160; The Lender may, however, in accordance with its usual practices or for its accounting needs, maintain more than one account, consolidate or separate them but all such accounts shall be considered parts of one single loan account maintained
      under this Agreement. In case that a ship mortgage in the form of Account Current is granted as security under this Agreement, the account(s) referred to in this Clause shall be the Account Current referred to in such mortgage.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6ed8cdd25dc442809daf656a159d47d8" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">5.7</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Computation</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">All interest and other payments payable by reference to a rate per annum under this Agreement shall accrue from day
      to day and be calculated on the basis of actual days elapsed and a 360 day year.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 9pt;" class="DSPFListTable" id="z5291f7bacca940f2a34c62a52a7b540d" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;"><u>6.</u></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;"><u>REPRESENTATIONS AND WARRANTIES</u></div>
            </td>
          </tr>

      </table>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1d9d164e1d6c42758385cd754ccd6b34" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">6.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Continuing representations and warranties</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#160;The Borrower hereby represents and warrants to the Lender as follows:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z66c4746164b240f49b176e37921b6f98" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Due Incorporation/Valid Existence</u>: each of the Borrower and the other
              corporate Security Parties is duly incorporated and validly existing and in good standing under the laws of their respective countries of incorporation, and have power to own their respective property and assets, to carry on their respective
              business as the same are now being lawfully conducted and to purchase, own, finance and operate vessels, or, as the case may be, manage vessels, as well as to undertake the obligations which they have undertaken or shall undertake pursuant to
              the Finance Documents;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z21dc4c2cafc7476a997f922dbf85bf3f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Due Corporate Authority</u>:&#160; each of the Borrower and the other corporate
              Security Parties has power to execute, deliver and perform its obligations under the Finance Documents to which it is a party and to borrow the Commitment and to make all the payments contemplated by, and to comply with, those Finance
              Documents to which that Security Party is a party and each of the corporate Security Parties has power to execute and deliver and perform its obligations under the Finance Documents to which it is or is to be a party; all necessary corporate,
              shareholder and other action has been taken to authorise the execution, delivery and performance of the same and no limitation on the powers of the Borrower to borrow will be exceeded as a result of borrowing the Loan;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0abc4678255a47f6a6128b9d6713cc92" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Litigation</u>: no litigation or arbitration, tax claim or administrative
              proceeding (including action relating to any alleged or actual breach of the ISM Code and the ISPS Code) relating to sums exceeding in respect of the Borrower, the
                amount of Six hundred thousand Dollars ($600,000) and in respect of the Corporate Guarantor, the amount of One million two hundred thousand Dollars
                ($1,200,000) involving a potential liability of the Borrower or the Corporate Guarantor is current or pending or (to its or its officers'
              knowledge) threatened against the Borrower or the</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">35</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">&#160;Corporate Guarantor, which, if
      adversely determined, would have a Material Adverse Effect on any of them;</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfceaf275ddde420596526493860549b7" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>No conflict with other obligations</u>:&#160; the execution and delivery of, the
              performance of its obligations under, and compliance with the provisions of, the Finance Documents by the relevant Security Parties will not (i) contravene any existing applicable law, statute, rule or regulation or any judgment, decree or
              permit to which the Borrower or any other Security Party is subject, (ii) conflict with, or result in any breach of any of the terms of, or constitute a default under, any agreement or other instrument to which the Borrower or any other
              Security Party is a party or is subject to or by which it or any of its property is bound, (iii) contravene or conflict with any provision of the memorandum and articles of association/articles of incorporation/by-laws/statutes or other
              constitutional documents of the Borrower or any other Security Party or (iv) result in the creation or imposition of or oblige the Borrower or any other Security Party to create any Security Interest (other than a Permitted Security Interest)
              on any of the undertakings, assets, rights or revenues of the Borrower or any other Security Party;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd4a6930f22004e0d974107f60cd7f69e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Financial Condition</u>: to the knowledge of the officers/directors or
              shareholders of the Borrower the financial condition of the Borrower and of the other Security Parties has not suffered any material deterioration since that condition was last disclosed to the Lender;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3bf374e84bb1426c88dc4e878b00d2a6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>No Immunity</u>: neither the Borrower nor any other Security Party nor any of
              their respective assets are entitled to immunity on the grounds of sovereignty or otherwise from any legal action or proceeding (which shall include, without limitation, suit, attachment prior to judgement, execution or other enforcement);</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zba2e1a85da9b4ced958cb37ec9a9eb98" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(g)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Shipping Company</u>: each of the Borrower and the Approved Commercial Manager is
              a shipping company involved in the owning or, as the case may be, managing of ships engaged in international voyages and earning profits in free foreign currency;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd7729ce85164454389b9ea7df3b40cd2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(h)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Licences/Authorisation</u>: every consent, authorisation, license or approval of,
              or registration with or declaration to, governmental or public bodies or authorities or courts required by any Security Party to authorise, or required by any Security Party in connection with, the execution, delivery, validity,
              enforceability or admissibility in evidence of each of the Finance Documents or the performance by each Security Party of its obligations under the Finance Documents to which such Security Party is or is to be a party has been obtained or
              made and is in full force and effect and there has been no default in the observance of any of the conditions or restrictions (if any) imposed in, or in connection with, any of the same so far as the Borrower is aware;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3bc4272966c5449293d7d18774323532" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Perfected Securities</u>: the Finance Documents do now or, as the case may be,
              will, upon execution and delivery (and, where applicable, registration as provided for in the Finance Documents):</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf3d29689469a4d1f973a4aefd677d3be" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>constitute the relevant Security Party's legal, valid and binding obligations enforceable against that Security Party in accordance with their respective terms (having
              the requisite corporate benefit which is legally and economically sufficient); and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0d85f914abd24665b98d31700e584e3c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>create legal, valid and binding Security Interests (having the priority specified in the relevant Finance Document) enforceable in accordance with</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">36</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;">their respective terms over all the assets and revenues intended to be covered to which they, by their terms,
      relate, subject to any relevant insolvency laws affecting creditors' rights generally;</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5d4db70a1b1f4cd98c64ee5dd0d56d50" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(j)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>No third party Security Interests</u>:<font style="font-weight: bold;">&#160;</font>without limiting the generality of Clause 6.1(i) <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Perfected Securities</u></font><font style="font-style: italic;">)</font>, at the time of the
              execution and delivery of each Finance Document to which the Borrower is a party:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z15038427b4494fb9b274bdb6de446209" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the Borrower will have the right to create all the Security Interests which that Finance Document
              purports to create; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbf11d23c6f614cce8e8531c69cf031da" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>no third party will have any Security Interests (except for Permitted Security Interests) or any other interest, right or claim over, in or in relation to any asset to
              which any such Security Interest, by its terms, relates;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8a5f55c14248482eb5c523e9399175bb" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(k)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>No Notarisation/Filing/Recording</u>: save for the registration of any mortgage
              in the Registry, it is not necessary to ensure the legality, validity, enforceability or admissibility in evidence of this Agreement or any of the other Finance Documents that it or they or any other instrument be notarised, filed, recorded,
              registered or enrolled in any court, public office or elsewhere or that any stamp, registration or similar tax or charge be paid on or in relation to this Agreement or the other Finance Documents;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z956eea4e3380467e9f3e0e42212ed0d1" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(l)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>No conflict</u>: There are no other agreements or arrangements which may
              adversely affect or conflict with the Finance Documents or the security thereby created;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zdf538d98a37e4ea594b2b49a631a5d18" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(m)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Valid Choice of Law</u>:&#160; the choice of law agreed to govern this Agreement
              and/or any other Finance Document and the submission to the jurisdiction of the courts agreed in each of the Finance Documents are or will be, on execution of the respective Finance Documents, valid and binding on the Borrower and any other
              Security Party which is or is to be a party thereto;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z67e1e062bcd64364947d858506cbe0ab" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(n)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Shareholdings</u>:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zce095965b3064248b6afe75e0439c393" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>all the shares in the Borrower are legally and beneficially held directly or indirectly by the Beneficial Shareholders disclosed to the Lender before signing of this
              Agreement; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zab268917e8ca48b4984096d387bd8d2b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>no change of control has been made directly or indirectly in the ownership,
              beneficial ownership, or management of the Borrower or any share therein or of the Vessel and 100% of the shares and voting rights in the Borrower and at least 20% in the Corporate Guarantor will remain throughout the Security Period in the
              ultimate legal and beneficial ownership of the Beneficial Shareholders disclosed to the Lender before signing of this Agreement unless otherwise permitted by the Lender; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z59ed9cd3e47944d695bc4adbc36e0d5c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(o)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Sanctions</u>:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zed0b03bf4819455a909315c5d246f681" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>none of the Security Parties nor any other member of the Group:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zcb8b206e6e4940a6979058bb19aadf94" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 108pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>is a Sanctions Restricted Person;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z63a4dc46548442d1a10423ec7e65eb8b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 108pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>owns or controls directly or indirectly a Sanctions Restricted Person;</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">37</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 144pt; margin-bottom: 12pt;">&#160;or</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2114184480994906bcc7391307f6ed10" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 108pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>has a Sanctions Restricted Person serving as a director, officer or, to the best of its knowledge, employee; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zba019f8d75ff44dcad822bca45047eea" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>no proceeds of the Loan shall be made available, directly or to the knowledge of the Borrower (after reasonable enquiry) indirectly, to or for the benefit of a
              Sanctions Restricted Person contrary to Sanctions or for transactions in a Sanctions Restricted Jurisdiction nor shall they be otherwise directly or indirectly, applied in a manner or for a purpose prohibited by Sanctions.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z814ff4c6a7e446658e2b3d16a9fccb57" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">6.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Initial representations and warranties</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The Borrower hereby further represents and warrants to the Lender that:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1e376b182d7b41279230228681943088" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Direct obligations - Pari Passu</u>:&#160; the obligations of the Borrower under this
              Agreement are direct, general and unconditional obligations of the Borrower and rank at least pari passu with all other present and future unsecured and unsubordinated Financial Indebtedness of the Borrower with the exception of any
              obligations which are mandatorily preferred by law;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf6e7fd7650194962945ef83dbd00c237" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Information</u>:&#160; all information, accounts, statements of financial position,
              exhibits and reports furnished by or on behalf of any Security Party to the Lender in connection with the negotiation and preparation of this Agreement and each of the other Finance Documents are true and accurate in all material respects and
              not misleading, do not omit material facts and all reasonable enquiries have been made to verify the facts and statements contained therein; to the best knowledge of the Directors/Officers or shareholders of the Borrower, there are no other
              facts the omission of which would make any fact or statement therein misleading and, in the case of accounts and statements of financial position, they have been prepared in accordance with generally accepted accounting principles which have
              been consistently applied;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5c2091005e41409f9c8598d0884e5de0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>No Event of Default</u>:&#160; no Event of Default has occurred and is continuing and
              neither the Borrower nor the Corporate Guarantor has been declared in default under any agreement relating to Financial Indebtedness to which it is a party or by which it may be bound;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7103e8bb084044e8a7c5c2cb8eb1cf8e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>No Taxes</u>:&#160; no Taxes are imposed by deduction, withholding or otherwise on any
              payment to be made by the Borrower under this Agreement and/or any other of the Finance Documents or are imposed on or by virtue of the execution or delivery of this Agreement and/or any other of the Finance Documents or any document or
              instrument to be executed or delivered hereunder or thereunder.&#160; In case that any Tax exists now or will be imposed in the future, it will be borne by the Borrower;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze07e395207bb4ea592e63dbe40966a80" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Ownership/Flag/Seaworthiness/Class/Insurance of the Vessel</u>:&#160; the Vessel is
              and on the Drawdown Date will be:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z503b53af7a654d2dbc1ee2eeb0387975" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>in the absolute and free from Security Interests (other than Permitted Security Interests ) ownership of the Borrower who is and will on and after the Drawdown Date be
              the sole legal and beneficial owner of the Vessel;</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">38</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb2304ae2c291422989462ad62b989b4b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>registered in the name of the Borrower through the Registry under the laws and flag of the Flag State;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z291f0d4bf0794b979f886ff9de5306b2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>operationally seaworthy and in every way fit for service;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z80def873279c422b9ae4edc1289b9269" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(iv)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>classed with the Classification Society which is a member of IACS and which has been approved by the Lender in writing and such class will be free of any overdue
              requirements and recommendations of the Classification Society affecting class;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze7f37b31a41447b787529740d2747c47" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(v)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>insured in accordance with the provisions of this Agreement and the Mortgage;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf268bd09f05f4045b997388c41d454b9" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(vi)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>managed by the Approved Managers; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf13edd8b2bd749c1b3b668eb6a76d44d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(vii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>in full compliance with the ISM and the ISPS Code;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf42db5f4925747f49cf8cb8a2eaf5813" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>No Charter</u>: unless otherwise permitted in writing by the Lender, the Vessel
              is not and will not on the Drawdown Date be subject to any charter or contract nor to any agreement to enter into any charter or contract which, if entered into after the Drawdown Date would have required the consent of the Lender under any
              of the Finance Documents and there will not on or before the Drawdown Date be any agreement or arrangement whereby the Earnings of the Vessel may be shared with any other person;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0c3005c0c2e3422ea8353128f4c9578b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(g)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>No Security Interests</u>: neither the Vessel, nor its Earnings, Requisition
              Compensation or Insurances nor any other properties or rights which are, or are to be, the subject of any of the Security Documents nor any part thereof will, on the Drawdown Date, be subject to any Security Interests other than Permitted
              Security Interests or otherwise permitted by the Finance Documents;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z37936012bba74c8e930067de82ce26e5" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(h)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Compliance with Environmental Laws and Approvals</u>:&#160; except as may already have
              been disclosed by the Borrower in writing to, and acknowledged in writing by, the Lender:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z211ddb2e32dc40b4adc9f9123abe1719" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the Borrower and its Related Companies have complied with the provisions of all Environmental Laws;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze2071e40d8a840bdaacd758aa47487e9" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the Borrower and its Related Companies have obtained all Environmental Approvals and are in compliance with all such Environmental Approvals; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7d63ebb38c214684b421e04e4d81c57e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>neither the Borrower nor any of its Related Companies have received notice of any Environmental Claim that the Borrower or any of its Related Companies is not in
              compliance with any Environmental Law or any Environmental Approval;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z66b5fb102c504f6b81dcc4cb41b429af" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>No Environmental Claims</u>:&#160; except as may already have been disclosed by the
              Borrower in writing to, and acknowledged in writing by, the Lender:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z794f926c0e884890b84ee0df16479f40" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>there is no Environmental Claim in excess of Six hundred thousand Dollars ($600,000) pending
              or, to the best of the Borrower's knowledge and belief, threatened against the Borrower or the Vessel or the Borrower's Related</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">39</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;">&#160;Companies or any other Relevant Ship; and</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbd887087929e4ddea8ef5be8b895e0e2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>there has been no emission, spill, release or discharge of a Material of Environmental Concern from the Vessel or any other Relevant&#160; Ship or any vessel owned by,
              managed or crewed by or chartered to the Borrower which could give rise to an Environmental Claim;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z81a08934c3e44a0fa8d201eef0f9133a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(j)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Copies true and complete</u>:&#160; the copies of the Management Agreements delivered
              or to be delivered to the Lender pursuant to Clause 7.2&#160; <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Conditions </u></font><font style="font-style: italic;"><u>precedent to the making of the Commitment</u></font><font style="font-style: italic;">) </font>are, or will when delivered be, true and complete copies of such documents; such documents will when delivered constitute valid and binding obligations of the
              parties thereto enforceable in accordance with their respective terms and there will have been no amendments or variations thereof or defaults thereunder;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb7ad51342a734dc6aed07422709c5d62" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(m)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Compliance with the ISM Code</u>: the Vessel and the Operator comply with the
              requirements of the ISM Code and the SMC which has been issued in respect of the Vessel and shall remain valid on the Drawdown Date and thereafter throughout the Security Period.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb2e14132f62b4badb0efd0dae86f8af2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(n)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Compliance with ISPS Code</u>:&#160; the Vessel and the Operator comply with the
              requirements of the ISPS Code and the ISSC which has been issued in respect of the Vessel and shall remain valid on the Drawdown Date and thereafter throughout the Security Period;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4b18c0c1bdc145caa36c86252150249f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(o)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>No </u><u>US Tax Obligor</u>:&#160; None of the Security Parties and the Group Members is a US Tax Obligor;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z452ad24a0864480fa13c7e62f35a4e12" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(p)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Shareholding</u>:&#160; all of the issued shares in the Borrower and at least 20% of
              the issued shares in the Corporate Guarantor are legally and ultimately beneficially owned by the Beneficial Shareholders; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zea66a8c6c76442979d39cf6fcb55722d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(q)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Taxes paid</u>:&#160; the Borrower has paid all taxes applicable to, or imposed on or
              in relation to itself, its business or the Vessel.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3691630c7c0c48c1be5945c82e97e44b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">6.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Acting for its own account - Money laundering</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The Borrower represents and warrants and confirms that it is the beneficiary of the Loan made or to be made
      available to it and it will promptly inform the Lender&#160;by written notice if it is not, or ceases to be, the beneficiary and notify the Lender&#160;in writing of the name and the address of the new beneficiary/beneficiaries; the Borrower is aware that under applicable money laundering provisions, it has an obligation to state for
      whose account the Loan is obtained; the Borrower confirms that, by entering into this Agreement and the other Finance Documents, it is acting on its own behalf and for its own account and it is obtaining the Loan for its own account. In relation to the borrowing by the Borrower of the Loan, the performance and discharge of
        its obligations and liabilities under this Agreement or any of the other Finance Documents and the transactions and other arrangements effected or contemplated by this Agreement or any of the Documents to which the Borrower is a party, it is acting
        for its own account and that the foregoing will not involve or lead to a contravention of any law, official requirement or other regulatory measure or procedure which has been implemented to combat "money laundering" (as defined in Article 1 of the
        Directive (91/308/EEC) of the Council of the European Community).</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">40</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf8860c2955944545b469a6c78bb9678e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">6.4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Representations Correct</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">At the time of entering into this Agreement all above representations and warranties or any other information given
      by the Borrower and/or the Corporate Guarantor to the Lender are true and accurate.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4b48b3c468004c658de6d13077bc99a6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">6.5</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Repetition of Representations and Warranties</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The representations and warranties in this Clause 6 (except in relation to the representations and warranties in
      Clause 6.2 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Initial representations and
          warranties</u></font><font style="font-style: italic;">)</font>) shall be deemed to be repeated by the Borrower:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf3debd3e9c2544948a34e5be01672c35" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>on the date of service of the Drawdown Notice;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z56334dfbb8bc497d86e7400fe20c45b0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>on the Drawdown Date; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9a7e7fcab3c5405b88b849bf62655bc1" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>on each Interest Payment Date throughout the Security Period,</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">as if made with reference to the facts and circumstances existing on each such day.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z42bba90aeecb487399cf9e7585424502" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;"><u>7.</u></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;"><u>CONDITIONS PRECEDENT</u></div>
            </td>
          </tr>

      </table>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5b6455cfb6dd4449adf75f087180ada6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">7.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Conditions precedent to the execution of this Agreement</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The obligation of the Lender to make the Commitment or any part thereof available shall be subject to the condition
      that the Lender shall have received, not later than the day on which the Drawdown Notice in respect of the Commitment or such part thereof is given, the following documents and evidence in form substance satisfactory to the Lender:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zcc58619956cc4af091afa8ea67169d59" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Constitutional Documents</u>: a duly certified true copy of the Articles of
              Incorporation and By-Laws or the Memorandum and Articles of Association, or of any other constitutional documents, as the case may be, of each corporate Security Party;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7f087e06369046a6ace98daca151255e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Certificates of incumbency</u>: a recent certificate of incumbency of each
              corporate Security Party issued by the appropriate authority or, as appropriate, signed by the secretary or a director thereof, stating the officers and the directors of each of them;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7474e78aecbd4d88a7f2e9f780901f8a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Shareholding</u>: a written letter or statement addressed to the Lender from individual(s) acceptable to the Lender confirming the identity of the
                Beneficial Shareholder(s) of the Borrower, in line with <font style="font-style: italic;">"know your customer"</font> procedures of the Lender;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z233794d2c7d24de2a5c89875a156e331" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Resolutions</u>: minutes of separate meetings of the directors of each corporate
              Security Party and in respect of the Borrower, of the shareholders thereof, at which there was approved (inter alia) the entry into, execution, delivery and performance of this Agreement, the other Finance Documents and any other documents
              executed or to be executed pursuant hereto or thereto to which the relevant corporate Security Party is or is to be a party;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z68268dcaa0a94611a9988ddad6022ea9" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Powers of Attorney</u>: the original of any power(s) of attorney and any further
              evidence of the due authority of any person signing this Agreement and the other Finance Documents;</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">41</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb00317ae3c49461ba63040ab8ce7b333" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Consents</u>: evidence that all necessary licences, consents, permits and
              authorisations (including exchange control ones) have been obtained by any Security Party for the execution, delivery, validity, enforceability, admissibility in evidence and the due performance of the respective obligations under or pursuant
              to this Agreement and the other Finance Documents;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z788ebdd53e6c4fa3b6d240ff44b669fd" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(g)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Fees</u>:&#160; evidence that the fees referred to in Clause 10.10 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Fees</u></font><font style="font-style: italic;">) </font>have been paid in full;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8c5455d98f964f67a55f6a613197c65a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(h)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Other documents</u>: any other documents or recent certificates or other evidence
              which would be reasonably required by the Lender in relation to any corporate Security Party evidencing that the relevant Security Party has been properly established, continues to exist validly and is in good standing;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z33b29b699cd74c6cbf03403c423cc670" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Management Agreements-Assignable Charterparty</u>:&#160; a copy of each of the following documents certified as true and complete by the legal counsel of the Borrower:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zac393aedce04488b958a20a3dee0c904" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>each Management Agreement evidencing that the Vessel is managed by the relevant
              Approved Manager on terms acceptable to the Lender; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbfced60a4deb49a69cafd072c3253ad6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>any Assignable Charterparty; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z06202630bcb24e939baad4df044a1bba" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(j)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Operating Account</u>: evidence that the Operating Account has been duly opened
              and all mandate forms and other legal documents required for the opening of an account under any applicable law, as well as signature cards and properly adopted authorizations have been duly delivered to and have been accepted by the
              compliance department of the Lender.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd2167e459a254b899fb97cd50f101955" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">7.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Conditions precedent to the making of the Commitment</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The obligation of the Lender to advance the Commitment (or any part thereof) is subject to the further condition
      that the Lender shall have received prior to the drawdown or, where this is not possible, simultaneously with or immediately following the drawdown of the Commitment or the relevant part thereof:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb8295732d6274e189d9208b51beedd30" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Conditions precedent</u>: evidence that the conditions precedent set out in Clause 7.1 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Conditions precedent to the execution of this </u></font>Agreement<font style="font-style: italic;">) </font>remain fully satisfied;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfab0d367ba6a4af586e697c31bb02864" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Drawdown Notice</u>: the Drawdown Notice duly executed and issued;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb0d08a8310624c3c97d3d821615f4153" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Security Documents</u>:&#160; each of the Security Documents duly executed and where appropriate duly registered with the Registry or any other competent
                authority (as required);</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf5c78ba6c0704e0da6e7f1041ac4aaed" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Title and no Security Interests</u>:<font style="font-weight: bold;">&#160; </font>evidence that the Vessel is and on the Drawdown Date will be duly registered in the ownership of the Borrower with the Registry and under the laws and flag of the Flag State
              free from any Security Interests save for those in favour of the Lender and otherwise as contemplated herein;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z49d7d2c945b949149dbe5971444e911c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Insurances</u>:<font style="font-weight: bold;">&#160;</font>evidence in form and substance satisfactory to the Lender that the Vessel has been or will - on the Drawdown Date- be insured in accordance with the insurance requirements provided for in this
              Agreement and the other Security Documents, , together with an opinion from insurance consultants (appointed by the Lender at the Borrower's expense) as to the adequacy of the insurances effected</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">42</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">or to be effected in respect of the Vessel, to be followed by full copies of cover notes, policies, certificates of
      entry or other contracts of insurance and irrevocable authority is hereby given to the Lender at any time at its discretion to obtain copies of the policies, certificates of entry or other contracts of insurance from the insurers and/or obtain any
      information in relation to the Insurances relating to the Vessel;</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd995bc45b8024dcd87d26e50a849903d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Insurers' confirmations</u>: all necessary confirmations from the insurers of the
              Vessel that they will issue letters of undertaking and endorse notice of assignment and loss payable clauses on the Insurances, in form and substance satisfactory to the Lender in its sole discretion and - in the event of fleet cover -
              accompanied by waivers for liens for unpaid premium of other vessels managed by the Approved Managers and which are not subject to any mortgage in favour of the Lender) and (if required by the Lender) an opinion signed by an independent firm
              of marine insurance brokers appointed and/or approved by the Lender at the expenses of the Borrower confirming the adequacy of the Insurances maintained on the Vessel;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z939599c3df184478862f8f759e9a7d5a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(g)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>MII &amp; MAPI</u>:&#160; the MII and MAPI shall have been reimbursed by the Borrower as provided in Clause 10.7 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>MII and MAPI costs</u></font><font style="font-style: italic;">)</font>;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb602511f08344b1b83d3e211e70c902e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(h)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Access to class records</u>: due authorisation in form and substance satisfactory
              to the Lender authorising the Lender to have access and/or obtain any copies of class records or other information at its discretion from the Classification Society of the Vessel, <u>provided however, that</u> the Lender shall not exercise such right unless and until an Event of Default has occurred and is continuing;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd0b991d74ebd4a1db58348289138bf6a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Notices of assignment</u>:<font style="font-weight: bold;">&#160; </font>duly executed notices of assignment in the form prescribed by the Security Documents;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zaa66b4b0e0094c9c90177a428f42c66a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(j)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Mortgage registration</u>;<font style="font-weight: bold;">&#160;</font>evidence that the Mortgage on the Drawdown Date will be registered against the Vessel through the Registry under the laws and flag of the Flag State.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zdae6962b472e49cb87b0d173983e3f17" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(k)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Trading Certificates</u>: copies of the trading certificates of the Vessel evidencing the same to be valid and in force;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb02c338d435f45d49e643c719a164063" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(l)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Class confirmation</u>:<font style="font-weight: bold;">&#160; </font>evidence from the Classification Society that the Vessel is classed with the class notation (referred to in the
                Mortgage), with the Classification Society or to a similar standard with another classification society of like standing to be specifically approved by the Lender and remains free from any overdue requirements or recommendations affecting her class;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6215c72ef8be4525bcc84092c1d302c0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(m)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Trim and stability booklet</u>:&#160; a copy of the trim and stability booklet certifying the lightweight of the Vessel certified as true and complete by the legal counsel of the Borrower;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0861e7d08d774f33b2cbf500e2538241" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(n)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>DOC and SMC</u>: copies of (i) the DOC referred to in paragraph (a) in the
              definition of the ISM Code Documentation and (ii) of the SMC for the Vessel;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1924c6d8efbf4a8a86d6c11fa25393cc" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(o)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>ISPS Code</u>: a copy of the ISSC for the Vessel;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z20a19a5d34c74dbfb15cfb09e861597c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(p)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Valuation</u>:&#160; charter free valuation of the Vessel, at the Borrower's expense, as of March 22, 2021, prepared on the basis specified in Clause 8.5(b) <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Valuation of Vessel</u></font><font style="font-style: italic;">)</font> by an Approved Shipbroker in form and substance satisfactory to the Lender, for</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">43</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">&#160;the purposes of determining the amount of the Loan as per Clause 1.1 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Amount and purpose</u></font><font style="font-style: italic;">)</font>;</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze5b772ac75a64a90847d3c13bf4c312c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(q)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Insurance Letter</u>: the Insurance Letter duly executed;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbd7a89fda9174e20be66279bb2c02b77" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(r)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Pledged Deposit</u>: evidence that the Borrower has deposited or, as the case may be, will deposit concurrently with the drawdown of the Loan, the Pledged
              Deposit of Five hundred thousand Dollars ($500,000) as provided in Clause
                8.1(j) <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Pledged Deposit</u></font><font style="font-style: italic;">)</font>;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfb450fa6518b4f4dbd8c9a1e26c463b9" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(s)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Existing Indebtedness</u>: evidence satisfactory to the Lender that the Existing
              Indebtedness will be fully repaid upon the drawdown of the Loan;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z650568dcfcbb42a0a9341d49e4be96a9" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(t)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Deed of Release</u>: an original of the Deed of Release and Notices of
              Reassignment executed by Wilmington Trust (in its capacity as security agent of the Existing Lenders) and of each document to be delivered under or pursuant to it, together with evidence satisfactory to the Lender of its due execution by
              Wilmington Trust;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z609e41d4688f486f9d8027edef87a9b8" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(u)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Acknowledgement of Receipt</u>: a receipt in writing in form and substance
              satisfactory to the Lender including an acknowledgement and admission of the Borrower and/or any other Security Party to the effect that the Loan was drawn by the Borrower and a declaration by the Borrower that all conditions precedent have
              been fulfilled, that there is no Event of Default and that all the representations and warranties are true and correct;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6205713e432547b18ae39e4eac274aa3" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(v)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Legal opinions</u>: draft opinion from lawyers appointed by the Lender as to all
              the matters referred to in Clauses 6.1(a) <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Due Incorporation/Valid Existence</u></font><font style="font-style: italic;">) </font>and (b) <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Due Corporate Authority</u></font><font style="font-style: italic;">) </font>and all such aspects of law as the Lender shall deem relevant to this Agreement and the other Finance Documents and any other documents executed pursuant hereto or thereto;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z33fc2aa70b684176aa96b4eff36f4b93" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(w)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Security Parties' process agent</u>: a letter from each Security Party's agent
              for receipt of service of proceedings referred to in each Security Document to which the relevant Security Party is a party, accepting its appointment under each of the relevant Security Documents; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z881106d7afc54fcab55e302faefe9dff" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(x)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Flag State opinion</u>:<font style="font-weight: bold;">&#160; </font>draft opinion of legal advisers to the Lender on matters of the laws of the Flag State;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb0c0a86c49fe499a90683f7bb62766b3" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(y)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Borrower's equity</u>: Borrower's equity required for the refinancing of the
              Existing Indebtedness under the Existing Loan Agreement has been deposited into the Operating Account prior to the Drawdown Date so that it is remitted to Wilmington Trust (in its capacity as the facility agent of the Existing Lenders)
              together with the amount of the Loan.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z29c52999419a4edc97a093d7652d128d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">7.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">No change of circumstances</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The obligation of the Lender to advance the Commitment or any part thereof is subject to the further condition that
      at the time of the giving of the Drawdown Notice and on the Drawdown Date:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3ba8c23369284777af05f652a66a83b4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Representations and warranties</u>: the representations and warranties set out in
              Clause 6 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Representations and
                  warranties</u></font><font style="font-style: italic;">) </font>and in each of the other Finance</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">44</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">Documents are true and correct on and as of each such time as if each was made with respect to the facts and
      circumstances existing at such time;</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb0a7fe1fdd7c4ac88176e7a86c4a824e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>No Event of Default</u>:&#160; no Event of Default shall have occurred and be
              continuing or would result from the drawdown of the Loan;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7f258b8ca8144a659ac8f9a08978fcc3" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>No change</u>:&#160; the Lender shall be satisfied that (i) there has been no change
              in control directly or indirectly in the ownership, beneficial ownership, or management of the Borrower or any share therein or of the Vessel and (ii) 100% of the shares and voting rights in the Borrower and at least 20% in the Corporate
              Guarantor remain in the ultimate legal and beneficial ownership of the Beneficial Shareholders disclosed to the Lender prior to the date of this Agreement and (iii) there has been no Material Adverse Change in the financial condition of any
              Security Party which (change) might, in the opinion of the Lender, be detrimental to the interests of the Lender; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z23e3c9c5db704afd8e4bd3b98734e092" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>No Market Disruption Event</u>:&#160; none of the circumstances contemplated by Clause
              3.6 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Market disruption &#8211; Non
                  Availability</u></font><font style="font-style: italic;">)</font> has occurred and is continuing.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z37e6efc6381646dd901ecad2663767e0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">7.4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Know your customer and money laundering compliance</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The obligation of the Lender to advance the Commitment or any part thereof is subject to the further condition that
      the Lender, prior to or simultaneously with the drawdown, shall have received, to the extent required by any change in applicable law and regulation or any changes in the Lender's own internal guidelines since the date on which the applicable
      documents and evidence were delivered to the Lender pursuant to Clause 8.9 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Know your customer and money laundering compliance</u></font><font style="font-style: italic;">)</font>, such further documents and evidence as the Lender
      shall require to identify the Borrower and the other Security Parties and any other persons involved or affected by the transaction(s) contemplated by this Agreement.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5cefbede311a46ca984421ec01109b2a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">7.5</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Further documents</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">Without prejudice to the provisions of this Clause 7, and provided reasonable notice is given to the Borrower by the Lender, the Borrower hereby undertakes with the Lender to make or procure to be made such amendments and/or additions to any of the documents delivered to the
      Lender in accordance with this Clause 7 and to execute and/or deliver to the Lender or procure to be executed and/or delivered to the Lender such further documents as the Lender and its legal advisors may reasonably require to satisfy themselves that
      all the terms and requirements of this Agreement have been complied with.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6c111925b79947c29a1fba20fe675890" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">7.6</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Waiver of conditions precedent</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The conditions specified in this Clause 7 are inserted solely for the benefit of the Lender and may be waived by
      the Lender in whole or in part and with or without conditions.&#160; Without prejudice to any of the other provisions of this Agreement, in the event that the Lender, in its sole and absolute discretion, makes the Commitment available to the Borrower
      prior to the satisfaction of all or any of the conditions referred to in Clause 7.1 <font style="font-style: italic;"><u>Conditions precedent to the execution of this Agreement</u></font>,
      Clause 7.2 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Conditions </u></font><font style="font-style: italic;"><u>precedent to the making of the Commitment</u></font><font style="font-style: italic;">) </font>and
      Clause 7.3 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>No change of circumstances</u></font><font style="font-style: italic;">)</font>, the Borrower hereby covenants and undertakes to satisfy or procure the satisfaction of such condition or conditions by no later than fourteen (14)
      days after the Drawdown Date or within such longer period as the Lender may, in its sole and absolute discretion, agree to or specify.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">45</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 9pt;" class="DSPFListTable" id="z60e445b008924ccbb44320d319e6cf4f" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;"><u>8.</u></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;"><u>COVENANTS</u></div>
            </td>
          </tr>

      </table>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zefc1dd5f619a4338af90de34f049ff56" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">8.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">General</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The Borrower hereby undertakes with the Lender that, from the date of this Agreement and so long as any moneys are
      owing under any of the Finance Documents and until the full and complete payment and discharge of the Outstanding Indebtedness, it will:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z629c43a8a52949a680c1dbcc1dfd6690" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Notice on adverse change or Default</u>:&#160; promptly inform the Lender upon
              becoming aware of any occurrence which might adversely affect the ability of any Security Party to perform its obligations under any of the Finance Documents and, without limiting the generality of the foregoing, will inform the Lender of any
              Event of Default forthwith upon becoming aware thereof and will from time to time, if so requested by the Lender, confirm to the Lender in writing that, save as otherwise stated in such confirmation, no Event of Default has occurred and is
              continuing;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zee1d25b0205d462383c30a02f7bbc308" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Consents and licenses</u>:&#160; without prejudice to Clause 6 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Representations and warranties</u></font><font style="font-style: italic;">) </font>and Clause 7 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Conditions precedent</u></font><font style="font-style: italic;">)</font>, obtain
              or cause to be obtained, maintain in full force and effect and comply in all material respects with the conditions and restrictions (if any) imposed in, or in connection with, every consent, authorisation, license or approval of governmental
              or public bodies or authorities or courts and do or cause to be done, all other acts and things which may from time to time be necessary or desirable under applicable law for the continued due performance of all the obligations of the
              Security Parties under each of the Finance Documents;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8d67d62e4e924992a1a4e81147d496f2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Use of Loan proceeds</u>: use the Loan exclusively for the purpose specified in
              Clause 1.1&#160; <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Amount and Purpose</u></font><font style="font-style: italic;">)</font>;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z558cb92ce6234721bddbee13c0f2587b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Pari passu</u>: ensure that its obligations under this Agreement shall, without
              prejudice to the provisions of this Clause 8.1, at all times rank at least pari passu with all its other present and future unsecured and unsubordinated Financial Indebtedness with the exception of any obligations which are mandatorily
              preferred by law and not by contract;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb38e92da58ad40f5b4ea159a4360d05b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Financial statements</u>:&#160; furnish the Lender with (i) annual financial
              statements of the Borrower and the Corporate Guarantor audited by an Approved Auditor, and (ii) un-audited semi-annual financial statements of the Corporate Guarantor, in each case prepared in accordance with Applicable Accounting Principles
              consistently applied, in respect of each Financial Year or each semester (as the case may be) as soon as practicable but not later than 180 days (in the case of the annual financial statements) and 90 days (in the case of the un-audited
              semi-annual financial statements of the Corporate Guarantor) after the end of the financial period to which they relate, in each case commencing with the Financial Year ending on 31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> December, 2020, <u>provided that</u> the first financial statements of the Borrower for the Financial Year ending on 31<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup> December, 2020, will be unaudited;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7fe95d8fbddf476eb4c32a9d10397570" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Provision of further information</u>:&#160; promptly, when requested, provide the
              Lender with such customary financial and other information and accounts relating to the business, undertaking, assets, liabilities, revenues, financial condition or affairs of any Security Party and, on a consolidated basis, the Group and
              such other further general information relating to any Security Party and, on a consolidated basis,&#160; the Group as the Lender from time to time may reasonably require, save where any</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">46</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">&#160;such information is publicly available;</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1fca518931644ce384c921e3baeb9f4f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(g)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Financial Information:</u> provide the Lender from time to time as the Lender may reasonably request with information on the financial conditions, actual and projected for the following 12 month period, cash flow position, commitments and
                operations of the Borrower and on consolidated basis of the Group including cash flow analysis and voyage accounts of the Vessel with a breakdown of
                income and running expenses showing net trading profit, trade payables and trade receivables, such financial details to be certified by an authorized signatory of the Borrower as to their correctness;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z113631851555416280268d367d9f877e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(h)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Information on the employment of the Vessel</u>:&#160; provide the Lender from time to
              time as the Lender may request with information on the employment of the Vessel, as well as on the terms and conditions of any charterparty, contract of affreightment, agreement or related document in respect of the employment of the Vessel,
              such information to be certified by an authorised signatory of the Borrower as to their correctness;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7c35c5c824be433cb126dd40015e382c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Banking operations</u>:&#160; subject to the provisions of Clause 13.7 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Relocation of Operating Account</u></font><font style="font-style: italic;">)</font>, ensure that all banking operations in connection with the Vessel are carried out through the Operating Account;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zcba18d4213fc40c8add0eac99d6226a2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(j)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Pledged Deposit</u>: ensure that throughout the Security Period the Borrower shall maintain in an the Operating Account with the Lender, cash minimum
                liquidity in the amount of Five hundred thousand Dollars ($500,000) pledged in favour of the Lender (herein, the <font style="font-weight: bold; font-style: italic;">"Pledged
                Deposit"</font>);</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z32f297b758644109a05697b03b7a67be" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(k)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Subordination</u>:<font style="font-weight: bold;">&#160;</font>ensure that all Financial Indebtedness of the Borrower to its shareholders is fully subordinated to the rights of the Lender under the Finance Documents, all in a form acceptable to the Lender, and
              to subordinate to the rights of the Lender under the Finance Documents any Financial Indebtedness issued to it by its shareholders, all in a form acceptable to the Lender;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2a5efc26a84b4b53905b73ae2227aa53" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(l)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Obligations under Finance Documents</u>:&#160; duly and punctually perform each of the
              obligations expressed to be assumed by it under the Finance Documents to which is or it is to be a party;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8579649338794feeb8a85dd6e79ad2ca" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(m)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Payment on demand</u>:&#160; pay to the Lender within seven (7) days from the Lender's
              first demand any sum of money which is due and payable by the Borrower to the Lender under this Agreement but in respect of which it is not specified in any other Clause when it is due and payable; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2fa607c309764d95a24981a4e0c83a47" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(n)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Compliance with Laws and Regulations</u>: to comply, or procure compliance with all laws or regulations relating to the Borrower and/or the Vessel, its ownership, operation and management or to the business of the Borrower and cause this Agreement and the other Finance Documents to comply with and satisfy all the requirements and formalities established by the applicable
                laws to perfect this Agreement and the other Finance Documents as valid and enforceable Finance Documents;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze783e7067b914df1a4005dfbe071c015" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(o)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Compliance with ISM Code</u>:&#160; procure that the Approved Commercial Manager and
              any Operator:</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">47</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z86d767f1cfbb44fc9764aa3accc57831" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>will comply with and ensure that the Vessel and any Operator by no later than the Drawdown Date complies with the requirements of the ISM Code, including (but not
              limited to) the maintenance and renewal of valid certificates pursuant thereto throughout the Security Period;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2af79e1321f44e2b89728296c187782a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>immediately inform the Lender if there is any threatened or actual withdrawal of the Borrower's, the Approved Commercial Manager's or an Operator's DOC or the SMC in
              respect of the Vessel; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1a37ea659597476f983b430e893a47a3" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>promptly inform the Lender upon the issue to the Borrower, the Approved Commercial Manager or any Operator of a DOC and to the Vessel of an SMC or the receipt by the
              Borrower, the Approved Commercial Manager or any Operator of notification that its application for the same has been realised;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zdc37b33d1b734f218d8a2bbf5ae8b202" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(p)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Compliance with ISPS Code</u>: procure that the Approved Commercial Manager or
              any Operator will:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf80c936f8f7444818216b3c147839bbc" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>maintain at all times a valid and current ISSC respect of the Vessel;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1f3652ec6e304dbaaf076cb9c235ea7b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>immediately notify the Lender in writing of any actual or threatened withdrawal, suspension, cancellation or modification of the ISSC in respect of the Vessel; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfac31b7d7ded4184a379722b8e3935cf" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>procure that the Vessel will comply at all times with the ISPS Code;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z77180e05ece14dc880218b5890983b17" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(q)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Maintenance of Security Interests</u>:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbd3ec584ca914917876c82dd305167ed" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>at its own cost, do all that it reasonably can to ensure that any Finance Document validly creates the obligations and the Security Interests which it purports to
              create; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd7f1caf30b8642aea2e769375e07c313" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>without limiting the generality of paragraph (q) above, at its own cost, promptly register, file, record or enrol any Finance Document with any court or authority in
              all Relevant Jurisdictions, pay any stamp, registration or similar tax in all Relevant Jurisdictions in respect of any Finance Document, give any notice or take any other step which may be or has become necessary or desirable for any Finance
              Document to be valid, enforceable or admissible in evidence or to ensure or protect the priority of any Security Interest which it creates;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9030ed0a2a4145e991aba962d4e2d947" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(r)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Inspections/Surveys</u>: once per year or in case an Event of Default has
              occurred and is continuing at any time that the Lender might consider to be necessary or useful, have the Vessel inspected and/or surveyed at the expense of the Borrower by surveyors and/or inspectors appointed by the Lender and the Borrower
              hereby duly authorise the Lender to review the insurance and operating records of the Borrower provided that any inspections/surveys/reviews are conducted at reasonable times and without interfering with the daily operations and the ordinary
              trading of the Vessel;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z58ac101a487246bca2eed92f4ed10f45" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(s)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Notification of litigation</u>: provide the Lender with details of any legal or
              administrative action relating to an amount exceeding Seven hundred Fifty thousand Dollars ($750,000) involving the Borrower, the Approved Commercial</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">48</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">Manager, the Vessel, the Earnings or the Insurances and of any legal or administrative action relating to an amount
      exceeding One million two hundred thousand Dollars ($1,200,000) involving the Corporate Guarantor, as soon as such action is instituted or it becomes apparent to
      the Borrower that it is likely to be instituted, unless it is clear that the legal or administrative action cannot be considered material in the context of any Finance Document and the Borrower shall procure that all reasonable measures are taken to
      defend any such legal or administrative action;</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd83af7bbb8b6428195135cfb15b5dae6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(t)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Notification of default</u>:<font style="font-weight: bold;">&#160; </font>the Borrower will notify the Lender as soon as the Borrower becomes aware of the occurrence of an Event of Default and will keep the Lender fully up-to-date with all developments;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9b7b9ddf912a4f8e8b9d14bb2f9acf34" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(u)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Registered office</u>:&#160; maintain its registered office at the address referred to
              in the Recital; and will not establish, or do anything as a result of which it would be deemed to have, a place of business in the United Kingdom or the United States of America; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1d6acc86804f4d8d9b4b64aa08fdaf19" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(v)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Compliance with Covenants</u>:&#160; duly and punctually perform all obligations under
              this Agreement and the other Finance Documents.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z58dcf454baa843dda887d3ba8e64eeb5" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">8.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Negative undertakings</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The Borrower undertakes with the Lender that, from the date of this Agreement and so long as any moneys are owing
      under the Finance Documents and until the full and complete payment and discharge of the Outstanding Indebtedness, <u>it will not, without the prior written consent of the
          Lender</u>:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z98d1768160d84464a93c3537d3b6408b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Negative pledge</u>:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4a0713cd30374fc790ac925a142bca41" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>cease to hold the legal title to, and own the entire beneficial interest in the Vessel, its Insurances and Earnings, free from all Security Interests and other
              interests and rights of every kind, except for those created by the Finance Documents and other Permitted Security Interests and the effect of the assignments contained in the General Assignment and any other Finance Documents; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z29e5cccb8f1749988cbc4e6d817b16f4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>permit any Security Interest (other than a Permitted Security Interest) to subsist, arise or be created or extended over all or any part of its present or future
              undertakings, assets, rights or revenues to secure or prefer any present or future Financial Indebtedness or other liability or obligation of the Borrower or any other person;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z93dcfe0be67c48f2a527f3f99dc93907" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>No further Financial Indebtedness</u>: incur no further Financial Indebtedness
              other than Permitted Financial Indebtedness;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z58aa3d74e9a44802b4212b35be01d7d8" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>No merger</u>:&#160; merge or consolidate with any other person;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z420cdf57b0d14c7c8962c62454cde17f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>No disposals</u>:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf81d94c52c1a47d29bd5813484e92143" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>sell, transfer, abandon, lend, lease or otherwise dispose of or cease to exercise direct control over any part (being either alone or when aggregated with all other
              disposals falling to be taken into account pursuant to this</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">49</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;">Clause 8.2(d), material in the opinion of the Lender, in relation to the undertakings, assets, rights and revenues
      of the Borrower) of its present or future undertaking, assets, rights or revenues (otherwise than by transfers, sales or disposals for full consideration in the ordinary course of trading) whether by one or a series of transactions related or not;</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z67705740923c480b88a4b5f08004219f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>transfer, lease or otherwise dispose of any debt payable to it or any other right (present, future or contingent right) to receive a payment, including any right to
              damages or compensation;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z12e1231969b84e75a699b2a67d61301a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>No other business</u>:&#160; undertake any type of business other than the ownership
              and operation of the Vessel and the chartering of the Vessel to third parties;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9af4dbea9e304734984ab4a00b507ca1" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>No acquisitions</u>:&#160; acquire any further assets other than the Vessel and rights
              arising under contracts entered into by or on behalf of the Borrower in the ordinary course of its business of owning, operating and chartering the Vessel;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb8b4b6adf3b74455b7d9f4158ccc65a3" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(g)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>No other obligations</u>:&#160; incur any liability or obligations except liabilities
              and obligations arising under the Finance Documents or contracts entered into in the ordinary course of its business of owning, operating and chartering the Vessel or any other Permitted Financial Indebtedness, (and for the purposes of this
              Clause 8.2(g) <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>No other obligations</u></font><font style="font-style: italic;">) </font>fees to be paid pursuant to the Management Agreements in respect of the Vessel shall be considered as permitted obligations under the
              Finance Documents);</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z56c9e692b0f54bddb7000ad9ba860171" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(h)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>No repayment of borrowings</u>:&#160; following the occurrence of an Event of Default
              that is continuing, repay the principal of, or pay interest on or any other sum in connection with, any of its Financial Indebtedness except for Financial Indebtedness pursuant to the Finance Documents;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2953c692191141b29a91f6833d5f1d52" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>No Payments</u>: except pursuant to this Agreement and the other Finance
              Documents (and then only to the extent expressly permitted by the same) not pay out any funds (whether out of the Earnings or out of moneys collected under the General Assignment and/or the other Finance Documents or not) to any company or
              person except in connection with the administration of the Borrower, the operation, upgrade, maintenance and/or repair of the Vessel;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z72374551df3b4f06a060d5c13a8be2ee" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(j)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>No guarantees</u>: issue any guarantees or indemnities or otherwise become
              directly or contingently liable for the obligations of any person, firm, or corporation except pursuant to the Finance Documents and except for guarantees or indemnities from time to time required in the ordinary course by any protection and
              indemnity or war risks association with which the Vessel is entered, guarantees required to procure the release of the Vessel from any arrest, detention, attachment or levy or guarantees or undertakings required for the salvage of the Vessel;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zebd151fd018d43418a3eb95deffa43b7" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(k)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>No loans</u>:&#160; make any loans or advances to, or any investments in any person,
              firm, corporation, joint venture or other entity including (without limitation) any loan or advance or grant any credit (save for normal trade credit in the ordinary course of business) to any officer, director, stockholder or employee or any
              other company managed by the Approved Commercial Manager directly or through the managers of the Vessel or agree to do so;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z18e6a1e80fde4d2898685cbf6c901a77" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(l)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>No securities</u>:&#160; permit any Financial Indebtedness of the Borrower to any
              person</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">50</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">(other than the Lender) to be guaranteed by any person (save, in the case of the Borrower, for guarantees or
      indemnities from time to time required in the ordinary course by any protection and indemnity or war risks association with which the Vessel is entered, guarantees required to procure the release of the Vessel from any arrest, detention, attachment
      or levy or guarantees or undertakings required for the salvage of the Vessel);</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5a59f66f86a8405385e8cc0659a8aa81" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(m)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>No dividends or distribution</u>: on the condition that:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9f768976bff942b5928873a6f65d1a73" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>no Event of Default has occurred and is continuing,</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z809ef87c9d414e0bb4cfd90ea136f3f8" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>no Event of Default will result from the payment of such dividends or the making of any other form of distribution or any redemption, purchase or return of share
              capital,</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7bb1224408094febb94c1c92e21d1cba" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>prior written notice in respect thereto will be given to the Lender, and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z856bf7ec3252401dbca36edcdea86c9b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(iv)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the Total Liabilities/Total Assets ratio of the Corporate Guarantor does not exceed 75%,</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 71.5pt; margin-bottom: 12pt;">the Borrower may declare or pay any dividends or make any other distribution under any name or description upon
      any of the issued shares or effect any form of redemption, purchase or return of share capital or otherwise dispose of any of its present or future assets, undertakings, rights or revenues (which are all assigned to the Lender) to any of its
      shareholders;</div>
    <div style="text-align: justify; margin-left: 71.5pt; margin-bottom: 12pt;">AND for the purposes of this sub-Clause 8.2(n):</div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Fleet
        Market Value"</font> means, as of the date of calculation, the aggregate market value of all the vessels (including, but not limited to, the Vessel) from time to time owned by a member of the Group, as determined in accordance with the provisions <font style="font-style: italic;">(mutatis-mutandis) </font>of Clause 8.5(b) <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Valuation of Vessel</u></font><font style="font-style: italic;">)</font>;</div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Total
        Assets"</font> means, in respect of each Financial Year&#160;and by reference to the last day thereof, the aggregate on a consolidated basis of the assets of the
      Corporate Guarantor (including, for the avoidance of doubt, the assets of the other members of the Group and the aggregate of all monies standing to the credit of
      the Operating Account and any other account whether held in the name of the Corporate Guarantor or any other member of the Group and whether encumbered or otherwise)&#160;adjusted
      to reflect the aggregate Fleet Market Value, as reported in the financial statements to be provided to the Lender according to Clause 8.1(e) <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Financial statements</u></font><font style="font-style: italic;">)</font>; and</div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Total
        Liabilities"</font> means, in respect of each Financial Year and by reference to the last day thereof, the consolidated liabilities of the Group which, in accordance with GAAP or (as the case may be) IFRS, are classified as liabilities less the
      aggregate of any shareholders' loans, which are unsecured and fully subordinated to all Financial Indebtedness incurred under the Finance Documents pursuant to a subordination agreement or otherwise, made to any one or more members of the Group, all
      as shown in the financial statements to be provided to the Lender according to Clause 8.1(e) <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Financial statements</u></font><font style="font-style: italic;">)</font>;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">51</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z963c09dfbb1646cfb5ef6a4c3e64d9e6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(n)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>No subsidiaries</u>:&#160; form or acquire any Subsidiaries;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z496c69bed58d4a2da9f98c60a85830a8" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(o)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>No change of Business Structure</u>: change the nature, organisation and conduct
              of the business of the Borrower or the Approved Commercial Manager as owner of the Vessel or as manager of Vessel, as the case may be, or carry on any business other than the business carried on at the date of this Agreement;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z175106bc290d482b8be4682221a9a47e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(p)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>No change of Legal Structure</u>:&#160; (such consent not be unreasonably withheld)
              ensure that none of the documents defining the constitution of the Borrower shall be materially (in the Lender's opinion) altered in any manner whatsoever;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z57e76d866e714d4ab8b3d42cdeb3b81b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(q)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>No Security Interest of Assets</u>:&#160; allow any part of its undertaking, property,
              assets or rights, whether present or future, to be mortgaged, charged, pledged, used as a lien or otherwise encumbered without the prior written consent of the Lender save for any Permitted Security Interests;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z05b707e84c7a4d588e53134daeb5151a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(r)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Master Agreement Derivatives</u>:&#160;&#160; not enter into any transaction in a
              derivative other than any under a master agreement entered into with the Lender; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z583ae271aa6241879f152fb905825127" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(s)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>No change of control</u>: throughout the Security Period:</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 70.9pt; margin-bottom: 12pt;">ensure that no change shall be made directly or indirectly in the ownership, beneficial ownership, control or
      management of any of the Borrower and the Corporate Guarantor or any share therein or the Vessel, as a result of which less than 100% of the shares and voting rights in the Borrower or less than 20% of the shares and voting rights in the Corporate
      Guarantor remain in the ultimate legal and beneficial ownership of the Beneficial Shareholder(s) disclosed to the Lender at the negotiation of this Agreement and confirmed in writing on or before the date hereof.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbf328220a1e14ca3bf972bfd078ecfc0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">8.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Undertakings concerning the Vessel</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The Borrower hereby undertakes with the Lender that, from the date of this Agreement and until the full and
      complete payment and discharge of the Outstanding Indebtedness, that it will:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf02ef4e5d2ed4cd69f949dc9614033a6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Chartering</u>:&#160; not without the prior written consent of the Lender which shall
              not be unreasonably withheld (and then only subject to such conditions as the Lender may impose) let or agree to let the Vessel:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z988e8ff302da433db4d314ba33deb246" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>on demise charter for any period; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb632b431415348d4a5edfe2e47658a31" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>by any Assignable Charterparty; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5550bffddbcd461d9c35c2e620a265e8" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>other than on an arm's length basis;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z28d6ccb0c75f4a2cbbd8da2bb5ad25bb" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>No amendment to Assignable Charterparty</u>:<font style="font-weight: bold;">&#160;</font>not without the prior written consent of the Lender which shall not be unreasonably withheld waive or fail to enforce, any Assignable Charterparty to which it is a
              party or any of its provisions, and will promptly notify the Lender of any amendment or supplement to any Assignable Charterparty;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf2b510726e50415892afc12ddbc1343a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Approved Managers</u>:&#160; not without the prior written consent of the Lender which</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">52</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">&#160;shall not be unreasonably withheld appoint a manager of the Vessel other than the Approved Managers;</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze51474e86f8d4e5ba3fa5bd4f69e7a19" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Ownership/Management/Control</u>:&#160; ensure that the Vessel remains registered in
              the ownership of the Borrower under the laws of the Flag State and thereafter ensure that the Vessel will maintain her ownership, management and control;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z89a99dae452e4359abd9dd68f9e6453a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Class</u>:&#160; ensure that the Vessel remains in class free of overdue
              recommendations by the Classification Society and provide the Lender on demand with copies of all class and trading certificates of the Vessel;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc044e1e5f3ae4f5ab28da6de3fdf77fb" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Insurances</u>: ensure that all Insurances (as defined in the relevant
              Mortgage/General Assignment) of the Vessel are maintained and comply with all insurance requirements specified in this Agreement and in the Mortgage and in case of failure to maintain the Vessel so insured, authorise the Lender (and such
              authorisation is hereby expressly given to the Lender) to have the right but not the obligation to effect such Insurances on behalf of the Owner thereof (and in case that the Vessel remains in port for an extended period) to effect port risks
              insurances at the cost of the Borrower which, if paid by the Lender, shall be Expenses; if (i) an Event of Default has occurred and is continuing or (ii) there has
                been any change in the insurance placement within such year or (iii) there has been a Material Adverse Change of the financial condition of any of the insurers of the Vessel at the Lender's&#160; sole opinion, the Lender shall be entitled to
                obtain once per year at Borrower's expense an opinion from insurance consultants (appointed by the&#160; Lender at the Borrower's expense) as to the adequacy of the insurances effected or to be effected in respect of the Vessel;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc9ea597e5c5e40cba22e0ee516c688d8" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(g)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Transfer/Security Interests</u>:&#160; except as provided in Clause 4.3 (b) <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Sale of the Vessel - Refinancing</u></font><font style="font-style: italic;">)</font>, not without the prior written consent of the Lender sell or otherwise dispose of the Vessel or any share therein or create or agree to
              create or permit to subsist any Security Interest over the Vessel (or any share or interest therein other than Permitted Security Interests;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd79c81e110e5405d96f54c9451dff383" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(h)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Not imperil Flag, Ownership, Insurances</u>:&#160; ensure that the Vessel following
              her delivery, is maintained and trades in conformity with the laws of the Flag State, of its owning company or of the nationality of the officers, the requirements of the Insurances and nothing is done or permitted to be done which could
              endanger the flag of the Vessel or its unencumbered (other than Security Interests in favour of the Lender and Security Interests permitted by this Agreement) ownership or its Insurances;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf960971e4321442fbf090092d3d2ef0e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Mortgage Covenants</u>:&#160; always comply with all the covenants provided for in the
              Mortgage;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf8966cd2759040b49555e5da1f888a16" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(j)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Assignment of Earnings</u>:&#160; not assign or agree to assign otherwise than to the
              Lender the Earnings or any part thereof.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf788e6af1b8646359144a3a30bb50c0b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(k)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Sharing of Earnings</u>: not, without the prior written consent of the Lender
              which shall not be unreasonably withheld </div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z113d8d67373f48ca81ea475a7e3dbcdd" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>enter into any agreement or arrangement for the sharing or pooling of any
              Earnings;</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">53</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z026ede2075e5482c93ec14f2605fedb4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>enter into any agreement or arrangement for the postponement of any date on which any Earnings are due; the reduction of the amount of any Earnings or otherwise for the
              release or adverse alteration of any right of the Borrower to any Earnings; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6462dd0ab4914c2cbbbb4e37ebb6d29c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>enter into any agreement or arrangement for the release of, or adverse alteration to, any guarantee or Security Interest relating to any Earnings.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6d78cc4c0b24494fa47983a8052e8b77" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(l)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Assignable Charterparty</u>:&#160; ensure and procure that in the event of the Vessel
              being employed under an Assignable Charterparty:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z17bf7f45d94e4d5dae6583065126612d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the Borrower shall execute and deliver to the Lender within fifteen (15) days from the Lender's relevant request a specific assignment of all its rights, title and
              interest in and to such charter and any charter guarantee (if available) in the form of a Charterparty Assignment and a notice of such assignment addressed to the relevant charterer;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za7135c2478344813937463091b75e9ec" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the Borrower will ensure (on a reasonable endeavours basis) that the relevant charterer and any charter guarantor agree to acknowledge to the Lender the specific
              assignment of such charter and charter guarantee by executing an acknowledgement substantially in the form included in the relevant Charterparty Assignment;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z549c77cde92a465b9795cc3fa2dc00f6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>in the case where such charter is a demise charter, the relevant charterer to undertake to the Lender (1) to comply with all of the Borrower's undertakings with regard
              to the employment, insurances, operation, repairs and maintenance of the Vessel contained in this Agreement, the Mortgage and the General Assignment and (2) to provide <font style="font-style: italic;">(inter alia) </font>an assignment of its interest in the insurances of the Vessel in the form of a tripartite agreement in form and substance acceptable to the Lender, to be made between the Lender, the relevant
              Owner and such charterer;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd5539c0bf65242ff98e44861b1c0d83b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(m)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>No freight derivatives</u>: not enter into or agree to enter into any freight
              derivatives or any other instruments which have the effect of hedging forward exposures to freight derivatives without the Lender's consent;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4ae670855d4b4deaac375b65f197060f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(n)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Vessel's inspection:</u> permit the Lender (i) by surveyors or other persons appointed by it in its behalf to board its<font style="font-weight: bold;">&#160;</font>Vessel at all reasonable times (but in any event without interfering with the daily
                operations and the ordinary trading of its<font style="font-weight: bold;">&#160;</font>Vessel and
                not more than once per annum or if an Event of Default has occurred and is continuing, at any time the Lender considers it appropriate or necessary) for the purpose of inspecting her condition or for the purpose of satisfying itself with
                regard to proposed or executed repairs and to afford all proper facilities for such inspections and (ii) at any time by financial or insurance advisors or other persons appointed by the Lender to review the operating and insurance records
                of its Vessel and the Owner and the costs (as supported by vouchers) of any and all such inspections shall be borne by the Borrower;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2a2070bff48c4028aec7fa36d120da8d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(o)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Compliance with Environmental Laws</u>: comply with, and procure that all its
              Environmental Affiliates comply with, all Environmental Laws including without limitation, requirements relating to manning and establishment of financial responsibility and to obtain and comply with, and procure that all its Environmental
              Affiliates comply with, all Environmental Approvals and to notify the Lender</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">54</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">forthwith:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3b9c2e131a5449f9b341ab08ed1676f7" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>of any Environmental Claim for an amount or amounts in aggregate exceeding Six hundred
                thousand Dollars ($600,000) made against the Vessel, any Relevant Ship and/or her respective owner; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z097a1eed554d4ca0868477d256cd1a1b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>upon becoming aware of any incident which may give rise to an Environmental Claim and to keep the Lender advised in writing of the Borrower's response to such
              Environmental Claim on such regular basis and in such detail as the Lender shall require; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4a77449c48ad49ab8a74e92386b88554" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(p)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>War Risk Insurance cover</u>:<font style="font-weight: bold;">&#160;</font>in the event of hostilities in any part of the world (whether war is declared or not), not cause or permit the Vessel to enter or trade to any zone which is declared a war zone by any
              government or by the Vessel's war risks insurers unless first obtaining the consent to such employment or trade of the insurers and complying with such requirements as to extra premium or otherwise as the insurers may prescribe require.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze18c3d6f32cb42de9f8f1b2c57e6ca93" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">8.4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Validity of Securities - Earnings - Taxes etc.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The Borrower hereby undertakes with the Lender that, from the date of this Agreement and throughout the Security
      Period, it will:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z452d040f0d004539898f639d51394339" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Validity</u>:&#160; ensure and procure that all governmental or other consents
              required by law and/or any other steps required for the validity, enforceability and legality of this Agreement and the other Finance Documents are maintained in full force and effect and/or appropriately taken;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3a10536f932a42cb8df277ae52209c74" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Earnings</u>:&#160; ensure and procure that, unless and until directed by the Lender
              otherwise (i) all the Earnings of the Vessel shall be paid to the Operating Account and (ii) the persons from whom the Earnings are from time to time due are irrevocably instructed to pay them to the Operating Account or to such account in
              the name of the Borrower as shall be from time to time determined by the Lender in accordance with the provisions of this Agreement and/or the relevant Security Documents;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z512521c8e9784482841019dda2971c13" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Taxes</u>:&#160; pay all Taxes, assessments and other governmental charges when the
              same fall due, except to the extent that the same are being contested in good faith by appropriate proceedings and adequate reserves have been set aside for their payment if such proceedings fail; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1afabce9a47e4474a22eecd52435641a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Additional Documents</u>:&#160; from time to time at the request of the Lender execute
              and deliver to the Lender or procure the execution and delivery to the Lender of all such documents as shall be deemed necessary at the reasonable discretion of the Lender for giving full effect to this Agreement, and for perfecting,
              protecting the value of or enforcing any rights or securities granted to the Lender under any one or more of this Agreement, the other Finance Documents and any other documents executed pursuant hereto or thereto and in case that any
              conditions precedent (with the Lender's consent) have not been fulfilled prior to the relevant Drawdown Date, such conditions shall be complied with within ten (10) Banking Days after the Lender's written request (unless the Lender agrees
              otherwise in writing) and failure to comply with this covenant shall be an Event of Default.</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">55</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z499ef1f7b15741599f393c39f542e67a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">8.5</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Security cover - Valuation of the Vessel</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zafc9fb6aca454eb08f380fda26eac258" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Security shortfall - Additional Security</u>:&#160; If at any time during the Security
              Period, the Security Value shall be less than the Security Requirement, the Lender may give notice to the Borrower requiring that such deficiency be remedied and then the Borrower shall (unless the sole cause of such deficiency is the Total
              Loss of the Vessel and the Borrower is in full compliance with his obligations in relation to such Total Loss) either;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z99c8ab76934b4c9cb464849a66d09e11" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>prepay (in accordance with Clause 4.2 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Voluntary prepayment</u></font><font style="font-style: italic;">) </font>(but without regard to the
              requirement for five (5) days' notice) within a period of forty five (45) days of the date of receipt by the Borrower of the Lender's said notice (the <font style="font-weight: bold; font-style: italic;">"Prepayment Date"</font>) such sum in Dollars as will result in the Security Requirement after such prepayment (taking into account any other repayment of the Loan made or to be made between the date of the notice
              and the date of such prepayment) being at least equal to the Security Value; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z93eff84543644bb1bd42653be9508e20" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>on or before the Prepayment Date constitute to the satisfaction of the Lender such additional security for the Loan as shall be acceptable to the Lender having a net
              realisable value for security purposes (as determined by the Lender in its absolute discretion) at the date upon which such additional security shall be constituted which, when added to the Security Value, shall not be less than the Security
              Requirement as at such date. Such additional security shall be constituted by:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za9b2029307214fe69f35c92db6e80aae" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 108pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>additional pledged cash deposits in favor of the Lender in an amount equal to such shortfall with the Lender and in an account and manner to be determined by the
              Lender; and/or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z932439db388c4dc28b927bbf6a4fa131" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 108pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>any other security acceptable to the Lender at its absolute discretion to be provided in a manner determined by the Lender.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">Any such additional security provided to the Lender shall be promptly released by the Lender once the Security
      Requirement Ratio has been restored. The provisions of Clauses 4.3 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Compulsory Prepayment in case of Total Loss or sale of the Vessel</u></font><font style="font-style: italic;">) </font>and 4.4 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Amounts payable on prepayment)</u></font> shall apply to prepayments
      under Clause 8.5(a)(i).</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6c87c4f361624d70bf9fad33eefcb7bb" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Valuation of Vessel</u>:&#160; The Vessel shall, for the purposes of this Clause 8.5,
              be valued in Dollars once a year or, if an Event of Default has occurred and is continuing at any other time that the Lender shall reasonably require by two Approved Shipbrokers, one appointed by the Lender and one appointed by the Borrower
              (such valuations to be addressed to the Lender and to be made without, unless required by the Lender, physical inspection, and on the basis of a sale for prompt delivery for cash at arm's length on normal commercial terms as between a willing
              buyer and a willing seller, without taking into account the benefit of any charterparty or other engagement concerning the Vessel. The Lender and the Borrower agree to accept the average of such valuations made by the Approved Shipbrokers
              appointed as aforesaid as conclusive evidence of the Market Value of the Vessel at the date of such valuations and that the average of such valuations shall constitute the Market Value of the Vessel for the purposes of this Clause 8.5.</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">56</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">The value of the Vessel determined in accordance with the provisions of this Clause 8.5 shall be binding upon the
      Borrower and the Lender until such time as any further such valuations shall be obtained.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0028da76930643c9aba6e06606c10118" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Information</u>: The Borrower undertakes to the Lender to supply to the Lender
              and to any such Approved Shipbrokers such information concerning the Vessel and its condition as such Approved Shipbrokers may reasonably require for the purpose of making any such valuation.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc8b9b3db3b9448f5af3efea8fa3a2bc4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Costs</u>:&#160; All costs in connection with:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2154f989769e4d09b905f0a7ae414f7a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the Lender obtaining any valuation of the Vessel referred to in Clause 8.5(b) <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Valuation of Vessel</u></font><font style="font-style: italic;">)</font>; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za65f47656cc743a392f2b7ed17de1fc9" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>any valuation of any additional security for the purposes of ascertaining the Security Value at any time or necessitated by the Borrower electing to constitute
              additional security pursuant to Clause 8.5(a)(ii): and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z29bf2882da6948ebac84923f4c7dc108" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>all legal and other expenses incurred by the Lender in connection with any matter arising out of this Clause 8.5</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">shall be borne by the Borrower.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6de61a3b28ba47fcacb811bb18cb93ed" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Valuation of additional security</u>:&#160; For the purpose of this Clause 8.5, the
              market value of any additional security provided or to be provided to the Lender shall be determined by the Lender in its absolute discretion without any necessity for the Lender assigning any reason thereto and if such security consists of a
              vessel shall be that shown by a valuation complying with the requirements of Clause 8.5(b) <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Valuation of Vessel</u></font><font style="font-style: italic;">)</font> (whereas the costs shall be borne by the
              Borrower in accordance with Clause 8.5(d) <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Costs</u></font><font style="font-style: italic;">)</font>) or if the additional security is in the form of a cash deposit full credit shall be given for such cash
              deposit on a Dollar for Dollar basis.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf3085410292a48b9b99790253d2979e8" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Documents and evidence</u>: In connection with any additional security provided
              in accordance with this Clause 8.5, the Lender shall be entitled to receive such evidence and documents of the kind referred to in Schedule 2 as may in the Lender's opinion be appropriate and such favourable legal opinions as the Lender shall
              in its&#160;&#160; discretion require.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb471bd3b6bfd4954b224bd0081b6a47c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">8.6</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Sanctions</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z28459ae2e33e4072b8ab4d3863261064" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Without Limiting Clause 8.7 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Compliance with laws etc.</u></font><font style="font-style: italic;">)</font>, the Borrower hereby undertakes with the Lender that, from the date of this Agreement and until the date that the Outstanding Indebtedness is paid in full, shall ensure that:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zee365f5928d643cab7fbc989c87a001a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the Vessel will not be used by or for the benefit of a Sanctions Restricted Person contrary to Sanctions;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zed643e607a8041dcb77bf5b985eb0227" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the Vessel will not be used in trading in any Sanctions Restricted Jurisdiction or in any manner contrary to Sanctions; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2c2a7ea5a8f64931ac1ef7085c627fdc" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the Vessel will not be traded in any manner which would trigger the operation of any sanctions limitation or exclusion clause (or similar) in the</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">57</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;">&#160;Insurances.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf10ff6788f414aeeb30f713510a4e7b6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The Borrower shall:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6a338d717cb54df2a74a792089101c31" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>not directly or to its knowledge (after reasonable enquiry) indirectly use or permit to be used all or any part of the proceeds of the Loan, or lend, contribute or
              otherwise make available such proceeds directly or to its knowledge (after reasonable enquiry) indirectly, to any person or entity (i) to finance or facilitate any activity or transaction of or with any Sanctions Restricted Person contrary to
              Sanctions or in any Sanctions Restricted Country, or (ii) in any other manner that would result in a violation of any Sanctions by any Party;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z691de4f4d8494cecb4f58a24c97c95c5" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>shall not fund all or part of any payment under the Loan out of proceeds derived directly or to its knowledge (after reasonable enquiry) indirectly from any activity or
              transaction with a Sanctions Restricted Person contrary to Sanctions or in a Sanctions Restricted Jurisdiction or which would otherwise cause any party to be in breach of any Sanctions; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z28436451b90742c5a27e74ab6c49b028" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>procure that no proceeds to its knowledge (after reasonable enquiry) from activities or business with a Sanctions Restricted Person contrary to Sanctions or in a
              Sanctions Restricted Jurisdiction are credited to the Operating Account.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zcf063019d43947efbec4216f75d89a9a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">8.7</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Compliance with laws etc.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The Borrower shall:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z62b400cf60a94dd780dea0cc46e0e879" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>comply, or procure compliance with all laws or regulations by the relevant Security Party:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zda9e009eb875472eb7c2271c1ffdb021" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>relating to its respective business generally; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7e2364fb3d1f40568368e9e18aed2bb2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>relating to the Vessel, its ownership, employment, operation, management and registration including, but not limited to, the ISM Code, the ISPS Code, all Environmental
              Laws and the laws of the Flag State; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6b31e172d9d84bddb45fbeb06ff6db64" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>all Sanctions;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zdf791bb8f048444ab815133b50eea995" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>obtain, comply with and do all that is necessary to maintain in full force and effect any Environmental Approvals; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4d84a24a69b246ea8754e61f16db6e31" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>without limiting paragraph (a) above, not employ the Vessel nor allow its employment, operation or management in any manner contrary to any law or regulation including,
              but not limited to, the ISM Code, the ISPS Code and all Environmental Laws which has or is likely to have a Material Adverse Effect on the business, position, profitability, assets or the financial condition of any of the Security Parties and
              Sanctions.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3bd050630c0f4152b7d0bfbc8e2fdebc" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">8.8</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Know your customer and money laundering compliance</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The Borrower hereby undertakes with the Lender that, from the date of this Agreement and so long as any moneys are
      owing under the Finance Documents and while all or any part of</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">58</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">the Commitment remains outstanding, it will provide the Lender, or procure the provision of, such documentation and
      other evidence as the Lender shall from time to time require, based on applicable law and regulations from time to time and the Lender's own internal guidelines from time to time to identify the Borrower and the other Security Parties, including the disclosure in writing of the ultimate legal and beneficial owner or owners of such entities, and any other persons involved or affected by the transaction(s)
      contemplated by this Agreement in order for the Lender to carry out and be satisfied it has complied with all necessary <font style="font-style: italic;">"know your customer"</font> or
      other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 9pt;" class="DSPFListTable" id="z0c28b956f5234f6289304516dc8cc31a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;"><u>9.</u></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;"><u>EVENTS OF DEFAULT</u></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z27ce63cc9374431995b5cbe1bbf64e85" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">9.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Events</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">There shall be an Event of Default if:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zeecbd32b030c4fdd9215bd07729dc77f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Non&#8209;payment</u>: any Security Party fails to pay any sum payable by it under any
              of the Finance Documents at the time, in the currency and in the manner stipulated in the Finance Documents (and so that, for this purpose, sums payable on demand shall be treated as having been paid at the stipulated time if paid within five
              (5) Banking Days of demand and other sums due shall be treated as having been paid at the stipulated time if paid within three (3) Banking Days of its falling due); or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z19d3d95db7424581ba9c5f9049811e37" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Breach of Insurance and certain other obligations</u>: the Borrower fails to
              obtain and/or maintain the Insurances (as defined in, and in accordance with the requirements of, the Finance Documents) or if any insurer in respect of such Insurances cancels the Insurances or disclaims liability by reason, in either case,
              of mis&#8209;statement in any proposal for the Insurances or for any other failure or default on the part of the Borrower or the Borrower commits any breach of or omits to observe any of the obligations or undertakings expressed to be assumed by it
              under Clause 8&#160; <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Covenants</u></font><font style="font-style: italic;">)</font>; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc761cc175154429fad1b1652c549411b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Breach of other obligations</u>: any Security Party commits any breach of or
              omits to observe any of its obligations or undertakings expressed to be assumed by it under any of the Finance Documents (other than those referred to in Clauses 9.1(a) <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Non&#8209;payment</u></font><font style="font-style: italic;">) </font>and 9.1(b) <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Breach of Insurance and certain other obligations</u></font><font style="font-style: italic;">)</font>) and, in respect of any such breach or omission which in the
              opinion of the Lender is capable of remedy, such action as the Lender may require shall not have been taken within fifteen (15) Banking Days of the Lender notifying in writing the relevant Security Party of such default and of such required
              action; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z399a620dceab44c4a6138e6732b0e076" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Misrepresentation</u>: any representation or warranty made or deemed to be made
              or repeated by or in respect of any Security Party in or pursuant to any of the Finance Documents or in any notice, certificate or statement referred to in or delivered under any of the Finance Documents is or proves to have been incorrect or
              misleading in any material respect; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z23e0bdc72d3a4dc596ce1ff0e8c027ac" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Cross&#8209;default</u>:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z19f0626b65a147b1b3e71e545d256442" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>any Financial Indebtedness of the Borrower &#160;relating to an amount exceeding Six hundred thousand Dollars ($600,000)<font style="font-weight: bold;"> or </font>any Financial
              Indebtedness of the Corporate Guarantor relating to an amount exceeding One million two hundred thousand Dollars ($1,200,000) is not paid when</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">59</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;">due (unless contested in good faith), or</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5531d699159648cdb882505ef426a118" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>any Financial Indebtedness of the Borrower&#160;relating to an amount exceeding Six hundred thousand Dollars ($600,000)<font style="font-weight: bold;"> or </font>any Financial
              Indebtedness of the Corporate Guarantor relating to an amount exceeding One million two hundred thousand Dollars ($1,200,000)<font style="font-weight: bold;">&#160;</font>(whether by declaration or automatically in accordance with the relevant agreement or instrument constituting the same) becomes due and payable prior to the date when
              it would otherwise have become due (unless as a result of the exercise by the Borrower or the Corporate Guarantor (as the case may be) of a voluntary right
              of prepayment), or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z13746399b1e74ec688e1cfca12c4ff0a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>any facility or commitment available to the Borrower relating to Financial Indebtedness relating to an amount exceeding Six hundred thousand Dollars ($600,000)<font style="font-weight: bold;"> or </font>any facility or commitment available to the Corporate
              Guarantor relating to Financial Indebtedness relating to an amount exceeding One million two hundred thousand Dollars ($1,200,000)<font style="font-weight: bold;">&#160;</font>is withdrawn, suspended or cancelled by reason of any default (however described) of the person concerned unless the Borrower or the Corporate Guarantor (as the
              case may be) shall have satisfied the Lender that such withdrawal, suspension or cancellation will not affect or prejudice in any way the Borrower's or the Corporate Guarantor's (as the case may be) ability to pay its debts as they fall due,
              or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb23108d54150495791fada3bde131c62" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(iv)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>any guarantee given by the Borrower or the Corporate Guarantor&#160;in respect of
              Financial Indebtedness relating, with respect to the Borrower to an amount exceeding Six hundred thousand Dollars ($600,000)<font style="font-weight: bold;">&#160;</font>and in respect of the Corporate Guarantor, to an amount exceeding One million two hundred thousand Dollars ($1,200,000)<font style="font-weight: bold;">&#160;</font>is not
              honoured when due and called upon; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z071b316dc1eb472fa07145577747c144" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Legal process</u>: any judgment or order made or commenced in good faith by a
              person against any of the Borrower and the Corporate<font style="font-weight: bold;">&#160;</font>Guarantor relating with respect to the Borrower to an amount exceeding Six hundred thousand Dollars ($600,000)<font style="font-weight: bold;">&#160;</font>and in respect of the Corporate Guarantor, to an amount exceeding One million two hundred thousand Dollars ($1,200,000),<font style="font-weight: bold;">&#160;</font>is not stayed or complied with within thirty (30) Banking Days or a good faith creditor attaches or takes possession of, or a distress, execution, sequestration or other <font style="font-style: italic;">bonafide</font> process relating with respect to the Borrower to an amount exceeding Six hundred thousand Dollars ($600,000)<font style="font-weight: bold;">&#160;</font>and in respect of the Corporate Guarantor, to an amount exceeding One million two hundred thousand Dollars ($1,200,000),<font style="font-weight: bold;">&#160;</font>is
              levied or enforced upon or sued out against, any of the undertakings, assets, rights or revenues of any of the Borrower and the Corporate<font style="font-weight: bold;">&#160;</font>Guarantor
              and is not discharged within thirty (30) Banking Days; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf886d0ba824b4841a250fbccf0347611" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(g)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Insolvency</u>:&#160; any Security Party becomes insolvent or stops or suspends making
              payments (whether of principal or interest) with respect to all or any class of its debts or announces an intention to do so; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf12154e9bdde4f1792a3e0d0d808f628" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(h)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Reduction or loss of capital</u>: a meeting is convened by the Borrower for the
              purpose of passing any resolution to purchase, reduce or redeem any of its share capital; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc0ce6267e00049cab4c868591dcea445" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Winding up</u>: any petition is presented or other step is taken for the purpose
              of winding up any Security Party or an order is made or resolution passed for the</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">60</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">&#160;winding up of any Security Party or a notice is issued convening a meeting for the purpose of passing any such
      resolution; or</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7430e99ee62e4839b56c0736b6e5084d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(j)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Administration</u>: any <font style="font-style: italic;">bonafide</font> petition is presented or other step is taken for the purpose of the appointment of an administrator of any Security Party or an administration order is made in relation to any
              Security Party; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfb07f1fc986a4627b13a3a12d468b32c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(k)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Appointment of receivers and managers</u>: any administrative or other receiver
              is appointed of any Security Party or any material (in the Lender's opinion) part of its assets and/or undertaking or any other steps are taken to enforce any Security Interest over all or any material (in the Lender's opinion) part of the
              assets of any Security Party; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z38d3674e94c84ef98822362b9382ecdb" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(l)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Compositions</u>: any steps are taken, or negotiations commenced, by any Security
              Party or by any of its creditors with a view to the general readjustment or rescheduling of all or a material (in the Lender's opinion) part of its indebtedness or to proposing any kind of composition, compromise or arrangement involving such
              company and any of its creditors <u>provided, however, that</u> if the Borrower is able to provide such evidence as is satisfactory in all respects to the
              Lender that such rescheduling will not relate to any payment default or anticipated default the same shall not constitute an Event of Default; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb3857c3bdd6644bbb1a1375ee19c4138" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(m)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Analogous proceedings</u>: there occurs, in relation to any Security Party, in
              any country or territory in which any of them carries on business or to the jurisdiction of whose courts any part of their assets is subject, any event which in that country or territory corresponds with, or have an effect equivalent or
              similar to, any of those mentioned in Clauses 9.1(f) <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Legal process</u></font><font style="font-style: italic;">) </font>to (l) <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Compositions</u></font><font style="font-style: italic;">) </font>(inclusive) or any Security Party otherwise becomes subject, in any such country or territory, to the operation of any law relating to insolvency, bankruptcy or liquidation; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z792113d351144f08a63d35cebc5a4648" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(n)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Cessation of business</u>: any Security Party suspends or ceases to carry on its
              business; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z05328e4a9c6644a797b5b5437e13f48c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(o)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Seizure</u>: all or a material part of the undertaking, assets, rights or
              revenues of, or shares or other ownership interests in, any Security Party are seized, nationalised, expropriated or compulsorily acquired by or under the authority of any government; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zcf059311b3d645ce8cd30af2723e40e4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(p)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Invalidity</u>: any of the Finance Documents shall at any time and for any reason
              become invalid or unenforceable or otherwise cease to remain in full force and effect, or if the validity or enforceability of any of the Finance Documents shall at any time and for any reason be contested by any Security Party which is a
              party thereto, or if any such Security Party shall deny that it has any, or any further, liability thereunder; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3b7d26d379414625b7eedc41f858cfd4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(q)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Unlawfulness</u>: it becomes impossible or unlawful at any time for any Security
              Party, to fulfil any of the covenants and obligations expressed to be assumed by it in any of the Finance Documents or for the Lender to exercise the rights or any of them vested in it under any of the Finance Documents or otherwise; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2568114bdc534645b915270590a420a0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(r)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Repudiation</u>: any Security Party repudiates any of the Finance Documents or
              does or causes or permits to be done any act or thing evidencing an intention to repudiate any of the Finance Documents; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z71bb1ef0555c487db364f617d2134e08" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(s)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Security Interests enforceable</u>: any Security Interest (other than Permitted
              Security</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">61</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">&#160;Interests) in respect of any of the property (or a material (in the Lender's opinion) part thereof) which is the
      subject of any of the Finance Documents becomes enforceable; or</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc4380ac77ba14ba081b20e97f80a744d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(t)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Material Adverse Change</u>: there occurs, in the reasonable opinion of the
              Lender, a Material Adverse Change in the financial condition of any of the Borrower and the Corporate<font style="font-weight: bold;">&#160;</font>Guarantor as described by the
              Borrower or any other Security Party to the Lender in the negotiation of this Agreement, which materially impairs the ability of the above Security Parties (or either of them) to perform their respective obligations under this Agreement and
              the Finance Documents to which is or is to be a party; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2f6699ea03e74fe3873fdf6d9e6529ca" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(u)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Arrest</u>: the Vessel is arrested, confiscated, seized, taken in execution, impounded, forfeited, detained
            in exercise or purported exercise of any possessory lien or other claim or otherwise taken from the possession of
            the Owner thereof (otherwise that due to an event falling within the definition of Total Loss) and the Owner shall
            fail to procure the release of the Vessel within a period of forty (40) Banking Days thereafter; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc1d54c925035483ca89501015b0c2b55" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(v)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Registration</u>:&#160; the registration of the Vessel under the laws and flag of the
              Flag State is cancelled or terminated without the prior written consent of the Lender or, if the Vessel is only provisionally registered on the relevant Drawdown Date and is not permanently registered under the laws and flag of the Flag State
              at least thirty (30) days prior to the deadline for completing such permanent registration; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1b494e5ea13c4c9a83d9898f07fe7bbf" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(w)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Unrest</u>: the Flag State of the Vessel becomes involved in hostilities or civil
              war or there is a seizure of power in such Flag State by unconstitutional means if, in any such case, (a) such event could in the opinion of the Lender reasonably be expected to have a Material Adverse Effect on the security constituted by
              any of the Finance Documents and (b) the Borrower has failed within thirty (30) days from receiving notice from the Lender to this effect to (i) delete the Vessel from its Flag State and (ii) re-register the Vessel under another Flag State
              approved by the Lender in its sole discretion through a relevant Registry, in each case, at the Borrowers' cost and expense; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfd2889b3d2b04fb59844b282cac05984" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(x)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Approved Manager</u>: there occurs, in relation to an Approved Manager any of the
              events mentioned in Clauses 9.1(e) <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Legal
                  process</u></font><font style="font-style: italic;">)</font> to (m) <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Cessation of business</u></font><font style="font-style: italic;">) </font>(inclusive)
              and the Borrower fails to appoint a new Approved Manager of the Vessel acceptable to the Lender such acceptance not to be unreasonably withheld within ten (10) days of becoming aware of the occurrence of such event.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2fb47035e48c4db28d26822d70a2abc1" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(x)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Environment</u>:&#160; the Approved Commercial<font style="font-weight: bold;">&#160;</font>Manager fails to comply with any Environmental Law or any Environmental Approval or the Vessel is involved in any incident which gives rise or which may give rise to
              any Environmental Claim, if in any such case, such non-compliance or incident or the consequences thereof could (in the reasonable opinion of the Lender) be expected to have a Material Adverse Effect on the business assets, operations,
              property or financial condition of the Borrower or any other Security Party or on the security created by any of the Finance Documents; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za9959cf6f11d4241a6c6d787c24e357d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(y)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>P&amp;I</u>: the Borrower fails or omits to comply with any requirements of the
              protection and indemnity association or other insurer with which the Vessel is entered for insurance or insured against protection and indemnity risks (including oil pollution risks) to the effect that any cover in relation to the Vessel
              (including without</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">62</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">&#160;limitation, liability for Environmental Claims arising in jurisdictions where the Vessel operates or trades) is or
      may be liable to cancellation, qualification or exclusion at any time; or</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z017015e28e7a49b58265d6f3310be794" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(z)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Beneficial Ownership</u>:&#160; there has been any change of control directly or
              indirectly in the ownership, beneficial ownership, or management of the Borrower or of the Corporate Guarantor or any share therein or of the Vessel, as a result of which any of the Borrower and the Corporate Guarantor ceases to remain, in
              the case of the Borrower, at least 100% and in the case of the Corporate Guarantor at least 20% in the ultimate legal and beneficial ownership of the Beneficial Shareholders or the Vessel ceases to remain 100% owned by the Borrower; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3efba08541b7404fad84ff7452fe04c6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(aa)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Total Loss</u>:&#160; the Vessel becomes a Total Loss and the Borrower does not within one hundred and eighty (180) days from the respective Total Loss Date prepay the Loan and all other amounts outstanding hereunder or provides the Lender with
                a written statement from the insurers of the Vessel (via the respective broker) confirming that the event is covered in full under the relevant insurance policies and that the insurers will pay an amount equivalent to the insured value of
                the Vessel to the Lender; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf5af4fe3dd8f46e5a4f53676414de719" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(bb)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Change of Management</u>: the Vessel ceases to be managed by the Approved
              Commercial<font style="font-weight: bold;">&#160;</font>Manager or, as the case may be, the Approved Technical Manager (for any reason other than the reason of a Total Loss or sale of
              the Vessel) without the approval of the Lender, which shall not be unreasonably withheld, and the Borrower fails to appoint another Approved Commercial<font style="font-weight: bold;">&#160;</font>Manager or, as the case may be, the Approved Technical Manager prior to the termination of the mandate with the previous relevant Approved Manager; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0673b2cd420f4df691c2ea6365840cd4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(cc)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Deviation of Earnings</u>: any Earnings of the Vessel are not paid to the
              Operating Account for any reason whatsoever (other than with the Lender's prior written consent); or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z306eae6db00e44fcb43884441c69dcce" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(dd)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>ISM Code and ISPS Code</u>: (without prejudice to the generality of sub-Clause
              9.1(c) <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Breach of other obligations</u></font><font style="font-style: italic;">)</font>) for any reason whatsoever the provisions of Clause 8.1(o) <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Compliance with ISM Code</u></font><font style="font-style: italic;">) </font>and (p) <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Compliance with ISPS Code</u></font><font style="font-style: italic;">) </font>are not complied with and the Vessel ceases to comply with the ISM Code or, as the
              case may be, the ISPS Code; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z98729d4c8ce64da0ace1c8307d16f0fd" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(ee)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Sanctions:</u>&#160; (without prejudice to the generality of sub-Clause 9.1(c) <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Breach of other obligations</u></font>))
              for any reason whatsoever the provisions of Clause 8.6 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Sanctions</u></font><font style="font-style: italic;">) </font>and Clause 8.7 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Compliance with laws etc.</u></font><font style="font-style: italic;">) </font>are not complied with.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf466f8f2f4cc4a9a8b03a913c73bb866" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">9.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Consequences of Default &#8211; Acceleration</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The Lender may without prejudice to any other rights of the Lender (which will continue to be in force concurrently
      with the following), at any time after the happening of an Event of Default, which is continuing:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z66e676c6aef745cb8b51b9b9414ee7b7" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>by notice to the Borrower declare that the obligation of the Lender to make the Commitment (or any part thereof) available shall be terminated, whereupon the Commitment
              shall be reduced to zero forthwith; and/or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zee9e145cbc7f4048a18a6dfbde993d5c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>by notice to the Borrower declare that the Loan and all interest accrued and all other sums payable under the Finance Documents have become due and payable, whereupon
              the same shall, immediately or in accordance with the terms of such</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">63</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">notice, become due and payable without any further diligence, presentment, demand of payment, protest or notice or
      any other procedure from the Lender which are expressly waived by the Borrower; and/or</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zdd4c9a948e234d529ebe121e5d1513ef" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>put into force and exercise all or any of the rights, powers and remedies possessed by the Lender under this Agreement and/or under any other Finance Document and/or as
              mortgagee of the Vessel, mortgagee, chargee or assignee or as the beneficiary of any other property right or any other security (as the case may be) of the assets charged or assigned to it under the Finance Documents or otherwise (whether at
              law, by virtue of any of the Finance Documents or otherwise).</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z399d71aae2654424865a5d09eb618ddf" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">9.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Multiple notices; action without notice</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The Lender may serve notices under paragraphs (a) and (b) of Clause 9.2<font style="font-style: italic;"> (</font><font style="font-style: italic;"><u>Consequences of Default &#8211; Acceleration</u></font><font style="font-style: italic;">)</font> simultaneously or on different dates and it may take any action referred to in that Clause if no such notice is served or simultaneously with or at any time after service
      of both or either of such notices, it being understood and agreed that the non-service of a notice in respect of an Event of Default hereunder, or under any of the Finance Documents (whether known to the Lender or not), shall not be construed to mean
      that the Event of Default shall cease to exist and bring about its lawful consequences.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze9e67c27c8fa47678ac442a2a2076fe6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">9.4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Demand basis</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">If, pursuant to Clause 9.2(b), the Lender declares the Loan to be due and payable on demand, the Lender may by
      written notice to the Borrower (a) call for repayment of the Loan on such date as may be specified whereupon the Loan shall become due and payable on the date so specified together with all interest accrued and all other sums payable under this
      Agreement or (b) withdraw such declaration with effect from the date specified in such notice.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfc8c9682d33b48daa897ab55e37af64e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">9.5</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Proof of Default</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">It is agreed that (i) the non-payment of any sum of money in time will be proved conclusively by mere passage of
      time and (ii) the occurrence of this (non-payment) shall be proved conclusively by a mere written statement of the Lender (save for manifest error).</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbf7246e93cdc4a88b385d6ff6c555e92" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">9.6</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Exclusion of Bank's liability</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">Neither the Lender nor any receiver or manager appointed by the Lender, shall have any liability to the Borrower or
      a Security Party:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zefc8d867dbec442dad60432c562c2720" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>for any loss caused by an exercise of rights under, or enforcement of a Security Interest created by, a Finance Document or by any failure or delay to exercise such a
              right or to enforce such a Security Interest; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1ef0d863850349158c26de2ec9955ab1" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>as mortgagee in possession or otherwise, for any income or principal amount which might have been produced by or realised from any asset comprised in such a Security
              Interest or for any reduction (however caused) in the value of such an asset,</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">except that this does not exempt the Lender or a receiver or manager from liability for losses shown to have been
      caused by the wilful misconduct of the Lender's own officers and employees or (as the case may be) such receiver's or manager's own partners or employees.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 9pt;" class="DSPFListTable" id="z855dd3cb952647499226b673d577f6dc" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;"><u>10.</u></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;"><u>INDEMNITIES - EXPENSES &#8211; FEES</u></div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5bcd3f85fa654d25bedb712dd4353f42" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">10.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Indemnity</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">64</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The Borrower shall on demand (and it is hereby expressly undertaken by the Borrower to) indemnify the Lender,
      without prejudice to any of the other rights of the Lender under any of the Finance Documents, against any loss (including, in the cases referred to in sub clauses (a) and
        (b) of this Clause, loss of the Margin and in every case, any Break Costs)<font style="font-weight: bold;">&#160;</font>or expense which the Lender sustains or incurs as a consequence of:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8307147bedc04a4b9abad9bccef36544" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>any default in payment by any of the Security Parties of any sum under any of the Finance Documents when due;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z711953f86d084921b2324f3c1f5eb064" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the occurrence of any Event of Default which is continuing;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfc235dc0816a4967abac2a6fe89ee26b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>any prepayment of the Loan or part thereof being made under Clauses 3.6(g) <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Prepayment; termination of Commitment</u></font><font style="font-style: italic;">)</font>, 4.2 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Voluntary
                  Prepayment</u></font><font style="font-style: italic;">) </font>and 4.3 (<font style="font-style: italic;"><u>Compulsory
                  Prepayment in case of Total Loss or sale of the Vessel</u></font><font style="font-style: italic;">)</font>, 8.5(a) <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Security shortfall</u></font><font style="font-style: italic;">) </font>or 12 or any other repayment of the Loan or part thereof being made otherwise than on an Interest Payment Date relating to the part of the Loan prepaid or repaid; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z75500a29785844b9a4349020bd97b6a0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the Commitment not being advanced for any reason (excluding any default by the Lender and any reason mentioned in Clause 12.1 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Unlawfulness</u></font><font style="font-style: italic;">)</font>) after the Drawdown Notice has been given, including, in any such case, but not limited to, any loss or expense sustained or incurred in maintaining or funding the Loan or any
              part thereof or in liquidating or re-employing deposits from third parties acquired to effect or maintain the Loan or any part thereof.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z88064df98c8944268e03721eb43a797b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">10.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Expenses</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The Borrower shall (and it is hereby expressly undertaken by the Borrower to) pay to the Lender on demand:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3df3df4b98e04d2799b9791825075fb4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Initial and Amendment expenses</u>:&#160; all expenses (including reasonable legal,
              printing and out-of-pocket expenses) reasonably incurred by the Lender in connection with the negotiation, preparation and execution of this Agreement and the other Finance Documents and of any amendment or extension of or the granting of any
              waiver or consent under this Agreement and/or any of the Finance Documents and/or in connection with any proposal by the Borrower to constitute additional security pursuant to sub-Clause 8.5(a) <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Security shortfall</u></font><font style="font-style: italic;">)</font>, whether any such security shall in fact be constituted or not;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zdc9e64fd5c0a4f828b5f6b2573e67047" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Enforcement expenses</u>:&#160; all expenses (including reasonable legal and
              out-of-pocket expenses) incurred by the Lender in contemplation of, or otherwise in connection with, the enforcement of, or preservation of any rights under, this Agreement and/or any of the other Finance Documents, or otherwise in respect of
              the moneys owing under this Agreement and/or any of the other Finance Documents or the contemplation or preparation of the above, whether they have been effected or not;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z781f8eccf51a4f2782b747ca91aeb2ba" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Legal costs</u>:&#160; the legal costs of the Lender's appointed lawyers, in respect
              of the preparation of this Agreement and the other Finance Documents as well as the legal costs of the foreign lawyers (if these are available) in respect of the registration of the Finance Documents or any search or opinion given to the
              Lender in respect of the Security Parties or the Vessel or the Finance Documents. The said legal costs shall be due and payable on the Drawdown Date; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf54e5cfc828c4e87a3618e5fd0ac022e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Other expenses</u>:&#160; any and all other Expenses.</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">65</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#160;All expenses payable pursuant to this Clause 10.2 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Expenses</u></font><font style="font-style: italic;">) </font>shall be paid together with value added tax (if any) thereon (if applicable).</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4ede9d5dbfe64bfc9359f9e2dbbb7dac" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">10.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Stamp duty</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The Borrower shall pay (if applicable) any and all stamp, registration and similar taxes or charges (including
      those payable by the Lender) imposed by governmental authorities in relation to this Agreement and any of the other Finance Documents, and shall indemnify the Lender against any and all liabilities with respect to, or resulting from delay or omission
      on the part of the Borrower to pay such stamp taxes or charges.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze663b588039e41b1b2b4ace36721ea6b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">10.4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Environmental Indemnity</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The Borrower shall indemnify the Lender on demand and hold the Lender harmless from and against all costs,
      expenses, payments, charges, losses, demands, liabilities, actions, proceedings (whether civil or criminal) penalties, fines, damages, judgements, orders, sanctions or other outgoings of whatever nature which may be suffered, incurred or paid by, or
      made or asserted against the Lender at any time, whether before or after the repayment in full of principal and interest under this Agreement, relating to, or arising directly or indirectly in any manner or for any cause or reason out of an
      Environmental Claim made or asserted against the Lender if such Environmental Claim would not have been, or been capable of being, made or asserted against the Lender if it had not entered into any of the Finance Documents and/or exercised any of its
      rights, powers and discretions thereby conferred and/or performed any of its obligations thereunder and/or been involved in any of the transactions contemplated by the Finance Documents.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4b9ea2bf12fc4dbfbad69e790f922a54" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">10.5</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Currency indemnity</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">If any sum due from the Borrower under any of the Finance Documents or any order or judgement given or made in
      relation hereto has to be converted from the currency (the <font style="font-style: italic;">"first currency"</font>) in which the same is payable under the relevant Finance Document or
      under such order or judgement into another currency (the <font style="font-style: italic;">"second currency"</font>) for the purpose of (i) making or filing a claim or proof against the
      Borrower or any other Security Party, as the case may be or (ii) obtaining an order or judgement in any court or other tribunal or (iii) enforcing any order or judgement given or made in relation to any of the Finance Documents, the Borrower shall
      (and it is hereby expressly undertaken by the Borrower to) indemnify and hold harmless the Lender from and against any loss suffered as a result of any difference between (a) the rate of exchange used for such purpose to convert the sum in question
      from the first currency into the second currency and (b) the rate or rates of exchange at which the Lender may in the ordinary course of business purchase the first currency with the second currency upon receipt of a sum paid to it in satisfaction,
      in whole or in part, of any such order, judgement, claim or proof. The term <font style="font-style: italic;">"rate of exchange"</font> includes any premium and costs of exchange payable
      in connection with the purchase of the first currency with the second currency.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z21eabd3e16fc4714b028cf614266acf2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">10.6</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Maintenance of the Indemnities</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The indemnities contained in this Clause 10 shall apply irrespective of any indulgence granted to the Borrower or
      any other party from time to time and shall continue to be in full force and effect notwithstanding any payment in favour of the Lender and any sum due from the Borrower under this Clause 10 will be due as a separate debt and shall not be affected by
      judgement being obtained for any other sums due under any one or more of this Agreement, the other Finance Documents and any other documents executed pursuant hereto or thereto.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">66</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7f8eb80e88a04b2f8e2a9ce0d8778b5d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">10.7</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">MII and MAPI costs</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The Borrower shall reimburse the Lender on demand for any and all costs incurred by the Lender (as conclusively
      certified by the Lender) in effecting and keeping effected (a) a Mortgagee's Interest Insurance (herein, <font style="font-weight: bold; font-style: italic;">"MII"</font>) and (b) a Mortgagee's Interest Additional Perils (Pollution) Insurance (herein, <font style="font-style: italic;">"</font><font style="font-weight: bold; font-style: italic;">MAPI</font><font style="font-style: italic;">"</font>), each of<font style="font-weight: bold;">&#160;</font>which the Lender may at any time effect on such terms,
      for an amount of 120% of the Loan and with such insurers as shall from time to time be determined by the Lender, <u>provided, however, that</u> the Lender shall in
      its absolute discretion appoint and instruct in respect of any such MII and/or MAPI policy the insurance brokers in respect of such Insurance and <u>provided, further, that</u>
      in the event that the Lender effects any such Insurance on the basis of any mortgagee's open cover, the Borrower shall pay on demand to the Lender its proportion of premium due in respect of the Vessel(s) for which such insurance cover has been
      effected by the Lender, provided always that the Lender has provided the Borrower with copies of the corresponding invoice from the MII and MAPI insurers/their brokers and any certificate of the Lender in respect of any such premium due by the
      Borrower shall (save for manifest error) be conclusive and binding upon the Borrower.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4611b025f4a54906b086a1a6057657af" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">10.8</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Central Bank or European Central Bank reserve requirements indemnity</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The Borrower shall on demand promptly indemnify the Lender against any documented cost incurred or loss suffered by
      the Lender as a result of its complying with the minimum reserve requirements of the European Central Bank and/or with respect to maintaining required reserves with the relevant national Central Bank to the extent that such compliance relates to the
      Commitment or deposits obtained by it to fund the whole or part of the Loan and to the extent such cost or loss is not recoverable by the Lender under Clause 12.2 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Increased cost</u></font><font style="font-style: italic;">)</font>.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z02ceaf08789344388f9469d2227d9ebf" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">10.9</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Communications Indemnity</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">It is hereby agreed in connection with communications that:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za8b90f1775174cc183d78e08c9d2977e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Express authority is hereby given by the Borrower to the Lender to accept all tested or untested communications given by facsimile, electronic mail or otherwise,
              regarding any or all of the notices (as defined in Clause 16.4 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Meaning of "notice"</u></font><font style="font-style: italic;">)</font> under this Agreement, subject to any restrictions imposed by the Lender
              relating to such notices including, without limitation (if so required by the Lender), the obligation to confirm such notices by letter.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2349c7b86069438f931a6ee20afa51d7" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The Borrower shall recognise any and all of the said notices as legal, valid and binding, when these notices come from the fax number or electronic mail address
              mentioned in Clause 16.1 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Notices</u></font><font style="font-style: italic;">)</font><font style="font-weight: bold; font-style: italic;">&#160;</font>or any other fax
              or electronic mail address usually used by it or the Approved Commercial Manager and are duly signed or in case of emails are duly sent by the person appearing to be sending such notice.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbcab2b73d7e34f0c9f7d5482fe9c9114" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The Borrower hereby assumes full responsibility for the execution of the said notices, and promises and recognises that the Lender shall not be held responsible for any
              loss, liability or expense that may result from such notices.&#160; It is hereby undertaken by the Borrower to indemnify in full the Lender from and against all actions, proceedings, damages, costs, claims, demands, expenses and any and all direct
              and/or indirect losses which the Lender may suffer, incur or sustain by reason of the Lender following such notices.</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">67</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z25365ae624364f64b086729a6a192830" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>With regard to notices (as defined in Clause 16.4 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Meaning of "notice"</u></font><font style="font-style: italic;">)</font> issued by
              electronic and/or mechanical processes (e.g. by facsimile or electronic mail) the following are applicable:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf71c56d37587426abbac9c17ab0e772a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The Borrower hereby acknowledges and accepts the risks associated with the use of unsecured electronic mail communication including, without limitation, risk of delay,
              loss of data, confidentiality breach, forgery, falsification and malicious software.&#160; The Lender shall not be liable in any way for any loss or damage or any other disadvantage suffered by the Borrower resulting from such unsecured electronic
              mail communication.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9a295583fcd54244bc565d5f06477daa" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>If the Borrower or any other Security Party wishes to cease all electronic communication, it shall give written notice to the Lender accordingly after receipt of which
              notice the Parties shall cease all electronic communication.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zdc5ee9a80b4a4bc9a00e31ca1af19121" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>For as long as electronic communication is an accepted form of communication, the Parties shall:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd32d42370ff942159b226757fc756b69" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 108pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>notify each other in writing of their electronic mail address and/or any other information required to enable the sending and receipt of information by that means; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z601886b05b2548ef91a64a66d5099634" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 108pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>notify each other of any change to their respective addresses or any other such information supplied to them; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z30117155a039410daebc270ac94585dd" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>in case electronic communication is sent to recipients with the domain &lt;&#160;<font style="font-style: italic;">pyxistankers.com</font>&gt;, the parties shall without undue delay inform each other if there are changes to the said domain or if electronic
              communication shall thereafter be sent to individual electronic mail addresses.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2f3e2129a6ef4f4b81b839e37f61f5cd" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The risks of misunderstandings and errors resulting from notices (as defined in Clause 16.4 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Meaning of "notice"</u></font><font style="font-style: italic;">)</font> being given as mentioned above, are for the Borrower and the Lender will be indemnified in full pursuant to this Clause save in case of Lender's wilful misconduct.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5d9c6c364bd4426797e355e6e5405536" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(g)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The Lender shall have the right to ask the Borrower to furnish any information the Lender may require to establish the authority of any person purporting to act on
              behalf of the Borrower for these notices, but it is expressly agreed that there is no obligation for the Lender to do so.&#160; The Lender shall be fully protected in, and the Lender shall incur no liability to the Borrower for acting upon the
              said notices, which were believed by the Lender in good faith to have been given by the Borrower or by any of its authorised representative(s).</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z320217f2783c412fa9553f9c15416232" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(h)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>It is undertaken by the Borrower to use its best endeavours to safeguard the function and the security of the electronic and mechanical appliance(s) such as fax(es),
              electronic mail(s) etc. The Borrower shall hold the Lender harmless and indemnified from all claims, losses, damages and expenses which the Lender may incur by reason of the failure of the Borrower to comply with the obligations under this
              Clause.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc00a8f2fa7144de3bdc3dc4c0b3c5dc1" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">10.10</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Fees</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9db02d6096404f54807d9760845b6f0a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Arrangement fee</u>: The Borrower shall pay to the Lender<font style="font-weight: bold;">&#160;</font>an arrangement fee (the</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">68</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;"><font style="font-weight: bold; font-style: italic;">"Arrangement
        Fee"</font>) in the amount equal to zero point eight zero per cent (0.80%) of the amount of the Commitment payable on the Drawdown Date.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zcda3a284cf9c4024b1bc11c0bd56ed1f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Commitment commission</u>: The Borrower shall pay to the Lender commitment commission (the <font style="font-weight: bold; font-style: italic;">"Commitment Commission"</font>) at the rate of one per cent (1%) per annum on the daily undrawn and uncancelled amount of the Commitment, computed from the date of acceptance of
              the Commitment Letter (18<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> March, 2021) until the earlier of (a) the last day of the Availability Period (b) the Drawdown Date and (c) the date of cancellation of the Commitment by the Borrower (the <font style="font-weight: bold; font-style: italic;">"Commitment Commission Period"</font>) payable on the last day of the Commitment Commission Period.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z98c4089bed8a484a9b120d8eea070e62" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Non-refundable</u>: The Arrangement Fee and the Commitment Commission shall be non-refundable.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zdd9d515c73934729ae815e2bc49ebc9d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">10.11</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">FATCA Deduction</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd7ce314a8dc549f79544c01271a9bec2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Each party to a Finance Document may make any FATCA Deduction it is required to make by FATCA, and any payment required in connection with that FATCA Deduction, and
              shall not be required to increase any payment in respect of which it makes such a FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1c8bea351a12452d9ddb0701929bad07" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Each party to a Finance Document shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any change in the rate or the basis of such
              FATCA Deduction), notify the party to a Finance Document to whom it is making the payment.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1edfa11a1eb34d1e927ae7aac1ae00f6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">10.12</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">FATCA status</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2b3410d11cd24b0280cf213cd391ded0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Subject to Clause 10.12(c) below, each party shall, within ten Banking Days of a reasonable request by another party:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbed87012e0a740cfbfeedca88b40d9ec" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>confirm to that other party whether it is:</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;">(aa)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>a FATCA Exempt Party; or</div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;">(bb)<font style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt" id="TRGRRTFtoHTMLTab">&#160;</font>not a FATCA Exempt Party; and</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z094bc0a38d5745238f480699cdafaa55" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>supply to that other party such forms, documentation and other information relating to its status under FATCA (including its applicable passthru percentage or other
              information required under the Treasury Regulations or other official guidance including intergovernmental agreements) as that other party reasonably requests for the purposes of that other party's compliance with FATCA.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9a93a16e4fe34feaba78e594b6d3261c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>If a party confirms to another party pursuant to Clause 10.12(a)(i) above that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has
              ceased to be a FATCA Exempt Party, that party shall notify that other party reasonably promptly.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc8e569af4d68452babd2527d6d954941" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Clause 10.12(a)(i) above shall not oblige the Lender to do anything which would or might in its reasonable opinion constitute a breach of:</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">69</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbdeefb84dd1a44488de46089d6fb0a8f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>any law or regulation;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf19c577059274accaeed7b39df0cc27f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>any fiduciary duty; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf546810faa3743e3877646e625fc87c4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>any duty of confidentiality.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc4dfa236c04f4e8389dcb773ea6b6901" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>If a party fails to confirm its status or to supply forms, documentation or other
                information requested in accordance with Clause 10.12(a) above (including, for the avoidance of doubt, where Clause 10.12(c) above applies), then:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbf703750f35343f49fe478ed8facb5dc" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>if that party failed to confirm whether it is (and/or remains) a FATCA Exempt Party then such party shall be treated for the purposes of the Finance Documents as if it
              is not a FATCA Exempt Party; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z686c57447c9d41be91aa577c7bdbfb26" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>if that party failed to confirm its applicable passthru percentage then such party shall be
                treated for the purposes of the Finance Documents (and payments made thereunder) as if its applicable passthru percentage is 100%,</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">until (in each case) such time as the
        party in question provides the requested confirmation, forms, documentation or other information.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfe593010218d465f80c7004121c14760" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;"><u>11.</u></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;"><u>SECURITY, APPLICATION, AND SET-OFF</u></div>
            </td>
          </tr>

      </table>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z620d91d3eb424b77a0326d0ca47c827d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">11.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Securities</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">As security for the due and punctual repayment of the Loan and payment of interest thereon as provided in this
      Agreement and of all other Outstanding Indebtedness, the Borrower shall ensure and procure that the following Finance Documents are duly executed and, where required, registered in favour of the Lender in form and substance satisfactory to the Lender
      at the time specified herein or otherwise as required by the Lender and ensure that such security consists, on the Drawdown Date in respect of the Loan, of the Finance Documents.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc17cd17c0ed546809c23dd18bfe8de01" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">11.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Maintenance of Securities</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">It is hereby undertaken by the Borrower that the Finance Documents shall both at the date of execution and delivery
      thereof and so long as any moneys are owing and/or due under this Agreement or under the other Finance Documents be valid and binding obligations of the respective Security Parties thereto and rights of the Lender enforceable in accordance with their
      respective terms and that they will, at the expense of the Borrower, execute, sign, perfect and do any and every such further assurance, document, act, omission or thing as in the opinion of the Lender may be necessary for perfecting the security
      contemplated or constituted by the Finance Documents.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0bf9731366d34dc48aa1e8d63d890519" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">11.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Application of funds</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z916c2c69c4cd43939d0874031cd4a2fe" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Order of application</u>:&#160; Except as any Finance Document may otherwise provide,
              any sums which are received or recovered<font style="font-weight: bold;">&#160;</font>by the Lender under or pursuant to or by virtue of any of the Finance Documents and expressed to
              be applicable in accordance with this Clause 11.3 shall be applied by the Lender in the following manner:</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">70</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze844b5a4b46541c9bdee498fefdfaefd" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>FIRST: in or towards satisfaction of any amounts then due and payable under the Finance Documents in the following order and proportions:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3764bca7f9c04ff79132c306fd60fe74" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 108pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Firstly</u>, in or towards satisfaction of all amounts then due and payable to
              the Lender under the Finance Documents other than those amounts referred to at paragraphs b) and c) below (including, but without limitation, all amounts payable by the Borrower under Clauses 11 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Indemnities- Expenses-Fees</u></font><font style="font-style: italic;">),</font> 5.1 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Payments &#8211; No set-off or counterclaims</u></font><font style="font-style: italic;">) </font>or 5.3 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Gross Up</u></font>) of this Agreement or by the Borrower or any
              Security Party under any corresponding or similar provision in any other Finance Document);</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z26a03a50fc8646aca8076876f0bf1cdb" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 108pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Secondly</u>, in or towards payment of any default interest;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9607e9d85e7543d480fd177023241f3f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 108pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Thirdly</u>, in or towards payment of any arrears of interest (other than default
              interest) due in respect of the Loan or any part thereof; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfbf0a723616d457e914ddc2b3cd322c8" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 108pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Fourthly</u>, in or towards repayment of the Loan (whether the same is due and
              payable or not);</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z31fc9ba68d5b487b8a99e22d517d59e4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>SECOND: the surplus (if any) after the full and complete payment of the Outstanding Indebtedness shall be paid to the Borrower or to any other person entitled to it.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5c74cd2059ac40fc8f7e46c523f994e5" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Notice of variation of order of application</u>: The Lender may, by notice to the
              Borrower and the Security Parties, provide, at its sole discretion, for a different order of application from that set out in Clause 11.3(a) <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Order of application</u></font><font style="font-style: italic;">) </font>either
              as regards a specified sum or sums or as regards sums in a specified category or categories, without affecting the obligations of the Borrower to the Lender.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z64494861e9d34ef3932254d2cbcddd38" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Effect of variation notice</u>:&#160; The Lender may give notices under Clause 11.3(b)
              <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Notice of variation of order of
                  application)</u></font> from time to time; and such a notice may be stated to apply not only to sums which may be received or recovered in the future, but also to any sum which has been received or recovered on or after the third Banking
              Day before the date on which the notice is served.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za9b86ea659184562bda73c687856aafd" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Insufficient balance</u>: For the avoidance of doubt, in the event that such
              balance is insufficient to pay in full the whole of the Outstanding Indebtedness, the Lender shall be entitled to collect the shortfall from the Borrower or any other person liable therefor.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1fe3a8c1f2eb472fa8f674a3a72394f1" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Appropriation rights overridden</u>:&#160; This Clause 11.3 and any notice which the
              Lender gives under Clause 11.3(b) <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Notice
                  of </u></font>variation<font style="font-style: italic;"><u> of order of application)</u></font> shall override any right of appropriation possessed, and any appropriation
              made, by the Borrower or any other Security Party.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z986a53d363b946ecac39ca58eed667b0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">11.4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Set off</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze41be73e34eb42e49877313cb35731e7" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Application of credit balances:</u> Express authority is hereby given by the
              Borrower to the Lender without prejudice to any of the rights of the Lender at law, contractually or otherwise, at any time after an Event of Default has occurred and is continuing, and without prior notice to the Borrower:</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">71</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z483101a524c546efb91cadc66bddd180" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>to apply any credit balance standing upon any account of the Borrower with any branch of the Lender (including, without limitation, the Operating Account and in
              whatever currency in or towards satisfaction of any sum due to the Lender from the Borrower under this Agreement, the General Assignment and/or any of the other Finance Documents;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z430566b81b1b46fbbdb1114664c5c54d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>in the name of the Borrower and/or the Lender to do all such acts and execute all such documents as may be necessary or expedient to effect such application; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb0e801047c77453ca1e98eec390fd2a7" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>to combine and/or consolidate all or any accounts in the name of the Borrower with the Lender; and</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;">for that purpose:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf0b5fccecde14d7e95fc19466824fad5" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 108pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>to break, or alter the maturity of, all or any part of a deposit of the Borrower;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd74786785eaf407b898e792e915bbd0d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 108pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>to convert or translate all or any part of a deposit or other credit balance into Dollars; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9487e7aae22649cd839030e807c247b4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 108pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>to enter into any other transaction or make any entry with regard to the credit balance which the Lender considers appropriate.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z92d2966ab6c54ab7b9bb54f830cd9b0c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Existing rights unaffected</u>: The Lender shall not be obliged to exercise any
              right given by this Clause; and those rights shall be without prejudice and in addition to any right of set-off, combination of accounts, charge, lien or other right or remedy to which the Lender is entitled (whether under the general law or
              any document). For all or any of the above purposes authority is hereby given to the Lender to purchase with the moneys standing to the credit of any such account or accounts such other currencies as may be necessary to effect such
              application. The Lender shall notify the Borrower forthwith upon the exercise of any right of set&#8209;off giving full details in relation thereto.</div>
          </td>
        </tr>

    </table>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd786bde192e9439ea355cf9e6c915752" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;"><u>12.</u></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold; font-style: normal;"><u>UNLAWFULNESS, INCREASED COSTS AND BAIL-IN</u></div>
            </td>
          </tr>

      </table>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc68d0530a3e049768b3789564a827f0d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">12.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Unlawfulness</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">If any change in, or introduction of, any law, regulation or regulatory requirement or any request of any central
      bank, monetary, regulatory or other authority or any order of any court renders it unlawful or contrary to any such regulation, requirement, request or order for the Lender to advance the Commitment or the relevant part thereof (as the case may be)
      or to maintain or fund the Loan, notice shall be given promptly by the Lender to the Borrower whereupon the Commitment shall be reduced to zero and the Borrower shall be obliged to prepay the Loan either (i) forthwith or (ii) on a future specified
      date not being earlier than the latest date permitted by the relevant law or regulation, together with accrued interest thereon to the date of prepayment and all other sums payable by the Borrower under this Agreement.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2c9a3498e7d94586af7034cfeb6fcb8a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">12.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Increased Cost</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">If the result of any change in, or in the interpretation, implementation or application of, or the introduction of,
      any law or any regulation (whether or</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">72</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">not having the force of law, but, if not having the force of law, with which the Lender or, as the case may be, its
      holding company habitually complies), including (without limitation) those relating to Taxation, capital adequacy, liquidity, reserve assets, cash ratio deposits and special deposits or other banking or monetary controls or requirements which affect
      the manner in which the Lender allocates capital resources to its obligations hereunder (including, without limitation, those resulting from the implementation or application of or compliance with the Basel II Accord or the Basel III Accord or any
      Basel II Regulation or the Basel III Accord or any Basel III Regulation or any subsequent accord, approach or regulation thereto) (collectively, <font style="font-weight: bold; font-style: italic;">"Capital Adequacy Law"</font>) or compliance by the Lender with any such Capital Adequacy Law, is to:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8020199fc8624efebb4b5818bc6dea89" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>increase the cost to, or impose an additional cost on, the Lender or its holding company in making or keeping the Commitment available or maintaining or funding all or
              part of the Loan; and/or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd246cfb29bd2439eb28833924288ce72" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>subject the Lender to Taxes or change the basis of Taxation of the Lender with respect to any payment under any of the Finance Documents (other than Taxes or Taxation
              on the overall net income, profits or gains of the Lender imposed in the jurisdiction in which its principal or&#160; lending office under this Agreement is located); and/or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7b0a158e6b3b487ea343d82ba94e4a2c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>reduce the amount payable or the effective return to the Lender under any of the Finance Documents; and/or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf050ca4cfb6b44858c7e9f123e97ef1e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>reduce the Lender's or its holding company rate of return on its overall capital by reason of a change in the manner in which it is required to allocate capital
              resources to the Lender's obligations under any of the Finance Document; and/or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5940b6d77d0549d38ffd5a0f8df28874" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(e)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>require the Lender or its holding company to make a payment or forgo a return on or calculated by references to any amount received or receivable by it under any of the
              Finance Documents is required; and/or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z30942056e8bb40e68dbfdfa3de99f5af" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(f)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>require the Lender or its holding company to incur or sustain a loss (including a loss of future potential profits) by reason of being obliged to deduct all or part of
              the Commitment or the Loan from its capital for regulatory purposes,</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">then and in each case (subject to Clause 12.5 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Exception</u></font><font style="font-style: italic;">)</font>):</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z51852ffc3d5e4ee6848e0d4fbecb6d20" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the Lender shall notify the Borrower in writing of such event promptly upon its becoming aware of the same; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z41837721c78f4e318881ae2f2cb7208f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the Borrower shall on demand pay to the Lender the amount which the Lender specifies (in a certificate and supporting documents setting forth and evidencing the basis
              of the computation of such amount but not including any matters which the Lender or its holding company regards as confidential) is required to compensate the Lender and/or (as the case may be) its holding company for such liability to Taxes,
              cost, reduction, payment, foregone return or loss whatsoever.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">For the purposes of this Clause 12 <font style="font-style: italic;">"holding company"</font> means the company or entity (if any) within the consolidated supervision of which the Lender is included.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc278c2799d584cf7910a0088ce209ed0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">12.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Claim for increased cost</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#160;The Lender will promptly notify the Borrower of any intention to claim indemnification</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">73</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">pursuant to Clause 12.2 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Increased Cost</u></font><font style="font-style: italic;">) </font>and
      such notification will be a conclusive and full evidence binding on the Borrower as to the amount of any increased cost or reduction and the method of calculating the same and the Borrower shall be allowed to rebut such evidence by any means of
      evidence save for witness.&#160; A claim under Clause 12.2 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Increased Cost</u></font><font style="font-style: italic;">) </font>may be made at any time and must be discharged by the Borrower within (10) days of demand.&#160; It shall not
      be a defence to a claim by the Lender under this Clause 12.3 that any increased cost or reduction could have been avoided by the Lender.&#160; Any amount due from the Borrower under Clause 12.2 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Increased Cost</u></font><font style="font-style: italic;">) </font>shall be due as a separate debt and shall not be affected by judgement being obtained for any other sums due under or in respect of this Agreement.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze3f824d90ce745caac663c478dfd73ef" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">12.4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Option to prepay</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">If any additional amounts are required to be paid by the Borrower to the Lender by virtue of Clause 12.2 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Increased Cost</u></font><font style="font-style: italic;">),</font> the Borrower shall be entitled, on giving the Lender not less than five (5) days prior notice in writing, to prepay (without premium or penalty) the Loan and accrued
      interest thereon, together with all other Outstanding Indebtedness, on the next Repayment Date. Any such notice, once given, shall be irrevocable.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z063495c7bc94444da9dd8bbfcf47ef7b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">12.5</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Exception</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">Nothing in Clause 12.2 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Increased Cost</u></font><font style="font-style: italic;">) </font>shall
      entitle the Lender to receive any amount in respect of compensation for any such liability to Taxes, increased or additional cost, reduction, payment, foregone return or loss to the extent that the same is subject of an additional payment under
      Clause 5.3 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Gross-up</u></font><font style="font-style: italic;">)</font>.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1c3ca7fa423849328dc14ef00c4c3922" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">12.9</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Contractual recognition of bail-in</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">Notwithstanding any other term of any Finance Document or any other agreement, arrangement or understanding between
      the Parties, each Party acknowledges and accepts that any liability of any Party to any other Party under or in connection with the Finance Documents may be subject to Bail-In Action by the relevant Resolution Authority and acknowledges and accepts
      to be bound by the effect of:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6035309f4d3c48268372bb21bd76c48e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>any Bail-In Action in relation to any such liability, including (without limitation):</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z35ab4ed32acc4bb8a38f4d8a0547c484" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued but unpaid interest) in respect of any such liability;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9c9077f0c09e45e183403a18d7df4dd6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>a conversion of all, or part of, any such liability into shares or other instruments of ownership that may be issued to, or conferred on, it; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z80df0dbe9fde49778269e253c718d201" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(iii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>a cancellation of any such liability; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf507d04ee3044e98b1c597e81921e016" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>a variation of any term of any Finance Document to the extent necessary to give effect to any Bail-In Action in relation to any such liability.</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">74</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z210537aaf8cf4356937d3b82ccd5df7f" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;"><u>13.</u></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;"><u>OPERATING ACCOUNT</u></div>
            </td>
          </tr>

      </table>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0a85f708b22c41e885090d748ed2c53d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">13.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">General</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">&#160;The Borrower undertakes with the Lender that it will:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc506c6ef889b4732af00f8647f471fea" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>on or before the Drawdown Date open the Operating Account; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z510b1acc4e0443b6aab67bf7b55b4d4a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>procure that all moneys payable to the Borrower in respect of the Earnings of the Vessel shall, unless and until the Lender directs to the contrary pursuant to the
              General Assignment, be paid to the Operating Account, free from Security Interests and rights of set off other than those created by or under the Finance Documents and, shall be held there on trust for the Lender and shall be applied as
              provided in Clause 13.2 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Application
                  of Earnings</u></font><font style="font-style: italic;">)</font>,</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 71.5pt; margin-bottom: 12pt;">provided, always, that any moneys received in a currency other than Dollars, may be converted in Dollars by the
      Lender at the Lender's spot rate of exchange on the day of conversion.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zcff50bdff4b147f08f19f01013ca33ed" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">13.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Application of Earnings</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">Subject to the terms and conditions of the Accounts Pledge Agreement no monies shall be withdrawn from the
      Operating Account save as hereinafter provided. Subject to no Event of Default having occurred and being continuing, all monies paid to the Operating Account (whether being Earnings or not) after discharging the costs (if any) incurred by the Lender,
      in collecting such monies, shall be applied as follows:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4cba175a14bb49ab805fb22b1bf6f33b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>firstly</u>: in payment of any arrears of interest and principal of the Loan due
              and payable hereunder and any and all other sums whatsoever which at each relevant time are due and payable to the Lender hereunder (such sums to be paid in such order as the Lender may in its sole discretion elect);</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z84426c4c4a2245bfb98bd9152110290c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>secondly</u>: in payment of the Operating Expenses of the Vessel; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z7a5b2256a79542fdbcef48c45e4142b8" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>thirdly</u>: any credit balance shall be available to the Borrower to be used for any purpose not inconsistent with the Borrower's other obligations under
                this Agreement.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3a7d2ca6b7eb464dba72c50c076af87f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">13.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Interest</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">Any amounts for the time being standing to the credit of the Operating Account shall bear interest at the rate from time to time offered by the Lender to its customers for Dollar deposits of
        similar amounts and for periods similar to those for which such amounts are likely to remain standing to the credit of the Operating Account. Such interest shall, <u>provided
          that</u> (a) the foregoing provisions of this Clause 13.3 shall have been complied with and (b) no Event of Default shall have occurred and is continuing, be released to the Borrower.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze85846b7e7f448a79354ff625b9a7ff3" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">13.4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Drawings from Operating Account</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">After the occurrence of an Event of Default which is continuing the Lender shall not permit the Borrower to make
      any drawings from the Operating Account.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">75</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z49eb962a0045441fadef40dc2ea3d2b2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">13.5</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Sufficient monies</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The Borrower hereby warrants that sufficient monies to meet the next Repayment Instalment plus interest thereon
      will be accumulated each and every month in the Operating Account.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0288fa3cf85c4b69a7de8e646a918fa6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">13.6</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Obligations unaffected</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The provisions of this Clause 13 do not affect:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2af4bf790bfb401f824d78d0f1beef00" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the liability and absolute obligation of the Borrower to repay the Loan and pay interest thereon on the due dates as provided in Clause 3 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Interest</u></font><font style="font-style: italic;">) </font>and Clause 4 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Repayment-Prepayment</u></font><font style="font-style: italic;">) </font>nor shall they constitute or be construed as
              constituting a manner of postponement thereof; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z947739094b0c41ab8253299082133482" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>any other liability or obligation of the Borrower or any other Security Party under any Finance Document.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbee1ff32dfeb429e811f7a9ef5050aa6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">13.7</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Relocation of Operating Account</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The Borrower, at its own costs and expenses, undertakes with the Lender to comply with or cause to be complied with
      any written requirement of the Lender from time to time as to the location or re-location of the Operating Account and will from time to time enter into such documentation as the Lender may require in order to create or maintain a Security Interest
      in the Operating Account.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2a6da15fa03c402cb3a00c52af150ccd" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">13.8</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Authorisation</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The Lender shall be entitled (but not obliged) at any time, and to this respect the Lender is hereby authorised by
      the Borrower from time to time to debit the Operating Account, with notice to the Borrower, in order to discharge any amount due and payable to the Lender under the
      terms of this Agreement and the Security Documents or otherwise howsoever in connection with the Loan, including, without limitation, any payment of which the Lender has become entitled to demand under Clause 10 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Indemnities - Expenses &#8211; Fees</u></font><font style="font-style: italic;">)</font>. The Lender shall notify the Borrower following any such discharge of any amount due and payable to the Lender giving the necessary details in relation thereto.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za1e8491007964e188d65f475190909a2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">13.9</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Set-off</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">Upon the occurrence of an Event of Default that is continuing or at any time thereafter&#160; (whether or not notice of
      default has been given to the Borrower) when an Event of Default continues the Lender shall be entitled, but not bound, to set off and apply all sums standing to the credit of the Operating Account and accrued interest (if any) without notice to the
      Borrower in the manner specified in Clause 11.3 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Application
          of funds</u></font><font style="font-style: italic;">) </font>(and express and irrevocable authority is hereby given by the Borrower to the Lender so to debit the Operating Account
      accordingly by the same and the Borrower shall be released to the extent of such set off and application).</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za9f75414c9294615acfd2771fe1a93b3" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">13.10</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">No Security Interests</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The Borrower hereby covenants with the Lender that the Operating Account and any moneys therein shall not be
      charged, assigned, transferred or pledged nor shall there be granted by the Borrower or suffered to arise any third party rights over or against the whole</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">76</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">or any part of the Operating Account other than in favour of the Lender as promised herein and in the General
      Assignment.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zcd76413144ec4d5fb417df7bf62b62e0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">13.11</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Operation of Operating Account</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The Operating Account shall be operated by the Borrower to the degree permitted by this Agreement and the General
      Assignment in accordance with the Lender's usual terms and conditions (full knowledge of which the Borrower hereby acknowledges) and subject to the Lender's usual charges levied on such accounts and/or transactions conducted on such accounts (as from
      time to time notified by the Lender to the Borrower).</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z264481aff6604ad2aeaff042cd216db4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">13.12</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Application after occurrence of Event of Default</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">After the occurrence of an Event of Default the Lender shall be entitled, but not bound, to apply the balance (if
      any) including any accrued interest standing to the credit of the Operating Account in accordance with the provisions of Clause 11.3 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Application of funds</u></font><font style="font-style: italic;">).</font></div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z885906dbad9e460d91f23bd997b595f8" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">13.13</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Release</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">Upon payment in full of all principal, interest and all other amounts due to the Lender under the terms of this
      Agreement and the other Finance Documents, any balance then standing to the credit of the Operating Account shall be released and paid to the Borrower or to whomsoever else may be entitled to receive such balance.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zadb2d3e70bf44bdb836ea0ca55e7963a" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;"><u>14.</u></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;"><u>ASSIGNMENT, TRANSFER, PARTICIPATION, LENDING OFFICE</u></div>
            </td>
          </tr>

      </table>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z310688b0643743e5bfc16695927ffd1b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">14.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Binding Effect</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">This Agreement shall be binding upon and inure to the benefit of the Lender and the Borrower and their respective
      successors and permitted assigns.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z936d16a0c42a47f98aeb81254314010c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">14.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">No Assignment by the Borrower and other Security Parties</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">Neither the Borrower nor any other Security Parties may assign or transfer any of its rights and/or obligations
      under this Agreement or any of the other Finance Documents or any documents executed pursuant to this Agreement and/or the other Finance Documents.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3ac34a741e4240dc8a43af8b6f7259bc" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">14.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Assignment by the Lender</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The Lender may at any time, (without the consent of, or consultation with, the Borrower and the other Security Parties but with 30-days prior notice to the Borrower)&#160; cause all or any part of its rights, benefits and/or obligations under this Agreement and the other Finance
      Documents to be assigned or transferred to:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za9ff831093b94fbe9e331e6ccba429df" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>another branch, Subsidiary or Affiliate of, or company controlled by, the Lender;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z961dc48c471644379e2c07fe622721f8" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>another first class international bank or financial institution, insurer, social security fund, pension fund, capital investment company, financial intermediary or
              special purpose vehicle associated to any of them or any other person; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8fc09424b0a04c85adde6b804b44bcf8" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>a trust corporation, fund or other person which regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other
              financial assets of which are managed or serviced by the Lender</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">77</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 71.5pt; margin-bottom: 12pt;">&#160;(in each case an <font style="font-style: italic;">"</font><font style="font-weight: bold; font-style: italic;">Assignee</font><font style="font-style: italic;">"</font>
      or a <font style="font-style: italic;">"</font><font style="font-weight: bold; font-style: italic;">Transferee</font><font style="font-style: italic;">"</font>),</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><u>provided that</u> the Assignee or Transferee, shall deliver to the Lender such undertaking as the Lender may approve, whereby it becomes bound by the terms of this Agreement and agrees to
        perform all or, as the case may be, part of the Lender's obligations under this Agreement; and</div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;"><u>provided further that</u>
      the liabilities of the Borrower under this Agreement and any other Finance Document shall not be increased as a result of any such assignment or transfer and that in the event that the Borrower' liabilities (actual or contingent) are increased, the
      Borrower shall not be liable for any such excess.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3e54928f1a334239876b3694bfb4aeab" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">14.4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Participation</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The Lender may at any time sub-participate all or any part of its rights, benefits and/or obligations under this
      Agreement and the other Finance Documents without the consent of, or consultation with or notice to the Borrower and the other Security Parties.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd58f9f56e49c4016a95692926502606b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">14.5</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Cost</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">Any cost of such assignment or transfer or granting sub-participation shall be for the account of the Lender and/or
      the Assignee, Transferee or sub-participant unless any such assignment, transfer or sub-participation is undertaken at the request of the Borrower in which case any cost arising therefrom shall be for the account of the Borrower.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z81344f0bec044c05b7d05755e908b40d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">14.6</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Documenting assignments and transfers</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">If the Lender assigns, transfers or in any other manner grants participation in respect of all or any part of its
      rights or benefits or transfers all or any of its obligations as provided in this Clause 14.6 the Borrower undertakes, immediately on being requested to do so by the Lender, to enter at the expense of the Lender into and procure that each Security
      Party enters into such documents as may be necessary to transfer to the Assignee, Transferee or participant all or the relevant part of the interest of the Lender in the Finance Documents and all relevant references in this Agreement to the Lender
      shall thereafter be construed as a reference to the Lender and/or Assignee, Transferee or participant of the Lender to the extent of their respective interests and, in the case of a transfer of all or part of the obligations of the Lender, the
      Borrower shall thereafter look only to the Assignee, Transferee or participant in respect of that proportion of the obligations of the Lender under this Agreement assumed by such Assignee, Transferee or participant. Subject to the provisions of
      Clause 14.3 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Assignment by the Lender</u></font><font style="font-style: italic;">)</font>,<font style="font-weight: bold;">&#160;</font>the Borrower hereby expressly consents to
      any subsequent transfer of the rights and obligations of the Lender and undertakes that it shall join in and execute such supplemental or substitute agreements as may be necessary to enable the Lender to assign and/or transfer and/or grant
      participation in respect of its rights and obligations to another branch or to one or more banks or financial institutions in a syndicate or otherwise. The cost of any such assignment shall be borne by the Lender and/or the relevant Assignee or
      Transferee.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5f371b4783124607b248f7d3c2d827c8" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">14.7</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Disclosure of information</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The Lender may without the consent
        of, or consultation with or notice to the Borrower and the other Security Parties, disclose to a prospective assignee, substitute or transferee in relation to this Agreement such information about the Borrower as the Lender shall consider
      appropriate if the Lender first procures that the relevant prospective assignee,</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">78</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">substitute or transferee (such person together with any prospective assignee, substitute or transferee being
      hereinafter described as the <font style="font-weight: bold; font-style: italic;">"Prospective Assignee"</font>) shall undertake in to the Lender&#160; to keep secret and confidential and,
      without the consent of the Borrower,&#160; not disclose to any third party any of the information, reports or documents supplied by the Lender <u>provided, however, that</u>
      the Prospective Assignee shall be entitled to disclose such information, reports or documents in the following situations:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb4cc79a119964762b380f17b34cc8cf8" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>in relation to any proceedings arising out of this Agreement or the other Finance Documents to the extent considered necessary by the Prospective Assignee to protect
              its interest; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1f5aa977bb6f4f869d2cf0c8d259d721" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>pursuant to a court order relating to discovery or otherwise; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6e2979c5872c4a08870d99dc2c1b891c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>pursuant to any law or regulation or to any fiscal, monetary, tax, governmental or other competent authority; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1ca7d949576844b58b3dfa1ec4736c61" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>to its auditors, legal or other professional advisers.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">In addition the Prospective Assignee shall be entitled to disclose or use any such information, reports or
      documents if the information contained therein shall have emanated in conditions free from confidentiality, bona fide from some person other than the Lender or the Borrower.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z50d6d232832f452fb19e9d84cd3d0242" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">14.8</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Changes in constitution or reorganisation of the Lender</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">For the avoidance of doubt and without prejudice to the provisions of Clause 14.1 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Binding Effect</u></font><font style="font-style: italic;">)</font>, this Agreement shall remain binding on the Borrower and the other Security Parties notwithstanding
      any change in the constitution of the Lender or its absorption in, or amalgamation with, or the acquisition of all or part of its undertaking or assets by, any other person, or any reconstruction or reorganisation of any kind, to the intent that this
      Agreement shall remain valid and effective in all respects in favour of any Assignee, Transferee or other successor in title of the Lender in the same manner as if such Assignee, Transferee or other successor in title had been named in this Agreement
      as a party instead of, or in addition to, the Lender.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z480741be1b0545f7908a27e49d3dae30" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">14.9</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Securitisation</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The Lender may include all or any part of the Loan in a securitisation (or similar transaction) without the consent
      of, or consultation with, but with notice to the Borrower. The Borrower will assist the Lender as necessary to achieve a successful securitisation (or similar transaction) <u>provided
          that</u> the Borrower shall not be required to bear any third party costs related to any such securitisation (or similar transaction) and that such securitisation (or similar transaction) shall not result in an increase of the obligations
      of the Borrower and/or any other Security Parties under this Agreement and the other Security Documents and need only provide any such information which any third parties may reasonably require.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z445ef4d29fce45e7b6592cc144053f51" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">14.10</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Lending Office</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The Lender shall lend through its office at the address specified in the preamble of this Agreement or through any
      other office of the Lender selected from time to time by it through which the Lender wishes to lend for the purposes of this Agreement.&#160; If the office through which the Lender is lending is changed pursuant to this Clause 14.10, the Lender shall
      notify the Borrower promptly of such change and upon notification of any such</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">79</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">transfer, the word <font style="font-style: italic;">"Lender"</font> in this Agreement and in the other Finance Documents shall mean the Lender, acting through such branch or branches and the terms and provisions of this Agreement and of the other Finance Documents shall be construed
      accordingly.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z860d167cc641448e8ff25a73e501ae31" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;"><u>15.</u></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;"><u>MISCELLANEOUS</u></div>
            </td>
          </tr>

      </table>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0b51f26230a842e2b88cfe7e8f924aee" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">15.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Time of essence</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">Time shall be of the essence of this Agreement.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zcc8f9ce0d8474631b26e97903214eb95" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">15.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Cumulative Remedies</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The rights and remedies of the Lender contained in this Agreement and the other Finance Documents are cumulative
      and not neither exclusive of each other nor of any other rights or remedies conferred by law.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfb40ab71bdd948ccb1c4b5e5318bb704" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">15.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">No implied waivers</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">No failure, delay or omission by the Lender to exercise any right, remedy or power vested in the Lender under this
      Agreement and/or the other Finance Documents or by law shall impair such right or power, or be construed as a waiver of, or as an acquiescence in any default by the Borrower, nor shall any single or partial exercise by the Lender of any power, right
      or remedy preclude any other or further exercise thereof or the exercise of any other power, right or remedy.&#160; In the event of the Lender on any occasion agreeing to waive any such right, remedy or power, or consenting to any departure from the
      strict application of the provisions of this Agreement or of any other Finance Document, such waiver shall not in any way prejudice or affect the powers conferred upon the Lender under this Agreement and the other Finance Documents or the right of
      the Lender thereafter to act strictly in accordance with the terms of this Agreement and the other Finance Documents.&#160; No modification or waiver by the Lender of any provision of this Agreement or of any of the other Finance Documents nor any consent
      by the Lender to any departure therefrom by any Security Party shall be effective unless the same shall be in writing and then shall only be effective in the specific case and for the specific purpose for which given.&#160; No notice to or demand on any
      such party in any such case shall entitle such party to any other or further notice or demand in similar or other circumstances.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z19683a6671be4e4aa8695d4c6d7348b2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">15.4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Integration of Terms</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">This Agreement contains the entire agreement of the parties and its provisions supersede the provisions of the
      Commitment Letter (save for the provisions thereof which relate to fees) any and all other prior correspondence and oral negotiation by the parties in respect of the matters regulated by this Agreement.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z398e60cf61fa4a088aaa8a28543e1d6c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">15.5</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">No modification, waiver etc. unless in writing</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">No modification or waiver by the
        Lender of any provision of this Agreement or of any of the other Finance Documents nor any consent by the Lender to any departure therefrom by any Security Party shall be effective unless the same shall be in writing and then shall only be
        effective in the specific case and for the specific purpose for which given.&#160; No notice to or demand on any such party in any such case shall entitle such party to
        any other or further notice or demand in similar or other circumstances.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z1a3ffd3bfd754d928f955196e4ffa9ea" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">15.6</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Invalidity of Terms</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">In the event of any provision contained in one or more of this Agreement, the other Finance</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">80</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">Documents and any other documents executed pursuant hereto or thereto being invalid, illegal or unenforceable in
      any respect under any applicable law in any jurisdiction whatsoever, such provision shall be ineffective as to that jurisdiction only without affecting the remaining provisions hereof or thereof.&#160; If, however, this event becomes known to the Lender
      prior to the drawdown of the Commitment or of any part thereof the Lender shall be entitled to refuse drawdown until this discrepancy is remedied.&#160; In case that the invalidity of a part results in the invalidity of the whole Agreement, it is hereby
      agreed that there will exist a separate obligation of the Borrower for the prompt payment to the Lender of all the Outstanding Indebtedness.&#160; Where, however, the provisions of any such applicable law may be waived, they are hereby waived by the
      parties hereto to the full extent permitted by the law to the intent that this Agreement, the other Finance Documents and any other documents executed pursuant hereto or thereto shall be deemed to be valid binding and enforceable in accordance with
      their respective terms.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0afefabba45943589d6ae5e5ac078153" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">15.7</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Language and genuineness of documents</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zdb582866a49844258c6b14800b30c278" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Language</u>:&#160; All certificates, instruments and other documents to be delivered
              under or supplied in connection with this Agreement or any of the other Finance Documents shall be in the Greek or the English language (or such other language as the Lender shall agree) or shall be accompanied by a certified Greek
              translation upon which the Lender shall be entitled to rely.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zba9f9b9bf6c34d6f917cab1616501df7" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Certification of documents</u>:&#160; Any copies of documents delivered to the Lender
              shall be duly certified as true, complete and accurate copies by appropriate authorities or legal counsel practising in Greece or otherwise as will be acceptable to the Lender at the sole discretion of the Lender.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zbb488b10dd974dc5a3d7c561924d5eda" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Certification of signature</u>:&#160; Signatures on Board or shareholder resolutions,
              Secretary's certificates and any other documents are, at the discretion of the Lender, to be verified for their genuineness by appropriate Consul or other competent authority.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z239167327f3b4898bd63e80603e12622" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">15.8</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Recourse to other security</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The Lender shall not be obliged to make any claim or demand or to resort to any Finance Document or other means of
      payment now or hereafter held by or available to it for enforcing this Agreement or any of the Finance Documents against the Security Parties (or any of them) or any other person liable and no action taken or omitted by the Lender in connection with
      any such Finance Document or other means of payment will discharge, reduce, prejudice or affect the liability of any Security Party under this Agreement and the other Finance Documents to which it is, or is to be, a party.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zdea4f0a9ba18465aa1a043f2a8cf1a54" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">15.9</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Further assurances</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">The Borrower undertakes that the Finance Documents shall both at the date of execution and delivery thereof and so
      long as any moneys are owing under any of the Finance Documents be valid and binding obligations of the respective parties thereto and enforceable in accordance with their respective terms and that it will, at its expense, execute, sign, perfect and
      do and (if required) register, and will procure the execution, signing, perfecting, doing and (if required) registering by each of the other Security Parties of, any and every such further assurance, document, act or thing as in the reasonable
      opinion of the Lender may be necessary or desirable for perfecting the security contemplated or constituted by the Finance Documents.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">81</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5b61584f34044d1d9bd135956fec7d35" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">15.10</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Confidentiality</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za40b44b722464fcc872a5badb7a50f7b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Each of the parties hereto agrees and undertakes to keep confidential any documentation and any confidential information concerning the business, affairs, directors or
              employees of the other which comes into its possession in connection with this Agreement and not to use any such documentation, information for any purpose other than for which it was provided.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 71.5pt; margin-bottom: 12pt;">Notwithstanding the foregoing, compliance of the Borrower and/or of the Corporate Guarantor with their reporting
      and filing requirements, relating to the transactions and matters contemplated by this Agreement and the other Finance Documents, to governmental or regulatory agencies and authorities, including, but not limited to, the Securities and Exchange
      Commission of the United States of America, shall not constitute a breach of confidentiality.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z790990bdc8ac407ca671e6904429c37d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The Borrower acknowledges and accepts that the Lender may be required by law, regulation or regulatory requirement or any request of any central bank or any court
              order, to disclose information and deliver documentation relating to the Borrower and the transactions and matters in relation to this Agreement and/or the other Finance Documents to governmental or regulatory agencies and authorities.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z40d66936963e4d5188424a3594b10a4e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The Borrower acknowledges and accepts that in case of occurrence of any of the Events of Default the Lender may disclose information and deliver documentation relating
              to the Borrower and the transactions and matters in relation to this Agreement and/or the other Finance Documents to third parties to the extent that this is necessary for the enforcement or the contemplation of enforcement of the Lender's
              rights or for any other purpose for which in the opinion of the Lender, such disclosure would be useful or appropriate for the interests of the Lender or otherwise and the Borrower expressly authorises any such disclosure and delivery.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z50264fb67e134f2392059148b4e134ab" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The Borrower acknowledges and accepts that the Lender may be prohibited from disclosing information to the Borrower by reason of law or duties of confidentiality owed
              or to be owed to other persons.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zf2ea867651704f64b10f46b2359ef5e6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">15.11</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Process of personal data</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za403aeb43cd747fcbb9ca12a6237bb66" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Process of personal data</u>: The Borrower hereby confirms that it has been
              informed that its personal data and/or the personal data of its director(s), officer(s) and legal representative(s) (together the <font style="font-style: italic;">"personal data</font>")
              contained in this Agreement or the personal data that have been or will be lawfully received by the Lender in relation to this Agreement and the Security Documents will be included at the personal data database maintained by the Lender as
              processing agent <font style="font-style: italic;">(</font><font style="font-style: italic;">&#933;&#960;&#949;&#973;&#952;&#965;&#957;&#951;</font><font style="font-style: italic;">&#160;</font><font style="font-style: italic;">&#917;&#960;&#949;&#958;&#949;&#961;&#947;&#945;&#963;&#943;&#945;&#962;</font><font style="font-style: italic;">)</font> and will be processed by the Lender for the purpose of properly serving, supporting and monitoring their current business relationship.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z523cd460fcd748b2876e32a2b12adf23" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Process of personal data to Teiresias</u>: The Borrower hereby expressly gives
              its consent to the communication for process in the meaning of law 2472/97 by the Lender of its personal data contained in this Agreement, the Security Documents, in the Operating Account for onwards communication thereof to an inter-banking
              database record called <font style="font-style: italic;">"Teiresias"</font> kept and solely used by banks and financial institutions. The Borrower is entitled at any relevant
              time throughout the Security Period to revoke its consent given hereunder by written notice addressed to the Lender and the Registrar of <font style="font-style: italic;">"Teiresias
                A.E."</font> at 2, Alamanas street, 15125 Maroussi,</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">82</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">Athens, Greece.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8d2948960fc14118b580fbcf89e2191b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Duration of the process</u>: The personal data process shall survive the termination of this Agreement for such period as it is required by the applicable law.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z138358712c2749acb5546826be16d56b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">15.12</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Process Agent for Greek Proceedings</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">Mrs. <font style="font-variant: small-caps;">Alexandra Tatagia</font>, an Attorney-at-Law, presently of 61-65 Filonos Street, Piraeus,
        Greece (hereinafter called the <font style="font-weight: bold; font-style: italic;">"Process Agent </font><font style="font-weight: bold; font-style: italic;">for Greek Proceedings</font><font style="font-weight: bold; font-style: italic;">"</font>) is hereby appointed by the Borrower as agent to
      accept service, upon whom any judicial process in respect of proceedings in Greece may be served and any process notice, judicial or extra-judicial request, demand for payment, payment order, foreclosure proceedings, notarial announcement of claim,
      notice, request, demand or other communication under this Agreement or any of the Finance Documents. In the event that the Process Agent for Greek Proceedings (or
      any substitute process agent notified to the Lender in accordance with the foregoing) cannot be found at the address specified above (or, as the case may be, notified to the Lender), which will be conclusively proved by a deed of a process server to
      the effect that the Process Agent&#160; for Greek Proceedings was not found at such address, any process notice, judicial or extra-judicial request, demand for payment,
      payment order, foreclosure proceedings, notarial announcement of claim or other communication to be sent to any Security Party may be validly served/notified in accordance with the relevant provisions of the Hellenic Code on Civil Procedure.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 9pt;" class="DSPFListTable" id="zf1689066a9934b38b3c6305fbd9de1e9" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;"><u>16.</u></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;"><u>NOTICES AND COMMUNICATIONS</u></div>
            </td>
          </tr>

      </table>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zb1648c68e44d4539ba8fb90664989781" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">16.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Notices</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">Every notice under or in connection with this Agreement or any other Finance Document shall be given by letter,
      electronic mail or fax; and references in the Finance Documents to written notices, notices in writing and notices signed by particular persons shall be construed accordingly.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z33e1c681e586435f9e0c609a71fb6a60" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>every such notice in the case of a letter shall be in writing delivered personally or be first-class prepaid letter, or shall be served through a process server or
              subject to Clause 10.9 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Communications
                  Indemnity</u></font><font style="font-style: italic;">) </font>by fax or electronic mail;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5c57a2b2634b427db1f1e80b81a050fd" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>be deemed to have been received, subject as otherwise provided in this Agreement or the relevant Finance Document, in the case of a letter, when delivered personally or
              five (5) days after it has been put in to the post and, in the case of a facsimile transmission or electronic mail or other means of telecommunication in permanent written form, at the time of despatch (<u>provided that</u> if the date of despatch is not a business day in the country of the addressee or if the time of despatch is after the close of business in the country of the
              addressee it shall be deemed to have been received at the opening of business on the next such business day); and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6f6d9253ff764d53b98f44e41dc68bb5" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>be sent by letter, electronic mail or fax:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z622198ed1d984589bde7c9e927baeccf" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(i)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>if to be sent to any Security Party, to:</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 108pt;">c/o <font style="font-variant: small-caps;">Pyxis Maritime corp</font>.,</div>
    <div style="text-align: justify; margin-left: 108pt;">59 K. Karamanli Street,</div>
    <div style="text-align: justify; margin-left: 108pt;">Maroussi&#160;15125, Greece</div>
    <div style="text-align: justify; margin-left: 108pt;">Fax: +30 210 6510530</div>
    <div style="text-align: justify; margin-left: 108pt;">Attention:&#160; Mr. Kostantinos Lytras</div>
    <div style="text-align: justify; margin-left: 108pt;">E-mail:&#160; klytras@pyxistankers.com,
        fin@pyxis.gr and</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">83</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 144pt; margin-bottom: 12pt;">hwilliams@pyxistankers.com</div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">&#160;and</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zdeaef449ff34499d89e5314cd66d7d85" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 72pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right; font-variant: small-caps;">(ii)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>in the case of the Lender at:</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 108pt; font-variant: small-caps;">&#160;ALPHA BANK S.A.,</div>
    <div style="text-align: justify; margin-left: 108pt;">&#160;93 Akti Miaouli, Piraeus, Greece,</div>
    <div style="text-align: justify; margin-left: 108pt;">&#160;Fax No. +30 210 42 90 268</div>
    <div style="text-align: justify; margin-left: 108pt;">&#160;Attention: The Manager</div>
    <div style="text-align: justify; margin-left: 108pt; margin-bottom: 12pt;">&#160;E-mail:&#160; shipdivision@alpha.gr</div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">or to such other person, address or fax number or electronic mail address as is notified by the relevant Security
      Party or the Lender (as the case may be) to the other parties to this Agreement and, in the case of any such change of address or fax number or electronic mail address notified to the Lender, the same shall not become effective until notice of such
      change is actually received by the Lender and a copy of the notice of such change is signed by the Lender.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="za3be294c5fde4ce09b8db54297719005" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">16.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Illegible notices</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">Clause 16.1 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Notices</u></font><font style="font-style: italic;">) </font>does not apply if the
      recipient of a notice notifies the sender within one hour after the time at which the notice would otherwise be deemed to be served that the notice has been received in a form which is illegible in a material respect.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8b2d8099454d4d7e861630de217a595c" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">16.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Valid notices</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">A notice under or in connection with a Finance Document shall not be invalid by reason that its contents or the
      manner of serving it do not comply with the requirements of this Agreement or, where appropriate, any other Finance Document under which it is served if:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zaba31c23da9e47c097d1230106c31195" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the failure to serve it in accordance with the requirements of this Agreement or other Finance Document, as the case may be, has not caused any party to suffer any
              significant loss or prejudice; or</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze2f100df84db42e9abbc52ca074abcc4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>in the case of incorrect and/or incomplete contents, it should have been reasonably clear to the party on which the notice was served what the correct or missing
              particulars should have been.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2a14f0db0903489ea6d99dd6b17180ea" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">16.4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Meaning of "notice"</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">In this Clause 16, <font style="font-style: italic;">"</font><font style="font-weight: bold; font-style: italic;">notice</font><font style="font-style: italic;">"</font>
      includes any demand, consent, authorisation, approval, instruction, waiver or other communication.</div>
    <div>
      <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zc00d8a25caad48988beed1790daae3f5" cellpadding="0" cellspacing="0">

          <tr>
            <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;"><u>17.</u></td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div style="font-weight: bold;"><u>LAW AND JURISDICTION</u></div>
            </td>
          </tr>

      </table>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9363361061134daaa29a6a2e87b4999d" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">17.1</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Governing Law</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">This Agreement and any non-contractual obligations connected with it shall be governed by and construed in
      accordance with English Law.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z6407d610c115415b91c92062ae3016cd" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">17.2</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Jurisdiction</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z733f328dd6fc407fb7f1b2d1333dc3e5" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement or any non-contractual obligations connected</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">84</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">with it (including a dispute regarding the existence, validity or termination of this Agreement and including
      claims arising out of tort or delict) (a <font style="font-weight: bold; font-style: italic;">"Dispute"</font>). The Borrower irrevocably and unconditionally submits to the jurisdiction
      of such courts.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z245e8a0adcfc4c149604e7c0b7d5e55a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The Parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the contrary and waives any objections to the inconvenience of England as a forum.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z67d999325aaf4e14b99e60b9f9238d92" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>This Clause 17.2 is for the benefit of the Lender only.&#160; As a result, the Lender shall not be prevented from taking proceedings relating to a Dispute in any other
              courts with jurisdiction. To the extent allowed by law, the Lender may take concurrent proceedings in any number of jurisdictions.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z714a8ebcecf44619ae2798c141eff04e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">17.3</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Process Agent for English Proceedings</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">Without prejudice to any other mode of service allowed under any relevant law the Borrower irrevocably designates,
      appoints Messrs. <font style="font-variant: small-caps;">Atlas Maritime Services Limited</font>, at its registered office for the time being at Enterprise House, 113-115 George Lane, E18
      1AB, London, England (hereinafter called the <font style="font-style: italic;">"</font><font style="font-weight: bold; font-style: italic;">Process Agent for English Proceedings</font><font style="font-style: italic;">"</font>), to receive for it and on its behalf, service of process issued out of the English courts in relation to any proceedings before the English
      courts in connection with any Finance Document, <u>provided, however, that</u>:</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3894053920c04889a619fce39c8eea7b" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the Borrower hereby agrees and undertakes to maintain a Process Agent for English
                Proceedings throughout the Security Period and hereby agrees that in the event that if any Process Agent for English Proceedings is unable for any
              reason to act as agent for service of process, the Borrower must immediately (and in any event within fifteen (15) days of such event taking place) appoint another agent on terms acceptable to the Lender.&#160; Failing this, the Lender may appoint
              for this purpose a substitute Process Agent for English Proceedings and the Lender is hereby irrevocably authorised to effect such appointment on Borrower's behalf.
                The appointment of such Process Agent for English Proceedings shall be valid and binding from the date notice of such appointment is given by the Lender to
                the Borrower in accordance with Clause 16.1 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Notices</u></font><font style="font-style: italic;">)</font>; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z4c922274df2d495e8d410723e668e209" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the Borrower hereby agrees that failure by a Process Agent for English Proceedings to notify the Borrower of the process will not invalidate the
              proceedings concerned.</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z76084eb07a9341febf48841d77e99548" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">17.4</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Proceedings in any other country</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">If it is decided by the Lender that any such proceedings should be commenced in any other country, then any
      objections as to the jurisdiction or any claim as to the inconvenience of the forum is hereby waived by the Borrower and it is agreed and undertaken by the Borrower to instruct lawyers in that country to accept service of legal process and not to
      contest the validity of such proceedings as far as the jurisdiction of the court or courts involved is concerned and the Borrower agrees that any judgment or order obtained in an English court shall be conclusive and binding on the Borrower and shall
      be enforceable without review in the courts of any other jurisdiction.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd5d19b57f8b6403580a6f3ff5b60730f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">17.5</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Third Party Rights</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">A person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999
      to enforce or to enjoy the benefit of any term of this Agreement.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">85</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z2823facfdb974d86a63cbff76118e6b6" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">17.6</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;">Meaning of "proceedings"</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 36pt; margin-bottom: 12pt;">In this Clause 17 "<font style="font-style: italic;">proceedings</font>"
      means proceedings of any kind, including an application for a provisional or protective measure.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">86</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: center; text-indent: -36pt; margin-left: 36pt; font-weight: bold;"><u>EXECUTION PAGE</u></div>
    <div style="margin-bottom: 10pt;"><br>
    </div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">IN WITNESS WHEREOF</font> the parties hereto have caused this Agreement to be duly executed on the date stated at the beginning of this Agreement.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z0bd2af18ae654f68b5c17396ae04ee8a" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 38.91%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">SIGNED by</div>
          </td>
          <td style="width: 3.99%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">)</div>
          </td>
          <td style="width: 5.99%; vertical-align: top;">&#160;</td>
          <td style="width: 30.93%; vertical-align: top;">&#160;</td>
          <td style="width: 20.18%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 38.91%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">Mr. Konstantinos Lytras</div>
          </td>
          <td style="width: 3.99%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">)</div>
          </td>
          <td style="width: 5.99%; vertical-align: top;">&#160;</td>
          <td style="width: 30.93%; vertical-align: top;">&#160;</td>
          <td style="width: 20.18%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 38.91%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">for and on behalf of</div>
          </td>
          <td style="width: 3.99%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">)</div>
          </td>
          <td style="width: 5.99%; vertical-align: top;">&#160;</td>
          <td style="width: 30.93%; vertical-align: top;">&#160;</td>
          <td style="width: 20.18%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 38.91%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;"><font style="font-weight: bold;">EIGHTHONE
                CORP.</font>,</div>
          </td>
          <td style="width: 3.99%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">)</div>
          </td>
          <td style="width: 5.99%; vertical-align: top;">&#160;</td>
          <td style="width: 30.93%; vertical-align: top;">&#160;</td>
          <td style="width: 20.18%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 38.91%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">of the Marshall Islands,</div>
          </td>
          <td style="width: 3.99%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">)</div>
          </td>
          <td style="width: 5.99%; vertical-align: top;">&#160;</td>
          <td style="width: 30.93%; vertical-align: top; border-bottom: #000000 2px solid;"> &#160;/s/ Konstantinos Lytras </td>
          <td style="width: 20.18%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 38.91%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">in the presence of:</div>
          </td>
          <td style="width: 3.99%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">)</div>
          </td>
          <td style="width: 5.99%; vertical-align: top;">&#160;</td>
          <td style="width: 30.93%; vertical-align: top;">
            <div style="text-align: center; text-indent: -36pt; margin-left: 36pt;">Attorney-in-fact</div>
          </td>
          <td style="width: 20.18%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zea542f3b67354721a3a7964dd19c6ec4" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 14.24%; vertical-align: top;">
            <div style="text-align: justify; font-style: italic;">Witness:</div>
          </td>
          <td style="width: 32.05%; vertical-align: top; border-bottom: #000000 2px solid;"> &#160;/s/ Dimitrios P. Sioufas </td>
          <td style="width: 29.91%; vertical-align: top;">&#160;</td>
          <td style="width: 23.8%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 14.24%; vertical-align: top;">
            <div style="text-align: justify; font-style: italic;">Name:</div>
          </td>
          <td style="width: 32.05%; vertical-align: top;">
            <div style="text-align: justify; font-style: italic;">Dimitrios P. Sioufas</div>
          </td>
          <td style="width: 29.91%; vertical-align: top;">&#160;</td>
          <td style="width: 23.8%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 14.24%; vertical-align: top;">
            <div style="text-align: justify; font-style: italic;">Address:</div>
          </td>
          <td style="width: 32.05%; vertical-align: top;">
            <div style="text-align: justify; font-style: italic;">13 Defteras Merarchias</div>
          </td>
          <td style="width: 29.91%; vertical-align: top;">&#160;</td>
          <td style="width: 23.8%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 14.24%; vertical-align: top;">&#160;</td>
          <td style="width: 32.05%; vertical-align: top;">
            <div style="text-align: justify; font-style: italic;">Piraeus, Greece</div>
          </td>
          <td style="width: 29.91%; vertical-align: top;">&#160;</td>
          <td style="width: 23.8%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 14.24%; vertical-align: top;">
            <div style="text-align: justify; font-style: italic;">Occupation:</div>
          </td>
          <td style="width: 32.05%; vertical-align: top;">
            <div style="text-align: justify; font-style: italic;">Attorney-at-Law</div>
          </td>
          <td style="width: 29.91%; vertical-align: top;">&#160;</td>
          <td style="width: 23.8%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z8ba77bb470514def85838cac48997a5f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 38.91%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">SIGNED by</div>
          </td>
          <td style="width: 3.99%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">)</div>
          </td>
          <td style="width: 5.99%; vertical-align: top;">&#160;</td>
          <td style="width: 30.93%; vertical-align: top;">&#160;</td>
          <td style="width: 20.18%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 38.91%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">Mrs. Aikaterini Damianidou and</div>
          </td>
          <td style="width: 3.99%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">)</div>
          </td>
          <td style="width: 5.99%; vertical-align: top;">&#160;</td>
          <td style="width: 30.93%; vertical-align: top; border-bottom: #000000 2px solid;"> &#160;/s/ Aikaterini Damianidou </td>
          <td style="width: 20.18%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 38.91%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">Mrs. Chrysanthi Papathanasopoulou</div>
          </td>
          <td style="width: 3.99%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">)</div>
          </td>
          <td style="width: 5.99%; vertical-align: top;">&#160;</td>
          <td style="width: 30.93%; vertical-align: top;">
            <div style="text-align: center; text-indent: -36pt; margin-left: 36pt;">Attorney-in-fact</div>
          </td>
          <td style="width: 20.18%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 38.91%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">for and on behalf of</div>
          </td>
          <td style="width: 3.99%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">)</div>
          </td>
          <td style="width: 5.99%; vertical-align: top;">&#160;</td>
          <td style="width: 30.93%; vertical-align: top;">&#160;</td>
          <td style="width: 20.18%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 38.91%; vertical-align: top; padding-bottom: 2px;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt; font-variant: small-caps;"><font style="font-weight: bold;">ALPHA BANK S.A.</font>,</div>
          </td>
          <td style="width: 3.99%; vertical-align: top; padding-bottom: 2px;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">)</div>
          </td>
          <td style="width: 5.99%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 30.93%; vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);"> &#160;/s/ Chrysanthi Papathanasopoulou </td>
          <td style="width: 20.18%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 38.91%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">in the presence of:</div>
          </td>
          <td style="width: 3.99%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">)</div>
          </td>
          <td style="width: 5.99%; vertical-align: top;">&#160;</td>
          <td style="width: 30.93%; vertical-align: top;">
            <div style="text-align: center; text-indent: -36pt; margin-left: 36pt;">Attorney-in-fact</div>
          </td>
          <td style="width: 20.18%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z10d59dadd4914dabbb648cacb0f8a8a0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 14.24%; vertical-align: top;">
            <div style="text-align: justify; font-style: italic;">Witness:</div>
          </td>
          <td style="width: 32.05%; vertical-align: top; border-bottom: #000000 2px solid;"> &#160;/s/ Dimitrios P. Sioufas </td>
          <td style="width: 29.91%; vertical-align: top;">&#160;</td>
          <td style="width: 23.8%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 14.24%; vertical-align: top;">
            <div style="text-align: justify; font-style: italic;">Name:</div>
          </td>
          <td style="width: 32.05%; vertical-align: top;">
            <div style="text-align: justify; font-style: italic;">Dimitrios P. Sioufas</div>
          </td>
          <td style="width: 29.91%; vertical-align: top;">&#160;</td>
          <td style="width: 23.8%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 14.24%; vertical-align: top;">
            <div style="text-align: justify; font-style: italic;">Address:</div>
          </td>
          <td style="width: 32.05%; vertical-align: top;">
            <div style="text-align: justify; font-style: italic;">13 Defteras Merarchias</div>
          </td>
          <td style="width: 29.91%; vertical-align: top;">&#160;</td>
          <td style="width: 23.8%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 14.24%; vertical-align: top;">&#160;</td>
          <td style="width: 32.05%; vertical-align: top;">
            <div style="text-align: justify; font-style: italic;">Piraeus, Greece</div>
          </td>
          <td style="width: 29.91%; vertical-align: top;">&#160;</td>
          <td style="width: 23.8%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 14.24%; vertical-align: top;">
            <div style="text-align: justify; font-style: italic;">Occupation:</div>
          </td>
          <td style="width: 32.05%; vertical-align: top;">
            <div style="text-align: justify; font-style: italic;">Attorney-at-Law</div>
          </td>
          <td style="width: 29.91%; vertical-align: top;">&#160;</td>
          <td style="width: 23.8%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">87</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <div style="text-align: center; text-indent: -36pt; margin-left: 36pt; margin-bottom: 12pt; font-weight: bold;"><u>SCHEDULE 1</u></div>
    <div style="text-align: center; text-indent: -36pt; margin-left: 36pt; font-weight: bold;">FORM OF DRAWDOWN NOTICE</div>
    <div style="text-align: center; text-indent: -36pt; margin-left: 36pt; margin-bottom: 12pt;">(referred to in Clause 2.2)</div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z9b2c69bae1154f3f82b466d527b8c57e" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 7.93%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">To:</div>
          </td>
          <td style="width: 92.07%; vertical-align: top;">
            <div style="text-align: justify; font-variant: small-caps; font-weight: bold;">ALPHA BANK S.A.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.93%; vertical-align: top;">&#160;</td>
          <td style="width: 92.07%; vertical-align: top;">
            <div style="text-align: justify;">93 Akti Miaouli,</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.93%; vertical-align: top;">&#160;</td>
          <td style="width: 92.07%; vertical-align: top;">
            <div style="text-align: justify;">Piraeus, Greece</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.93%; vertical-align: top;">&#160;</td>
          <td style="width: 92.07%; vertical-align: top;">
            <div style="text-align: justify;">(the <font style="font-weight: bold; font-style: italic;">"Lender"</font>)</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: right; text-indent: -36pt; margin-left: 36pt; margin-bottom: 12pt;">[&#9679;] March, 2021</div>
    <div style="margin-bottom: 12pt;"><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zc7c4589266a94667af15a2beb88614b7" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 100%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: justify;">Re: US$17,000,000 Loan Agreement dated [&#9679;] March, 2021 made between (A) <font style="font-weight: bold;">EIGHTHONE CORP.</font> (the <font style="font-weight: bold; font-style: italic;">"Borrower"</font>) and (B) the Lender
              (the <font style="font-weight: bold; font-style: italic;">"Loan Agreement"</font>).</div>
          </td>
        </tr>

    </table>
    <div style="margin-bottom: 6pt;"><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z5497052ea40d4b6aaa398359f20d2638" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">1.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>We refer to the Loan Agreement and hereby give you notice that we wish to draw the Commitment as follows:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zd55ed90b37e34fcfb313f3715a7336a3" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Loan</u>: the full amount of the Commitment in the amount of Seventeen million
              Dollars ($17,000,000);</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="ze650da3d5e88491d8834e3156915933f" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Drawdown Date:</u> [&#9679;]March, 2021;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z43d7a55be0ce4842ab8a347a39a1b6f3" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Duration of first Interest Period</u>: duration of the first Interest Period in
              respect of the Loan shall be [&#9679;] months; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z3d4ee941496e4ceda082272e1103f8a2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><u>Payment instructions</u>: [<font style="font-style: italic;">The funds to be credited into the Operating Account for application for the purpose set out in Clause 1.1 (</font><font style="font-style: italic;"><u>Amount and purpose</u></font><font style="font-style: italic;">) of the Loan Agreement</font>].</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z0701411746014ffb93e22eb73416acc0" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">2.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>We confirm, represent and warrant that:</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zfed5d160577845e3b218924412daee38" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(a)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>no event or circumstance has occurred and is continuing which constitutes a
              Default;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z567c6a5f02b84ddc96fe07a9654588f3" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(b)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the representations and warranties contained in Clause 6 <font style="font-style: italic;">(</font><font style="font-style: italic;"><u>Representations and warranties</u></font><font style="font-style: italic;">) </font>of
              the Loan Agreement and the representations and warranties contained in each of the other Finance Documents would remain true and not misleading if repeated
              on the date of this Drawdown Notice with reference to the circumstances now existing;</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="zcf175a721b0e4df38aa46a3578495c66" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(c)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>the borrowing to be effected by the drawing down of the Commitment will be within our corporate powers, has been validly authorised by appropriate corporate action and
              will not cause any limit on our borrowings (whether imposed by statute, regulation, agreement or otherwise) to be exceeded; and</div>
          </td>
        </tr>

    </table>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z9359ac70855e4ed9b3ccb95e660b6fdc" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 36pt; vertical-align: top; align: right;">(d)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>to the best of our knowledge and belief there has been no Material Adverse Change in our financial position or in the consolidated financial position of ourselves and
              the</div>
          </td>
        </tr>

    </table>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">88</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; margin-left: 72pt; margin-bottom: 12pt;">&#160;other Security Parties from that described by us to the Lender in the negotiation of the Loan Agreement.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000; margin-bottom: 12pt;" class="DSPFListTable" id="z8fcb6804aba84a519d0368bc9db1a6cf" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 36pt; vertical-align: top; align: right; font-weight: bold;">3.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>This Drawdown Notice cannot be revoked without the prior consent of the Lender.</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-bottom: 12pt;">Words and expressions defined in the Loan Agreement shall have the same meanings when used herein.</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z9eae6c37a6e846c1964c84dc6eab3028" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 38.91%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">SIGNED by</div>
          </td>
          <td style="width: 3.99%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">)</div>
          </td>
          <td style="width: 5.99%; vertical-align: top;">&#160;</td>
          <td style="width: 30.93%; vertical-align: top;">&#160;</td>
          <td style="width: 20.18%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 38.91%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">Mr. [&#160; &#160; ]</div>
          </td>
          <td style="width: 3.99%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">)</div>
          </td>
          <td style="width: 5.99%; vertical-align: top;">&#160;</td>
          <td style="width: 30.93%; vertical-align: top;">&#160;</td>
          <td style="width: 20.18%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 38.91%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">for and on behalf of</div>
          </td>
          <td style="width: 3.99%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">)</div>
          </td>
          <td style="width: 5.99%; vertical-align: top;">&#160;</td>
          <td style="width: 30.93%; vertical-align: top;">&#160;</td>
          <td style="width: 20.18%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 38.91%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">the Borrower</div>
          </td>
          <td style="width: 3.99%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">)</div>
          </td>
          <td style="width: 5.99%; vertical-align: top;">&#160;</td>
          <td style="width: 30.93%; vertical-align: top;">&#160;</td>
          <td style="width: 20.18%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 38.91%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;"><font style="font-weight: bold;">EIGHTHONE
                CORP.</font>,</div>
          </td>
          <td style="width: 3.99%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">)</div>
          </td>
          <td style="width: 5.99%; vertical-align: top;">&#160;</td>
          <td style="width: 30.93%; vertical-align: top;">&#160;</td>
          <td style="width: 20.18%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 38.91%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">of the Marshall Islands,</div>
          </td>
          <td style="width: 3.99%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">)</div>
          </td>
          <td style="width: 5.99%; vertical-align: top;">&#160;</td>
          <td style="width: 30.93%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 20.18%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 38.91%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">in the presence of:</div>
          </td>
          <td style="width: 3.99%; vertical-align: top;">
            <div style="text-align: justify; text-indent: -36pt; margin-left: 36pt;">)</div>
          </td>
          <td style="width: 5.99%; vertical-align: top;">&#160;</td>
          <td style="width: 30.93%; vertical-align: top;">
            <div style="text-align: center; text-indent: -36pt; margin-left: 36pt;">Attorney-in-fact</div>
          </td>
          <td style="width: 20.18%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="z68e26b16153a485b837a1661fdc885f2" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 14.24%; vertical-align: top;">
            <div style="text-align: justify; font-style: italic;">Witness:</div>
          </td>
          <td style="width: 32.05%; vertical-align: top; border-bottom: #000000 2px solid;">&#160;</td>
          <td style="width: 29.91%; vertical-align: top;">&#160;</td>
          <td style="width: 23.8%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 14.24%; vertical-align: top;">
            <div style="text-align: justify; font-style: italic;">Name:</div>
          </td>
          <td style="width: 32.05%; vertical-align: top;">
            <div style="text-align: justify; font-style: italic;">Dimitrios P. Sioufas</div>
          </td>
          <td style="width: 29.91%; vertical-align: top;">&#160;</td>
          <td style="width: 23.8%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 14.24%; vertical-align: top;">
            <div style="text-align: justify; font-style: italic;">Address:</div>
          </td>
          <td style="width: 32.05%; vertical-align: top;">
            <div style="text-align: justify; font-style: italic;">13 Defteras Merarchias</div>
          </td>
          <td style="width: 29.91%; vertical-align: top;">&#160;</td>
          <td style="width: 23.8%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 14.24%; vertical-align: top;">&#160;</td>
          <td style="width: 32.05%; vertical-align: top;">
            <div style="text-align: justify; font-style: italic;">Piraeus, Greece</div>
          </td>
          <td style="width: 29.91%; vertical-align: top;">&#160;</td>
          <td style="width: 23.8%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 14.24%; vertical-align: top;">
            <div style="text-align: justify; font-style: italic;">Occupation:</div>
          </td>
          <td style="width: 32.05%; vertical-align: top;">
            <div style="text-align: justify; font-style: italic;">Attorney-at-Law</div>
          </td>
          <td style="width: 29.91%; vertical-align: top;">&#160;</td>
          <td style="width: 23.8%; vertical-align: top;">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">89</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;" noshade="noshade"></div>
    </div>
    <div style="text-align: center; font-weight: bold;"><u>Schedule 2</u></div>
    <div><br>
    </div>
    <div style="text-align: center; margin-bottom: 12pt; font-weight: bold;">Form of Insurance Letter</div>
    <table style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zd24a75115b7b49c3b01f1dd90778b830" cellpadding="0" cellspacing="0">

        <tr>
          <td style="width: 15.92%; vertical-align: top;">
            <div style="text-align: justify;">To:</div>
          </td>
          <td style="width: 84.08%; vertical-align: top;">
            <div style="text-align: justify; font-style: italic; font-weight: bold;">[P&amp;I Club]</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15.92%; vertical-align: top;">&#160;</td>
          <td style="width: 84.08%; vertical-align: top;">
            <div style="text-align: justify;">[&#9679;]</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15.92%; vertical-align: top;">&#160;</td>
          <td style="width: 84.08%; vertical-align: top;">
            <div style="text-align: justify;">[&#9679;]</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15.92%; vertical-align: top;">&#160;</td>
          <td style="width: 84.08%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 15.92%; vertical-align: top;">
            <div style="text-align: justify;">From:</div>
          </td>
          <td style="width: 84.08%; vertical-align: top;">
            <div style="text-align: justify; font-weight: bold;">EIGHTHONE CORP.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15.92%; vertical-align: top;">&#160;</td>
          <td style="width: 84.08%; vertical-align: top;">
            <div style="text-align: justify;">Trust Company Complex,</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15.92%; vertical-align: top;">&#160;</td>
          <td style="width: 84.08%; vertical-align: top;">
            <div style="text-align: justify;">Ajeltake Road, Ajeltake Island,</div>
          </td>
        </tr>
        <tr>
          <td style="width: 15.92%; vertical-align: top;">&#160;</td>
          <td style="width: 84.08%; vertical-align: top;">
            <div style="text-align: justify;">Majuro, Marshall Islands MH 96960</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: right; margin-bottom: 12pt;">&#160;[&#9679;] 20[&#9679;]</div>
    <div style="text-align: justify; margin-bottom: 12pt;">Dear Sirs</div>
    <div style="text-align: justify; margin-bottom: 12pt;"><font style="font-weight: bold;">m.v. </font>"<font style="font-weight: bold;">PYXIS EPSILON</font>" (the<font style="font-weight: bold;">&#160;</font><font style="font-weight: bold; font-style: italic;">"Vessel"</font>)</div>
    <div style="text-align: justify; margin-bottom: 12pt;">We are obtaining loan finance from <font style="font-weight: bold; font-variant: small-caps;">ALPHA BANK S.A.</font> (the <font style="font-weight: bold; font-style: italic;">"Lender"</font>) secured (<font style="font-style: italic;">inter alia</font>) by a first ship mortgage over the Vessel.&#160; The Vessel's insurances will also be assigned to the Lender.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">You are hereby authorised to send a copy of the Certificate of Entry for the Vessel to the Lender, c/o their lawyers, namely, <font style="font-variant: small-caps;">Theo V. Sioufas &amp; Co. Law Offices</font>, of 13 Defteras Merarchias Street, 185 35 Piraeus, Greece. Further, you are also irrevocably authorised to
      provide the Lender from time to time with any other information whatsoever which they may require relating to the entry of the Vessel in the association.</div>
    <div style="text-align: justify; margin-bottom: 12pt;">This letter is governed by, and shall be construed in accordance with, English law.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div>_____________________________</div>
    <div>For and on behalf of</div>
    <div style="font-weight: bold;">EIGHTHONE CORP.</div>
  </div>
  <div id="DSPFPageNumberArea" style="text-align: center;"><font id="DSPFPageNumber" style="font-weight: normal; font-style: normal;">90</font></div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>4
<FILENAME>ex8-1.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
8.1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Pyxis
Tankers Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>List
of Subsidiaries*</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Company
    Name</U></B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><U>Jurisdiction
    of Incorporation</U></B></FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Secondone
    Corporation Ltd.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Malta</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thirdone
    Corporation Ltd.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Malta</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fourthone
    Corporation Ltd.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Malta</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sixthone
        Corp.**</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Seventhone
        Corp.</FONT></P></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Republic
        of the Marshall Islands</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Republic
        of the Marshall Islands</FONT></P></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eighthone
    Corp.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Republic
    of the Marshall Islands</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maritime
    Technologies Corp.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Delaware,
    U.S.A.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">*Each
subsidiary is 100% owned by Pyxis Tankers Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">**
<I>Pyxis Delta </I>was sold to an unaffiliated third party on January 13, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>5
<FILENAME>ex12-1.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Seward & Kissel LLP
         Document created using EDGARfilings PROfile 7.4.0.0
         Copyright 1995 - 2021 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div style="text-align: right; margin-bottom: 10pt; font-family: 'Times New Roman', serif; font-weight: bold;">Exhibit 12.1</div>
  <div style="text-align: center; margin-bottom: 10pt; font-family: 'Times New Roman', serif; font-weight: bold;"><u>CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER</u></div>
  <div style="text-align: justify; margin-bottom: 10pt; font-family: 'Times New Roman', serif;">I, Valentios Valentis, certify that:</div>
  <div style="text-align: justify; margin-bottom: 10pt; font-family: 'Times New Roman', serif;">1. I have reviewed this annual report on Form 20-F of Pyxis Tankers Inc. for the year ended December 31, 2020;</div>
  <div style="text-align: justify; margin-bottom: 10pt; font-family: 'Times New Roman', serif;">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to
    make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</div>
  <div style="text-align: justify; margin-bottom: 10pt; font-family: 'Times New Roman', serif;">3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
    respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;</div>
  <div style="text-align: justify; margin-bottom: 10pt; font-family: 'Times New Roman', serif;">4. The company&#8217;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as
    defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:</div>
  <div style="text-align: justify; margin-bottom: 10pt; font-family: 'Times New Roman', serif;">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
    to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</div>
  <div style="text-align: justify; margin-bottom: 10pt; font-family: 'Times New Roman', serif;">(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
    supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</div>
  <div style="text-align: justify; margin-bottom: 10pt; font-family: 'Times New Roman', serif;">(c) Evaluated the effectiveness of the company&#8217;s disclosure controls and procedures and presented in this report our conclusions about the
    effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</div>
  <div style="text-align: justify; margin-bottom: 10pt; font-family: 'Times New Roman', serif;">(d) Disclosed in this report any change in the company&#8217;s internal control over financial reporting that occurred during the period covered by
    the annual report that has materially affected, or is reasonably likely to materially affect, the company&#8217;s internal control over financial reporting; and</div>
  <div style="text-align: justify; margin-bottom: 10pt; font-family: 'Times New Roman', serif;">5. The company&#8217;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial
    reporting, to the company&#8217;s auditors and the audit committee of the company&#8217;s board of directors (or persons performing the equivalent functions):</div>
  <div style="text-align: justify; margin-bottom: 10pt; font-family: 'Times New Roman', serif;">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
    reasonably likely to adversely affect the company&#8217;s ability to record, process, summarize and report financial information; and</div>
  <div style="text-align: justify; margin-bottom: 10pt; font-family: 'Times New Roman', serif;">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the company&#8217;s internal
    control over financial reporting.</div>
  <div style="text-align: justify; margin-bottom: 10pt; font-family: 'Times New Roman', serif;">Date: April 12, 2021</div>
  <div style="text-align: justify; margin-bottom: 10pt; font-family: 'Times New Roman', serif;">/s/ Valentios Valentis</div>
  <div style="margin-bottom: 10pt; font-family: 'Times New Roman', serif;">Valentios Valentis<br>
    Chief Executive Officer (Principal Executive Officer)</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.2
<SEQUENCE>6
<FILENAME>ex12-2.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Seward & Kissel LLP
         Document created using EDGARfilings PROfile 7.4.0.0
         Copyright 1995 - 2021 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div style="text-align: right; margin-bottom: 10pt; font-family: 'Times New Roman', serif; font-weight: bold;">Exhibit 12.2</div>
  <div style="text-align: center; margin-bottom: 10pt; font-family: 'Times New Roman', serif; font-weight: bold;"><u>CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICER</u></div>
  <div style="text-align: justify; margin-bottom: 10pt; font-family: 'Times New Roman', serif;">I, Henry Williams, certify that:</div>
  <div style="text-align: justify; margin-bottom: 10pt; font-family: 'Times New Roman', serif;">1. I have reviewed this annual report on Form 20-F of Pyxis Tankers Inc. for the year ended December 31, 2020;</div>
  <div style="text-align: justify; margin-bottom: 10pt; font-family: 'Times New Roman', serif;">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to
    make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</div>
  <div style="text-align: justify; margin-bottom: 10pt; font-family: 'Times New Roman', serif;">3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
    respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;</div>
  <div style="text-align: justify; margin-bottom: 10pt; font-family: 'Times New Roman', serif;">4. The company&#8217;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as
    defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:</div>
  <div style="text-align: justify; margin-bottom: 10pt; font-family: 'Times New Roman', serif;">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
    to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</div>
  <div style="text-align: justify; margin-bottom: 10pt; font-family: 'Times New Roman', serif;">(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
    supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</div>
  <div style="text-align: justify; margin-bottom: 10pt; font-family: 'Times New Roman', serif;">(c) Evaluated the effectiveness of the company&#8217;s disclosure controls and procedures and presented in this report our conclusions about the
    effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</div>
  <div style="text-align: justify; margin-bottom: 10pt; font-family: 'Times New Roman', serif;">(d) Disclosed in this report any change in the company&#8217;s internal control over financial reporting that occurred during the period covered by
    the annual report that has materially affected, or is reasonably likely to materially affect, the company&#8217;s internal control over financial reporting; and</div>
  <div style="text-align: justify; margin-bottom: 10pt; font-family: 'Times New Roman', serif;">5. The company&#8217;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial
    reporting, to the company&#8217;s auditors and the audit committee of the company&#8217;s board of directors (or persons performing the equivalent functions):</div>
  <div style="text-align: justify; margin-bottom: 10pt; font-family: 'Times New Roman', serif;">(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
    reasonably likely to adversely affect the company&#8217;s ability to record, process, summarize and report financial information; and</div>
  <div style="text-align: justify; margin-bottom: 10pt; font-family: 'Times New Roman', serif;">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the company&#8217;s internal
    control over financial reporting.</div>
  <div style="text-align: justify; margin-bottom: 10pt; font-family: 'Times New Roman', serif;">Date: April 12, 2021</div>
  <div style="text-align: justify; margin-bottom: 10pt; font-family: 'Times New Roman', serif;">/s/ Henry Williams</div>
  <div style="margin-bottom: 10pt; font-family: 'Times New Roman', serif;">Henry Williams<br>
    Chief Financial Officer and Treasurer<br>
    (Principal Financial Officer)</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.1
<SEQUENCE>7
<FILENAME>ex13-1.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Seward & Kissel LLP
         Document created using EDGARfilings PROfile 7.4.0.0
         Copyright 1995 - 2021 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div style="text-align: right; margin-bottom: 10pt; font-family: 'Times New Roman', serif; font-weight: bold;">Exhibit 13.1</div>
    <div style="text-align: center; margin-bottom: 10pt; font-family: 'Times New Roman', serif; font-weight: bold;">PRINCIPAL EXECUTIVE OFFICER CERTIFICATION<br>
      PURSUANT TO 18 U.S.C. SECTION 1350</div>
    <div style="text-align: justify; margin-bottom: 10pt; font-family: 'Times New Roman', serif;">In connection with this Annual Report of Pyxis Tankers Inc. (the &#8220;Company&#8221;) on Form 20-F for the year ended December 31, 2020 as filed with
      the Securities and Exchange Commission (the &#8220;SEC&#8221;) on or about the date hereof (the &#8220;Report&#8221;), I, Valentios Valentis, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
      Sarbanes-Oxley Act of 2002, that:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt; font-family: 'Times New Roman', serif;">(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt; font-family: 'Times New Roman', serif;">(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results
      of operations of the Company.</div>
    <div style="text-align: justify; margin-bottom: 10pt; font-family: 'Times New Roman', serif;">A signed original of this written statement has been provided to the Company and will be retained by the Company and furnished to the SEC or
      its staff upon request.</div>
    <div style="margin-bottom: 10pt; font-family: 'Times New Roman', serif;">Date: April 12, 2021</div>
    <div style="margin-bottom: 10pt; font-family: 'Times New Roman', serif;">/s/ Valentios Valentis</div>
    <div style="margin-bottom: 10pt; font-family: 'Times New Roman', serif;">Valentios Valentis<br>
      Chief Executive Officer (Principal Executive Officer)</div>
    <div style="margin-bottom: 10pt;"><br>
    </div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.2
<SEQUENCE>8
<FILENAME>ex13-2.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Seward & Kissel LLP
         Document created using EDGARfilings PROfile 7.4.0.0
         Copyright 1995 - 2021 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div>
    <div style="text-align: right; margin-bottom: 10pt; font-family: 'Times New Roman', serif; font-weight: bold;">Exhibit 13.2</div>
    <div style="text-align: center; margin-bottom: 10pt; font-family: 'Times New Roman', serif; font-weight: bold;">PRINCIPAL FINANCIAL OFFICER CERTIFICATION<br>
      PURSUANT TO 18 U.S.C. SECTION 1350</div>
    <div style="text-align: justify; margin-bottom: 10pt; font-family: 'Times New Roman', serif;">In connection with this Annual Report of Pyxis Tankers Inc. (the &#8220;Company&#8221;) on Form 20-F for the year ended December 31, 2020 as filed with
      the Securities and Exchange Commission (the &#8220;SEC&#8221;) on or about the date hereof (the &#8220;Report&#8221;), I, Henry Williams, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
      Sarbanes-Oxley Act of 2002, that:</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt; font-family: 'Times New Roman', serif;">(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and</div>
    <div style="text-align: justify; text-indent: 36pt; margin-bottom: 10pt; font-family: 'Times New Roman', serif;">(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results
      of operations of the Company.</div>
    <div style="text-align: justify; margin-bottom: 10pt; font-family: 'Times New Roman', serif;">A signed original of this written statement has been provided to the Company and will be retained by the Company and furnished to the SEC or
      its staff upon request.</div>
    <div style="margin-bottom: 10pt; font-family: 'Times New Roman', serif;">Date: April 12, 2021</div>
    <div style="margin-bottom: 10pt; font-family: 'Times New Roman', serif;">/s/ Henry Williams</div>
    <div style="margin-bottom: 10pt; font-family: 'Times New Roman', serif;">Henry Williams<br>
      Chief Financial Officer and Treasurer<br>
      (Principal Financial Officer)</div>
    <div style="margin-bottom: 10pt;"><br>
    </div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-15.1
<SEQUENCE>9
<FILENAME>ex15-1.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Seward & Kissel LLP
         Document created using EDGARfilings PROfile 7.4.0.0
         Copyright 1995 - 2021 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div><br>
  </div>
  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 15.1</font><br>
  </div>
  <div> <br>
  </div>
  <div>
    <div style="text-align: center; font-weight: bold;">Consent of Independent Registered Public Accounting Firm</div>
    <div style="text-align: center;"> <br>
    </div>
    <div style="text-align: justify;">We consent to the incorporation by reference in the Registration Statement (Form F-3 No. 333-222848) of Pyxis Tankers Inc. and in the related Prospectus of
      our report dated April 9, 2021, with respect to the consolidated financial statements of Pyxis Tankers Inc. included in this Annual Report (Form 20-F) for the year ended December 31, 2020.</div>
    <div> <br>
    </div>
    <div>/s/ Ernst &amp; Young (Hellas) Certified Auditors Accountants S.A.</div>
    <div> <br>
    </div>
    <div>Athens, Greece</div>
    <div>April 12, 2021</div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-15.2
<SEQUENCE>10
<FILENAME>ex15-2.htm
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit
15.2</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><IMG SRC="ex15-2_001.jpg" ALT="https:||www.sec.gov|Archives|edgar|data|1640043|000149315220005508|ex15-2_001.jpg" STYLE="height: 76px; width: 201px"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pyxis
Tankers Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">59
K. Karamanli Street</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maroussi
15125</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Greece</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April
9, 2021</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dear
Sir/Madam:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reference
is made to the annual report on Form 20-F of Pyxis Tankers Inc. (the &ldquo;Company&rdquo;) for the year ended December 31, 2020
(the &ldquo;Annual Report&rdquo;) and the registration statements on Form F-3 (File No. 333-222160 and File No. 333-222848) of
the Company, as may be amended, including the prospectuses contained therein and any prospectus supplements related thereto (the
&ldquo;Registration Statements&rdquo;). We hereby consent to the incorporation by reference in the Registration Statements of
all references to our name in the Annual Report and to the use of the statistical information supplied by us as set forth in the
Annual Report. We further advise the Company that our role has been limited to the provision of such statistical data supplied
by us. With respect to such statistical data, we advise you that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)
we have accurately described the information and data of the oil tanker shipping industry, subject to the availability and reliability
of the data supporting the statistical and graphical information presented; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)
our methodologies for collecting information and data may differ from those of other sources and does not reflect all or even
necessarily a comprehensive set of the actual transactions occurring in the oil tanker shipping industry.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
hereby consent to the filing of this letter as an exhibit to the Annual Report, which is incorporated by reference into the Registration
Statements and any related prospectuses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yours
    faithfully,</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Nigel Gardiner</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nigel
    Gardiner</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Group
    Managing Director</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Drewry
    Shipping Consultants Ltd.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LONDON
| DELHI | SINGAPORE | SHANGHAI</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Drewry
Shipping Consultants, 15-17 Christopher Street, London EC2A 2BS, United Kingdom</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>t:
</B>+44 (0) 20 7538 0191 <B>f:</B> +44 (0) 20 7987 9396 <B>e:</B> enquiries@drewry.co.uk</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registered
in England No. 3289135 Registered VAT No. 830 3017 77</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>www.drewry.co.uk</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>bullet_01.jpg
<TEXT>
begin 644 bullet_01.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  +  H# 2(  A$! Q$!_\0
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&;>CL?__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>pg51-75_01.jpg
<TEXT>
begin 644 pg51-75_01.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" $; LD# 2(  A$! Q$!_\0
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M&>GI2&6:*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
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M(:]?Z9KNFZ4KVUK=1&2-+B2-OWIE$C)$XRP1@&W!Q@$C&1FO3:*=]+?UT_R
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MA&:]2HIW;;??_._YB6B27]:6_(Y[POX<;1=(NH;N?S[R_GDN;N0'@N_4#@<
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M]1Y,9,3?*X_ ]?J* ->BBB@ HHHH **** "BBB@"&ZNH;.V>XN'V1)U."3Z
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M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
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M_I'V> \"=ANQ_P ";"CZ8-=)HWP_T'2-KFV^USCGS+GYN?9>@_+-=0 %4*H
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M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
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MM?UV:X?NL9+$?1G_ ,*](HH P-+\%Z!I!#V^GQO*.1+-^\8'U&>GX8K?HHH
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MO&R@Y489PI '/*X!.:[WP3:7%CX*TBVNHVCF2V7=&XP4[A2.Q P,>U6U:_\
M7]=P_K^OR-ZJ&C_\>4G_ %]7'_HYZGN4NWV_99X(L9W>;"9,^F,,N._K5;1
MXTYA(RL_VFXW%1@$^<^<#)Q^9J0-&BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBLK6/$FDZ%'F_O$C?&1$OS.?\
M@(Y_'I0!JUFZMKVEZ'#YFHWD<.1\J=6;Z*.37"3>-/$7BB=K7PQISPPYPUPX
M!8?4GY5^G)]*NZ3\,X3/]M\07DFH7+?,R!CMS[L>6_2@"I<^/]:UZ9[3PMI4
MGH9Y%#$>_P#=7\2:EL/AO=:C<"]\4:G+<S'GRHW)_ L>WL!^->@6UK;V4"P6
ML$<,2]$C4*!^ J:@"IIVEV.DV_D6%K%;Q]PB\GW)ZD_6K=%% !1110 4444
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M2V\\8DC<?Q*1D&N(MHH])U#3-7LM/U*:P6SN+5@;*19S*\BOO,6T,H=@^25
M'!X'-=)X1TVXTCPEIEA=@+<0P 2*#G:QY(SWQG'X55OZ_K[Q?U_7Y&U5#1_^
M/*3_ *^KC_T<]3W*7;[?LL\$6,[O-A,F?3&&7'?UJMH@<:<PD96?[3<;BHP"
M?.?.!DX_,TAFC1110 4444 %%%% !1110 4444 %%%% !1110 4452U/5K#1
M[4W&H74<$?8L>6]@.I/TH NU2U/5]/T:V\_4+N."/MN/+>P'4_A7!7OQ U77
M+EK#PIITC-T,[J"P]\?=4>['\*ETSX;37MS]O\47\EW.W)A1R?P+]?P&,>M
M$5[\0-5URY:P\*:=(S=#.Z@L/?'W5'NQ_"I=-^&TU[<?;_$^H274[<F)')_
MN>?P&,>M=[96%IIULMO96\<$*]$C7 __ %U8H JV&FV6EVX@L;6*WC](UQGZ
MGN?K5JBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
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MK_9/M<H_Y:7)W_\ CO3]*ZBB@!%544*H 4#  ' I:** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ JAH_\ QY2?]?5Q_P"CGJ_5#1_^/*3_ *^KC_T<] %^BBB@ HHHH **** "
MBBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **
M** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHH
MH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
M HHHH **** "BBB@ HHHH **** "LW6=:@T:*W,D,]Q/<RB"WMX N^5\%L#<
M0HX4G)('%:5<MXZMVNM,LXFM;J6U^UHT\]FC/<6J@$B2,("Q;=M' /!/%)C1
M*GC2PFL;:>VM+VXN+@R@6<:)YR>4VV7<"P4;3P?F.>,9R*W;*]M]1L8+VTD$
MMO/&)(W'\2D9!KSW18]4TI])U:_TZYEBCM+FR @M&\T@RJT4C1*,J7"Y;(&"
M><<XZ_PCIMQI'A+3+"[ 6XA@ D4'.UCR1GOC./PJVE_7]?,G^OZ_(VJH:/\
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MC/EXY!;\O:K']GW/_08O?^^(?_C= %^BJ']GW/\ T&+W_OB'_P"-T?V?<_\
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M@#3HHHH **** "BBB@ HHHH RM:U2YL?)M["TCNKZXW&*.:<0IA<9);!/<<
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M$CJFY'&0V"PR.#].,]'7'7&MW&I+!:WO@;6?)$T3![AK<K&P8$.=LI;Y3SD
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MTO2=0L_%6H7EQ(LMM-:011RYP[LC2$[P.,X91D=<=NE=!5,5K!7#^+;:YDU
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "L"#PK9+J&IW
M-S;03/>3B=;C;B:,[0N W48V\$$=?Q._10!D:%I,^E'4C<7(N#=79G5]N#@H
5BX;MGY>W'TZ5KT44"2L%%%% S__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>13
<FILENAME>pg51-75_02.jpg
<TEXT>
begin 644 pg51-75_02.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" )D D0# 2(  A$! Q$!_\0
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH \EU8W+_''3-932]6?3;:V,$MPNFSE0^)!
MQ\G(RPY&1SUK;^,-K=W_ (':RL;*[N[F6XC*QVUN\IP#DD[0<?C7?T4?94>W
M^=QW][F_KL>4PI=R_&+1]273-3%BNE+;M</8S*B2%6."2O'49/;O5/PGX,CM
M[C5_#WB;2M5G5[LW%M,DUP+6<=BQ1@@;@'+<\^U>Q44[ZW]?SO\ F3;2WI^"
MM^0@&% '85Y1\2$NKWQWX5GM-,U2XATRYWW4L-A,Z(-R-D,%PW /W<UZQ126
MDD^P^C1S7C6YO/\ A";V?3-)74YWC79:3VY?<"1R8R,D@<[2,\5QFAZ3JEI\
M4M*U*ZL]1>WET@1R7,D#867'*L%&(^> O ]*]8HH6CO_ %LU^H/56_K=/]#P
MM+74/L_Q'7^QM7SJC[K(?V=/^^&]NGR<?>'6KOB:SU"Z^$'AC3K?2M4>]AEA
M,D*V,I>/RU(8L-O')&,]>V:]GHH6EOE^ V[N_K^.AYMHE_K>C>,;_3=1@U34
MM/U()+;ZF+"0& L,".3"  #VX4]<9.,?P/X.CMX+KP_XETG59)[>\,]M()[@
M6DHXPP*MY88$9YYY[]*]AHIIV_KSNON$]5;^MK/[SS:PBN$^.6HWSZ=?BSEL
M1;1W1LY?*,@VDC?MQC@\YQ[UZ03@$G/'H,TM%+[*7;_@_P"8/5W/./%>DQ^-
M_!6JVUK:7R7UK.UU:BXLY8"S9. N]1G<,CCID9JCXIL=5?X1/:7=I>WFO:DD
M,DL=O:22'<I3AMH(7"@=<9(.*]5HI6T:]!IV:?:YYAJ5QJH^&&@VVFZ%/<W<
M9M[>=;G3V:2U*J 9%CD7D@]&P0*?X2TV]T?XE>*+FZL]0%I<01O#<21/)YH
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M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
MHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B
MBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ***
M* "BBB@ HHHH **** "BBB@ HHHH **** "BN9\?ZE?:1X-NKS3KEK:Z$]M&
MLRHK%0\\:-@,"/NL>H->:_\ "3>+/^AJOO\ P&M/_C- 'N%%>'_\)-XL_P"A
MJOO_  &M/_C-'_"3>+/^AJOO_ :T_P#C- 'N%%>'_P#"3>+/^AJOO_ :T_\
MC-'_  DWBS_H:K[_ ,!K3_XS0![A17A__"3>+/\ H:K[_P !K3_XS1_PDWBS
M_H:K[_P&M/\ XS0![A17A_\ PDWBS_H:K[_P&M/_ (S1_P )-XL_Z&J^_P#
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M* (_L\'_ #QC_P"^11]G@_YXQ_\ ?(J2B@"/[/!_SQC_ .^11]G@_P">,?\
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MM[.ZOKF%,2WLJS3-ZL$6,?\ CJ"K5% !5#5?]7;_ /77_P!E:K]4-5_U=O\
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M]EL\Z54W8DNLXR>>H_.NQBU[1YY5BAU:QDD<X5$N$))]  : -"BBB@ HHHH
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M*_O!,A-WMS'#%Y29&?G(R07.>6&,X'%;-%%( HHHH **** -'3/^/!?]]_\
MT,U<JGIG_'@O^^__ *&:N4 %%%% !1110 4444 %%%% %34M+L-8LVM-1M(K
MF!B#LE7.".A'H1V(Y%<G=>#KS3COTF5;RW'_ "ZW9_>+_N2]_H^2?[PKMZ*
M/-H;^*2Y-K*LEM>*,M;7"[) /4 _>'N,CWI]U>6]E$);F9(D+!06.-S$X 'J
M2> !R:[K4=*L=6MQ!?VL<Z Y7</F0^JL.5/N"#5'2_"NDZ3<F[A@::\Y N;F
M0RR*#CY5+?=' X&,XR<GF@#F;71M7UI@ZVZZ=:'_ );W<>Z9A_LQ?P]^7((_
MNFNGT?POI6BRM<6]N'O74+)=S8:5QZ;NP_V5P/:MFB@ HHHH **** "BBB@
MHHHH **** "BBB@ HHHH YKQW_R+*?\ 82T__P!+(:2E\=_\BRG_ &$M/_\
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MF.T@#! 8#/TX&?:DL;:UO?%MSJEC=!D6/[/>1!2 9D;"DY[@%OT-"[>OZ?\
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MA8-0N%TF(0VME]L!DNRK 9X24!#Y;L,D#YNG.*T3X)TMK<6[271A-E]AE02
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M<XX&,X P*:!FQ1112 YKQW_R+*?]A+3_ /TLAI*7QW_R+*?]A+3_ /TLAI*
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M0U-X$_Y)YX:_[!5K_P"BEH Z"BBB@ HHHH *H:K_ *NW_P"NO_LK5?JAJO\
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M*M^L#QE_R+Z?]?\ 8_\ I5%0!OT444 %%%% !1110 4444 %3>!/^2>>&O\
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M1110 4444 %%%% '->._^193_L):?_Z60TE+X[_Y%E/^PEI__I9#24 %%%%
M!1110 4444 %8'C+_D7T_P"O^Q_]*HJWZP/&7_(OI_U_V/\ Z514 ;]%%% !
M1110 4444 %%%% !4W@3_DGGAK_L%6O_ **6H:F\"?\ )//#7_8*M?\ T4M
M%Z^\0:3IMW]DO+Z**X\L2>6<DA22 <#L2K?D:K_\);H/_02B_)O\*YK6O^2A
MW_\ V"K/_P!&W5% '2_\);H/_02B_)O\*XO2M1BMOB1JNKQ2_P"@:A?1V;N1
MM5\VT C;)'.) R#WD-7Z@O;87EE-;EV0NI"NO5#V8>X.#^% 'HU4-5_U=O\
M]=?_ &5JC\/:FVL:%:7LBJD[+LG13D)*IVNH]@P-2:K_ *NW_P"NO_LK4 4:
M*** "BBB@ HHKD?%NLS:'K.DSR:K<6NGR^9]HBCBC8-L7(Y921DG!Y QZ=:
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M+ URTBB>98$*1,_SL< ':#@9[G ]ZM4 %%%% !1110 4444 %%%% '->._\
MD64_["6G_P#I9#24OCO_ )%E/^PEI_\ Z60TE !1110 4444 %%%% !6!XR_
MY%]/^O\ L?\ TJBK?K \9?\ (OI_U_V/_I5%0!OT444 %%%% !1110 4444
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M0,M\K29W$] >,XI?$6J7\&I:JUOK$ME9V=BF52&-V:Y<G8J;E))( !!SG<,
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M_P#2R&DI?'?_ "+*?]A+3_\ TLAI* "BBB@ HHHH **** "L#QE_R+Z?]?\
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M7053MT$%%%%( HHHH YKQW_R+*?]A+3_ /TLAI*7QW_R+*?]A+3_ /TLAI*
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M)>P+=>1:3Z:NG0Q118\A0220<\YR.,#IUJ_X>T%M$BE\VXCGFE"[VCB*!MO
M8EF=V;&,EG/08Q1I_7]>@%.^\<:=IM[=VMU;7BFUGA@ED"HRCS,;6X;('(X(
M#<\ X.+*>*[-[26;[->+*MT;2.V*+YLT@&<(,XZ<\D8P=V,&HE\*1M=QSSW(
ME/\ :#W\H\K'FOM*Q \]$&WZE0>*AM/"MY:?8735U\^!K@RR?9>)/.8,S*"Q
MVN"."=PY/'HEMJ#WT'?\)K:"&TE?3M01;F\>R 98\I*N<@@/D\AA\N?NGVSG
MW6O.WB6QNX;/5F*VGSZ<D@21FD8A-T32!. CDGJ 1V%:6E>%/[/.DFXOOM1T
MY)MI:+;OED/,AY/.-P[_ 'CSVI)O"9?6#JT5\(K\W9F\[R 3Y7E^7Y7)Z <Y
MZ;N<4^O]?UW!]?Z_KH2'Q?:"^M[5;*]<RS_96D54*13;=WED[N2 #DKN (Y(
MJQX;UFXUVPEO9K"6SC,S+ LI0ET!QN^5CW!]/;/4Y.E^!WTNXGDCU,-EIG@=
MH"TD9DR2"S.1C)SA F2.<\UJZ/97^E"STM?*?3K6S$9F*;6>0$ ;1N/& <Y'
M4C!/.! _(?K.OIH\UO -/O;Z>X5V2*T5"VU "Q^=E'<< DGL*AO/%5G9W,L7
MV:[FCMBJW<\2*8[8MC <E@2>02%#$9YQ1JVB7^J:C YU.**QAEBF6$6N9E=#
MG*R[^ W0Y4\9'>JY\*R2W$L4^H[]+DNS>-:B'#N^[=M>3=R@(!QM!X R127G
M_7]:@_+^OZT&W'CK3;2]GM;BUO8S!>)9R/M1E#. 5/#$X.1Q][VX.+*>*[-[
M)9Q;7?G/<R6L5IM7S99$)W!?FVXX/)( [XJ*'PHB7-M/-="5HKN:]?,6/,F?
M(1CST13@#V!XQ6=+X#DDMM)4ZHC7%BLJ2,\#^7<"0@N2BR+R2,\EAR<@\8.@
MV;*^)H9/"S:_%87LL**SM JIYH"DAN"P4XP3PQR.F:8WBW3B62!9KB1;2*[,
M<07/ER'"]2!GOC^? K1CTY(M&&FA\H(3#N* <8QT4 #Z# K&TOP7:Z9?6-R+
MJ:;[)9):[7 _>%3D.Q[D=AT'X##Z^1/0KZCXNN[1=5:#3+B9[6XBLX82L8+3
M/T;?YI!4[DXPI&>>^&'Q!#9>)[R:9;XI_HMHT*R%EBE<CYBI?8/OQCY<DX;K
M@U:@\*7$7V<OJ@D:/4I-0D/V?'F%MP"GYOX=PP>?NCBI!X5P]L_VM=R:D^H7
M!\GF=CN"K][C:"H!Y^X.!0NE_P"MO^"-];?U_6A<\2ZS-H>D&ZMK*2\N'D2&
M&)"HR[G:N=S#C)'3_P"N,6VU^&V\37SRI?E9I[>R\KS"Z0R%<EL%]JY+!3LS
MRA//)K>U;2I-2N-.D6Z\E+.Y%PR&/=YF%8 =1C&[/?D"L^'PH(9-/<7:DVU[
M->S_ +GF>1PPSG=Q@-COP!TQ20/;0F'BNR?5X+"*"ZE6:=[9;I%7RO-52S+]
M[<<;2"0I /!.:W:Y7PYX-_L"Z$AO1<+$9!"3$?,"N<E6=G;COA @)Y(-=51T
M0=6%%%% '->._P#D64_["6G_ /I9#24OCO\ Y%E/^PEI_P#Z60TE !1110 4
M444 %%%% !6!XR_Y%]/^O^Q_]*HJWZP/&7_(OI_U_P!C_P"E45 &_1110 44
M44 %%%% !1110 5-X$_Y)YX:_P"P5:_^BEJ&IO G_)//#7_8*M?_ $4M '04
M444 %%%% !5#5?\ 5V__ %U_]E:K]4-5_P!7;_\ 77_V5J *-<_XWOKK3?"-
M]<V;M'* J^:O6-68!F'T!)KH*9+%'/$\4T:R1N"K(PR&!Z@BDQHQH?#>B6L4
M$D,$<+!XV-PIP\Q!&-[=7R?7/6N6TG5KK2-*ATS2+)9+FYU&]$2!%*HB2,3A
M2\8/4#&X?CC%=C9>'M-TY@;:*557[B-<2.D?^XK,0G4_= JNGA#1([,6JVTW
MEK.;A6-U*720]65]VY2>^",YI]1=/Z[&/J_B?6]*T>*]NH+"TN$A\R:R<--*
MYWX.-C81<<[CNZX/2I-6\2ZO8RZT\<-BMOIJ0S -O=Y4?.1U 4\<'G'OGC7N
M?"NC7A<SVC-YD/D28GD7S$R3\V&^8Y).3DY.<U'-X/T2X%T)+><K=*J3*+R8
M!U7[HP'Q@>U,"MXVO)[?0[=897@CN;R&">9&VF.)VPQ![>F?>KAT31=)\J\@
MM8[1H&:3]QA#,=C [O[YP2><FM*6QMI[ V4\(GMBGELDV7W#WSDGZFJ]CHEA
MIQS;I,<#"^=<23!!Z+O8[1[#%+O8.USGX/$NKF/3+EH+*6#5H7>V1-R&%A&7
M4.V6W @8) &#V-0VWC&^AMK2\U&&V,%SI4E^([=6#(4"DC))R"&]!CWK?@\+
MZ1;"006SQAT9 %GDQ&K?>$8W?N\_[&*CM_".BVSVS1VTQ^S0M!$KW4KJL;=5
MVLQ!!]".P]!3_K\QG*W6HW6D>)7UN^BLY9O[$DF"VR%-W[Q-JLQ)SC.-W'T%
M:,GB'Q3:69FN](MD#7,$<<DKJ@99&"D;4DDY!(YR,@YQQ@[,/A#0875QIZR,
ML30KYTCR[8VZJ-Q.!R1@>M(WA'1GL4LVAN3!&ZN@^VS94KRH#;\@ \@9P#SB
MC3^O47]?@9DOB35H8=0C:&&26ROE@EG@M9)%2(H'W^4&W'&0#@^_M4>L>++N
MQT>+4[6ZTN:+R!,8T221YOFP=N"-B@?Q-GG.0,5MIX8TJ.2YD2.Y$ES)YLC_
M &R;=OP5W [\J<''&.,>@IDOA'0YHS&]D=A@^SLJS2*'3).&PWS'))R<G)SF
MDO\ (9@W/B+5=-U/Q!/))%<P6SVT-O;"+:0TF-OS%\?Q<YZ\<BK;:WXDMM*>
M:^TL0.MPJ&98/-Q$027,,<KG@C& _?/;%;#^&=&E:Y,EBC?:8EBF5F8JZJ,#
MC.,^_7WIZZ!IZVBVP2XV*<JYNI3(."!B3=O& 3CGC-'01/I=XNH:9;W:RPRB
M5=V^ DH?IGG\ZN5#:6D%C:QVUM&(X8QA5!S^IY)]ZFH8(T=,_P"/!?\ ??\
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M*AMGDNY]X/E.'"J#)NVC^+((S\O6L>[T;5+F*>[ATMK6#R8;.+38Y(UE-N)
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MM_\ KK_[*U %&BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
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M2A;-MHM[87#S"+&<D,X!4'CY.0,=>:WJ;\A(****0PHHHH T=,_X\%_WW_\
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MMV:)5C!9]V Y+D<@8&>H[59L;OQ!X=E\->'IYK6XENXIA+)*K.R,H++AMPR
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M3_K[M_\ T:M &!1110!:\/?\C:/^O&3_ -&1UVM<5X>_Y&T?]>,G_HR.NUH
M**** "BBB@ HHHH **** "BBB@ HHHH **** .:\=_\ (LI_V$M/_P#2R&DI
M?'?_ "+*?]A+3_\ TLAI* "BBB@ HHHH S)/#^G2:TNKLD_VY1M$@NI0 O\
M=VAMN/;&#3KO0]/OM3M-1N(I&N[3/D.LSJ$SUX! .>^1S6C10!F7OA_2]0O!
M=75J))<*&^=@L@!R Z@X?!Y&X'%1ZAX7T;5);B2[L][7"+'-ME=!(%.1N"D
MD=CU%:]% &/>^%M'U'8;JU:0I ;;=Y\@+1?W6(;+#OSGGGK3AX9TE6LW6V8/
M9Q^5 XF<,$_ND[LLOLV16M10!GOH>FOJ$M^UJOVF6,1R,&(#*.F1G!(]<9[5
M-9:?;:>L@MD8&5]\C/(SL[=,EF))X '7@"K5% !1110 4444 %3>!/\ DGGA
MK_L%6O\ Z*6H:F\"?\D\\-?]@JU_]%+0!T%%%% !1110 50U7_5V_P#UU_\
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MK7_T4M '04444 %%%% !5#5?]7;_ /77_P!E:K]4-5_U=O\ ]=?_ &5J *!
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M8["0R6JB[FQ$Q.21\W\_?UIO_"$:!Y31_9)PK7/VLXO)@?.Y^?._(/-=#10
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M&JC32TGVHPF<+Y3;2@."=^-N<D<9SSTH6BL#[EJBBB@ HHHH **** "BBB@
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M3)[6:UETZTDMYVWRQ/ I21N.6&,$\#D^E ?U_7X&9X6GU&>UOGO[J2Y"W++
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MHID4L<\*2Q.KQNH964Y# ]"*?0!HZ9_QX+_OO_Z&:N53TS_CP7_??_T,U<H
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M****0!1110 4444 %%%% &5XBU:;1=(-Y;VR7,S7$%O'%)*8E+2S)$"6"L0
M7ST/2L_^T_%O_0!T3_P<R_\ R+4GC7_D 0?]A33O_2V&M2@#'_M/Q;_T =$_
M\',O_P BT?VGXM_Z .B?^#F7_P"1:V** ,?^T_%O_0!T3_P<R_\ R+1_:?BW
M_H Z)_X.9?\ Y%K8HH Q_P"T_%O_ $ =$_\ !S+_ /(M']I^+?\ H Z)_P"#
MF7_Y%K8HH Q_[3\6_P#0!T3_ ,',O_R+1_:?BW_H Z)_X.9?_D6MBB@#'_M/
MQ;_T =$_\',O_P BT?VGXM_Z .B?^#F7_P"1:V** ,?^T_%O_0!T3_P<R_\
MR+1_:?BW_H Z)_X.9?\ Y%K8HH Q_P"T_%O_ $ =$_\ !S+_ /(M']I^+?\
MH Z)_P"#F7_Y%K8HH Q_[3\6_P#0!T3_ ,',O_R+1_:?BW_H Z)_X.9?_D6M
MBB@#'_M/Q;_T =$_\',O_P BUJZ%J?\ ;?A[3-6\GR?MUI%<^5NW;-Z!MN<#
M.,XS@4^LSP)_R3SPU_V"K7_T4M '04444 %%%9?AS6H?$?AO3M8@ "7D"R[<
MYVDCE?P.1^% &I5#5?\ 5V__ %U_]E:K]4-5_P!7;_\ 77_V5J *-8/BS?\
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M&V?AMQ^%;U,BBC@A2*)%2-%"JJC 4#H!3Z&!HZ9_QX+_ +[_ /H9JY5/3/\
MCP7_ 'W_ /0S5RD!S"ZCJ'B#7=1L-/NS86.G.L,UU&BO+),0&*IO!4  C)*G
M)/&,5+_:USHB/;ZE)+J%W)(YM8H$19)(5499N548YR25&3QC(%*GAV]L-6O;
MO2-3BMH+^7SKF":U\WY\ %HR'7:2!W##/:JVK^#/[3U2VO1?DA+8VLT=S&TJ
MRKNSG =5W9S]Y67I\O%'1?U_7^0]+CK?QQ9W4T<4&F:G(\MK%=QJD2,6CD.
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MSCKZ]\YJS#HMA!?"\CA83+NVYE<JA8Y8JI.U2<\D#--?U]R!_P!?>:%%%%(
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M%C!;)(R\EF19)FSZ%B@^J&@#T2J&J_ZNW_ZZ_P#LK5?JAJO^KM_^NO\ [*U
M%&BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** -'3/^/!?]]_
M_0S5RJ>F?\>"_P"^_P#Z&:N4 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110!SWC7_D 0?]A33O\ TMAK
M4K'\>3PVOAA;BXE2*&+4M/>221@JHHO(222>  .]0_\ "<>$O^AIT3_P81?_
M !5 &]16#_PG'A+_ *&G1/\ P81?_%4?\)QX2_Z&G1/_  81?_%4 ;U%8/\
MPG'A+_H:=$_\&$7_ ,51_P )QX2_Z&G1/_!A%_\ %4 ;U%8/_"<>$O\ H:=$
M_P#!A%_\51_PG'A+_H:=$_\ !A%_\50!O45@_P#"<>$O^AIT3_P81?\ Q5'_
M  G'A+_H:=$_\&$7_P 50!O45@_\)QX2_P"AIT3_ ,&$7_Q5'_"<>$O^AIT3
M_P &$7_Q5 &]16#_ ,)QX2_Z&G1/_!A%_P#%4?\ "<>$O^AIT3_P81?_ !5
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M *Z_^RM5^F20QS+MEC210<X901F@#%HK5^P6?_/I!_W[%'V"S_Y](/\ OV*
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M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
5110 4444 %%%% !1110 4444 ?_9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>14
<FILENAME>pg51-75_03.jpg
<TEXT>
begin 644 pg51-75_03.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" $\ LT# 2(  A$! Q$!_\0
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M_)JT: "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
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M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
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MX=8U)9+F6<[8?FD"@]&_N@"M>LZT_P"0YJ7^Y#_)JT:0!1110 4444 %%%%
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M?Q5KT^N:?%+JUV\;W,:LID.""P!%>[U\XZ%_R,.F?]?<7_H8KZ.H \\^+?\
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MN%>'_$K_ )'6Y_ZYQ_\ H(H ZWX2?\@?4/\ KX'_ *#7H=>>?"3_ ) ^H?\
M7P/_ $&O0Z /FW5O^0Q??]?$G_H1KW'P-_R)6E_]<S_Z$:\.U;_D,7W_ %\2
M?^A&O<? W_(E:7_US/\ Z$: .AHHHH **** "BBB@#.M/^0YJ7^Y#_)JT:SK
M3_D.:E_N0_R:M&@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B
MBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ***
M* "BBN,D^)WA^*1HV%WN4E3^Z';\: .SJCK-\^FZ+>WT:J[V\+2*K="0,\U+
MIU]#J>GP7MON\F9 Z;A@X]ZH>*_^12U;_KTD_P#030!Y]!\5]3EN(XSI]H [
M!2<MW/UKUFOF>S_X_K?_ *Z+_.OIB@#'\1^(K;PSIT=[=12RH\HB"Q8SD@GN
M1_=K&T;XBZ;K6K6^G06EVDLQ(5G"X& 3S@^U5?BQ_P BM:_]?J?^@/7 > O^
M1WTS_??_ - :@#WJBBO+/BCJ-]9:S9):WEQ K6^2(I64$[CZ&@#U.BO,?A9J
M%[>W^HK=7EQ.%B0J)96;')Z9->G4 > >-_\ D<]4_P"NO]!7I7PN_P"10/\
MU\O_ "%>:^-_^1SU3_KK_05Z5\+O^10/_7R_\A0!V,__ ![R_P"X?Y5\RU]-
M3_\ 'O+_ +A_E7S+0!]%>&O^16TC_KRA_P#0!5+QS_R)6J?]<Q_Z$*N^&O\
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M_P"V_P#[3K'^%?\ R-LG_7H__H2UL?%__F#?]M__ &G6/\*_^1MD_P"O1_\
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M/7 > O\ D=],_P!]_P#T!J[_ .+'_(K6O_7ZG_H#UP'@+_D=],_WW_\ 0&H
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M]M__ &G6/\*_^1MD_P"O1_\ T):V/B__ ,P;_MO_ .TZQ_A7_P C;)_UZ/\
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MA7KE 'A/Q$_Y'K4O^V7_ **2NW^$O_(O7O\ U]G_ - 6N(^(G_(]:E_VR_\
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M?_7)/YFO5Z\H^$?_ "$=3_ZY)_,UZO0!X!XW_P"1SU3_ *Z_T%>E?"[_ )%
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MU\2_\C3J_P#U^S?^AFO7_AO_ ,B19_[\G_H9KR#Q+_R-.K_]?LW_ *&:]?\
MAO\ \B19_P"_)_Z&: .CO_\ D'77_7)_Y&OFFOI:_P#^0==?]<G_ )&OFF@#
MZ6L/^0=:_P#7)/Y"N<^)'_(D7G^_'_Z&*Z.P_P"0=:_]<D_D*YSXD?\ (D7G
M^_'_ .AB@#R#PU_R-.D?]?L/_H8KZ*KYU\-?\C3I'_7[#_Z&*^BJ /,/B_\
M\P;_ +;_ /M.L?X5_P#(VR?]>C_^A+6Q\7_^8-_VW_\ :=8_PK_Y&V3_ *]'
M_P#0EH ]GKP_XE?\CK<_]<X__017N%>'_$K_ )'6Y_ZYQ_\ H(H ZWX2?\@?
M4/\ KX'_ *#7H=>>?"3_ ) ^H?\ 7P/_ $&O0Z /FW5O^0Q??]?$G_H1KW'P
M-_R)6E_]<S_Z$:\.U;_D,7W_ %\2?^A&O<? W_(E:7_US/\ Z$: .AHHHH *
M*** "BBB@#.M/^0YJ7^Y#_)JT:SK3_D.:E_N0_R:M&@ HHHH **** "BBB@
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MKE>1_"3_ )#E_P#]>W_LPKUR@#PGXB?\CUJ7_;+_ -%)7;_"7_D7KW_K[/\
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MUU_H*]*^%W_(H'_KY?\ D*\U\;_\CGJG_77^@KTKX7?\B@?^OE_Y"@#L9_\
MCWE_W#_*OF6OIJ?_ (]Y?]P_RKYEH ^BO#7_ "*VD?\ 7E#_ .@"J7CG_D2M
M4_ZYC_T(5=\-?\BMI'_7E#_Z *I>.?\ D2M4_P"N8_\ 0A0!XEH7_(PZ9_U]
MQ?\ H8KZ.KYQT+_D8=,_Z^XO_0Q7T=0!YY\6_P#D#Z?_ -?!_P#0:Y?X7_\
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MR_\ (4 =C/\ \>\O^X?Y5\RU]-3_ /'O+_N'^5?,M 'T5X:_Y%;2/^O*'_T
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M>'_$K_D=;G_KG'_Z"* .M^$G_('U#_KX'_H->AUYY\)/^0/J'_7P/_0:]#H
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MS7T=7SCKO_(PZG_U]R_^AF@#V?X=_P#(BZ;_ -M?_1KUI^)?^16U?_KRF_\
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M_P"X?Y5\RT ?17AK_D5M(_Z\H?\ T 52\<_\B5JG_7,?^A"KOAK_ )%;2/\
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M -<D_D*YSXD?\B1>?[\?_H8KH[#_ )!UK_UR3^0KG/B1_P B1>?[\?\ Z&*
M/(/#7_(TZ1_U^P_^ABOHJOG7PU_R-.D?]?L/_H8KZ*H \P^+_P#S!O\ MO\
M^TZQ_A7_ ,C;)_UZ/_Z$M;'Q?_Y@W_;?_P!IUC_"O_D;9/\ KT?_ -"6@#V>
MO#_B5_R.MS_USC_]!%>X5X?\2O\ D=;G_KG'_P"@B@#K?A)_R!]0_P"O@?\
MH->AUYY\)/\ D#ZA_P!? _\ 0:]#H ^;=6_Y#%]_U\2?^A&O<? W_(E:7_US
M/_H1KP[5O^0Q??\ 7Q)_Z$:]Q\#?\B5I?_7,_P#H1H Z&BBB@ HHHH ****
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M:GP@_P"8S_VP_P#:E9?Q8_Y&FU_Z\D_]#>M3X0?\QG_MA_[4H ]/KY[\7_\
M(WZK_P!?+_SKZ$KY[\7_ /(WZK_U\O\ SH ]4^&?_(F0?]=9/YUU%_\ \@ZZ
M_P"N3_R-<O\ #/\ Y$R#_KK)_.NHO_\ D'77_7)_Y&@#YIKZ1T;_ ) >G_\
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MB9/_ -=8_P"=>8>"/^1STO\ ZZ_T->G_ !,_Y$R?_KK'_.O,/!'_ ".>E_\
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M3_\ KX/_ *#7+_"__D<%_P"O=_Z5U'Q;_P"0/I__ %\'_P!!KE_A?_R."_\
M7N_]* /:Z\8^*G_(VQ_]>B?^A-7L]>,?%3_D;8_^O1/_ $)J -CX0?\ ,9_[
M8?\ M2O3Z\P^$'_,9_[8?^U*]/H ^=?$O_(TZO\ ]?LW_H9KU_X;_P#(D6?^
M_)_Z&:\@\2_\C3J__7[-_P"AFO7_ (;_ /(D6?\ OR?^AF@#H[__ )!UU_UR
M?^1KYIKZ6O\ _D'77_7)_P"1KYIH ^EK#_D'6O\ UR3^0KG/B1_R)%Y_OQ_^
MABNCL/\ D'6O_7)/Y"N<^)'_ ")%Y_OQ_P#H8H \@\-?\C3I'_7[#_Z&*^BJ
M^=?#7_(TZ1_U^P_^ABOHJ@#S#XO_ /,&_P"V_P#[3K'^%?\ R-LG_7H__H2U
ML?%__F#?]M__ &G6/\*_^1MD_P"O1_\ T): /9Z\/^)7_(ZW/_7./_T$5[A7
MA_Q*_P"1UN?^N<?_ *"* .M^$G_('U#_ *^!_P"@UZ'7GGPD_P"0/J'_ %\#
M_P!!KT.@#YMU;_D,7W_7Q)_Z$:]Q\#?\B5I?_7,_^A&O#M6_Y#%]_P!?$G_H
M1KW'P-_R)6E_]<S_ .A&@#H:*** "BBB@ HHHH SK3_D.:E_N0_R:O%O'O\
MR.^I_P"^G_H"U[3:?\AS4O\ <A_DU>+>/?\ D=]3_P!]/_0%H [_ .$__(K7
M7_7Z_P#Z E=W7"?"?_D5KK_K]?\ ] 2N[H ^8:^AO"G_ "*6D_\ 7I'_ .@B
MOGFOH;PI_P BEI/_ %Z1_P#H(H K>.?^1*U3_KF/_0A7AVD_\ABQ_P"OB/\
M]"%>X^.?^1*U3_KF/_0A7AVD_P#(8L?^OB/_ -"% 'TE7 ?%K_D7K+_K['_H
M#5W]<!\6O^1>LO\ K['_ * U ''?#7_D=;;_ *YR?^@FO<*\/^&O_(ZVW_7.
M3_T$U[A0!XY\6/\ D:;7_KR3_P!#>M3X0?\ ,9_[8?\ M2LOXL?\C3:_]>2?
M^AO6I\(/^8S_ -L/_:E 'I]?/?B__D;]5_Z^7_G7T)7SWXO_ .1OU7_KY?\
MG0!ZI\,_^1,@_P"NLG\ZZB__ .0==?\ 7)_Y&N7^&?\ R)D'_763^==1?_\
M(.NO^N3_ ,C0!\TU](Z-_P @/3_^O:/_ -!%?-U?2.C?\@/3_P#KVC_]!% &
M+\1/^1%U+_ME_P"C4KQSPU_R-.D?]?L/_H8KV/XB?\B+J7_;+_T:E>.>&O\
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M_D:;7_KR3_T-ZU/A!_S&?^V'_M2@#T^OGOQ?_P C?JO_ %\O_.OH2OGOQ?\
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M:E_VR_\ 125V_P )?^1>O?\ K[/_ * M '?U\SWG_']<?]=&_G7TQ7S/>?\
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M&V3_ *]'_P#0EH ]GKP_XE?\CK<_]<X__017N%>'_$K_ )'6Y_ZYQ_\ H(H
MZWX2?\@?4/\ KX'_ *#7H=>>?"3_ ) ^H?\ 7P/_ $&O0Z /FW5O^0Q??]?$
MG_H1KW'P-_R)6E_]<S_Z$:\.U;_D,7W_ %\2?^A&O<? W_(E:7_US/\ Z$:
M.AHHHH **** "BBB@#.M/^0YJ7^Y#_)J\6\>_P#([ZG_ +Z?^@+7M-I_R'-2
M_P!R'^35XMX]_P"1WU/_ 'T_] 6@#O\ X3_\BM=?]?K_ /H"5W=<)\)_^16N
MO^OU_P#T!*[N@#YAKZ&\*?\ (I:3_P!>D?\ Z"*^>:^AO"G_ "*6D_\ 7I'_
M .@B@"MXY_Y$K5/^N8_]"%>':3_R&+'_ *^(_P#T(5[CXY_Y$K5/^N8_]"%>
M':3_ ,ABQ_Z^(_\ T(4 ?25<!\6O^1>LO^OL?^@-7?UP'Q:_Y%ZR_P"OL?\
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M^O=/ZUT?PB_X\=4_ZZ1_R- 'I%?..N_\C#J?_7W+_P"AFOHZOG'7?^1AU/\
MZ^Y?_0S0![/\._\ D1=-_P"VO_HUZT_$O_(K:O\ ]>4W_H!K,^'?_(BZ;_VU
M_P#1KUI^)?\ D5M7_P"O*;_T T ?.M?34'_'O%_N#^5?,M?34'_'O%_N#^5
M')_$S_D3)_\ KK'_ #KS#P1_R.>E_P#77^AKT_XF?\B9/_UUC_G7F'@C_D<]
M+_ZZ_P!#0![_ %Y9\7O^/C2?]R7^:UZG7EGQ>_X^-)_W)?YK0!6^$G_(<O\
M_KV_]F%>N5Y'\)/^0Y?_ /7M_P"S"O7* /"?B)_R/6I?]LO_ $4E=O\ "7_D
M7KW_ *^S_P"@+7$?$3_D>M2_[9?^BDKM_A+_ ,B]>_\ 7V?_ $!: ._KYGO/
M^/ZX_P"NC?SKZ8KYGO/^/ZX_ZZ-_.@#WSP=_R)^E?]>ZU)XK_P"12U;_ *])
M/_034?@[_D3]*_Z]UJ3Q7_R*6K?]>DG_ *": /G^S_X_K?\ ZZ+_ #KZ8KYG
ML_\ C^M_^NB_SKZ8H X3XL?\BM:_]?J?^@/7 > O^1WTS_??_P! :N_^+'_(
MK6O_ %^I_P"@/7 > O\ D=],_P!]_P#T!J />J\C^+?_ "'+#_KV_P#9C7KE
M>1_%O_D.6'_7M_[,: )?A'_R$=3_ .N2?S->KUY1\(_^0CJ?_7)/YFO5Z /
M/&__ ".>J?\ 77^@KTKX7?\ (H'_ *^7_D*\U\;_ /(YZI_UU_H*]*^%W_(H
M'_KY?^0H [&?_CWE_P!P_P J^9:^FI_^/>7_ '#_ "KYEH ^BO#7_(K:1_UY
M0_\ H JEXY_Y$K5/^N8_]"%7?#7_ "*VD?\ 7E#_ .@"J7CG_D2M4_ZYC_T(
M4 >):%_R,.F?]?<7_H8KZ.KYQT+_ )&'3/\ K[B_]#%?1U 'GGQ;_P"0/I__
M %\'_P!!KE_A?_R."_\ 7N_]*ZCXM_\ ('T__KX/_H-<O\+_ /D<%_Z]W_I0
M![77C'Q4_P"1MC_Z]$_]":O9Z\8^*G_(VQ_]>B?^A-0!L?"#_F,_]L/_ &I7
MI]>8?"#_ )C/_;#_ -J5Z?0!\Z^)?^1IU?\ Z_9O_0S7K_PW_P"1(L_]^3_T
M,UY!XE_Y&G5_^OV;_P!#->O_  W_ .1(L_\ ?D_]#- '1W__ "#KK_KD_P#(
MU\TU]+7_ /R#KK_KD_\ (U\TT ?2UA_R#K7_ *Y)_(5SGQ(_Y$B\_P!^/_T,
M5T=A_P @ZU_ZY)_(5SGQ(_Y$B\_WX_\ T,4 >0>&O^1ITC_K]A_]#%?15?.O
MAK_D:=(_Z_8?_0Q7T50!YA\7_P#F#?\ ;?\ ]IUC_"O_ )&V3_KT?_T):V/B
M_P#\P;_MO_[3K'^%?_(VR?\ 7H__ *$M 'L]>'_$K_D=;G_KG'_Z"*]PKP_X
ME?\ (ZW/_7./_P!!% '6_"3_ ) ^H?\ 7P/_ $&O0Z\\^$G_ "!]0_Z^!_Z#
M7H= 'S;JW_(8OO\ KXD_]"->X^!O^1*TO_KF?_0C7AVK?\AB^_Z^)/\ T(U[
MCX&_Y$K2_P#KF?\ T(T =#1110 4444 %%%% &=:?\AS4O\ <A_DU>+>/?\
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M3X0?\QG_ +8?^U* /3Z^>_%__(WZK_U\O_.OH2OGOQ?_ ,C?JO\ U\O_ #H
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MU?\ Z\IO_0#69\._^1%TW_MK_P"C7K3\2_\ (K:O_P!>4W_H!H ^=:^FH/\
MCWB_W!_*OF6OIJ#_ (]XO]P?RH Y/XF?\B9/_P!=8_YUYAX(_P"1STO_ *Z_
MT->G_$S_ )$R?_KK'_.O,/!'_(YZ7_UU_H: /?Z\L^+W_'QI/^Y+_-:]3KRS
MXO?\?&D_[DO\UH K?"3_ )#E_P#]>W_LPKURO(_A)_R'+_\ Z]O_ &85ZY0!
MX3\1/^1ZU+_ME_Z*2NW^$O\ R+U[_P!?9_\ 0%KB/B)_R/6I?]LO_125V_PE
M_P"1>O?^OL_^@+0!W]?,]Y_Q_7'_ %T;^=?3%?,]Y_Q_7'_71OYT >^>#O\
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MH \\^+?_ "!]/_Z^#_Z#7+_"_P#Y'!?^O=_Z5U'Q;_Y ^G_]?!_]!KE_A?\
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MD)Z 5/9VE_- S3ZI>HXED4#RX1\H=@IYC[@ _C0!\\5]#>%/^12TG_KTC_\
M016!_P *L\/_ //2]_[^C_XFMI]*N=*T1XM/U&]/V:W(@BV1-DJORK]S)Z#W
MH C\<_\ (E:I_P!<Q_Z$*\.TG_D,6/\ U\1_^A"O>[[03J5E+9W>J7LEO*,.
MF(AD9SU"9K"B^&.A03)-'+>K)&P93YJG!'(_AH [2N ^+7_(O67_ %]C_P!
M:NHO+2_A@5H-4O7<RQJ1Y<)^4NH8\1]@2?PJOJWA2#7;=+?4M0O9XD?>J_NU
MP<$9^5!ZF@#R[X:_\CK;?]<Y/_037N%<IIGP_P!+T>]6\L+J]AN%! ?>C8!&
M#P5(K4>TOQJ$,*ZI>F%HI&=_+AX8% HSY>.06_+VH \S^+'_ "--K_UY)_Z&
M]:GP@_YC/_;#_P!J5T^K>!=.URZ6YU&[O9YE01AMR+A02<85 .I-2Z/X-L]
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M:9%IEUJ>BI'?ZE>C[3;A9XMD2XW+\R_ZO(ZD>M 'S[7TU!_Q[Q?[@_E7&?\
M"K/#_P#STO?^_H_^)K?NK*^M[9/L^J7KMYD:;?+A.%+J&/\ J^RDG\* ,?XF
M?\B9/_UUC_G7F'@C_D<]+_ZZ_P!#7LFI^&TUBR:SO]2O9H&(8I^Z7D=.0@-9
M=C\.='TV]BO+2XO8YXCN1_,4X/T*XH Z^O+/B]_Q\:3_ +DO\UKO+BTOXY[5
M8]4O6224K*?+A.U=C'/^KXY"CGUJEK'@RRUYH6U.]O9S""$YC7&<9^Z@]!0!
MP_PD_P"0Y?\ _7M_[,*]<KF=(\$6&A3R3:;>7L$DB[&.Z-LC.?XD-7TM+\ZA
M-"VJ7HA6*-D?RX>6)<,,^7C@!?S]Z /(/B)_R/6I?]LO_125V_PE_P"1>O?^
MOL_^@+6EJ/P]TG5K^2]O;F]EN)<;WWHN<  <!0.@%7M)\*0:%;O;Z;J%[!$[
M[V7]VV3@#/S(?04 ;]?,]Y_Q_7'_ %T;^=?0-G:7\T#-/JEZCB610/+A'RAV
M"GF/N #^-8+_  NT"1V=I;TLQ))\U>O_ 'S0!L^#O^1/TK_KW6I/%?\ R*6K
M?]>DG_H)IUGH;:?9Q6EKJE['!$NU%Q$<#ZF/-0)I5SJNB)%J&HWH^TVX$\6R
M)<%E^9?N9'4^] '@EG_Q_6__ %T7^=?3%<4GPNT"-U=9;T,I!!\U>O\ WS6]
M>6E_# K0:I>NYEC4CRX3\I=0QXC[ D_A0!S?Q8_Y%:U_Z_4_] >N \!?\COI
MG^^__H#5ZYJWA:'7+5;;4=0O9X5<2!?W2X8 C.50'H36?8?#O2-+OHKVSN+V
M*XB)*/O1L9&.A4CH: .NKR/XM_\ (<L/^O;_ -F->BO:7XU"&%=4O3"T4C._
MEP\,"@49\O'(+?E[50U?P18:[/'-J5Y>SR1KL4[HUP,Y_A04 <=\(_\ D(ZG
M_P!<D_F:]7KFM(\%6.@R2R:;>WL#2@*YW1MD#_>0U>M[2_DGNEDU2]5(Y0L1
M\N$;EV*<_P"KYY+#CTH \7\;_P#(YZI_UU_H*]*^%W_(H'_KY?\ D*FOOASH
M^I7LMY=W%[)/*=SOYBC)^@7%:>E^&8M%L_LFGZC>PP;B^W]TW)Z\E">U &Q/
M_P >\O\ N'^5?,M?0UK97UQ;/]HU2]1O,E3;Y<(RH=@I_P!7W4 _C6!_PJSP
M_P#\]+W_ +^C_P")H Z/PU_R*VD?]>4/_H JEXY_Y$K5/^N8_P#0A4LNF76F
M:*\=AJ5Z?LUN5@BV1-G:ORK_ *O)Z >M2WV@G4K*6SN]4O9+>48=,1#(SGJ$
MS0!X1H7_ ",.F?\ 7W%_Z&*^CJXR#X9:';7$5Q#->K+$X=&\Q3@@Y!Y6MRXM
M+^.>U6/5+UDDE*RGRX3M78QS_J^.0HY]: .3^+?_ "!]/_Z^#_Z#7+_"_P#Y
M'!?^O=_Z5Z7J_A*WUV&.'4K^]GCC;<HS&N#T_A055TOP#IFBWGVO3[J]AGVE
M=V]&X/7@J10!U5>,?%3_ )&V/_KT3_T)J]0>TOQJ$,*ZI>F%HI&=_+AX8% H
MSY>.06_+VK-U7P'INMW8NM1N[V:8($#;D7@9XPJ =S0!S/P@_P"8S_VP_P#:
ME>GUSFC^#;/0/._LR^O8/.V^9S&V[&<?>0^IJY;VE_)/=+)JEZJ1RA8CY<(W
M+L4Y_P!7SR6''I0!X9XE_P"1IU?_ *_9O_0S7K_PW_Y$BS_WY/\ T,U!<_#3
M1+RZFN9YKUYIG:21O,498G). N.M;&F^'5TBQ2RL=2O8K="2J8B;&3D\E">I
MH TK_P#Y!UU_UR?^1KYIKZ%M;&]O-+@:[U.]22:%3+'Y<2X)7D8\O(ZFL'_A
M5GA__GI>_P#?T?\ Q- '7V'_ "#K7_KDG\A7.?$C_D2+S_?C_P#0Q6E=6-[9
MZ7.UIJ=Z\D,+&*/RXFR0O QY>3T%)J7AU=7L7LK[4KV6W<@LF(ES@Y'(0'J*
M /#_  U_R-.D?]?L/_H8KZ*KC;;X::)9W4-S!->I-"ZR1MYBG# Y!P5QUK;N
M+2_CGM5CU2]9))2LI\N$[5V,<_ZOCD*.?6@#A_B__P P;_MO_P"TZQ_A7_R-
MLG_7H_\ Z$M>B:QX-L]?\G^T[Z]G\G=Y?,:[<XS]U!Z"H=*\!Z;HEV;K3KN]
MAF*%"VY&X..,,A'84 =37A_Q*_Y'6Y_ZYQ_^@BO64M+\ZA-"VJ7HA6*-D?RX
M>6)<,,^7C@!?S]ZR]3^'^EZQ>M>7]U>S7#  OO1<@# X"@4 8_PD_P"0/J'_
M %\#_P!!KT.N?TCPE;Z%#)#IM_>P1R-N89C;)Z?Q(:LV]I?R3W2R:I>JD<H6
M(^7"-R[%.?\ 5\\EAQZ4 >":M_R&+[_KXD_]"->X^!O^1*TO_KF?_0C69+\,
M="GF>:26]:21BS'S5&2>3_#6[8Z"=-LHK.TU2]CMXAA$Q$<#.>I3- &O15;3
MGGDTNT>Y#"X:%#*&7:=VT9R.W/:K- !1110 4444 %<]?^);VSU&>TM_"VL7
MR1$#S[<P!&R >-\BGOCI70UY]XKU74H]8EM(=9U;3[K(%A;66E^='<9 Y>1D
M9?O9!&Y< <^M'5(.AUVC:I<ZI%,]SI-WIK1N%$5T4+,, [OD9ACG'7M6GVK/
MTF34/L[0:GY3W4)"F:%2J3#'# $G;[C)P16A0P1S&D:YK5[9?VE=V%LEA*6\
MM8'9YH5!(!=2,$\<@<CI@UI^&]3DUGP[8ZC+Y?F3Q[B8ONGDC(Y/''K7#P7N
MM7?B%(-/UN_@U-I6>[L)='VV<(VGJY0%N0HW"0DYR..*]"TYB]A$6MUMWY#Q
M+T5LG=CU&<\]^M"VN#WL1ZQ?2:9H]W>Q0>?)#&66,MM#'W.#@>I["L676/$-
MHUQ<WUEIMOI]G )9Y1.[F7J6\L[1C '<<DX]ZW-6EN8-*N9;--UPJ$H-A?\
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CX=TF;1M-DM;B=)Y'NIY_,5=H(DD9QQZ_-6M11< HHHH _]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>15
<FILENAME>pg76-100_001.jpg
<TEXT>
begin 644 pg76-100_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!PD'!@H)" D+"PH,#QD0#PX.
M#QX6%Q(9)" F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$! )C!&2T4^2CD_0#W_
MVP!# 0L+"P\-#QT0$!T]*2,I/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]
M/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3W_P  1" ,S AH# 2(  A$! Q$!_\0
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M0[%@D 5<]AP<?K0!ZC!K%E<M&(IBWF_<)1@&^A(Q5ZL"Q_Y%_0OK#_Z":WZ
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M^DT.V%Y;)"/M'!23<#P<9XH R=&/_%M-<&X_ZU>".!]VK?@#_D!ZK_U\0?\
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M,51\43M=>(+B=P TJQN0.@)0&@#1_P"$]U%+&TM88+=%M@H1B"22!@&I=/\
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M.M>H:!HL6A::MK&YD<DO+*W61SU)K3I* %HHHH **** "BBB@ HHHH ****
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MEFE=2C&W46Y,0*H2 S8/+'N:U/[!MO\ GM>?^!+_ .- &G169_8-M_SVO/\
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M\:/[!MO^>UY_X$O_ (T :=%9G]@VW_/:\_\  E_\:/[!MO\ GM>?^!+_ .-
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M:/I48B:0L>1$K!^>F/U P:NF&UBBE#3?Z["LS/R>P'^?6@"-]=LTE,8\R0J
M240D ;=W\N:L'4K,0K+]IAV-C!##G/ JBFD:;&2L<C($)4J)>G'(_(TB:7I/
MGS>2H1W"NS*W&,Y&.W5: -BBF+-&[;5D0GT!J2@#-T\?9M0O+3HFX3QCV;K_
M ./ _G6E6=+\GB"W(_CMW4_@0?ZUHT %%%% "8HP.O>EHH @O+I+*UDGD#%(
MQD[1S4V*S_$'_(#NO]T?S%:- "8HQ2T4 %%%% !1110 4444 %%%% !1110
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M?+(/E;NC=B* /!Z*M:EIUQI.H2V=VFV6(_@P[$>QJK2 **** "BBB@ HHHH
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M#FBO4_$OP]M]39[K2RMM='ED(_=R'^A^E>;ZCI=[I,YAO[=X'[;A\K?0]#2
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M%/\ OAO\*/\ A//#W_013_OAO\* .AHKGO\ A//#W_013_OAO\*/^$\\/?\
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M3R]N"?SH ]M_MG3?^@A:?]_E_P :/[9TW_H(6G_?Y?\ &O%/[7;_ )\--_\
M 5:/[7;_ )\--_\  44 >SS>(=)@QYFI6@W=/WH-1?\ "5:)_P!!2U_[^"O$
MKB;[1,9#%#&2,;8D"K^51X'I0![!>^(]+.I6EQ#JL!$22;D$@PP../KZ?2M
M>*M$(!_M2UP?^F@KP_ ]*,>V3VH ]VMO$&E7EPD%M?V\LK_=1'R36C7)>!O"
M@T2R^V72#[?<+SG_ )9+_=^OK764 5-6TZ/5M+N;*7A9D*Y]#V/X&O$=1TB]
MTF\>VN[>170X#!258>H/<5[U2$ ]10!\]^5)_P \Y/\ ODT>5)_SSD_[Y-?0
MFU?0?E1M7T'Y4 ?/?E2?\\Y/^^31Y4G_ #SD_P"^37T)M7T'Y4;5]!^5 'SW
MY4G_ #SD_P"^31Y4G_/.3_ODU]";5]!^5&U?0?E0!\]^5)_SSD_[Y-'E2?\
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M8(Z$@'Z]*>F@VZ);*9)6%M(TB9(SDG/7'N?PH U**** "BBB@ HHHH ****
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M*BN#C&%]L>YK0AB6"%(DSM10HW')P/>@!]%%% !1110 4444 %%%% !1110
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MQ,TLWDGRV!\ML$\_D:I/X2L7:0[I%\R02$*0 ",XQCH>>HJ6V\-VMI)$T;R
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M&0,1O!&<#Z=<FI+36IWOH;2>V^:9GVN,@ +UR".O^- &W1110 4444 %%%%
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M%5Z?_P _]U^2_P"% 'F-%>G?\*KT_P#Y_P"Z_)?\*/\ A5>G_P#/_=?DO^%
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MRC#$>N/0U>I%4*H50 !P .U+0 4444 %%%% !1110 4E+67/>W,9O=HW"*1
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MBTVYN?\ GC$S_D,UX$SM*S22$EW)9B>Y/)KWK5[8WFCWENO)EA=1]2#7@@!
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M\-_<&\(P)1@*/;;T(^M;7E:L3L-Q9JO_ #T$3;ORSB@ N6$NMV4:<M$KR/\
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MOXXYA>RQNY/[ME&.W<?6@"_16;H5OJ=M8%-8NH[FY\QB'C7 V]A6E0 4444
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MF#!))&![\?K5F#6+2>:XC$T:F!PA+.,-P#QS[UYP/ACK ((N+,$=PS?X4_\
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M I#KG>"K,1@^^[FK5GIMS#<02SWQN&B+!LDC((&!CZYH UZ*:&&<9&?3-.H
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M@/X]:JPZG<OIES,TBAXU0KN4;N0"21Z'/% &Y15/4;AX;9S"VUU1GSUP /\
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M%% !1110 4444 %%%% !1110 4444 %%)G%&10 M-WK_ 'A^=1EF)SA@#CC
MIIYZ*0,#C ]: )&EQ]W!&/6D\T\\#O\ Q"HR#@\'H>P]:4@DG@]_X10 _P T
MY^Z.O]X>E*LN>N!T[T@4 $G!/88''%,&>.#_  ]A0!-YB_WA^='F+_>'YU
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M)F@\@U%B-6Q@Y! [_A0!-1354(H Z"G4 %%%% !1110 4444 %%%% !1110
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M?J..W'YTW^V;Y69?L,C<L,_-Q[].E %K[9JQ1RMM&6 . !P3GCOZ<T+>ZN7
M:R4*3G./KQU^G-7XV9E4MD,<9 ;OBI%+*1N!YP.6H HV-UJ<ERBW=JL<9!W,
M.Q_.M"1-P)&<XQC.*:9/G)!R,#^+CK2>8=V[T!XW#'6@"3<5!+X '\J4MA2>
M.F:A+'GD_P 7\0HW8;J3STW#TH -V6SD<D?Q>U(IZ<C^'^*EW9.<]QP&'I2
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MI-O'3M_<]Z"O7C^]_!0 ISD\'J>P]*.<CKU'8>E(5Y/'K_![4NWD<=Q_![4
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M0Q[AO;Z5)%IT"" R!II(,[))3N89Z\T #:E:B,.LHD4R>5F,%_F]..E))>R
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M(I "K1D$$>M #&AB9Q(T:%T#!6R,J/0'M4267D+%%:3211QNQ*!PV\>G//\
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M.(\G%06]S::W9EK&]8IO#;X#M8'T-7U 7Y"!SD\#BJ5I:1Z9<);6R[+=T)"
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M&KL'E)"AE(R1UIEW!8Q31F2U1YIY,*-O+-C)/Y"HK>XTDF,JL*2?PC'()]Z
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MG>PC#,?IG@?E5NB@"G9:;'9,[B6>65QAI)9"Q/\ 0?A5O%+10 4444 %%%%
M!1110 4444 %%%% "4QX\D$=<C.34E% $*Q'C<.,#H34U-V_-NR>F,4Z@ HH
MIKN%'49/3-  P!P3VYIL;,P!.,$=J15+G<<@<$8;K4E "T444 %%%% !1110
M 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %12]1U
MZ'N*EJ.5<\^@/&,T -0%FZG@CT]*FJ*/*L?E/)],=JEH **** "BBB@ HHHH
M **** "BBB@ HHHH **** "BBB@ HHHH **** &@DDC& .A]:=110 4444 %
M%%% !1110 4444 %%%% !1110 4A&:6B@!!Q2T44 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !2444  I:*
M* "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
&HHHH __9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>16
<FILENAME>pg76-100_002.jpg
<TEXT>
begin 644 pg76-100_002.jpg
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M^-=92U6U'_D&77_7%_\ T$U.GW%^E.HHHJGJ]NEWI%Y!+(\4<D+*SH,E01U
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MK[I)#QO_ ,]JL>%/]#UO5[#H%?>H]!G_  (I/%#_ &_7-,TV+YF#^8_L/_U
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M]']H?].EW_W[_P#KT?VA_P!.EW_W[_\ KT?VA_TZ7?\ W[_^O1_:'_3I=_\
M?O\ ^O31JBF0Q_9KK> &(\OL<X_D:=_:'_3I=_\ ?O\ ^O1_:'_3I=_]^_\
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ML\4TEN'DB8NK,S'!)SZ\C/(!X':KU+1116?K3VT>G-)=S20(C*5EC4ED;/!
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,1111111111117__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>17
<FILENAME>pg76-100_003.jpg
<TEXT>
begin 644 pg76-100_003.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!PD'!@H)" D+"PH,#QD0#PX.
M#QX6%Q(9)" F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$! )C!&2T4^2CD_0#W_
MVP!# 0L+"P\-#QT0$!T]*2,I/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]
M/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3W_P  1" ,G B@# 2(  A$! Q$!_\0
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MH ***8LJ,Q574L.H!Y% #Z*3--$L;2-&KJ74 LH/(STH ?129I P)QGD=10
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M20[412S'T ZUGZ5XATS6@?[/NTE8=4Z,/P/- &G124M !1110 4444 %%%%
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M* "DW<XR,^E+67<:#;7.HM>2/.'*XVI(5'IVY_#I0!J45F_V':_W[G_P)?\
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M)]\&LQ_AQIS3B9;W4%D#[PWG9(;UR1G- "I';*;JV-G]IN)7*Q0,2 1SR?\
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MD' R.AIC01.V7C1CZE030!3T/4!JFB6=X.LL0+?7O^M:%-5%0 * H'8#%.H
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MO7M!2UT30YXKT.&E2XA4.S GD'J!CUJR=7\66$!&N:,NH6A'SC8"0/PS^HH
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M>X^8'\ *$TBYAMKN&.>)Q<2M)ND3D9QGIWZ\U)<Z.\[J4F$2B-$9%!P=IR*
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M'\>_YYK9\*_\(UHE\W]FZR9FO-L:PN>_;L.:ZZ^TRSU.+R[ZVBG3T=<X^AK
M/PYT$W E6*= #G8LQQ_C0!U-+2*NU0!T Q2T %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110!0?\ Y&"'_KV?_P!"6K]<A=^)GM_B);:*=/E::6$^
M7*&&PQD@ECWXVD8^E==0 M%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% %5M-M7U./4&B4W4430I)W"D@D?I5JBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BFLZJ,
MLP ]S35GB8X65"?0,* )**3-(TB)]]E7ZG% #J*C6>)CA94)]F%/S0 M%%%
M!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %
M%%% !1110 4444 %%%% !115#6[DV>B7EPLCQM'$S!T ++[@'B@"_25Y./&]
MS@?\3?4O_ :'_&NM\#ZW+K*WIDN[FX\HKCSHT3;G/3;]* .LHHHH **XWQKX
MAO-,U/3;2QE:(RL6E.T$,O0#FF^&[B\U7PM-J=U?W1N4:3&U]J_+T^4#% ':
M44R)BT2,>I4$T^@ HJKJ1==,NC&[1N(F*LO4''6O-O!GB+6-4\36EO=ZC/)"
MP9F0XPV!WXH ]2I:XYO%%G?^+6THSWD0!\J-HFVJ9!G.>_T^E='I+.;5UDD>
M0QRN@9SDD \9- %ZBBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *0
MTM% 'B?C&\-WXIORDTCQ+)L4%C@8&" /KFL4$J<AF!]C6WXU 'C#4<8^^O3_
M '16'2 ]2\,7[R?#B=Q<.9H(Y5+ECE2,D<GZBO+WFEF^::621CR2[DDUZ5H=
MK%=_"N2.9<IY<KX!QR"2/U%>9#H*8"@D'()!]C7H?PMNII9;^&6>1T14*H[D
M@=<XS7GE=S\+;:.34[V=@?,BC54.>@).?Y"@#TZBBB@ HHHH **:S*@RQ 'J
M32T +1110 4444 %%%% !5"]OGMY6C0*"L+3%GZ$#L/>K],>)),;T5L=,C.*
M ,U==B94 B?S"1N0D#;Z_P C^5 \06X0&1'1B,A3CFKTUG#-&Z%%&\$%E !Y
M]Z46L&U5,,9"C:,J.!0 ZWE,UO'(5VEU#;<YQFI*0    8 ["EH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "LGQ3_R*^I?]>[?RK5KA?&6I32:O/I;
M?\>XT^2888@[O4XZ]* /,QT%==X%U)M+%S,)U5&GB1X63.]3D$@]B*Y$=!73
M>%?,^P7?EBYQ]JM\^45QG=QG/?TH ]@!R*6D'0=?QI: /./B&?\ BIM*'^S_
M %-:/@K_ ))]<_6:LWXA_P#(T:5_NC^9K2\%?\D^N?K-0!V4'_'O'_NC^525
M'"<6\>3CY1_*FO<PQMMDFC4XS@L!_GH: (=6Q_9%YN!(\A^!U^Z:\D\ 8_X2
M^QW GY7QCUVUZOJ5Q%)I-Z$F5CY#_<8$]#7E'@#_ )&^QY8?*_W?]WO[4 2V
M/_)3$_["#?S->IZ3_J;C_KXD_P#0J\LL?^2F)_V$&_F:]3TG_4W'_7Q)_P"A
M4 7Z*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ I*6DH \1\70QVW
MBS48HSA?,W8)R<D G^=8^1ZBO>;S1=.U!MUY8V\S?WGC!/YU63PIH<;;ETNU
M!_ZY@T <OH$D-A\+;BX8.1,LN[:"WS'Y1QZ=*\V' %>[:O D/AV^B@C5%%NX
M5$7 ^Z>@%>$ @  G!]#0 ZNY^%MRD>IWL#!M\L:LN!Q@'G)_&N%W+ZBO0/A4
M#]HU)L':50 XXZF@#TBBBB@ HHHH XS4_ EU>^(K754UZ^=89=_V69LHH_V,
M=".V0:WO[%D_Z"NH?]_%_P *U:* ,O\ L:3_ *"NH?\ ?Q?\*/[&D_Z"NH?]
M_%_PK4HH R_[&D_Z"NH?]_%_PH_L:3_H*ZA_W\7_  K4HH RO[&D_P"@KJ'_
M '\7_"C^QI/^@KJ'_?Q?\*U*RI+BX^T.L4CLN[ !3OZ=.G^% "_V-)_T%=0_
M[^+_ (4O]C2?]!74/^_B_P"%/@GG::$%F8$L&&W'&3@]/I6C0!E_V-)_T%=0
M_P"_B_X4?V-)_P!!74/^_B_X5J44 9?]C2?]!74/^_B_X4G]C2?]!74/^_B_
M_$UI2MB)SDK@'D#./PKF(]0O\Y:>X, !.\0_-LYYZ?>!P/QH U?[&D_Z"NH?
M]_%_PH_L:3_H*ZA_W\7_  J#1KJ^FNF6Z9G01G)*;1G(VD<=P3GZ5MB@#,_L
M:3_H*ZA_W\7_  H_L:3_ *"NH?\ ?Q?\*U** ,O^QI/^@KJ'_?Q?\*/[&D_Z
M"NH?]_%_PK4HH R_[&D_Z"NH?]_%_P *@N_#LMS&JC5[\8;/S."/T _"MNB@
M!JC"@9)QW/>G444 %%%% !125DWGBK1;!F2XU&!77JJMN(_ 4 :]><^+_P#D
M<;C_ +!,G\C71)\0/#SMM^W%?=HV _E7*>(=0M-2\4W$]E.DT7]E2C<AXS@\
M4 <..@KI_"EN\VGWC+'"P%U;C,A.>6[8[5RX88'(KL? BQM;WK7-[#;6D<\,
MDF_JY7) !SQTH ]6 P!17/7/CSP_;9'VX2$=HU+5);>-M NL;=1B0^D@*_SH
M YGXB02#7])G('E-\@.>X.3_ #J;PC?VEKX"G2XNH8G9I@%=P"?PK)^)=V+G
M5[(PSB2W^S[DV-E<[B"1BN+P,]* /7XM;T75-26.6]@>&&':%D?"[\\D9Z\=
MZUDTK1[GYH[:UEXZKAJ\+P#U%/BED@8-#+)&PZ%&*G]* /:M3T;3XM*O'2SC
M1A"YRB\C@]*\R\ ?\C?8\N/E?[H_V>_M7?:!/+<_#Q9;B6621K:3+DY8]:X'
MP!_R-]ERWW7^[_N]_:@"6Q_Y*8G_ &$&_F:]3TG_ %-Q_P!?$G_H5>56TBP_
M$<22'"+?L2<9[FO2-,U>RCBG#3=;B0CY&_O?2@#<HK/77=/<96XR/9&_PH;7
M=/49:XP/4HW^% &A15#^V[#_ )[G_OVW^%(==T\-M-Q\V,XV-_A0!H457MKZ
MWO QMY5?:<,!P1]1UJQ0 4444 %%%% !1110 4444 %%%% !114%U=QV@C\P
MDM(VQ%7JQ]!0!/15!=6A;S%"R"6)BKQD8*G;N_(CH:EAU""6R@N7D6))D#J)
M& .",T 6JJRZ98SDF:SMW)[M$I/\JD-U"&(,T8(&2-XX%17FHPV<44C'>)75
M%"D<[CC/OUH 8NBZ8ARNGVH/_7%?\*MQQ1Q+MB144=E&!31<1$$^;&0!N)W#
M@>M1IJ%K(\BI<Q$Q8WX8?+GD4 6:*2EH **** "BBB@ HHHH *2EHH S;V]G
M@DD6/:Q 7:,<\YS_ "J5;EFO%19$9=F67&"*N8'H*,#K@4 9\>J;WCS"RJV,
M\\@U/%=^9,L>S!(+'V':K)4$8(!!H  Z 4 %+110!@IK4ZWB12JK)YTB,Z#&
M " .#]<FIHM9D;^T6\DLMJR[$P064CK[]ZU]H]!1@>@H R8==$LDBF!@N"8S
MG[W/&?3/'YU;L[_[7/<1A,"' SZGO_*K31H^-R@X.>1WI<#TH 6BBB@ HHHH
M **** "BBB@ HHHH 2O +X#^T;KC_EL__H1KW\UY-=?#[7I;R>1(8-KR,PS,
M.A)- ')5IZ!/]FO9Y0RHRVDVTMC&=O'!Z_2M7_A77B#_ )X6_P#W^%'_  KK
MQ ?^6%O_ -_A0!CC7M0P/WD7_?A/\*GFU"6^\/3K<R1LZW4950BJ<;6SP!S6
MC_PKKQ!_SPM_^_PH_P"%=>(/^>%O_P!_A0!R]%=1_P *Z\0?\\+?_O\ "C_A
M77B#_GA;_P#?X4 8VH,ATW254J2L# @'H?,/6J%=1_PKKQ!_SPM_^_PH_P"%
M=>(/^>%O_P!_A0!R]%=1_P *Z\0?\\+?_O\ "C_A77B#_GA;_P#?X4@.L\-W
MEHOP]CADNH4D^SR KY@#=ZXKP&\<7BRS>:01HJ.2S-M'W>YJQ_PKC7_^>%O_
M -_A2GX<Z^>L%O\ ]_A3 KV[12?$$,\H6%KYB9 ^!C)YS6SXAUP:5:F#37N?
M/FFD(F,S%=@;JO.":S?^%<Z_T\BWQ_UV%69_!'B6XLK6U>WM/+M0PC(D .&.
M2"?K0!2\.^);F#4HH+^:YN+:9]I"R$,K$]1CKSVI_B7Q+<R:E-;:?-=6]M"V
MW#2,69AU)STY[>U3VW@+Q%:7<-Q';VI>)PZAI01D<C(I;SP)XCOKV:ZEM[42
M3.78)* ,GK@4 6M \4B32[UM3^VS3VL?F!XI6 <=/FYXYQS6%#XPUF"_-W%=
MMN/'EO\ .H7.<<\UKV?@OQ-8V]W#%;692[C\N3?("=O7CTYJK_PKKQ!_SP@_
M[_"@#OM#U6/7'L-0C0(\UO(LJCLRLO'YYQ]:Z&N,\%Z%K&CW!CU"&WCM4C;9
MY; L6)&<_E794 +1110 4444 %%%% !1110 4444 %4=1T]KQK::*01SVTGF
M1DC(/!!!]B#5ZB@#%FT.6:\^UF6/SVDW-\IP%"%0!_WUG-07>FSI'HEJJ1S&
M E'=HR4 \LKDBNAI* ,%/#1A;=%)&"DD3QEESD(NW:WL::/#<\>U8KF,Q_(S
M!T)VE7+?+SP#G'X"NAHH YM?#5U&0T=U"#&H6,&,X8!RP#<\CYL<5/<:!+.U
MP5EBC,QC<%$(,;*N,CV]C[UNT4 -12J*"<D#!..M.HHH **** "BBB@ HHHH
M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
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MHH **** "BBB@ K-35F?7I--^S2 )&)/-['_ .MV^H-:59Z_\C%+_P!>J?\
MH34 7Z6BB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ K/3_D8I?^O5/_ $)JT*ST_P"1BE_Z]4_]":@#0HI** %HI** %HI*
M* %HI** %HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHH
MH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
M HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@!*H7-A</?_:K
M6[6%C&(V5HM^<$G/4>M:%% &=]EU/_H(Q?\ @-_]E1]EU/\ Z",7_@-_]E6C
M10!G?9=3_P"@C%_X#?\ V5'V74_^@C%_X#?_ &5:-% &=]EU/_H(Q?\ @-_]
ME1]EU/\ Z",7_@-_]E6C10!G?9=3_P"@C%_X#?\ V5(UMJ84G^T8N!_S[?\
MV5:5-?[C?2@"MI5R]YI5M<2[?,DC#-M&!G%6ZS] _P"0#8_]<5_E6A0 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
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M?_OQ'_C7+44 =3_PEL__ $'-7_[\Q_XUE2>)M:D<LVJW>3Z/C]!6710!I?\
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MM;1-1NIKY8)93(A4GYAR,>] '1TF:6O/?&'CJ^T[5)M.TU(XC%C?,XW$DC/
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MBBD 4444 >O?#C_D4(?^NDG_ *%6GXI_Y%?4O^O=OY5E_#@_\4A#_P!=)/\
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M **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
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M5I^*?^17U+_KW;^59GPX_P"10A_ZZ2?^A5I^*?\ D5]2_P"O=OY4P/#AT%%
MZ"BD 4444 %%%% 'J'PM_P"0'>?]?'_LHKMZXCX6_P#(#O/^OC_V45V], HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH 8\:2??16^HS41L+4G)MXO^^15BB@"!;*V0Y6"('_=%3 !1@
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MWE_]#-:59NA?\>#_ /7>7_T,UI4 %%%% !1110 4444 %%%% !1110 4444
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M_P"-']JWW_0%NO\ OY'_ (T ::+L15Z@#%.K*_M6^_Z MU_W\C_QH_M6^_Z
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M] $]%(,X&>O>EH **** "BBB@ K.3_D9)/\ KT7_ -#:M&LY?^1CE]/LB?\
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MIQ3S5?YHY(4><ECG^'[U %FBJT$Z[(PTA<N2 2N,U-%*LR;DR1TY% #Z***
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHI* &O*D;(K'!<X%5DESY?^D$YD(^[U]J>TZR-$4EP"Y&-OWO
M:G"YA;;@CYF*CCO0!$LN=G^D9S*1]SK[4]YU<Q[)=H\S:?EZGTJ6)&52)&#G
M)(.,8I@N83CYNK[!QWH !<Q<?-U?9T[TH;R/]=)NWOA>.GM2?:(>.>K[!QWI
M?M,1_B_CV=/XJ 'QRK+NV'.T[3]:?5/S2,_OQ_K=OW/_ !W_ .O093AO](QB
M7;]WI_LT 7**2EH *2EHH K3PJ$8K$K%V!8$XS3)(\^=^Y0Y9>K?>]S4UTN^
M+'EB3D?*3BH9(\^=^X4Y93]_[WO[4 $D>?._<H<D=6^]]?2B2//G_N$;.WJV
M-WU]*)8\^=^X5LLO5L;O\*)(\^?^X5MVWJ^-W^% !)'GS_W"'.WJWWOKZ421
MY\[]PAR!U;[WUHDCSY_[A6W;?X\;O\*62$GSO]'5MP&/F^]0!.D2*Q<* [
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M;_GM_'G[O;TJ:@!:*** "BBB@ HHHH **** "BBB@ HHHH **** "D)QS0W
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M:[U9--B;]S:@,X'=S_@/YUQ=6M3N#=ZM>7#')DF=OUJK2 ***F%I<'R\0/\
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MKH_'>F?V;XHG91^ZNOWR_4]1^=<Y2 *UHM>>-;+]P";-2(V#XQD8]/YUDT4
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MDQ_W%Z[NG?UJ.6'@>6D9)<,=P_7ZT@>=L[3$2'QP?X?\:DE\S"^7M)SSN]*
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M; QC/+2. !0!'X8U&2U\66ET5:1GD(<(,DAAR0/UKV&6S@O7BN&9FVC,95N
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MI[__ %J!']W]P.)<_?\ U_\ K4 2P+LWY0)EST;.?>IZI^5_TP'^NS]_]?\
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M\8D)^]T]ZL1Q+$I5!@$D]:DH IK%]W_1^DI/W^GO_P#6H$73_1P/WN?O]/\
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MYE!^_P!?>C5<?V=+GOC'UR,4-'P_[ASF0'[W7WH X?XA^'9;@G5K6%B8_DG
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M:P5U>]=9%2.$R+&67'?#E2>2.PSUK7LY_M5G#,#GS$#=,?I0!/1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4E+10 E4;[4C9LX$)?9'YG7&X9Q@>IJ_28'I0!F6^MQSW
M:P>5(-^-C$?7.?RK3HQ2T )12T4 )12T4 1I$$9R&8[CG!/3Z5)110 4W8I[
M#GVIU% #1&HZ*!]!3J** $Q2T44 %)2T4 %%%% !1110 4444 %)2T4 )2T4
M4 )2T44 %%%% &; ^G_;C/%;*DTQ*BX\H#S".V[OTHO;BP@ND^UP@R,N%D,6
M1_NY]>O%21:<(VC7SG:&)MT<1 ^4]N>IQ3;W3#?3!GN'6,+M\L*",]<Y]>E
M%8ZAI;85H.&78 8>&P?N#W![5>LM1M;[>MJ^[RP-PVD8R.*IG0@S9-U)M'S*
M-J\-G=D?4]JT;6UCM+=(HA@* ,]S]: )J*** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
>**** "BBB@ HHHH **** "BBB@ HHHH **** /_9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>18
<FILENAME>pg76-100_004.jpg
<TEXT>
begin 644 pg76-100_004.jpg
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M'XBNST_5+34]-COK657MW7=N!Z>H/H17CT6LW0\7KXI*M]C>^\C=G^'&,?\
M?/-=!J_Q$NX?$YET\&71K-UBG*KD2$]3G^7TJW\/(%UB]U_6+A-Z7DQB 8<%
M.I!'T*TV^^%9-V(]-U*2#3)7#3V[DG ']WL?QZ5WMI:0V%I%;6R".&)0J*.P
M%3'D5Y]X.!T3Q[KFB@X@D_?Q+^O\FKT*BDK,\27O]G>'-0NLX,<#;3[D8'ZD
M5B_#*R^R>#+=R,-<.TI]^<#] *ZZBBJ<^G)<W<<\DT^V,?ZD/B-B#D$CN?\
M"H+W0K;4'+7$EP22<[9,90@;H^/X#@9%:*J%4*HP , #M56U_P"/^]_WT_\
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M;BXECDB>3KM)R1].A%>RZ-9C3]%LK4#'DPHI'OCFKU%%%%%4[7_C_O?]]?\
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M,.,CU)Q]/YUL:+J*ZMHMI?* //B#D#H#W_6KU<UXS\5IX<L%CMQYNHW/RP1
M9/IN(_SDUYGK&K:W]@E\.ZYYLER]Q',&D.2 >WTR1].:]KM8!:VD,"](HU0?
M@,5-111111111111111111111124M%%%%%)5*[U6"RNH()EES,P4.L9**3P
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MOB'3]$\1I L,\02%DP2,<+\PZ],4>(KO5]:\>KH^BZB]F+:WWNRD[=W7G'U
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M&[.!GUI:*************************************IVO_'_>_P"^O_H
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M2.2XCW-'TYZ^Q]:M 8&!T%8-S_H?BN"7HMPNT_7I_A6M?7UOIULUQ=2".)2
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M(VH,@9^\>PKG_"^E?;!-J^HH'GN6)0,/NKZ_Y[52T;5H?#,VI6-Z6VQR;HE
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MYP01@@U8I&=4&78*/<XI<@C(Z4@=2Q4,-PZC/(IU%%9U[KVG:?*([FZ17/\
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<HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHK_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>19
<FILENAME>pg76-100_005.jpg
<TEXT>
begin 644 pg76-100_005.jpg
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M%%%5KR3;'L'5OY51HHHHHI0<'-97]B%8O)AO)(X5DDE5-H."^203_$,DD U
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M;W=1DC\*2\\16^F7GD:C#<V\9QMNC&6A8GMN&<<^N*UP0>AHHS11F@L%&6(
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M]L:5&C:)C'A0X)R2?0$>]4V@\2PW=LED(TL@%$JNRELY;<1G/7*D#/%1S?\
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MX4+/;(X5)CD8<YZ,!GD=16A:W<%[%YMK,DT>XKN1LC(."/J#4]%%5+V+Y?,
MY'6J=%%%6K.-&RS#+ ]ZN51O) T@4#E>":?91]9#]!5NHYIU@A>5PVU%+$*,
MGCT ZUEZ7)>ZO_IFH6IM(1('M(2Q$NW!&9 #C)S]WMWYK8I:****2LB/75U#
M4I;#38Y91$&6:\"CRH7 X7)^^V>H'3O5NUTRWM[EKQHT>^E14EN-N&< ?H/8
M5=HI*8\R1@DL..W>J$DSR\,>,U'14D<[Q?=/'H:6>;SF'& !4]DWRLOH<U3U
MV^@2U-B;EX[B];[+&85WNC,I^;'; !.3Z5>T^QATW3K>RMQB&WC6-![ 8JS2
M4U1M)':GTQGVD  DGIZ4F9?1?SJ2BBBBBBBBBBBBBBBBBBBBLN8YF<CIFF44
M45IPHJ1@!<<<U)1111112&LK^QTL=0N-1TU"MQ.H$L'F;8I6R/G(P<-C/(Z]
MZLV6JV>H37$-M,&FMG*2QD%60^X/.#V/0U=HJ.9-\3KZBLRBBGQIYDBKZUH1
M0K""%SSUS3ZKRVGF2EM^ >HQ4Z*$0*.@%4[Z_:!98[2'[5>K'YB6X<(6&<9W
M'@#-0Z;8WC(D^M203WBN9(Q$F$@R,;5/4\=SUK3%+11125#<7<5OA6.Z5E9H
MX@1ODVC)"CN:S;%-3U1))-6A2S@<JT-M%(?-3!SEW!QD\?*./<UKJH484 #T
M%.HIKMM0L>PK->5Y.68_2F445'-=06Y43S1QELX#-@G'6D6Y@>,2+/$R%_+#
M!@06_N_7VJ;:?0T D'(X(K"3P;;ZKXXD\33WCD(JQ1002%1N488N1U^GYUV1
M8+C) R<#-)(ZQ1L\C!4499B< #UJ))UF&^WD250=K;2#S4PZ<]:6BBBBBBBB
MBBBBBBBBBBBBBBBLIQB1A[FFT44]X;DV4DMFL+7(&8EF)"$^Y'-.TO5FO82+
MRTEL;E'\MXIL8+8S\C=&'N*T<TM%%%%%%%4KC2K6>\CO?*1;V)66.<#YE!'0
M^H]CQ5*[U>ZT>2)+RQN+FUV*'O;==Y#]]T8Y ]QFM9)HY&94=69<;@#R,\C(
M[4_-4+M LV1_$*@I55G;"C)K0@@$2]BQZFI<T$@=3CZUDOXDL3J7V"W\ZZN0
M^R1;>(N(C_MMT'YYI;[3KS5HDCEO);&(.WF):L-TJ_P_/C*^^/7K5^SLX;"U
MCMK9-D,0VJN2<#ZGDU/111257OM0M--M6N+ZXC@A7J\C8'_ZZJW;7NH6\D>G
M2BS)*%;IT#[D(R2JYZ_[WY5-INF1Z;:K")9[A@2QFN'WNQ/4Y[?0<5=HHHID
MPW1,!UQQ6711169<VD4&M_VD;J**22V^SO', 5*!LY'IUY[&LU?!OESS2PZC
M-&LL_GE53 SO+^OOCZ5'_P (A/!:+&NN7"JLJR;V!SD!1C.[N5R?]XUT>#+Y
MDT%RQ$J_)R&1?<#_ .O6/'X/<B>"RU6XMH9I_M.T#.URA5^<C(8G=CU%7/\
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MQE6!'3@TZBBBBBBBBFO_ *MNG3O6605X(P:%&Y@,XSWJ[;P )\X5LG@CFK
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<1111111111111111111111124 Y%+111117_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>20
<FILENAME>pg76-100_006.jpg
<TEXT>
begin 644 pg76-100_006.jpg
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M .M7M:_='TIU%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%5'_P"0M#_UP?\
M]"2K=%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%>#:S_R'-0_Z^9/_0C5
M.@?>7ZBOH-?N#Z4ZBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBJ]U?VMD\"7,R1
MM<2"*(,>7<]A3;[4;738!-=R^6A;:,*6)/L "35A'66-7C8,C %6!R"/6JS_
M /(6A_ZX/_Z$E6Z*************************************\&UD_P#$
M\U#_ *^9/_0C5+-*#\R_45]!K]P?2G445SOB+QE:^'+V*VN+:>5I(_,!CVX
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M;_\ ?)H\F7_GF_\ WR:]9^'2E?"408$'S9.#_O5U-%%%%%%%%%4M:_Y =_\
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MY15NBBBBBJC_ /(6A_ZX/_Z$E6ZP_&G_ ")^I?\ 7+^HKQ:BNF^'?_(X0?\
M7*3^5>OT44444444444444444444444444444445Y%J?_(5O/^N[_P#H1JK2
MCJ/K7LJ_='TI:**X'Q__ ,A>V_ZX?^S&N6HKT?P1_P BW'_UT?\ G7044444
M444452UK_D!W_P#U[2?^@FO!E^Z/I2UL^#_^1NTS_KK_ .RFO;****Y74_\
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M*JT'I77VO_'I#_N+_*I:**J7VJ6>F^7]LF$?F'"_*3]2<#@#N3P*6^U*UTV
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M?2IOLMQ_S_S?]\)_\31]EN/^?^;_ +X3_P")H^RW'_/_ #?]\)_\31]EN/\
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ML*,#Y$_^)I?LMQ_S_P W_?"?_$TMB9MDBW#,Q61E5F4 E>QXJU28HQ2U4?\
MY"T/_7!__0DJW1111128I:*****2EHK$U+PCI.K7K7=Y"[S, I(D8<#IP#57
M_A7^@_\ /M)_W^;_ !H_X5_H/_/M)_W^;_&MVQL8=-LHK2V4K#$-J G.!]:L
M4E+1111124M%%%%%)1BEHHHHHI,4M%%%%%)BEHHHHHI,9I:*****2BEHHHHH
MI,8I:***J/\ \A:'_K@__H25;HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHJH__(6A_P"N#_\ H25;
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHJH__ "%H?^N#_P#H25;HHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHJH_\ R%H?
M^N#_ /H25;HHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH
MHHHHHHHHHHHHHHHHHHHHHHHHHHJH_P#R%H?^N#_^A)5NBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBHIK
MF&W,8FECC,C!$#,!N8] /4TV[O;:P@,UW/'!$"!OD8*,GIR:F!# $'(/0BJK
M_P#(6A_ZX/\ ^A)5NBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBD;.T[<;L<9Z9KG-:%T;?3'O[9'N$U"-
MLVL;RA%!Y.=N1QU-2ZU(3?V5R(9Y;>TDD694A9CEHR%(&/F'.,C.,U?T"VFL
M] L;>YXFCA56'H<=/PZ5.EM+]M\^296 1D50F, D'DYYZ59HHI,TM%%%%%%%
M%%%%%)2T4444444444444E+11111124M%%%%%)FEHHHHHI,TM%%%%)1FEHHH
MHHI**6BBBDHQ12T44AS@XZ]JYS3?[5.KVQN;F\EB*NSJ_D+&O&.BC<?FZ<].
MO-=)111116#K&JZC97$R6MM+*?+!@1+5Y!(V1D%P<+GD<XQUYZ5NJ20-PP<<
MBEHHHHK)UJXOXFA6Q=8PP8LQMVFSC'& 1CC)Y],58T::XGTFWDO"QG8'<6B\
MLGDX.WMQCBKU%%%%4;]M3#Q_V:EFRX._[0[ YXQC /O26%S=O+);ZA' LZ*'
M!@<LI4DCN 0>#5ZEHHHI*P5U;4?[5BMA;2-NN"L@-NRHD6/O>8?E)SZ=<]!6
M\*6BBBBN>UR\U>&:?[%)Y<2("H2P>=F)'4$,!UXQVZGBM]"2H)ZXYIU%%%%9
MVLS7L,$8L&5)'?:6:%I<<' P".IXR3@4W0I[JXL&>]=WD\U@&:W,&5SQA"20
M/K6G111145R\D=M*T*AI%0E >A..*Q-%O]0N=4:.ZN5GA\CS!LLFA49(VG<S
M$Y(SQ[&N@HHHHIDOF>4WDA3)@[0_3/;-<Q8Z[J$^I6UG=36*2,[%UB28L5!(
M_B0  G@,3S@XS75444445B:W<ZE%,%L9!%&(]Q(LGN">3G&T@<<<<DY]JT[!
MY9-/MWN PF:)2^Y=IW8YR.W/:K%%%%%%%%%%1R2*K*C;OGR!A2>V>3V_&N6T
MB.U;6K,QW,[QP(Z6R#3GA&TCG?(1AO;&,DYY-=;111117'>(8"->:1[K35>1
M%6V%U=2(\;#NJKQU(^M=/8&]^S_\3$6XFW'_ %!)7';KSFK5%%%)7,^)IOLC
MV4/VOR%?S&\R6\>($\<97D]>.PQ6IX?);0[<F=9R0?WBR-(&Y/\ $W)_&M.B
MBBDK \2+9&:V?4+%9X(HY))9VFV"WC&-S$9Y[=*=X7E@>S)@TM].20"5%=@S
M.AZ%NX/'0]*WJ****2N*A@N8M=D6UN=+?4/.9QYMU*TC+G.T@# X[#IBNRMS
M*;>/[0$$VT;PGW<]\>U24444R218D:21@J*,L3T KBO$@M/[8GDN9](8/$I5
M+RZD5E&.RKP ?\:[6+_5)TQM'2GT444E87B03062- E[,#,69+>:17/RG"@J
M#@$XZX4=34_AKSO[*Q<+,LPD8.)9'<Y]F<!B/0_E6O111156_:%K::&X+B-X
M7WLJDX7'/..O/2L+01%)K)G^T322"V\J-?[/>U0(".I8?,>F,=!G &:Z>BBB
MBDKCEM)%\00RF"%?,O"S+'8/NRNX9,A;& "#G&.3CFNQ%+1112$X!-<OXDN;
M<,'74=.C^TVQC NI64!"<[UVGGM^0YKH--Q_9EKMN#<CREQ.W67@?-^/6K-%
M%%%%%%%%-;&TYZ8KD]#N_*U#3[,:A=21ND@2 M"RJ%'&X(H8#!'4\'BNNHHH
MHHKF=4EC35+Q9GU.WBVJ9/LELTBS+MYRP0[2.G!'%=(F-B[>F.,TZBBBBL3Q
M#$TDEJ!=/"#NP$N?)+$#/4<D8!^G6K.@1F+0[5696.TD%93+D$DCYS][KUK2
MHHHI*YSQ2D+RV_VBW-R(T>2. VS2H\@*[=Q56('Z'WQ5G07LIIKB:&T:"^E5
M7NF,$D8<\XP7 )QS6U2T4445RUE-"=01)GU&,"Y8);"!O)#Y.#YFP9!Z\MCF
MNH%+1114<K^7&[[6;:"=JC)/L/>N6NM1U"]EFE@AUF" J BVT5JW..<EF8D_
M3%=5']Q<YS@=:?11117-^((O$;7+'3KA4L=OW+:-?M!.#GESMQG'09]ZO>'8
MH(=-*6[WLF)&\QKW=YI?C.<_TX].*UJ****K:BB2:;=)+GRVA<-@9.,'/%87
MA^]9]32V?4+FY(M/,\MGA=5^8+R8U&#QQGKSZ5TU%%%%4=:MVNM)GA2 W#-C
M]T)/+WC<"1N[5C6]OJT]Y";_ $\NB7(EBD:XC)MUZ8 503Z<DUTU+1112$X!
M(&3Z5R,NK7;W_G"2>RN1;JDT?]F3W"YW,>",#CU'!KIM-D>;3;:23[[Q*S93
M9SC^[V^E6:*********1CA2>.!WKE=!NWGU.*;S(MUR"T@BTJ2(/QG_7'AAZ
M'O75T4444A8*,GH*XO7(8M4674+>"SDB>)6#R&;SPO\ >\H <#KCN!79Q\HN
M#D8'..M.HHHI*P?$D@BDMG:[-BH5S]JR, XX7!4CD_RXJSX8"+X<LO+ADA4I
MG9(26ZG)YYYZ_C6M111124&EHHHHJ*YN8;.W>>YE2*%!EG<X KE_[+-MKEG<
M31V%N);DM&ZO*[R=3CGY02/_ *U=8*6BBBD(R",XS7-1VK6VEMHUKH;19! E
MC*+#N_YZ9!W9[],YX]ZZ1 0H!.2!R:=11116?JNJ+I9MGEC=HI9/+8HC.R\$
MC"J"3R,5+I^H0ZE;^?;>9Y>XK^\C9"<>Q -6Z****KWTS6UC<3J4#11,X+GY
M00,\^U87AR5C>LJN@22,R,J:4]KELCDLQPW4\5TM%%%%(:P%GUK^U8X1#/Y8
MN"TLDGEB'R<=%(^8G.,?4Y.*WQ2T444E<CJ>H^(ENW2Y,>EV&_ N;>$W+;-W
MWF8\)P#G*D#UKIM-V?V;;>5.UQ'Y2[9F.3(,<,3[]:LT4444444452U;4ETJ
MP>Y>WN;@*0#';1>8_/?'H.YKE_#/VO4-2AN[<R0V$.=R2ZD;AW+*<#8,HN.#
MUKM:****:PRI'J*P!X58.91JUV)S"(3+Y-ONV^F?+SC\:WT7:JKUP,4ZBBBD
M-8=S]FN;V?[9JDUJ\386)+GR0%[''\6??-:>G2M-8Q.[ER1PY&-PSP?Q'-6J
M***********JZA;RW5E)%!(D<IP5=TW@$$'D=^E9-EH%[9W1D^W6[1R3B>91
M;$%C[$N<?E6^*6BBBBDQ12T4445C^(O*%M 7G,4HE#0XMC<98<_<')P.<CI1
MX9BCATMA')/(6F=G:6 P_,3D[4(^5?05L44445F:]JUAI-@6U&61(Y\Q+Y<;
M.S,0>  #S]>*R?#7G3Z@9XK74X;$1%%>^NS(7;Y2,)N.._-=311115#6K-[_
M $YH(X89F+ [)G94X/<KS7(V$,4&NVD+6.F)=+/AHXGF,J 9^;! &/<\<UW@
MI:****3% 4* %  '0"EHHHHHHHHHIDDB0QM)*ZHBC)9C@ >YK,LCHNJ7XOK)
M[6>ZASF2)ANY&#G'7CUK6HHHHIKDA21U KCA)I@M/MGEZO\ VB4\S[1]DN-^
M[&<?=QM[8Z8KL8R6C4GJ0":=111163K-Q:0/ ;C3'OI.2H2%'*<CG+$8Y(JY
MI]Y]OL8[CRGA+YS&Y&Y<'&#C([5:HHHHHHHHHHHJCK,I@TF=U:5> "T*EG )
M )4#G/-8=H^F6U];?V9#J$,SRA7+V\P60'KO+#'OGUKJ12T44444444445R'
MB8I8ZC%)))/LE);<VK-;JAQC"K_GK6UX=BFCTP&9B?,=G7-R9SM/3YSUK5HH
MHHIDB))&R2JK(PPRL,@CWK,T^STJWOWDTV9%9E.Z"&;,?)&6V X!Z#(K6HHH
MHJO>6@O;<PM+-$"02T,A1OS'-<_;Z+J,&J0#S+IH(I=[3RZC(X=><+Y9[\@<
M\<5T]+111111111111111167KX;^SU*V\5P%E1FBEE$:L >Y/'IQ4$$E_=ZK
M:S7&EQ0! V9EN5<[2.F !D$XK;HHHHIK9P<=<<5S,%[;V6E-IZ:C>2:H,D)*
MS/.9/3!'W<_ACG/>NF7.T;OO8YIU%%%)7.^([O[+' ]REE\JR,SS+(55>!_"
M#R<@8/?IFM/0@%T6V"QPQ +PD*LJCGL&Y'X]ZT************HZQ%)/I-Q'
M%)/$[+C? <2*,\E??%4(-3MKB2RM]+O);B2)@)5)+'9CGS">A^O.:W!2T444
M44444445EW,L]A?23)I\UVDP4;H"N]<=B&(X[\'O5C38GBMB9(A"9'9_*!SL
MSVXX_P#UU<HHHHJGJ1CDLKB"0L%D@?+;&( Q@YQ]>G4]JP?#21Q:B$1HB1 ?
MNZ0UH2,KSN;K]!75444455U&.:2S<VL<+W*8>)9B0FX=,D<UQEGF/Q+:1:II
M^F65_+*9%'GR2-(>I*'IGG^(#VSBN\I:****************S-=M(;S3Q'/!
M!<(LB/Y,Q 60@Y YXSGI5:"Z^V:S:YLY+)H4<A9W0/(N,855)RH.#GM@5N44
M444U\[#CKCBN0\W4WLC:RV&KR6OV< 9">=YO7=YGFYZ\]*ZZ//EKNSG SFGT
M444E<;XFU*[>^$+Z/;10P/F&^OB7B+<8(5/<_P 1'2NBT&U6RT:W@2>*X" _
MO(AA6R2>!D^OK6C111111111115'61(=*F$0N"_'%LV)",C.T^N*QH)M0NKZ
M'[98WZ[+D-#($5 D>,$.1(=V?I73"EHHHHHHHHHHHHHHHHHHJCK-L+O2KB-F
MF4;"W[F4QL2!TW#FL#PV9?[;8331RDVQ92MS/,0"RX.7X /MUQ[5UM%%%%5=
M2LCJ.G36JW,]L95V^= VUT_W3V-8^D>#;?1)8WLKVY&U@7WI$6EP,89]@8]!
MWKHJ*****************S-<@>:Q5HUM"89%E_TK/EC'<X].U8WAQIKNZB_T
MS3[V.W=W+I<22RIN!& 6Z#M7644444ULX..O:N5/]C^9EFD_MSTR_G>9[#^[
M^F/:NK7.T;NN.:6BBBD-9UWK=C:7#6\K2.Z@>8L<+2! ?[VT$#\:MV:6R6D8
MLEC6W(S&(@ N#SQBIZ***********K:AO%C+Y6_=C^#[V.^/?&:P]/\ [&%]
M'_8A/VDM^^$98_+WWYZ?CSFND%+1111111111111111115._O9+)8VCLKF[+
MM@K %RO&<G<0,?C5*RFDNM:\\Z??VF82KF8KL?!&.%8\]>?3-;-%%%%%%%%%
M%%%%%%%%%%%%%%%4]2ADFMAY42S,CJ_E,<!\=LU7MYI[^^BF?3YK180V7GV;
MFR.@"D\=^3VK4HHHHHHHHHHHI#7.1WE\-2U"WL)](<Q2&21&=_,0$#[X X/]
M*U](CDCTV(3& N<L3 28^23\N>W-7:***********2L6'5[>7628IKR1'Q $
M6V?R0X8Y;?C'MG/:MH4M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%(:P_M5Q!=7@TVWM;Q?-S,1-L>-\#(88.>,8J[HGE'
M1[=H9$D1@6#("%Y)) !Y&#QS6A1111111111125Q]H4'B-8EFD4_:&8VXNIB
MZG)Y9/N!>_Y5V I:********************************************
M***************0UR.K0%-65VOAF&8S1I'ISS>42/XF4_CS71Z6C1Z=$'G2
MX9LL943:KY.<@=NM7************HZS-%;Z1<S37;V<<:;FG099 /08.3VZ
M5R'AW6[C4M9CGEUZ2.Q<[+>RF6,SSG^\^%&P>B]?6N\%+111111111111111
M111111111111111111111111111111111111111111112&LN4ZE9SR"TM(;F
M*5]X9IO+*$]<\'(^E7K.%K>U2.0J7&2Q4<9)R<>W-3T44444444444UXUD7:
MZAEX."*4@'K2T44444444444444444444444444444444444444444444444
M444444444444444444444444444444444444444444444444444444444444
M444444444444444444444444444445G:KKVGZ+Y7]H3^3YN=GRDYQUZ#WJ.X
MUDMI*W^F6S7L;*9  WE_*.IR>_H*KW'B:*$PNEO(\)ACGG<D PI(<+D=SG.1
MV JS;:K++JLME/8R0D1>=$^\,)%#8.1_">G'O4NCZE_:VG1W?D/!N9U,;D%E
M*L5.<<=JOT444UV"(S,<*HR35>&_M[DL(7+E5W$!3G%9O_"1-"E\+VPD@EM0
MA5 X<2ASA,$=#G@CM[TR;Q)-%I\ER--D<VSE+N-91F+&,[3_ !\'('%6[G5I
M+74K:!K*0VUPXB6X#CAR"1\O7''7UK3%+11165<^)M*M+E[>>Z"2QG#+L8X/
MY4NIZK+ITL)%E)+;.Z1R3*X!0L<#"_Q<D9]/>H?^$A4ZB]NMK(T7F/!'*&'S
MRJ,E<=N_/J*(=<GDLKQY+#RKFTD\N2-YU"= V[S.F,'TK2L+L7VGV]T(VC$T
M:OL;J,C-6****HZIK-CHL"3:A/Y,;ML4[2<G&>P]JBM-=M=5L);C22;SRVV;
M0"F6],D<=>M5%\1O)9Q&.P<WLDTD/V8R ?,F=QW]",#@]\BI$\0>9-8-'9R-
M97I"I<;AD,5+ %.N.,9]?SJU!JL<^LS:?'&Q,40D,O\ "221M'N,<UH4444G
M2LZ#7].NKA(8;C=(YPHV,,G\J8^L/#JR6MQ9O'!(KM'<;P0=@!.5ZJ,=#[=J
MKVOB":]1E@T]S.T:SP1M* )(F)PQ./EZ=.>U(WB9#I^GSQP!9KYMJ0SRB/!'
M4%N1G/ ]:W1TI:**********************************R-=\-67B'R/M
MK3#R<[?+8#KC.>#Z5'<:-<VVC6VFZ2\'D1_+(+DL2Z>F5]>_M45]X>N+V7<T
MT"K<Q1Q7@"'HC%AL].I'/:K6G6FIQ7]Q/?-9,L@PIB#[L#[J\\ #GIU)J30;
M"YTW3!;W;PO()9'S$"!AF+=_K6E1113)4\R)TSC<",U2L]+^PM(\4N]V3: P
MXS6<NB:C=V-U#J,MF)97659858DR*P(+9/08 P.V:C.BZM&A,4E@[3S&XN5D
M5]K/QM Q_",#KU-7I+/5)-9CG9[)K6, +E7WKQ\Q SC)Z>PK6I:***YG4?!4
M6H:C-=M>2(96W%0@('^<5?U"SU.?4;=[=K+[+%@[90Y8-_>XX.!TJJWA^ZBO
MGEMYK?RDFDNH%D4Y$SJ0=V/X1DGCFI;>PU6+2I8)5TV6:1LL&5RC@_>+9Y))
M[=*T-*L!I>EV]FKEQ"FT$_T]O3VJY1116+XE\.)XDLHK>2X> 1R>8&10<\$8
MY^M5])\-3^'=%NK72[M)+B9]ZR7"85> .@^E..BW_P!ELY$>SCO;1W\L!6,9
M5AALY.2>^?6EL]&U"QN;2**2S>QM8Q'&75O,''S-CIN/Z"IK#PY%IVMO?033
MF-H/*$4D[N =Q8GDD8YK9HHHI",C%8%CX3CLKZ*Y%U(YC;=M*CFIQI^HS:K-
M)=M9M:.K1KM#>8J$=.>,D\DU2CT#4[: ^1<VIG2!+.)F5@/(4DY..=YSVX&*
MNSZ;>W.EPV,BV A9=DX"-A5[;!ZCU/>MA1M 'I2T44444444444444444444
M444444444444444444444444444444444444444444444444444444444444
M444444444444444444444444444444444444444444444444444444444444
9444444444444444444444444444445__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>21
<FILENAME>pg76-100_007.jpg
<TEXT>
begin 644 pg76-100_007.jpg
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M?_"5'_GT'_?S_P"M7KD9S&I]0*?6'XOO?L'AV:?9OVL@VYQU85Y[_P )4?\
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M*******YKQ+_ ,?L/_7/^IK'KL-'_P"03;_[O]:NU2U?_D$W/^Y7'UK^&O\
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M .A5Q=>Q>"_^10T[_KF?_0C6[6-XN_Y%34O^N!KQFNP^&?\ R,%S_P!>Q_\
M0EKT^BO&_&7_ "-NH_[Z_P#H(K$->^1?ZE/]T4^N:^('_(HW'^_'_P"A"O):
M])^&'_(*OO\ KX'_ *"*[:BO#]=_Y&#4?^OF3_T(U#IW_(4L_P#KO'_Z$*]V
MHK@OBE_J=,_WY/Y+7GM>J_#G_D5A_P!=Y/YUU5%>!R_ZZ3_?/\ZW_ 7_ ".%
MK_N2?^@FO7:***2C%%+15/3_ /EZ_P"OA_Z4FIW_ /9T*2>7YFYMN,X[5F?\
M).?^?7_R)_\ 6K6TZ\^W6HFV;,DC&<]*M4AZ&N#/4_6K>E?\A6V_W_Z&NRHK
MFO$O_']#_P!<_P"IK'KL-'_Y!-O_ +O]:NU2U?\ Y!-S_N5Q]:_AK_C_ )?^
MN7]17345YQXTUR>Q\2201QQ,HB0Y;.>:P1XHN\C]S!^1_P :]C3E%^E.KGO'
M%U+9^&9IH" XD0 D9ZL*\T_X2+4/^>D?_?L5VGP[U&YOWU 7#*VP1XPN.N[_
M  KN**\.UO\ Y#NH?]?,G_H1J/2_^0O9?]?$?_H0KW6BN!^*7W-,_P!Z3^2U
MY]7JWPZ_Y%5/^NTG\ZZFDKP-_P#6/_O'^==#X _Y&^V_ZYR?^@UZY17FGQ._
MY#5E_P!>Y_\ 0JXNO8O!?_(H:=_US/\ Z$:W:QO%W_(J:E_UP->,UV'PS_Y&
M"Y_Z]C_Z$M>GT5XWXR_Y&W4?]]?_ $$5B&O?(O\ 4I_NBGUS7Q _Y%&X_P!^
M/_T(5Y+7I/PP_P"05??]? _]!%=M17A^N_\ (P:C_P!?,G_H1J'3O^0I9_\
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M_D4I_P#KI'_Z$*\FKOOA=_K-2^D?_LU>@T5X=K?_ "'=0_Z^9/\ T(U'I?\
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M]=_]>W_LRUZ;17DWQ"_Y&V7_ *XQ_P C7-#J*]\C_P!6OT%.KF?B%_R*4_\
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MP1EWSM'HI/Z"JNER+*EPZYVF=\9!![=C6-XZU$Z;I=O((_,W3[<9Q_":X?\
MX2L_\^@_[^?_ %J]!\&7O]H>'TGV;,R.-N<]#6]2-]T_2O FQN;ZFM;PE_R-
MFF_]=OZ&O9Z6O,_B;_R'+/\ Z]O_ &8UQE>R>#/^11T[_KG_ %-;=8OC#_D4
MM2_ZXG^8KQJNR^&7_(>N_P#KV_\ 9EKTVBO)OB%_R-LO_7&/^1KFAU%>^1_Z
MM?H*=7,_$+_D4I_^ND?_ *$*\FKOOA=_K-2^D?\ [-7H-%>':W_R'=0_Z^9/
M_0C4>E_\A>R_Z^(__0A7NM%<#\4ON:9_O2?R6O/J]6^'7_(JI_UVD_G74TE>
M!O\ ZQ_]X_SKH? '_(WVW_7.3_T&O7**\T^)W_(:LO\ KW/_ *%7%U[%X+_Y
M%#3O^N9_]"-;M8WB[_D5-2_ZX&O&:[#X9_\ (P7/_7L?_0EKT^BO&_&7_(VZ
MC_OK_P"@BL0U[Y%_J4_W13ZYKX@?\BC<?[\?_H0KR6O2?AA_R"K[_KX'_H(K
MMJ*\/UW_ )&#4?\ KYD_]"-0Z=_R%+/_ *[Q_P#H0KW:BN"^*7^ITS_?D_DM
M>>UZK\.?^16'_7>3^==517@<O^ND_P!\_P ZW_ 7_(X6O^Y)_P"@FO7:**0C
M((Z9]*RXO#UI#I?V /<-%YAE5VF)=')SE6Z@Y)/XTB:#"D<EN9':R>(1B L>
M&R27SG[Q)SGUYI&\,Z>]M'$PF.TL6?S3OE#?>#G^(-@9!]!4\FB6<FHI>E&$
MB8.T,0A8#"L5Z$@=#5^JFG_\O7_7PW]*YCXF_P#($M/^OD?^@M7F=>K_  [_
M .13C_ZZR?\ H5=12-]T_2O F^\WU-:_A+_D;--_ZZ_^RFO9J6O,_B;_ ,AR
MS_Z]O_9C7&5[)X,_Y%'3O^N?]36W6+XP_P"12U+_ *XG^8KQJNR^&7_(>N_^
MO;_V9:]-HKR;XA?\C;+_ -<8_P"1KFAU%>^1_P"K7Z"G5S/Q"_Y%*?\ ZZ1_
M^A"O)J[[X7?ZS4OI'_[-7H-%>':W_P AW4/^OF3_ -"-1Z7_ ,A>R_Z^(_\
MT(5[K17 _%+[FF?[TG\EKSZO5OAU_P BJG_7:3^==325X&_^L?\ WC_.NA\
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M^A"O)J[[X7?ZS4OI'_[-7H-%>':W_P AW4/^OF3_ -"-1Z7_ ,A>R_Z^(_\
MT(5[K17 _%+[FF?[TG\EKSZO5OAU_P BJG_7:3^==325X&_^L?\ WC_.NA\
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M,6W=QMQNR.XQQ3_[8L?MD5K]I0S3*&0#)!!Y'S=,D=!G)J[533_^7K_KX?\
MI7,?$W_D"6G_ %\C_P!!:O,Z]7^'?_(IQ_\ 763_ -"KJ*1ONGZ5X$WWF^IK
M7\)?\C9IO_77_P!E->S4M>9_$W_D.6?_ %[?^S&N,KV3P9_R*.G?]<_ZFMNL
M7QA_R*6I?]<3_,5XU79?#+_D/7?_ %[?^S+7IM%>3?$+_D;9?^N,?\C7-#J*
M]\C_ -6OT%.KF?B%_P BE/\ ]=(__0A7DU=]\+O]9J7TC_\ 9J]!HKP[6_\
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M%>[45P7Q2_U.F?[\G\EKSVO5?AS_ ,BL/^N\G\ZZJBO Y?\ 72?[Y_G6_P"
MO^1PM?\ <D_]!->NT445G:Y%!/ICQW-I<7<;$9C@^_G/!'(QCZUE7Z7,FBP:
M7)YTU]L6?YB"75) =K'^]@ 9Z$]ZKI97L4Z:K]CN&4W<TWV4;?,57C" XSC.
M1SST-5[#0-0L_(L9(G<M-;W#7"D%(Q&H#+GKG(P..AKLI49T*I(T;'^)0"?U
MJKI:LJ7"LY=A.^6( )Z>E<U\3?\ D"6G_7R/_06KS.O5_AW_ ,BG'_UUD_\
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M_(I3_P#72/\ ]"%>35WWPN_UFI?2/_V:O0:*\.UO_D.ZA_U\R?\ H1J/2_\
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M4444453T_P#Y>O\ KX?^E<Q\3?\ D"6G_7R/_06KS.O5_AW_ ,BG'_UUD_\
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MN-G>TN@J@DG8.!^=*-0) (L[K!_V1_C7GOB'POK&IZ_=WEM8N896!7<Z@_=
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GHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHK__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>22
<FILENAME>pg76-100_008.jpg
<TEXT>
begin 644 pg76-100_008.jpg
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M;.2!@#&<8XJ2RTNSTXRFT@6,RG+8)/X#/0>PX%)JG_'@W^^G_H0JTS!%+,<
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M:"?\\;K_ +\-_A37U2&-=SQW*KTR8&_PIW]H)_SQNO\ OPW^%']H)_SQNO\
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M3;OCN5W':,P-R?3I3O[03_GC=?\ ?AO\*/[03_GC=?\ ?AO\*/[03_GC=?\
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M]NDOF;)!NY+ =,>V.U:RL& *G(/((I:***HZKJ%AI]NC:G/'#%(X52YQN;J
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444444444444444444444445__]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>23
<FILENAME>pg76-100_009.jpg
<TEXT>
begin 644 pg76-100_009.jpg
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M.JL%_P *W_ &MZIJ.M74&I7<LR)!N"N!P=P&>!7?TM%%%%%5$_Y"TW_7!/\
MT)ZMT44455U"_@TNPGO+HLL,"%W*J6.![#FEN+^"UL6O)FVPJH;..<'IQZG(
MJF?$5F+)+@+.Q:0Q"!8B90X&2"O7( )/M3E\0V#WD-NDC/YP4K(JDIEAE06[
M$CD"M.J>G?\ +U_U\/\ TJY1111111111111111111111111111111111112
M4UY$C7=(RHOJQP*@_M.Q_P"?VV_[^K_C1_:=C_S^VW_?U?\ &C^T['_G]MO^
M_J_XT?VG8_\ /[;?]_5_QJGJ^HV;Z+?*EW;LS6\@ $@))VGWKQ)89-H_=OT_
MNFI$M)I/NQG\>*[SPKKESI>AQV%KI\MU.'9BR_=&3D=*V-OBO4^K0V$9].H_
MF:='X*69@^IZA<7+=QG _7-:UKX>TRQ7,-G%N ^\PW']:\.;[S?4TE>G_"[_
M ) =Y_U\_P#LJUVU%)7@^L_\AS4/^OF3_P!"-5%9D8,I(([BNG\*7^H_;99=
M.B#SPQ;I%QG>F1QCZXKT71?$EKJZ[ ?)N1]Z%SS^'K6O2T444543_D+3?]<$
M_P#0GJQ)(L4;2/G:H).!GBJVG:E%J4+R0I*AC<QNDJ%&5AV(/U%11Z[8RV-U
M=K(WDVLC12$H0=PP" #R>2 /6H&\3V"6\<K>>-Q8.GE'?$%QO+C^$+D9/N*U
ME8, 0001D$52UR&:XT*_@M8O-GE@>-$W!<E@1U/'>LW48[B]TVWTU;9TN/*C
MGY8;0T;*=A(]<8S59=*U"*5-36V#W)NI9FM/- (5T" ;NF1@$_C4%EX9O;(P
M6>%> S07$EP'^X8U *@=3DCCVKKI$\R-EW,N1U4X(JII:>7'<)N9L3O\S')/
M2KU%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%(3BJ5SK.GV>?/O(4([;@3^0K)
MN/'&F1<0B:=O1$P/UJO_ ,)+K-[QI^C. ?XI<_\ UJIZL_B>WTJXOKRZC@BA
M7<8XB Q'X5P=QK5S<MND9G;UD<L:K?;YO]C_ +YKTCPWX6TW4_#UE>74<AFF
MCW.5<@9R>U:?_"#Z-_SRE_[^FC_A!]&_YY2_]_35?4?!VDVNF74\4<HDBA=U
M)D)Y"DBO+1J-P0#N7_OFFO>3R=7('MQ7JOPY.?"41/),LG/_  *NIHI&^Z?I
M7SXWWF^II*]/^%O_ " [S_KY_P#95KMJ**\&UG_D.:A_U\R?^A&J==I\+O\
MD/7G_7M_[,*[36O#%OJ;>? ?LUX.1*G&3[_XUGV?B*\T>=;+Q!&P'1+D#((]
M_6NJBE2>)9(G5T89#*<@T^BBBL^2#S]6D_>RQ[84_P!6V,_,W6KDKND+LD9D
M=02$! +'TR>*P]*CGT:!_,MIE2\O,I!Y@D: ,.26SR,@GJ<9J :5?W.FZM#)
M;^3))?\ VF -(I$@#*0..F=N.?6JK:'J7F7=ZEL#-J*30O 91^X#[0&)Z'&W
MD#UXKJ[6'[-:Q0YW>6BID]\#%3444453T[_EZ_Z^'_I5RBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBDH) !)/%8VH^*M,T_*F;SI1_!%\WZ]*S/[4\0ZWQIUJ+* _
M\M9>N/Q_H*</"%[=\ZEK$TF>JIG'Z_X5<MO!FD08+0M,WK(Y/Z"M:WT^UM !
M;VT4?^Z@!_.K-8?C3_D3]3_ZY?U%>+45[3X+_P"1/TW_ *Y?U-;E%4M:_P"0
M'?\ _7M)_P"@FO!E^Z/I2UZY\.?^11B_ZZR?^A5U-%(WW3]*^?&^\WU-)7I_
MPM_Y =Y_U\_^RK7;445X-K/_ "'-0_Z^9/\ T(U3KM?A=_R'KS_KV_\ 9A7J
M%5[RRM[^W:&ZB62-NQ'3Z>E<M+IVI^%96GTQFNK G+PMR5_SZBM[1]>L]9B!
M@?;*!\T3?>'^(K3HHJHG_(6F_P"N"?\ H3U;HHHHHHHHHJGIW_+U_P!?#_TJ
MY11111111111111111111111111257O-1M-/CWW<\<0_VCR?PKGY_&+74IAT
M6QENI/[[#"C\/\<5&-!UK63NUB_,,1_Y8Q?YQ_.I-2M]-\&:0U_#8"YD1U7+
MM\QR<9R0<?E6+_PM4?\ 0)/_ ($?_8T'XK  G^R3_P"!'_V-=Y97'VNQM[G;
MM\Z-9-N<XR,XJ>BL/QI_R)^I_P#7+^HKQ:BO:?!?_(GZ;_UR_J:W**I:U_R
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M?^E7*******************K7>H6M@FZZN(XAU^9N3^%<Y?>/+2$[+.%IF/
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M_AW_ ,CA!_URD_E7KU5$_P"0M-_UP3_T)ZMTF*6BBBBBBBJ>G?\ +U_U\/\
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MHHHHHHKQ/QA_R-VI_P#77_V45C5TWP[_ .1P@_ZY2?RKU^BBO(/B)_R.$_\
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MEFP,X'O6%:>*7NM,%PMG&9I9U@@"3[HI689X?;T'(/'!!ZTG_"7*5#I:92$
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M=?\ V45C5TWP[_Y'"#_KE)_*O7Z**\@^(G_(X3_]<H_Y5S-;/@__ )&[3/\
MKK_[*:]KI:*\\^*O_,+_ .VO_LM>>U<T;_D.:?\ ]?,?_H0KWFBBN(^*7_(#
MM/\ KY_]E:O,:!]Y?J*^@U^X/I3J*Y7XC_\ (HR_]=8__0J\DI&^Z?I7O.B_
M\@.P_P"O:/\ ]!%7:*P_&G_(GZG_ -<OZBO%J*]I\%_\B?IO_7+^IK<HJEK7
M_(#O_P#KVD_]!->#+]T?2EKUSX<_\BC%_P!=9/\ T*NIHI&^Z?I7SXWWF^II
M*]/^%O\ R [S_KY_]E6NVHHKP;6?^0YJ'_7S)_Z$:IUVOPN_Y#UY_P!>W_LP
MKU"BBO$_&'_(W:G_ -=?_916-73_  [_ .1P@_ZY2?RKUZJ#6T,^KR>=#')M
MA3;N4''S-5JY68V\@MG1)BI",Z[E![9&1G\ZRK2UU6PM8X]]I/(TPWLL3*-I
M^\QRY)8G_P#549\.O<17SW<T(NKHQG?!$513&<H<$DDYZ\].*@?PM,PEF6\C
M6[NA(EU((CM9'QD(,\$;1@DGOG-=##$L$*11C"1J%4>PXJ2BBBBJ>G?\O7_7
MP_\ 2KE>#:S_ ,AS4/\ KYD_]"-4Z[3X7?\ (>O/^O;_ -F%>HT45XGXP_Y&
M[4_^NO\ [**QJZ;X=_\ (X0?]<I/Y5Z_117D'Q$_Y'"?_KE'_*N9K9\'_P#(
MW:9_UU_]E->V445YY\5?^87_ -M?_9:\]JYHW_(<T_\ Z^8__0A7O-%%<1\4
MO^0':?\ 7S_[*U>8T#[R_45]!K]P?2G45ROQ'_Y%&7_KK'_Z%7DE(WW3]*]Y
MT7_D!V'_ %[1_P#H(J[16'XT_P"1/U/_ *Y?U%>+45[3X+_Y$_3?^N7]36Y1
M5+6O^0'?_P#7M)_Z":\&7[H^E+7KGPY_Y%&+_KK)_P"A5U-%(WW3]*^?&^\W
MU-)7I_PM_P"0'>?]?/\ [*M=M117@VL_\AS4/^OF3_T(U3KM?A=_R'KS_KV_
M]F%>H445XGXP_P"1NU/_ *Z_^RBL:NG^'?\ R.$'_7*3^5>O543_ )"TW_7!
M/_0GJW1111111115/3O^7K_KX?\ I5RO!M9_Y#FH?]?,G_H1JG7:?"[_ )#U
MY_U[?^S"O4:**\3\8?\ (W:G_P!=?_916-73?#O_ )'"#_KE)_*O7Z**\@^(
MG_(X3_\ 7*/^5<S6SX/_ .1NTS_KK_[*:]KI:*\\^*O_ #"_^VO_ ++7GM7-
M&_Y#FG_]?,?_ *$*]YHHKB/BE_R [3_KY_\ 96KS&@?>7ZBOH-?N#Z4ZBN5^
M(_\ R*,O_76/_P!"KR2D;[I^E>\Z+_R [#_KVC_]!%7:*P_&G_(GZG_UR_J*
M\6HKVGP7_P B?IO_ %R_J:W**I:U_P @._\ ^O:3_P!!->#+]T?2EKUSX<_\
MBC%_UUD_]"KJ:*1ONGZ5\^-]YOJ:2O3_ (6_\@.\_P"OG_V5:[:BBO!M9_Y#
MFH?]?,G_ *$:IUVOPN_Y#UY_U[?^S"O4***\3\8?\C=J?_77_P!E%8U=/\._
M^1P@_P"N4G\J]>JHG_(6F_ZX)_Z$]6Z*********IZ=_R]?]?#_TJY7@VL_\
MAS4/^OF3_P!"-4Z[3X7?\AZ\_P"O;_V85ZC117B?C#_D;M3_ .NO_LHK&KIO
MAW_R.$'_ %RD_E7K]%%>0?$3_D<)_P#KE'_*N9K9\'_\C=IG_77_ -E->UTM
M%>>?%7_F%_\ ;7_V6O/:N:-_R'-/_P"OF/\ ]"%>\T45Q'Q2_P"0':?]?/\
M[*U>8T#[R_45]!K]P?2G45ROQ'_Y%&7_ *ZQ_P#H5>24C?=/TKWG1?\ D!V'
M_7M'_P"@BKM%8?C3_D3]3_ZY?U%>+45[3X+_ .1/TW_KE_4UN452UK_D!W__
M %[2?^@FO!E^Z/I2UZY\.?\ D48O^NLG_H5=312-]T_2OGQOO-]325Z?\+?^
M0'>?]?/_ +*M=M117@VL_P#(<U#_ *^9/_0C5.NU^%W_ "'KS_KV_P#9A7J%
M%%>)^,/^1NU/_KK_ .RBL:NG^'?_ ".$'_7*3^5>O543_D+3?]<$_P#0GJW1
M111111115/3O^7K_ *^'_I5RO!M9_P"0YJ'_ %\R?^A&J==I\+O^0]>?]>W_
M +,*]1HHKQ/QA_R-VI_]=?\ V45C5TWP[_Y'"#_KE)_*O7Z**\@^(G_(X3_]
M<H_Y5S-;/@__ )&[3/\ KK_[*:]KI:*\\^*O_,+_ .VO_LM>>U<T;_D.:?\
M]?,?_H0KWFBBN(^*7_(#M/\ KY_]E:O,:!]Y?J*^@U^X/I3J*Y7XC_\ (HR_
M]=8__0J\DI&^Z?I7O.B_\@.P_P"O:/\ ]!%7:*P_&G_(GZG_ -<OZBO%J*]I
M\%_\B?IO_7+^IK<HJEK7_(#O_P#KVD_]!->#+]T?2EKUSX<_\BC%_P!=9/\
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ME?B/_P BC+_UUC_]"KR2D;[I^E>\Z+_R [#_ *]H_P#T$5=HK#\:?\B?J?\
MUR_J*\6HKVGP7_R)^F_]<OZFMRBJ6M?\@.__ .O:3_T$UX,OW1]*6O7/AS_R
M*,7_ %UD_P#0JZFBD;[I^E?/C?>;ZFDKT_X6_P#(#O/^OG_V5:[:BBO!M9_Y
M#FH?]?,G_H1JG7:_"[_D/7G_ %[?^S"O4***\3\8?\C=J?\ UU_]E%8U=/\
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M_P"A&J==K\+O^0]>?]>W_LPKU"BBO$_&'_(W:G_UU_\ 916-73_#O_D<(/\
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MQ-3_ .@==_\ ?EO\*Z#P19W6G>)XKB\M+B&$1N"[Q,!DCCM7IG]JVG_/4_\
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MDGFB4V\CSA?+Z$R*<]1ZCZ5U,9#(I4Y! (/K3J0]*YR__LN;Q19A;F"/4()
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M9?\ ?A?\*/[ TG_H%V7_ 'X7_"IH]-LX;:6VBM88X)01)&B!0V1@Y ]JJ?\
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M84E0<$@<<BH4\(:*BNJV7RNH3;YKX4!MPVC/RX/(QC':M6UMHK.!885*HO\
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MSSFE'AC2A;Q0K:L%A=Y(R)G#*6^]\V<X/<9P:M:=8"R65F8/-,VZ1@NT<#
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M=4,[F);B%8 IMI"3N )3Y5SP3\V ..M9MGJU_+'=7EN))-372T5G^SL22LS
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&BBBBO__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>24
<FILENAME>pg76-100_010.jpg
<TEXT>
begin 644 pg76-100_010.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!PD'!@H)" D+"PH,#QD0#PX.
M#QX6%Q(9)" F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$! )C!&2T4^2CD_0#W_
MVP!# 0L+"P\-#QT0$!T]*2,I/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]
M/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3W_P  1" %! G(# 2(  A$! Q$!_\0
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M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
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M0 4444 %4]0_Y=?^OA?ZU<JGJ'_+K_U\+_6@"Y1124 +1110 44E+0 4444
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MV37K-(84444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 1W'_ ![R?[A_
ME7B"_=%>WSC,$@_V3_*O'QIG _>_^.T 4:OZ#_R,&G_]?"?SH_LS_IK_ ..U
M=T73MFN6+>9G;.AQM]Z8CU:BBBD,**** "BBB@ HHHH **** "BBB@ HHHH
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M5VJ6/' R<# '>FZA!']HM9L-O\]1]XX[]NE:%4]0_P"77_KX7^M %L5%=?\
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M4 %%%% !1110 4444 %%%% !61XIC$WAN\1B0"HY'^\*UZR_$G_( N_]T?\
MH0H \R_LR/\ OO\ I1_9D?\ ??\ 2KM%,1I>"[)(/$ =68GR6'/X5Z%7"^$?
M^0X/^N3?TKNJ3&%%%% #)O\ 4O\ [IKRT=!7J4W^I?\ W37EHZ"F@%JWI/\
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M77_B;4(M0N8UE<*DSJ/WC= Q]Z]1KQ?4_P#D*WG_ %WD_P#0C0!H?\)5J/\
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M]+%%"4"BQW&)C(,3DR!P/;A<'/<UU@I: ,W1[6:".YFN$\J2ZG:8Q[@VP$
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M<#% %JBBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *R_$G_( N_\
M='_H0K4K+\2?\@"[_P!T?^A"@#S^BBBF(VO"/_(<'_7)OZ5W5<+X1_Y#@_ZY
M-_2NZI,84444 -D_U;?0UQ@ P.!79R?ZMOH:XP=!0 8'H*GL@/MUOP/]8O\
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MFO'Z];\*_P#(L:?_ -<12&:]%%% !1110 4444 %%%% !1110 4444 %%%%
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MVD9B+9@4YW8[F@"I165_;8_YX'_OK_ZU']MC_G@?^^O_ *U,1ZAI'_()M/\
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M"-- 04J_?7ZBDI5^^OU% CU*EI*6D,**** /+?''_(U7'^XG_H-<_70>./\
MD:KC_<3_ -!KGZ8@KUOPK_R*^G_]<17DE>N>%?\ D6-/_P"N(I#-:BBB@ HH
MJ.2:*+'F2(F>FY@,T 245#]LMO\ GXB_[[%'VRV_Y^(O^^Q0!-13(Y4E&8W5
MQTRIS3Z "BBB@"O=WD-C#YUPQ5,@9 S5+_A)=._YZO\ ]\&J7C>X>V\/&2/&
M[SD'(S7GG]KW7JG_ 'S0!ZA_PDNG?\]7_P"^#5JRU*WU .;9BP0C=E2.M>2_
MVO=>J?\ ?-=I\/[N6[BOS*5^5DQ@8[&@#L:*** "J&MQK+I%PC_=(&<?45?J
MCK#!=*G+$  #DG'<4 <?_9UOZ/\ ]]4?V=;^C_\ ?53?:(?^>T?_ 'V*/M$/
M_/:/_OL4Q%WP[9Q0:J'0-GRV')^E=77,:#+&^I@)(C'8> P/I73TAA1110 V
M3_5M]#7&#I78S<02$==I_E7DPU6]P/\ 2'_(4 =34UE_Q_6__71?YUR']JWO
M_/P_Y"KNCZE=R:U9(\[%6G0$8'3-,1ZA1112&%)2T4 >9:W:0OKEZS1@DS-D
MU1^QP?\ /(?G6IK/_(:O/^NIJE3$5VL[?:?W0Z5ZM:#%G"!T$:_RKS!ONGZ5
MZ?:_\>D/^XO\J&,FHHHI %<%XUM(IM;1G!SY"C@^YKO:XCQA_P AA/\ KBO\
MS0@.9_L^#T;\Z3^SX/1OSJU13$>B:$@CT*Q5>@A4#\JT*HZ+_P @6S_ZXK_*
MKU(84444 %%%% !1110 4444 %%%% !24M% &/J<1DU2U:W2[6[7&)4SY6S/
MS*_;D?CG%8U_I%]=FYLXHI%?SY[@3GA&5T(5<^O."/05V&** ,C18Y7N[V[>
M"2".?RU2.1=K?*N"<?7C\*L:A')]HM7\X^7YZ_N]HZ\\YZU?JIJ'_+K_ -?"
M_P!: +=5=5_Y!%[_ -<'_P#035NJFJ_\@B]_ZX/_ .@F@#R(=!10.@HIB-7P
MS_R,EC_UT/\ Z":]3KRSPS_R,EC_ -=#_P"@FO4Z&,****0!7F5]_P A"Y_Z
MZO\ S->FUQUR!]JFX'WV_G30'.4+]]?J*W\#T%* ,C@=:!'9BEHHI#"DI:2@
M#@_%6/[?FZ?<3^58^!Z"NLUN*-M4D+(I.U>2/:J'D1?\\D_[Y%,1A8'H*]$T
M#_D!6?\ US%<QY$7_/)/^^176Z6 NF6X4  )T% RW1112 *XKX@7<MK+8"+;
M\ROG(S_=KM:X/XD_Z[3O]V3_ -EH Y;^UKG_ *9_]\4?VM<_],_^^*I44Q'I
M?@*XDN=%F>3&1.1P,?PK73UR?P[_ .0%/_U\'_T%:ZRD,**** .:\>1M)X<*
MHI8^<G KS?[)/_SR:O4?%_\ R!#_ -=5KAZ: QOLD_\ SR:NY^',3Q0ZAYB%
M<LF,_0US]=7X)_U=Y_O)_(T =31112 *QO%G_(L7O^Z/_0A6S6/XL_Y%B]_W
M5_\ 0A0!Y?@48%%%,1T/@<?\5$/^N+_TKT>O.? __(Q#_KB_]*]&I,84444
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M8-]T_2O3[7_CTA_W%_E0QDU%%%( KA?&<R1ZT@8\^2O;W-=U7GGCO_D/1_\
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M /+Z***8CHO _P#R,0_ZXO\ TKT:O.? _P#R,0_ZXO\ TKT:DQA1110!'/\
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MQZC;F:)750Q7#=:\J^RW'_/V_P"9_P :[WP1&\>AN))#(?/;D_04 =%1112
M**** "BBB@ JCK44\^BWL5KGSGA8(!U)QTJ]10!A^'PKW-]/;(4M)#&(@4*
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M2':C&,["V,[=W3..<4Q-=L7-Q^\<+ K.S%#AE7ABO]X \'% '-?\*]?_ *"
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ME$8TFMV!;=DQM_\ %58VZA_STM?^_;?_ !536MR+J!91'+&&_AE0HP^H-34
M9QEOQ=K!NM<F,ONV-V(&.OO4NW4/^>EK_P!^V_\ BJMD<YHH S;RROKR#RGF
MME&0<B-O\:I?\([<_P#/U#_WZ/\ C6Q>7B64!E=)7[!(D+LWT JJ^OV"6]O.
M)6>*X7S%9$)PG=F] ,C)- %'_A';G_GZA_[]'_&K5CIU[8AQ'/;MO(SF-O\
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M:BB@ I.M+10!6AT^VMY/,BB"OC&035$>'8Q=2S?;[_$THEDC\T;6(Q@=,XP
M,9K7HH QO^$7LA#=1+)<+'<(\842<1*YRX3CC)K/U7PHTIS;,]P)'5I4GG"\
MJNU2/D8=/:NII* ,RXT@W^F6]K=W=P'B9',D+!2S*<C/'J!^507'A6SGDF83
MW42RRK.T<<@V"0?Q!2",GOV/6MJEH YX>#K-8&B%W?;61$_UHZ*Y<#IZDU'%
MX=GDUB[GNEC,%SN64K+GS8R,!2NP$=OXCTKI** *MCIXL;<Q"YN9L\!YI-S
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M$6-%11A5& /:G444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
' %%%% '_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>25
<FILENAME>pg76-100_011.jpg
<TEXT>
begin 644 pg76-100_011.jpg
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M\I=H95QDYR<9]LTQ/$MM)=0QQQ3-#)Y8,^ %1I%W(I'7)&/ID5+J&NPZ=>+
M\,DBJJO/(F,0JS;5)[G)]/K44OB:U@NIDFCD2WB+I]H.-K.B[F4#KP,\]#C%
M6M+U0:B)E:"2WGA(WQ2$$@,,J<CCD5H44444444444444444444444444444
M4444444444444444444444444444444444444444445'.':WD$04R%2%#' S
MCC)K"33-6@\-V.G1K9.\<8BN 9G564#&%(4GGOQ33X?NI+X,[6RV\LT5S.J9
MRLD:@;5XY4X')P?:F7&D7NKM).T<5LMXJ17*.Q+*L;D@KQR2#C!QBFW?A*2]
M>>VDEB6Q>66X0C)D$CJ1@CI@$DYSSTK4TC3KFVGNKJ^,/VBXV K"2554&!R0
M#SR:EU6)3 )OF$B,@4AB/XAVJ_1111111111111111111111111111111111
M11111111111111111111111111111111111111248I:*IZI_QXM_OI_Z&*N4
M444444444444444444444444444444444444444444444444444444444444
M44444444444A90NXD >I-&X;@N1D]J"P! ) )Z#UHW#=MR,]<4*P894@CU%5
M-4_X\6_WT_\ 0Q5RBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBFNZHI9V"J!DDG  H1UD0.C!E89#*<@TZBBBBBJ]\(F
ML+@7! A,;;R6VC;CGGM7'Q26K^&O#37;1/I:PD3ESF/<(\(&_'U[X[U6L!<B
MYLQ> _VMYUKY._/F>1L&_P!\?>W>_6KNOS1W.I2RQR1RRM%"--=#N_>"0^9L
M([],X[=>*IZ@+G[5>BS!_MCSK@OL!W^1Y9V>^W[NW_:]ZWO"WD?:-0.G;/[.
MS%Y7E_<W[/GQ^.,^^>]:6K&;[-A%C,>Y-Q+$$?..@Q6A1111111111111111
M11111111111111111111111111111111111111111111116#XX<IX-U,@X)B
MQ^9%5OAY<?:/!MH"<F(M'^1-=/111112'FDVC&.,>E+C\ZBM[6*UB$<*!4!)
M Z\GDU+COWH Q535/^/%O]]/_0Q5RBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBN:^(+[/!M[_M;5_\ 'A65\*;C?H=W
M 3S%/D#V('^!KNJ***********IZI_QXM_OI_P"ABKE%%%%%%%%%%%%%%%%%
M%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%<E\2WV^#IA_>EC'
MZUC?#538ZUJM@W7RHY,?A_\ 95Z-1111116#XMU&ZTS3HI;65XP9,2-%&))
MNTG*J>H!QGC@9-4;S7;]%\Z.>+;:6L%Q,(U#)<&1L'!/.W )&/6KNO:C>07/
MD6<HA,-I+>,Q0-OV$ )ST!R<D<U2M/$=W-<1WC$_9)YY(%MM@RFR,MNSUR2"
M,=,&KF@:G>7%RD5Y*)OM%G'>J0@7R]Q(*<=0.,$\]:T=6GB2V\II$$CLFU2W
M)^<=!5^BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
MBBBBBBBBBN,^*+X\+(O]ZY0?SJCI:FR^*0B486XL5)_!!_A7H-%%%%%%4=2T
MJWU1(A.94>)MT<D,A1T)!!P1Z@D5#)X>L)#;?NF1+=%C6-'(5E7E58?Q 'D9
MIC>'XKFVBCOIIIY(RP,@<J71CDH><E3QD'TJ>/1+./46O%C;S#D[-QV*Q&"P
M7H"1P33M.TBUTQI&MU?+@*"[EMBC.$7/11DX'O3M4_X\6_WT_P#0Q5RBBBBB
MBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBN'^
M*9)T6QC'5[L#_P =-1W@\CXLZ<1T>UQ^A%=Y111111111115/5/^/%O]]/\
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MI6O7\MI:NZ2K]P2#'FCU7_"N6^)5_P#;-8LM)0_)"/.E'N>GZ?SKI] TJ/\
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;%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%?__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>26
<FILENAME>pg76-100_012.jpg
<TEXT>
begin 644 pg76-100_012.jpg
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M^LN?U%/\>+C2+>3^Y.O\C71PMOAC;U4']*DHHHHHHHHHHHJJG_(6F_ZX1_\
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MUF*^M-PL+AMLT8Z*?\\BNQC=9$5T(96&01W%.HHHHHHHHHJJG_(6F_ZX1_\
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M_P B.&W:YN)V(CB#!<@#+')Z8 _E5FRNX[^SANH"3%,@=<C!P?6F)_R%IO\
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M_P!_\:B@TXC?YUQ<D[SMQ.WW>W>I?[.C_P">UU_W_?\ QH_LZ/\ Y[77_?\
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M/<F3^(B=O\:E_LZ/_GM=?]_W_P :/[.C_P">UU_W_?\ QH_LZ/\ Y[77_?\
M?_&C^SH_^>UU_P!_W_QH_L]/^>UU_P!_W_QJ./3B'E\RXN2I;Y!Y[<# ]_7-
M2?V='_SVNO\ O^_^-']G1_\ /:Z_[_O_ (T?V='_ ,]KK_O^_P#C1_9T?_/:
MZ_[_ +_XT?V='_SVNO\ O^_^-1/IQ,\12>Y\H9WCSVR?3O4O]GQ_\]KK_O\
MO_C1_9T?_/:Z_P"_[_XT?V='_P ]KK_O^_\ C1_9T?\ SVNO^_[_ .-']G1_
M\]KK_O\ O_C45SIQ-O(()[D2D?*3.V,_G4O]GQ_\]KK_ +_O_C1_9T?_ #VN
MO^_[_P"-']G1_P#/:Z_[_O\ XT?V='_SVNO^_P"_^-']G1_\]KK_ +_O_C1_
M9T?_ #VNO^_[_P"-16^G$6Z"XGN3+CYB)VQG\ZE_L^/_ )[77_?]_P#&C^SH
M_P#GM=?]_P!_\:/[.C_Y[77_ '_?_&C^SH_^>UU_W_?_ !H_LZ/_ )[77_?]
M_P#&HETXBXD+3W/E878//;(/.>_TJS!;+ 25>5L_WY"W\ZGHHHHHHI#7.:C!
M<-?RM-;ZO,I/[IK&Z\M OH5W+SGZ_P!*W+%9ULH1=?ZX+\WS9_7C)]ZL4445
M1U ZD/+_ +-6T/7S#<,PQZ8VBC3SJ9>3^TELPN!Y?V<L3GG.<_A5ZBBBJ.LQ
MW<NE7":>Y2Y90%*D XSS@GH<9P?7%9TFFZC;SZ>;&ZN7MA.&GCN)=SJFTY&3
MG<,D<$G'8UOT444UMVP[<;L<9Z9K!ALM;6W6>;4YV=(]QMUBB!>3/*[L8V=A
MT//)K?'2EHHHKG?$=MJRB>YL;Z]\DPD"WMDCWHV#AAE26SW&<^E;&G0RP6,*
M7%Q-<2[06>4*&^AV@#]*M4445DZ\FJB.*?1]KRQ!\P,^T2$KA23TX/.*-,L;
MG3;A86N;J[A:+=)-<2;CYF1T] 1G@<# K5%+114%VDLELZV[A)>"A/3(.<'V
M/3\:Q;%;^75O.FM[^%RY\SS9U, 3LJ*#R>G.T'K704M%%(:YS2+'5QIXD.H7
M$=V'?S(;M1(A.X]#PP!&,8.!Z5T4>[RU\S;OP-VWIGOBG4445SVOPZO+<*-)
M\]974*DOF 10CG>64_>;&-O!Y].<W]#CFBL2LRW:J&^07<@>7&!DL03U.3U_
M+I6E1115#6%G>RQ;B=OF'F+;N$D9.X4G&#T[CZU6T:WO+8*9#<^1+N/E74OF
M21<\?-DGD=1DX]:V****@O3(MC.875) A*LQP <=2>U<II6HP3SP364NH<S+
M&TMS?B2%B>J@;CDGMP/PZ5V(I:***YZ?5[_^U9[2WN-%W1G(CDF?S N,_, .
M#[5KZ=.]S8032/!(\B!BT#9C.>ZGTJU11111125BZMI]M LU]<76J;2RY2"Z
MD4#)"\*I'K6I:6JV=JD"/*ZIG#2N78\YY)Y-3T4453O]-34#'ON+N(1YXMYV
MBW9]=I&:K:'!;B%[JVEOG64E,74SN1M8C@,3CG/UXK5HHHJ&ZMQ=VTD)DEC#
MC&^)RK+]".E9-OIMK%JXA6YU1I8%6;]Y=R/&P)8 $$D'H>/I6Y1112$9&*P)
M]'M(9[>VDO-89[DLJL+V7 P"3GYL#BM]1@8]*6BBBL?5["W"W&H7%SJ2K''N
M:.WN9$&%'95(Y-7M/M$L[41QR3R*27W3R%VYYZGFK5%%%5+^P34(T1Y[F$(V
M[-O,T9/L2O.*IZ/:6RS3S6\VH.8W:W9;F=W&0>2 Q/YUKT445#=VPN[62$R2
MQ!QC?$Y1Q]".E95KIMI'JYB2YU1IK95F_>W4CQL&W #!)!Z']*VZ***2L*]T
MJUMY(S-=ZN3=3^6OEWDN%+9/0-@ 8_E6W#&(84C4L0BA06.2<>II]%%%9NIZ
M9#<,US-<W\8CC.4M[EXP0.<X4C)IVC00Q6*2V\ETZ7 $H^TRL[C(''S$D?2M
M"BBBJU]9+?6_E--/$-P;=!*8VX[9'.*S]-L;9-1G,,^HO):MY;"XN9'0EE#9
M 8D'@CGZULT4456U"RCU'3Y[28D1SH48J><&LN\TZUO;VTM)S(+R%4N//CC"
MJX1Q\I_'MV[5N"EHHHK%GL+33K6X^T!Y8+BZ$BJJ9>.1V R#]3G/85>TK3TT
MK3+>RC=I%@38'?J?<U<HHHHHHHKF_%>KG2YK/?=W5O!('W?9A%N+#&.9.,=>
M!6CX=O%U#0K6Z22XD60$A[A0)#\QZ@<?E6G1116=K]U)9:%=W$,AC>-,AU"D
MCD9QNXSCUXK*\*:S%JMU>+%=ZA<")$)^U"+ SN^Z8^.W.?:NFHHHI*XFS\1^
M9X@ALY[_ %)[AKMH_*18/)P"V,@?.!@=Z[>BBBDKBO$GB,:9JUU#<7^HPHJ*
MT<=HL'0CG._+$Y]*[1/NCZ4ZBBBN?\5ZFVEP6LGVF>WA>4K(T CWGY3C!D^4
M<_C4_A;4$U/1_M$<UW,IE=0]T$#G#8_A^7'IBMFBBBJFJ2R0:5=RPOLD2%F5
ML X('!P:YWPMKT>J:H\,=YJ5PRV^]A<B'8/F X,8Z_6NMHHHHKB-/\1^=K]O
M9SW^I/<-<O&8U6#R>-W4#+@8'<]:[:EHHHKD/%.O_P!E:IY<]]?00FW#JMHL
M&<Y.<^9R>@QBNGT^7S].MI<R-OB5LR##'('7WJQ1116+XIU!]-TI9UGE@3SD
M61X@A?:<YQO^4=NM1^$]335;.YEBN+V=4GV;KH1@YVJ<#9\I'/YYK>HHHJ.=
MF6&0J0&"D@D9P<5Q_AKQ$NHZQ;VS7VI3SM"[.DJP>5D8R?DY')XS7:4444E<
M3-XC$?B)K.>_U+S3>K$D4*P>5M+  $<OCU/UKMJ6BBBN7\5:R=+OK99+R[MX
M)(V.+80[BP(ZF3MCL*U]!NA?:'97*O.ZRQ!@TX D(/=@.,_2M&BBBBBBD-8.
MH7$LUV0-,U;,)9!+;^2%<<'(W-G@@'MR.XJ_H3P2:-;/;2RS1,I(>5@SL<G.
M2.,YSTXK0HHHK,U>>18Q;K97MP)06\RV\O,9!!'WR!G/(Z]*KZ'+$]]>*?MT
M=PJIN@NGC/EJ=V,!"< G=UY_"MNBBBH+RX:UMGE2"6X9<8BBQN;G'&2!^M<_
M%)&NHV:W$.K6:M.?*69X5C9L$A,*Q8@?,1^N:Z>BBBFL<*3C.!T'>N5U"\$D
M,UQ=V6M6,$@4RN&@14&,$D[B>1@'Z<8-=6O3CI2T445B:I<2/=>4--U*00GB
M6W\K:X*\CYF!QSV';K4_A^2&732T,MQ)^]<2&X96</N.X';\O!XP*U****H:
MM.T=N(A8W5VLP*,+?9E1CJ=Q K/TB5&U>1)?[1BNA!D17;Q8*EN7"H3R3USQ
MZ5O"EHHJO>3M:VS3)!+<,I'[J+&YLG'&2![]:P+>2-=3LDN(=5M TK>2LSPB
M-VPQ"X5B3@;L?KG%=-2T44AKF-0NWE$]Q+I^LVJ",AY(S H4#/SY9L]">O8]
M*Z&R,9L8# Q:+RUV,3DE<<'/>IZ***Q]6N)#*L"Z?J$P3;()K;RL9Y!'SL.V
M0>.].\/R12071C>Z,BSE94N71GC8 87Y20 !CW]>:UJ***J:C<-;VX*V<]WO
M.PQP[=V"#S\Q Q^/>L?3)$&L6\4ZZG!-Y+>5'=/$%D P"<(220-H]/QKHZ**
M*ANIFM[625(7F9%+"./&YO89[USKSI]K@-U;ZO91272X+M L98MD(<,6(+<^
MO/IQ73BEHHHKG]0N99;EV&FZNACW1^;!Y 5@#D,-S9X(R.![YK2T9H'TBT>U
ME>6!H@4>1@S,/4D<$_2KU%%%%%%)1BD1%C0)&H51T"C %.HHHI,4@15=F"J&
M;&2!R:=1112$9IK1JS*656*G*DCH?:GT4444QXUD0I(JLIZAAD4ZEHHHI,4U
M(UC&$55&<X48I]%%%)3?+7>7VKO(QNQSCTS3Z***3&::8T9E9E4LIRI(Z?2G
MT444E(R!U*L RD8((R#2@   # '84M%%%)BD1%3=M55W')P,9/K3J***3%-,
M:EP^U=X& V.0/K3Z***0\TUHU?&Y5;:<C(S@^M/HHHI*",@@\@]C2(BQJ%4!
M548  P!3J******************2BBB@G%9>G^(;34;:\F598#9.R3QS* R$
M#.< G((Z$=:SU\;6[VZSKI>IF)K8W>[9'Q$.I^_^G6M";Q!;0_9'\JX>WNMF
MVX2/]VN_[F[G/.1T!QGG%:E+11111111124M%(3@=,UGZ=JZZE9SW$=I=1^3
M(\9CD"AF9>#C#$=>.2*J:9XIMM3N;:#[+>6SW432P&=% D"D!L;6.",CKBM#
M3=2AU2&62!95$4KPL)$*G<IP>#VJY111111111124M)5'5=572H8I'MKB<2R
MK$!"%)!8X&<D<9INJ:P-,EM8_L5W<M<N400!3A@"<'<PQP#^55E\46LFCC4H
M;:\EB^?S$2,%XMA(?<,XX(/0G/;-:\4JSQ)+&=R.H93Z@]*?111111111111
M11111111111111111111112&N7U?P4=7U*2[_M>\AWXQ&IX7Z<U2_P"%<'_H
M.7W^?QH_X5P?^@Y??Y_&KNC^#&T?4H[L:M>3[ 1Y;GY6R._--CT34C=&Z,,$
M/FHZ7, FW>< Q:([L#!R2#QTK-'A+4K^.QAO;:W@-I9^5%<)<%RDH8,#MV@%
M3MP0>H-;?_$]NGLUN]*LUCB*LX2[^7>/XL;,D#J!]/2NA%+11111111169?:
M0;ZX\W[5+'QC:O2J_P#PCG_3]/1_PCG_ $_3U);Z&;:X247DSE#G:3P?:J6E
MIKMDLD3:=:JLES+,S_:]W#$L% V]>@S5#P]X>U/0I[>YCM;7=.OEWL/GDA<$
MD21L5ZX."O&>*W="M;NT2]%Y%'&9;N29-DF_*L<C/ P:UJ*********CGC,L
M+QAV0NI7<O4>XKE_^$')_P"8O>?Y_&C_ (08_P#07N_\_C1_P@Q_Z"]W_G\:
M?<:!?6&F1V]BYOV^U13,+B;R]JHP; X/7%-UG3-4\01VD-_IUL+<7!:1%NR&
M5-A7(8+RV6)[8Q[TL5IKUMI*:6UC:W,,9,9F2Y\HS1#IE=G#'C/XXZUTL <0
MQB1%1@HRJ'(7V%2T44444444444444444444444444444444444444444444
M444444444444444444444444444444444444444444444444444444444444
M444444444444444444444444444444444444444444444444444444444444
+44444444445__]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>27
<FILENAME>pg76-100_013.jpg
<TEXT>
begin 644 pg76-100_013.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  H'!PD'!@H)" D+"PH,#QD0#PX.
M#QX6%Q(9)" F)2,@(R(H+3DP*"HV*R(C,D0R-CL]0$! )C!&2T4^2CD_0#W_
MVP!# 0L+"P\-#QT0$!T]*2,I/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3T]
M/3T]/3T]/3T]/3T]/3T]/3T]/3T]/3W_P  1" $P D(# 2(  A$! Q$!_\0
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M5HV!QM?&30!?HI,T9H 6BBB@ HI*KRZC9P3+#-=0QRMT1G )_"@"S12 YI:
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MY<H X=>?E/MR>/>B70=-G\SS+*$F0(&(7!.P87D<\ D5+:M(&"$80C(!%6Z
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MF* &XI,4ZC% #,4;#LW8^7.,^]2+%N&YF"J.ISS^ HE8-M6-=L:#"@]3ZDT
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MJ(DD\Z/$L<2>7$IE*D<C,9Q_"X/3.:N/XFU".^TT+J7G0.(@\<:QN\A9R&)
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M@97CD*2*5<=CW'K2YIB'[N0,\GI4WF3HP)5U+8&2O7ZU/I<:LKNR?,&P&/\
M2M'%(9EF.[1.8QL'\*@''X5R'C6[UW^W-"TO2X_,COI-\J,2FTQ,&)+#D+@C
M/T]Z]#[51N8)/[0MYXT#8^1B1R@/7% %R/=M&_!;')'3-/IJMNS@@X..*=0
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M4_PD4 .5U<95@1Z@TZJ?DRQ*R0LF#S@#!%0K-+"2NXY'4-S0!I455BNPYVR
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M/+7J,$'C<>U64+%1OQN[XJ.*' 0R'<Z]">U2T +124M !1110 4444 %%%%
M!1110 4444 %%%% !1110 4444 %%%% !1110!5U!Y$M)#%,D+D861UW!2?:
MN%DF>:XEEEV[W;)V]/PKO+V!;FV>)QE6ZBO.YF:!YX0"9(W90 .O/44 =!X6
MN(S=RV_V-FEY<W(&0!_=)['VKJQ5+2+*&PT^..WW;&^<ENI)Y.:GNKD6L6\Q
MR2<XVQKN- $]%0VTYN($D,3Q;AG9(,,/K4U !1110 44E+0 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4E+49A4R^9CY\8SF@"2BDI:
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MQ$<#'(-2T4M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M!1110 E+110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
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-%% !1110 4444 ?_V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>28
<FILENAME>ex15-2_001.jpg
<TEXT>
begin 644 ex15-2_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !, ,D# 2(  A$! Q$!_\0
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8C08"@=!5BBBI&%%%% !1110 4444 ?_9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.INS
<SEQUENCE>29
<FILENAME>pxs-20201231.xml
<DESCRIPTION>XBRL INSTANCE FILE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" ?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.7a -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: http://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Source; Value: PXS %2D20201231 20%2DF DFN.xfr; Date: 2021%2D04%2D12T11:27:06Z -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
<xbrli:xbrl xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:dei="http://xbrl.sec.gov/dei/2020-01-31" xmlns:ref="http://www.xbrl.org/2006/ref" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:utr="http://www.xbrl.org/2009/utr" xmlns:us-gaap="http://fasb.org/us-gaap/2020-01-31" xmlns:us-roles="http://fasb.org/us-roles/2020-01-31" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:us-types="http://fasb.org/us-types/2020-01-31" xmlns:country="http://xbrl.sec.gov/country/2020-01-31" xmlns:srt="http://fasb.org/srt/2020-01-31" xmlns:PXS="http://pyxistankers.com/20201231">
    <link:schemaRef xlink:href="pxs-20201231.xsd" xlink:type="simple" />
    <xbrli:context id="From2020-01-01to2020-12-31">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-01-01</xbrli:startDate>
        <xbrli:endDate>2020-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2019-12-31">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2019-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-12-31">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2018-01-01to2018-12-31_us-gaap_CommonStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2018-01-01</xbrli:startDate>
        <xbrli:endDate>2018-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2017-12-31_us-gaap_CommonStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2017-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2018-12-31_us-gaap_CommonStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2018-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2018-01-01to2018-12-31_us-gaap_AdditionalPaidInCapitalMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2018-01-01</xbrli:startDate>
        <xbrli:endDate>2018-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2017-12-31_us-gaap_AdditionalPaidInCapitalMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2017-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2018-12-31_us-gaap_AdditionalPaidInCapitalMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2018-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2018-01-01to2018-12-31_us-gaap_RetainedEarningsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2018-01-01</xbrli:startDate>
        <xbrli:endDate>2018-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2017-12-31_us-gaap_RetainedEarningsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2017-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2018-12-31_us-gaap_RetainedEarningsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2018-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2019-12-31_custom_NorthseaAlphaVesselMember_custom_SecondoneMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:NorthseaAlphaVesselMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="dei:LegalEntityAxis">PXS:SecondoneMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2019-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2019-12-31_custom_NorthseaBetaVesselMember_custom_ThirdoneMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:NorthseaBetaVesselMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="dei:LegalEntityAxis">PXS:ThirdoneMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2019-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2019-12-31_custom_PyxisMalouVesselMember_custom_FourthoneMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:PyxisMalouVesselMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="dei:LegalEntityAxis">PXS:FourthoneMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2019-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2019-12-31_custom_PyxisDeltaVesselMember_custom_SixthoneMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:PyxisDeltaVesselMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="dei:LegalEntityAxis">PXS:SixthoneMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2019-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2019-12-31_custom_PyxisThetaVesselMember_custom_SeventhoneMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:PyxisThetaVesselMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="dei:LegalEntityAxis">PXS:SeventhoneMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2019-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2019-12-31_custom_PyxisEpsilonVesselMember_custom_EighthoneMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:PyxisEpsilonVesselMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="dei:LegalEntityAxis">PXS:EighthoneMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2019-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-12-31_custom_NorthseaAlphaVesselMember_custom_SecondoneMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:NorthseaAlphaVesselMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="dei:LegalEntityAxis">PXS:SecondoneMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-12-31_custom_NorthseaBetaVesselMember_custom_ThirdoneMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:NorthseaBetaVesselMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="dei:LegalEntityAxis">PXS:ThirdoneMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-12-31_custom_PyxisMalouVesselMember_custom_FourthoneMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:PyxisMalouVesselMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="dei:LegalEntityAxis">PXS:FourthoneMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-12-31_custom_PyxisDeltaVesselMember_custom_SixthoneMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:PyxisDeltaVesselMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="dei:LegalEntityAxis">PXS:SixthoneMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-12-31_custom_PyxisThetaVesselMember_custom_SeventhoneMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:PyxisThetaVesselMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="dei:LegalEntityAxis">PXS:SeventhoneMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-12-31_custom_PyxisEpsilonVesselMember_custom_EighthoneMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:PyxisEpsilonVesselMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="dei:LegalEntityAxis">PXS:EighthoneMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-12-31_custom_MrValentisMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:TitleOfIndividualAxis">PXS:MrValentisMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-01-01to2020-12-31_custom_VesselsMember_custom_SecondoneCorporationLtdMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:VesselsMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="dei:LegalEntityAxis">PXS:SecondoneCorporationLtdMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-01-01</xbrli:startDate>
        <xbrli:endDate>2020-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-01-01to2020-12-31_custom_VesselsMember_custom_ThirdoneCorporationLtdMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:VesselsMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="dei:LegalEntityAxis">PXS:ThirdoneCorporationLtdMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-01-01</xbrli:startDate>
        <xbrli:endDate>2020-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-01-01to2020-12-31_custom_VesselsMember_custom_FourthoneCorporationLtdMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:VesselsMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="dei:LegalEntityAxis">PXS:FourthoneCorporationLtdMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-01-01</xbrli:startDate>
        <xbrli:endDate>2020-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-01-01to2020-12-31_custom_VesselsMember_custom_SixthoneCorpMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:VesselsMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="dei:LegalEntityAxis">PXS:SixthoneCorpMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-01-01</xbrli:startDate>
        <xbrli:endDate>2020-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-01-01to2020-12-31_custom_VesselsMember_custom_SeventhoneCorpMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:VesselsMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="dei:LegalEntityAxis">PXS:SeventhoneCorpMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-01-01</xbrli:startDate>
        <xbrli:endDate>2020-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-01-01to2020-12-31_custom_VesselsMember_custom_EighthoneCorpMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:VesselsMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="dei:LegalEntityAxis">PXS:EighthoneCorpMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-01-01</xbrli:startDate>
        <xbrli:endDate>2020-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2019-12-31_custom_LubricantsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PublicUtilitiesInventoryAxis">PXS:LubricantsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2019-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2019-12-31_custom_BunkersMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PublicUtilitiesInventoryAxis">PXS:BunkersMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2019-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-12-31_custom_LubricantsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PublicUtilitiesInventoryAxis">PXS:LubricantsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-12-31_custom_BunkersMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PublicUtilitiesInventoryAxis">PXS:BunkersMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2019-01-01to2019-12-31_custom_VesselCostMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:VesselCostMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2019-01-01</xbrli:startDate>
        <xbrli:endDate>2019-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2018-12-31_custom_VesselCostMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:VesselCostMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2018-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2019-01-01to2019-12-31_custom_AccumulatedDepreciationMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:AccumulatedDepreciationMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2019-01-01</xbrli:startDate>
        <xbrli:endDate>2019-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2018-12-31_custom_AccumulatedDepreciationMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:AccumulatedDepreciationMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2018-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2019-01-01to2019-12-31_custom_NetBookValueMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:NetBookValueMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2019-01-01</xbrli:startDate>
        <xbrli:endDate>2019-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2018-12-31_custom_NetBookValueMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:NetBookValueMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2018-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2019-01-01to2019-12-31_us-gaap_CommonStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2019-01-01</xbrli:startDate>
        <xbrli:endDate>2019-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2019-12-31_us-gaap_CommonStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2019-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2019-01-01to2019-12-31_us-gaap_AdditionalPaidInCapitalMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2019-01-01</xbrli:startDate>
        <xbrli:endDate>2019-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2019-12-31_us-gaap_AdditionalPaidInCapitalMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2019-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2019-01-01to2019-12-31_us-gaap_RetainedEarningsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2019-01-01</xbrli:startDate>
        <xbrli:endDate>2019-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2019-12-31_us-gaap_RetainedEarningsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2019-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2017-12-31">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2017-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2019-12-31_custom_SpotChartersMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">PXS:SpotChartersMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2019-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-12-31_custom_SpotChartersMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">PXS:SpotChartersMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2019-12-31_custom_TimeChartersMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">PXS:TimeChartersMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2019-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-12-31_custom_TimeChartersMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">PXS:TimeChartersMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2019-01-01to2019-12-31_custom_RevenuesDerivedFromSpotChartersMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">PXS:RevenuesDerivedFromSpotChartersMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2019-01-01</xbrli:startDate>
        <xbrli:endDate>2019-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2018-01-01to2018-12-31_custom_RevenuesDerivedFromSpotChartersMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">PXS:RevenuesDerivedFromSpotChartersMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2018-01-01</xbrli:startDate>
        <xbrli:endDate>2018-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2019-01-01to2019-12-31_custom_RevenuesDerivedFromTimeChartersMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">PXS:RevenuesDerivedFromTimeChartersMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2019-01-01</xbrli:startDate>
        <xbrli:endDate>2019-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2018-01-01to2018-12-31_custom_RevenuesDerivedFromTimeChartersMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">PXS:RevenuesDerivedFromTimeChartersMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2018-01-01</xbrli:startDate>
        <xbrli:endDate>2018-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2019-12-31_custom_VesselCostMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:VesselCostMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2019-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2019-12-31_custom_AccumulatedDepreciationMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:AccumulatedDepreciationMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2019-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2019-12-31_custom_NetBookValueMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:NetBookValueMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2019-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2018-12-31_custom_SignificantOtherObservableInputsLevel2NorthseaAlphaAndNorthseaBetaMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:SignificantOtherObservableInputsLevel2NorthseaAlphaAndNorthseaBetaMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2018-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2018-12-31_custom_SignificantOtherObservableInputsLevel2NorthseaAlphaVesselMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:SignificantOtherObservableInputsLevel2NorthseaAlphaVesselMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2018-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2018-12-31_custom_SignificantOtherObservableInputsLevel2NorthseaBetaVesselMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:SignificantOtherObservableInputsLevel2NorthseaBetaVesselMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2018-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2018-01-01to2018-12-31">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2018-01-01</xbrli:startDate>
        <xbrli:endDate>2018-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2018-02-28_custom_PreviousSecuredLoanSecondoneThirdoneAndFourthoneMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">PXS:PreviousSecuredLoanSecondoneThirdoneAndFourthoneMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2018-02-28</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2018-02-28_custom_SecondoneThirdoneAndFourthoneNewSecuredLoanMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">PXS:SecondoneThirdoneAndFourthoneNewSecuredLoanMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2018-02-28</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2018-02-26to2018-02-28_custom_SecondoneThirdoneAndFourthoneNewSecuredLoanMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">PXS:SecondoneThirdoneAndFourthoneNewSecuredLoanMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2018-02-26</xbrli:startDate>
        <xbrli:endDate>2018-02-28</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2018-02-01to2018-02-02_custom_FThreeRegistrationStatementMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">PXS:FThreeRegistrationStatementMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2018-02-01</xbrli:startDate>
        <xbrli:endDate>2018-02-02</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2018-01-19_us-gaap_InterestRateCapMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">us-gaap:InterestRateCapMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2018-01-19</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2018-01-17to2018-01-19_us-gaap_InterestRateCapMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">us-gaap:InterestRateCapMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2018-01-17</xbrli:startDate>
        <xbrli:endDate>2018-01-19</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2015-10-28_custom_MaritimeInvestorsPromissoryNoteMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:LongtermDebtTypeAxis">PXS:MaritimeInvestorsPromissoryNoteMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2015-10-28</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2019-01-01to2019-12-31_custom_MaritimeInvestorsPromissoryNoteMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:LongtermDebtTypeAxis">PXS:MaritimeInvestorsPromissoryNoteMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2019-01-01</xbrli:startDate>
        <xbrli:endDate>2019-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2018-01-01to2018-12-31_custom_MaritimeInvestorsPromissoryNoteMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:LongtermDebtTypeAxis">PXS:MaritimeInvestorsPromissoryNoteMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2018-01-01</xbrli:startDate>
        <xbrli:endDate>2018-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2019-01-01to2019-12-31">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2019-01-01</xbrli:startDate>
        <xbrli:endDate>2019-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-01-01to2020-12-31_custom_VesselCostMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:VesselCostMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-01-01</xbrli:startDate>
        <xbrli:endDate>2020-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-01-01to2020-12-31_custom_AccumulatedDepreciationMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:AccumulatedDepreciationMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-01-01</xbrli:startDate>
        <xbrli:endDate>2020-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-01-01to2020-12-31_custom_NetBookValueMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:NetBookValueMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-01-01</xbrli:startDate>
        <xbrli:endDate>2020-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2019-12-31_custom_EighthoneLoanAmendedAndRestatedPromissoryNoteMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">PXS:EighthoneLoanAmendedAndRestatedPromissoryNoteMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2019-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-01-01to2020-12-31_custom_EighthoneNewSecuredLoanMember_custom_UntilDecemberTwoThousandAndTwentyMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">PXS:EighthoneNewSecuredLoanMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:AwardDateAxis">PXS:UntilDecemberTwoThousandAndTwentyMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-01-01</xbrli:startDate>
        <xbrli:endDate>2020-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-01-01to2020-12-31_custom_EighthoneNewSecuredLoanMember_custom_ThereafterOnSeptemberTwentyFiveTwoThousandTwentyMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">PXS:EighthoneNewSecuredLoanMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:AwardDateAxis">PXS:ThereafterOnSeptemberTwentyFiveTwoThousandTwentyMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-01-01</xbrli:startDate>
        <xbrli:endDate>2020-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2018-01-01to2018-12-31_custom_ATMProgramMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">PXS:ATMProgramMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2018-01-01</xbrli:startDate>
        <xbrli:endDate>2018-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2015-04-22to2015-04-23_custom_LOOKSMARTLTDMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:TitleOfIndividualAxis">PXS:LOOKSMARTLTDMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2015-04-22</xbrli:startDate>
        <xbrli:endDate>2015-04-23</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-01-01to2020-12-31_custom_RevenuesDerivedFromSpotChartersMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">PXS:RevenuesDerivedFromSpotChartersMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-01-01</xbrli:startDate>
        <xbrli:endDate>2020-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-01-01to2020-12-31_custom_RevenuesDerivedFromTimeChartersMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ProductOrServiceAxis">PXS:RevenuesDerivedFromTimeChartersMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-01-01</xbrli:startDate>
        <xbrli:endDate>2020-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-01-01to2020-12-31_custom_ChartererAMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByTypeAxis">PXS:ChartererAMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-01-01</xbrli:startDate>
        <xbrli:endDate>2020-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-01-01to2020-12-31_custom_ChartererBMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByTypeAxis">PXS:ChartererBMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-01-01</xbrli:startDate>
        <xbrli:endDate>2020-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-01-01to2020-12-31_custom_ChartererCMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByTypeAxis">PXS:ChartererCMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-01-01</xbrli:startDate>
        <xbrli:endDate>2020-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2018-01-01to2018-12-31_custom_ChartererAMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByTypeAxis">PXS:ChartererAMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2018-01-01</xbrli:startDate>
        <xbrli:endDate>2018-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2018-01-01to2018-12-31_custom_ChartererBMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByTypeAxis">PXS:ChartererBMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2018-01-01</xbrli:startDate>
        <xbrli:endDate>2018-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2018-01-01to2018-12-31_custom_ChartererCMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByTypeAxis">PXS:ChartererCMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2018-01-01</xbrli:startDate>
        <xbrli:endDate>2018-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2019-01-01to2019-12-31_custom_ChartererAMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByTypeAxis">PXS:ChartererAMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2019-01-01</xbrli:startDate>
        <xbrli:endDate>2019-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2019-01-01to2019-12-31_custom_ChartererBMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByTypeAxis">PXS:ChartererBMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2019-01-01</xbrli:startDate>
        <xbrli:endDate>2019-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2019-01-01to2019-12-31_custom_ChartererCMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:ConcentrationRiskByTypeAxis">PXS:ChartererCMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2019-01-01</xbrli:startDate>
        <xbrli:endDate>2019-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2015-10-27to2015-10-28_custom_MaritimeInvestorsPromissoryNoteMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:LongtermDebtTypeAxis">PXS:MaritimeInvestorsPromissoryNoteMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2015-10-27</xbrli:startDate>
        <xbrli:endDate>2015-10-28</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-01-01to2020-12-31_custom_PyxisMaritimeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">PXS:PyxisMaritimeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-01-01</xbrli:startDate>
        <xbrli:endDate>2020-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-01-01to2020-12-31_custom_PyxisMaritimeMember_custom_WhileVesselIsUnderConstructionMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">PXS:PyxisMaritimeMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionAxis">PXS:WhileVesselIsUnderConstructionMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-01-01</xbrli:startDate>
        <xbrli:endDate>2020-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-01-01to2020-12-31_custom_PyxisMaritimeMember_custom_NorthseaAlphaVesselMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">PXS:PyxisMaritimeMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:NorthseaAlphaVesselMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-01-01</xbrli:startDate>
        <xbrli:endDate>2020-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-01-01to2020-12-31_custom_PyxisMaritimeMember_custom_NorthseaBetaVesselMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">PXS:PyxisMaritimeMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:NorthseaBetaVesselMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-01-01</xbrli:startDate>
        <xbrli:endDate>2020-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-01-01to2020-12-31_custom_PyxisMaritimeMember_custom_PyxisThetaVesselMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">PXS:PyxisMaritimeMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:PyxisThetaVesselMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-01-01</xbrli:startDate>
        <xbrli:endDate>2020-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-01-01to2020-12-31_custom_PyxisMaritimeMember_custom_PyxisEpsilonVesselMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">PXS:PyxisMaritimeMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:PyxisEpsilonVesselMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-01-01</xbrli:startDate>
        <xbrli:endDate>2020-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-01-01to2020-12-31_custom_PyxisMaritimeMember_custom_PyxisMalouVesselMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">PXS:PyxisMaritimeMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:PyxisMalouVesselMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-01-01</xbrli:startDate>
        <xbrli:endDate>2020-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2018-01-01to2018-12-31_custom_PyxisMaritimeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">PXS:PyxisMaritimeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2018-01-01</xbrli:startDate>
        <xbrli:endDate>2018-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2018-01-01to2018-12-31_custom_SignificantOtherObservableInputsLevel2NorthseaAlphaVesselMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:SignificantOtherObservableInputsLevel2NorthseaAlphaVesselMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2018-01-01</xbrli:startDate>
        <xbrli:endDate>2018-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2018-01-01to2018-12-31_custom_SignificantOtherObservableInputsLevel2NorthseaBetaVesselMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:SignificantOtherObservableInputsLevel2NorthseaBetaVesselMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2018-01-01</xbrli:startDate>
        <xbrli:endDate>2018-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2018-02-26to2018-02-28_custom_PreviousSecuredLoanSecondoneThirdoneAndFourthoneMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">PXS:PreviousSecuredLoanSecondoneThirdoneAndFourthoneMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2018-02-26</xbrli:startDate>
        <xbrli:endDate>2018-02-28</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-01-01to2020-12-31_custom_EighthoneNewSecuredLoanMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">PXS:EighthoneNewSecuredLoanMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-01-01</xbrli:startDate>
        <xbrli:endDate>2020-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2018-01-01to2018-12-31_custom_SignificantOtherObservableInputsLevel2NorthseaAlphaAndNorthseaBetaMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:SignificantOtherObservableInputsLevel2NorthseaAlphaAndNorthseaBetaMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2018-01-01</xbrli:startDate>
        <xbrli:endDate>2018-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2007-09-26">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2007-09-26</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-12-31_custom_NewSecuredLoanSecondoneThirdoneMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">PXS:NewSecuredLoanSecondoneThirdoneMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-01-01to2020-12-31_custom_NewSecuredLoanSecondoneThirdoneMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">PXS:NewSecuredLoanSecondoneThirdoneMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-01-01</xbrli:startDate>
        <xbrli:endDate>2020-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-01-01to2020-12-31_custom_NewSecuredLoanFourthoneMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">PXS:NewSecuredLoanFourthoneMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-01-01</xbrli:startDate>
        <xbrli:endDate>2020-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-12-31_custom_NewSecuredLoanFourthoneMember_custom_PyxisMalouVesselMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">PXS:NewSecuredLoanFourthoneMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:PyxisMalouVesselMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-12-31_custom_NewSecuredLoanSecondoneThirdoneAndFourthoneMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">PXS:NewSecuredLoanSecondoneThirdoneAndFourthoneMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2018-12-31">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2018-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-01-01to2020-12-31_custom_MaritimeInvestorsPromissoryNoteMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:LongtermDebtTypeAxis">PXS:MaritimeInvestorsPromissoryNoteMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-01-01</xbrli:startDate>
        <xbrli:endDate>2020-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2019-05-14_custom_MaritimeInvestorsPromissoryNoteMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:LongtermDebtTypeAxis">PXS:MaritimeInvestorsPromissoryNoteMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2019-05-14</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2019-01-01to2019-12-31_custom_PyxisMaritimeMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">PXS:PyxisMaritimeMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2019-01-01</xbrli:startDate>
        <xbrli:endDate>2019-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-12-31_custom_VesselCostMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:VesselCostMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-12-31_custom_AccumulatedDepreciationMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:AccumulatedDepreciationMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-12-31_custom_NetBookValueMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:NetBookValueMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2018-03-29to2018-03-30_custom_ProspectusSupplementFiledForShelfRegistrationStatementRelatedToAtTheMarketProgramMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">PXS:ProspectusSupplementFiledForShelfRegistrationStatementRelatedToAtTheMarketProgramMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2018-03-29</xbrli:startDate>
        <xbrli:endDate>2018-03-30</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2018-11-18to2018-11-19_custom_ProspectusSupplementAmendedForShelfRegistrationStatementRelatedToAtTheMarketProgramMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">PXS:ProspectusSupplementAmendedForShelfRegistrationStatementRelatedToAtTheMarketProgramMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2018-11-18</xbrli:startDate>
        <xbrli:endDate>2018-11-19</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-12-31_custom_CarryingValueMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">PXS:CarryingValueMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-12-31_custom_FairValueMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="srt:ConsolidatedEntitiesAxis">PXS:FairValueMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2013-02-28_custom_LoanAgreementDatedOctoberTwelveTwoThousandTwelveMember_custom_PyxisDeltaVesselMember_us-gaap_ShareBasedCompensationAwardTrancheOneMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">PXS:LoanAgreementDatedOctoberTwelveTwoThousandTwelveMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:PyxisDeltaVesselMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:VestingAxis">us-gaap:ShareBasedCompensationAwardTrancheOneMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2013-02-28</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2013-09-30_custom_LoanAgreementDatedOctoberTwelveTwoThousandTwelveMember_custom_PyxisThetaVesselMember_us-gaap_ShareBasedCompensationAwardTrancheTwoMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">PXS:LoanAgreementDatedOctoberTwelveTwoThousandTwelveMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:PyxisThetaVesselMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:VestingAxis">us-gaap:ShareBasedCompensationAwardTrancheTwoMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2013-09-30</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2019-12-31_custom_LoanAgreementDatedOctoberTwelveTwoThousandTwelveMember_custom_PyxisDeltaVesselMember_us-gaap_ShareBasedCompensationAwardTrancheOneMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">PXS:LoanAgreementDatedOctoberTwelveTwoThousandTwelveMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:PyxisDeltaVesselMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:VestingAxis">us-gaap:ShareBasedCompensationAwardTrancheOneMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2019-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-01-01to2020-12-31_custom_SaleOfPyxisDeltaMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:SaleOfPyxisDeltaMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-01-01</xbrli:startDate>
        <xbrli:endDate>2020-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-01-01to2020-12-31_us-gaap_CommonStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-01-01</xbrli:startDate>
        <xbrli:endDate>2020-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-12-31_us-gaap_CommonStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-01-01to2020-12-31_us-gaap_AdditionalPaidInCapitalMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-01-01</xbrli:startDate>
        <xbrli:endDate>2020-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-12-31_us-gaap_AdditionalPaidInCapitalMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-01-01to2020-12-31_us-gaap_RetainedEarningsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-01-01</xbrli:startDate>
        <xbrli:endDate>2020-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-12-31_us-gaap_RetainedEarningsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2018-01-01to2018-12-31_custom_SeriesAConvertiblePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">PXS:SeriesAConvertiblePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2018-01-01</xbrli:startDate>
        <xbrli:endDate>2018-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2019-01-01to2019-12-31_custom_SeriesAConvertiblePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">PXS:SeriesAConvertiblePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2019-01-01</xbrli:startDate>
        <xbrli:endDate>2019-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-01-01to2020-12-31_custom_SeriesAConvertiblePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">PXS:SeriesAConvertiblePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-01-01</xbrli:startDate>
        <xbrli:endDate>2020-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2017-12-31_custom_SeriesAConvertiblePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">PXS:SeriesAConvertiblePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2017-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2018-12-31_custom_SeriesAConvertiblePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">PXS:SeriesAConvertiblePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2018-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2019-12-31_custom_SeriesAConvertiblePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">PXS:SeriesAConvertiblePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2019-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-12-31_custom_SeriesAConvertiblePreferredStockMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">PXS:SeriesAConvertiblePreferredStockMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-07-08_custom_SecuredLoanSeventhoneCorpMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">PXS:SecuredLoanSeventhoneCorpMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-07-08</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-07-08_custom_SeventhonePreviousSecuredLoanMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">PXS:SeventhonePreviousSecuredLoanMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-07-08</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-07-07to2020-07-08_custom_SecuredLoanSeventhoneCorpMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">PXS:SecuredLoanSeventhoneCorpMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-07-07</xbrli:startDate>
        <xbrli:endDate>2020-07-08</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-12-31_custom_SecuredLoanSeventhoneCorpMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">PXS:SecuredLoanSeventhoneCorpMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-01-01to2020-12-31_custom_SecuredLoanSeventhoneCorpMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">PXS:SecuredLoanSeventhoneCorpMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-01-01</xbrli:startDate>
        <xbrli:endDate>2020-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-10-12to2020-10-13">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-10-12</xbrli:startDate>
        <xbrli:endDate>2020-10-13</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-10-13">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-10-13</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-11-20_custom_SeriesAConvertiblePreferredSharesAndDetachableWarrantsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">PXS:SeriesAConvertiblePreferredSharesAndDetachableWarrantsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-11-20</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-02-23to2021-02-24_us-gaap_SubsequentEventMember_us-gaap_PrivatePlacementMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:SubsequentEventTypeAxis">us-gaap:SubsequentEventMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:SubsidiarySaleOfStockAxis">us-gaap:PrivatePlacementMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-02-23</xbrli:startDate>
        <xbrli:endDate>2021-02-24</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-02-24_us-gaap_SubsequentEventMember_us-gaap_PrivatePlacementMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:SubsequentEventTypeAxis">us-gaap:SubsequentEventMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:SubsidiarySaleOfStockAxis">us-gaap:PrivatePlacementMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-02-24</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-04-04to2021-04-06_us-gaap_SubsequentEventMember_custom_SeriesAConvertiblePreferredSharesConversionsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:SubsequentEventTypeAxis">us-gaap:SubsequentEventMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">PXS:SeriesAConvertiblePreferredSharesConversionsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-04-04</xbrli:startDate>
        <xbrli:endDate>2021-04-06</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-04-06_us-gaap_SubsequentEventMember_custom_SeriesAConvertiblePreferredSharesConversionsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:SubsequentEventTypeAxis">us-gaap:SubsequentEventMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">PXS:SeriesAConvertiblePreferredSharesConversionsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-04-06</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-04-06_us-gaap_SubsequentEventMember_custom_WarrantExercisesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:SubsequentEventTypeAxis">us-gaap:SubsequentEventMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">PXS:WarrantExercisesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-04-06</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-04-04to2021-04-06_us-gaap_SubsequentEventMember_custom_WarrantExercisesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:SubsequentEventTypeAxis">us-gaap:SubsequentEventMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">PXS:WarrantExercisesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-04-04</xbrli:startDate>
        <xbrli:endDate>2021-04-06</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-04-06_us-gaap_SubsequentEventMember_custom_MrValentisMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:SubsequentEventTypeAxis">us-gaap:SubsequentEventMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="srt:TitleOfIndividualAxis">PXS:MrValentisMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-04-06</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-03-03to2021-03-04_us-gaap_SubsequentEventMember_custom_AmendmentToEighthoneLoanMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:SubsequentEventTypeAxis">us-gaap:SubsequentEventMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">PXS:AmendmentToEighthoneLoanMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-03-03</xbrli:startDate>
        <xbrli:endDate>2021-03-04</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-03-04_us-gaap_SubsequentEventMember_custom_EighthoneCorpMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:SubsequentEventTypeAxis">us-gaap:SubsequentEventMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="dei:LegalEntityAxis">PXS:EighthoneCorpMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-03-04</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-03-17_us-gaap_SubsequentEventMember_custom_EighthoneCorpMember_custom_RefinanceOfEighthoneLoanMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:SubsequentEventTypeAxis">us-gaap:SubsequentEventMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="dei:LegalEntityAxis">PXS:EighthoneCorpMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">PXS:RefinanceOfEighthoneLoanMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-03-17</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-03-16to2021-03-17_us-gaap_SubsequentEventMember_custom_EighthoneCorpMember_custom_RefinanceOfEighthoneLoanMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:SubsequentEventTypeAxis">us-gaap:SubsequentEventMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="dei:LegalEntityAxis">PXS:EighthoneCorpMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">PXS:RefinanceOfEighthoneLoanMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-03-16</xbrli:startDate>
        <xbrli:endDate>2021-03-17</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-01-01to2020-12-31_custom_SecuredLoanSeventhoneCorpMember_custom_UseOfProceedsFromSaleOfPyxisDeltaMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:UseOfProceedsFromSaleOfPyxisDeltaMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-01-01</xbrli:startDate>
        <xbrli:endDate>2020-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-01-01to2020-12-31_custom_ATMProgramMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">PXS:ATMProgramMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-01-01</xbrli:startDate>
        <xbrli:endDate>2020-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-12-21_custom_SeriesAConvertiblePreferredSharesAndDetachableWarrantsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">PXS:SeriesAConvertiblePreferredSharesAndDetachableWarrantsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-12-21</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2019-01-01to2019-12-31_custom_ATMProgramMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">PXS:ATMProgramMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2019-01-01</xbrli:startDate>
        <xbrli:endDate>2019-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-11-19to2020-11-20_custom_SeriesAConvertiblePreferredSharesAndDetachableWarrantsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">PXS:SeriesAConvertiblePreferredSharesAndDetachableWarrantsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-11-19</xbrli:startDate>
        <xbrli:endDate>2020-11-20</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2018-01-01to2018-12-31_custom_VesselsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:VesselsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2018-01-01</xbrli:startDate>
        <xbrli:endDate>2018-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2018-01-01to2018-12-31_custom_LongTermDebtAndPromissoryNoteMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">PXS:LongTermDebtAndPromissoryNoteMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2018-01-01</xbrli:startDate>
        <xbrli:endDate>2018-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2019-01-01to2019-12-31_custom_LongTermDebtAndPromissoryNoteMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">PXS:LongTermDebtAndPromissoryNoteMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2019-01-01</xbrli:startDate>
        <xbrli:endDate>2019-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-01-01to2020-12-31_custom_LongTermDebtAndPromissoryNoteMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">PXS:LongTermDebtAndPromissoryNoteMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-01-01</xbrli:startDate>
        <xbrli:endDate>2020-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2018-12-31_custom_ATMProgramMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">PXS:ATMProgramMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2018-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2017-12-31_custom_ATMProgramMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">PXS:ATMProgramMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2017-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2018-12-31_custom_VesselsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:VesselsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2018-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2018-09-27_custom_EighthonePreviousSecuredLoanMember_custom_EighthoneMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">PXS:EighthonePreviousSecuredLoanMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2018-09-27</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2018-09-27_custom_EighthoneNewSecuredLoanMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">PXS:EighthoneNewSecuredLoanMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2018-09-27</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2018-09-26to2018-09-27_custom_EighthoneNewSecuredLoanMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">PXS:EighthoneNewSecuredLoanMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2018-09-26</xbrli:startDate>
        <xbrli:endDate>2018-09-27</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2019-05-13to2019-05-14_custom_MaritimeInvestorsPromissoryNoteMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:LongtermDebtTypeAxis">PXS:MaritimeInvestorsPromissoryNoteMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2019-05-13</xbrli:startDate>
        <xbrli:endDate>2019-05-14</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-12-31_custom_EighthoneLoanAmendedAndRestatedPromissoryNoteMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">PXS:EighthoneLoanAmendedAndRestatedPromissoryNoteMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-01-01to2020-12-31_custom_SeriesAConvertiblePreferredSharesMember10957500">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">PXS:SeriesAConvertiblePreferredSharesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-01-01</xbrli:startDate>
        <xbrli:endDate>2020-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-01-19to2021-01-20_us-gaap_SubsequentEventMember_custom_SeriesAConvertiblePreferredSharesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:SubsequentEventTypeAxis">us-gaap:SubsequentEventMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">PXS:SeriesAConvertiblePreferredSharesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-01-19</xbrli:startDate>
        <xbrli:endDate>2021-01-20</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-02-21to2021-02-22_us-gaap_SubsequentEventMember_custom_SeriesAConvertiblePreferredSharesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:SubsequentEventTypeAxis">us-gaap:SubsequentEventMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">PXS:SeriesAConvertiblePreferredSharesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-02-21</xbrli:startDate>
        <xbrli:endDate>2021-02-22</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-03-21to2021-03-22_us-gaap_SubsequentEventMember_custom_SeriesAConvertiblePreferredSharesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:SubsequentEventTypeAxis">us-gaap:SubsequentEventMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">PXS:SeriesAConvertiblePreferredSharesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-03-21</xbrli:startDate>
        <xbrli:endDate>2021-03-22</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-04-04to2021-04-06_us-gaap_SubsequentEventMember_custom_SeriesAConvertiblePreferredSharesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:SubsequentEventTypeAxis">us-gaap:SubsequentEventMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">PXS:SeriesAConvertiblePreferredSharesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-04-04</xbrli:startDate>
        <xbrli:endDate>2021-04-06</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-12-31_custom_SeriesAConvertiblePreferredSharesMember12507171">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">PXS:SeriesAConvertiblePreferredSharesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2019-12-31_custom_SeriesAConvertiblePreferredSharesMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">PXS:SeriesAConvertiblePreferredSharesMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2019-12-31</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-10-08_custom_UnderwritersWarrantsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">PXS:UnderwritersWarrantsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-10-08</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-10-07to2020-10-08_custom_UnderwritersWarrantsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">PXS:UnderwritersWarrantsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-10-07</xbrli:startDate>
        <xbrli:endDate>2020-10-08</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-10-13_us-gaap_OverAllotmentOptionMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:SubsidiarySaleOfStockAxis">us-gaap:OverAllotmentOptionMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-10-13</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-10-12to2020-10-13_us-gaap_OverAllotmentOptionMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:SubsidiarySaleOfStockAxis">us-gaap:OverAllotmentOptionMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-10-12</xbrli:startDate>
        <xbrli:endDate>2020-10-13</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2020-10-13_custom_SeriesAConvertiblePreferredSharesAndDetachableWarrantsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">PXS:SeriesAConvertiblePreferredSharesAndDetachableWarrantsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2020-10-13</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-10-12to2020-10-13_custom_SeriesAConvertiblePreferredSharesAndDetachableWarrantsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">PXS:SeriesAConvertiblePreferredSharesAndDetachableWarrantsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-10-12</xbrli:startDate>
        <xbrli:endDate>2020-10-13</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2020-12-20to2020-12-21_custom_SeriesAConvertiblePreferredSharesAndDetachableWarrantsMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:StatementClassOfStockAxis">PXS:SeriesAConvertiblePreferredSharesAndDetachableWarrantsMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2020-12-20</xbrli:startDate>
        <xbrli:endDate>2020-12-21</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2019-01-01to2019-12-31_custom_LoanAgreementDatedOctoberTwelveTwoThousandTwelveMember_custom_PyxisDeltaVesselMember_us-gaap_ShareBasedCompensationAwardTrancheOneMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">PXS:LoanAgreementDatedOctoberTwelveTwoThousandTwelveMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:PropertyPlantAndEquipmentByTypeAxis">PXS:PyxisDeltaVesselMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:VestingAxis">us-gaap:ShareBasedCompensationAwardTrancheOneMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2019-01-01</xbrli:startDate>
        <xbrli:endDate>2019-12-31</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="From2021-03-18to2021-03-20_custom_EighthoneNewSecuredLoanMember_us-gaap_SubsequentEventMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:SubsequentEventTypeAxis">us-gaap:SubsequentEventMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:TypeOfArrangementAxis">PXS:EighthoneNewSecuredLoanMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:startDate>2021-03-18</xbrli:startDate>
        <xbrli:endDate>2021-03-20</xbrli:endDate>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-01-04_us-gaap_SubsequentEventMember_custom_AmendedAndRestatedPromissoryNoteMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:SubsequentEventTypeAxis">us-gaap:SubsequentEventMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">PXS:AmendedAndRestatedPromissoryNoteMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-01-04</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:context id="AsOf2021-04-02_us-gaap_SubsequentEventMember_custom_AmendedAndRestatedPromissoryNoteMember">
      <xbrli:entity>
        <xbrli:identifier scheme="http://www.sec.gov/CIK">0001640043</xbrli:identifier>
        <xbrli:segment>
          <xbrldi:explicitMember dimension="us-gaap:SubsequentEventTypeAxis">us-gaap:SubsequentEventMember</xbrldi:explicitMember>
          <xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">PXS:AmendedAndRestatedPromissoryNoteMember</xbrldi:explicitMember>
        </xbrli:segment>
      </xbrli:entity>
      <xbrli:period>
        <xbrli:instant>2021-04-02</xbrli:instant>
      </xbrli:period>
    </xbrli:context>
    <xbrli:unit id="USD">
      <xbrli:measure>iso4217:USD</xbrli:measure>
    </xbrli:unit>
    <xbrli:unit id="Shares">
      <xbrli:measure>xbrli:shares</xbrli:measure>
    </xbrli:unit>
    <xbrli:unit id="USDPShares">
      <xbrli:divide>
        <xbrli:unitNumerator>
          <xbrli:measure>iso4217:USD</xbrli:measure>
        </xbrli:unitNumerator>
        <xbrli:unitDenominator>
          <xbrli:measure>xbrli:shares</xbrli:measure>
        </xbrli:unitDenominator>
      </xbrli:divide>
    </xbrli:unit>
    <xbrli:unit id="Installement">
      <xbrli:measure>PXS:Integer</xbrli:measure>
    </xbrli:unit>
    <xbrli:unit id="Percentage">
      <xbrli:measure>xbrli:pure</xbrli:measure>
    </xbrli:unit>
    <xbrli:unit id="USDPTon">
      <xbrli:divide>
        <xbrli:unitNumerator>
          <xbrli:measure>iso4217:USD</xbrli:measure>
        </xbrli:unitNumerator>
        <xbrli:unitDenominator>
          <xbrli:measure>utr:t</xbrli:measure>
        </xbrli:unitDenominator>
      </xbrli:divide>
    </xbrli:unit>
    <dei:EntityRegistrantName contextRef="From2020-01-01to2020-12-31">Pyxis Tankers Inc.</dei:EntityRegistrantName>
    <dei:DocumentType contextRef="From2020-01-01to2020-12-31">20-F</dei:DocumentType>
    <dei:DocumentPeriodEndDate contextRef="From2020-01-01to2020-12-31">2020-12-31</dei:DocumentPeriodEndDate>
    <dei:AmendmentFlag contextRef="From2020-01-01to2020-12-31">false</dei:AmendmentFlag>
    <dei:CurrentFiscalYearEndDate contextRef="From2020-01-01to2020-12-31">--12-31</dei:CurrentFiscalYearEndDate>
    <us-gaap:RestrictedCashAndCashEquivalentsAtCarryingValue contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3">535000</us-gaap:RestrictedCashAndCashEquivalentsAtCarryingValue>
    <us-gaap:RestrictedCashAndCashEquivalentsAtCarryingValue contextRef="AsOf2020-12-31" unitRef="USD" xsi:nil="true" />
    <us-gaap:RestrictedCashAndCashEquivalentsAtCarryingValue contextRef="AsOf2018-12-31" unitRef="USD" decimals="-3">255000</us-gaap:RestrictedCashAndCashEquivalentsAtCarryingValue>
    <us-gaap:InventoryNet contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3">501000</us-gaap:InventoryNet>
    <us-gaap:InventoryNet contextRef="AsOf2020-12-31" unitRef="USD" decimals="-3">681000</us-gaap:InventoryNet>
    <us-gaap:InventoryNet contextRef="AsOf2019-12-31_custom_LubricantsMember" unitRef="USD" decimals="-3">403000</us-gaap:InventoryNet>
    <us-gaap:InventoryNet contextRef="AsOf2019-12-31_custom_BunkersMember" unitRef="USD" decimals="-3">98000</us-gaap:InventoryNet>
    <us-gaap:InventoryNet contextRef="AsOf2020-12-31_custom_LubricantsMember" unitRef="USD" decimals="-3">348000</us-gaap:InventoryNet>
    <us-gaap:InventoryNet contextRef="AsOf2020-12-31_custom_BunkersMember" unitRef="USD" decimals="-3">333000</us-gaap:InventoryNet>
    <us-gaap:PrepaidExpenseAndOtherAssetsCurrent contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3">325000</us-gaap:PrepaidExpenseAndOtherAssetsCurrent>
    <us-gaap:PrepaidExpenseAndOtherAssetsCurrent contextRef="AsOf2020-12-31" unitRef="USD" decimals="-3">133000</us-gaap:PrepaidExpenseAndOtherAssetsCurrent>
    <us-gaap:AssetsCurrent contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3">17235000</us-gaap:AssetsCurrent>
    <us-gaap:AssetsCurrent contextRef="AsOf2020-12-31" unitRef="USD" decimals="-3">5405000</us-gaap:AssetsCurrent>
    <us-gaap:CapitalLeasesBalanceSheetAssetsByMajorClassNet contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3">87507000</us-gaap:CapitalLeasesBalanceSheetAssetsByMajorClassNet>
    <us-gaap:CapitalLeasesBalanceSheetAssetsByMajorClassNet contextRef="AsOf2020-12-31" unitRef="USD" decimals="-3">83774000</us-gaap:CapitalLeasesBalanceSheetAssetsByMajorClassNet>
    <us-gaap:PropertyPlantAndEquipmentNet contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3">87507000</us-gaap:PropertyPlantAndEquipmentNet>
    <us-gaap:PropertyPlantAndEquipmentNet contextRef="AsOf2020-12-31" unitRef="USD" decimals="-3">83774000</us-gaap:PropertyPlantAndEquipmentNet>
    <us-gaap:PropertyPlantAndEquipmentNet contextRef="AsOf2018-12-31_custom_NetBookValueMember" unitRef="USD" decimals="-3">107992000</us-gaap:PropertyPlantAndEquipmentNet>
    <us-gaap:PropertyPlantAndEquipmentNet contextRef="AsOf2019-12-31_custom_NetBookValueMember" unitRef="USD" decimals="-3">87507000</us-gaap:PropertyPlantAndEquipmentNet>
    <us-gaap:PropertyPlantAndEquipmentNet contextRef="AsOf2020-12-31_custom_NetBookValueMember" unitRef="USD" decimals="-3">83774000</us-gaap:PropertyPlantAndEquipmentNet>
    <us-gaap:RestrictedCashAndCashEquivalentsNoncurrent contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3">3200000</us-gaap:RestrictedCashAndCashEquivalentsNoncurrent>
    <us-gaap:RestrictedCashAndCashEquivalentsNoncurrent contextRef="AsOf2020-12-31" unitRef="USD" decimals="-3">2417000</us-gaap:RestrictedCashAndCashEquivalentsNoncurrent>
    <us-gaap:RestrictedCashAndCashEquivalentsNoncurrent contextRef="AsOf2018-12-31" unitRef="USD" decimals="-3">3404000</us-gaap:RestrictedCashAndCashEquivalentsNoncurrent>
    <us-gaap:DeferredCosts contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3">779000</us-gaap:DeferredCosts>
    <us-gaap:DeferredCosts contextRef="AsOf2020-12-31" unitRef="USD" decimals="-3">1594000</us-gaap:DeferredCosts>
    <us-gaap:DeferredCosts contextRef="AsOf2017-12-31" unitRef="USD" decimals="-3">285000</us-gaap:DeferredCosts>
    <us-gaap:DeferredCosts contextRef="AsOf2018-12-31" unitRef="USD" decimals="-3">740000</us-gaap:DeferredCosts>
    <us-gaap:OtherAssetsNoncurrent contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3">4027000</us-gaap:OtherAssetsNoncurrent>
    <us-gaap:OtherAssetsNoncurrent contextRef="AsOf2020-12-31" unitRef="USD" decimals="-3">4011000</us-gaap:OtherAssetsNoncurrent>
    <us-gaap:Assets contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3">108769000</us-gaap:Assets>
    <us-gaap:Assets contextRef="AsOf2020-12-31" unitRef="USD" decimals="-3">93190000</us-gaap:Assets>
    <us-gaap:LongTermDebtCurrent contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3">8984000</us-gaap:LongTermDebtCurrent>
    <us-gaap:LongTermDebtCurrent contextRef="AsOf2020-12-31" unitRef="USD" decimals="-3">3255000</us-gaap:LongTermDebtCurrent>
    <us-gaap:AccountsPayableCurrent contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3">4538000</us-gaap:AccountsPayableCurrent>
    <us-gaap:AccountsPayableCurrent contextRef="AsOf2020-12-31" unitRef="USD" decimals="-3">3642000</us-gaap:AccountsPayableCurrent>
    <us-gaap:AccountsPayableCurrent contextRef="AsOf2020-12-31_custom_CarryingValueMember" unitRef="USD" decimals="-3">3642000</us-gaap:AccountsPayableCurrent>
    <us-gaap:AccountsPayableCurrent contextRef="AsOf2020-12-31_custom_FairValueMember" unitRef="USD" decimals="-3">3642000</us-gaap:AccountsPayableCurrent>
    <PXS:AccruedAndOtherLiabilitiesCurrent contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3">750000</PXS:AccruedAndOtherLiabilitiesCurrent>
    <PXS:AccruedAndOtherLiabilitiesCurrent contextRef="AsOf2020-12-31" unitRef="USD" decimals="-3">677000</PXS:AccruedAndOtherLiabilitiesCurrent>
    <us-gaap:LiabilitiesCurrent contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3">22536000</us-gaap:LiabilitiesCurrent>
    <us-gaap:LiabilitiesCurrent contextRef="AsOf2020-12-31" unitRef="USD" decimals="-3">8300000</us-gaap:LiabilitiesCurrent>
    <us-gaap:LongTermDebtNoncurrent contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3">49233000</us-gaap:LongTermDebtNoncurrent>
    <us-gaap:LongTermDebtNoncurrent contextRef="AsOf2020-12-31" unitRef="USD" decimals="-3">50331000</us-gaap:LongTermDebtNoncurrent>
    <us-gaap:LongTermNotesPayable contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3">5000000</us-gaap:LongTermNotesPayable>
    <us-gaap:LongTermNotesPayable contextRef="AsOf2020-12-31" unitRef="USD" decimals="-3">5000000</us-gaap:LongTermNotesPayable>
    <us-gaap:LiabilitiesNoncurrent contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3">54233000</us-gaap:LiabilitiesNoncurrent>
    <us-gaap:LiabilitiesNoncurrent contextRef="AsOf2020-12-31" unitRef="USD" decimals="-3">55331000</us-gaap:LiabilitiesNoncurrent>
    <us-gaap:CommitmentsAndContingencies contextRef="AsOf2019-12-31" unitRef="USD" xsi:nil="true" />
    <us-gaap:CommitmentsAndContingencies contextRef="AsOf2020-12-31" unitRef="USD" xsi:nil="true" />
    <us-gaap:PreferredStockValue contextRef="AsOf2019-12-31" unitRef="USD" xsi:nil="true" />
    <us-gaap:PreferredStockValue contextRef="AsOf2020-12-31" unitRef="USD" xsi:nil="true" />
    <us-gaap:CommonStockValue contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3">21000</us-gaap:CommonStockValue>
    <us-gaap:CommonStockValue contextRef="AsOf2020-12-31" unitRef="USD" decimals="-3">22000</us-gaap:CommonStockValue>
    <us-gaap:AdditionalPaidInCapital contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3">75154000</us-gaap:AdditionalPaidInCapital>
    <us-gaap:AdditionalPaidInCapital contextRef="AsOf2020-12-31" unitRef="USD" decimals="-3">79692000</us-gaap:AdditionalPaidInCapital>
    <us-gaap:RetainedEarningsAccumulatedDeficit contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3">-43175000</us-gaap:RetainedEarningsAccumulatedDeficit>
    <us-gaap:RetainedEarningsAccumulatedDeficit contextRef="AsOf2020-12-31" unitRef="USD" decimals="-3">-50155000</us-gaap:RetainedEarningsAccumulatedDeficit>
    <us-gaap:StockholdersEquity contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3">32000000</us-gaap:StockholdersEquity>
    <us-gaap:StockholdersEquity contextRef="AsOf2020-12-31" unitRef="USD" decimals="-3">29559000</us-gaap:StockholdersEquity>
    <us-gaap:StockholdersEquity contextRef="AsOf2017-12-31_us-gaap_CommonStockMember" unitRef="USD" decimals="-3">21000</us-gaap:StockholdersEquity>
    <us-gaap:StockholdersEquity contextRef="AsOf2018-12-31_us-gaap_CommonStockMember" unitRef="USD" decimals="-3">21000</us-gaap:StockholdersEquity>
    <us-gaap:StockholdersEquity contextRef="AsOf2017-12-31_us-gaap_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3">74766000</us-gaap:StockholdersEquity>
    <us-gaap:StockholdersEquity contextRef="AsOf2018-12-31_us-gaap_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3">74767000</us-gaap:StockholdersEquity>
    <us-gaap:StockholdersEquity contextRef="AsOf2017-12-31_us-gaap_RetainedEarningsMember" unitRef="USD" decimals="-3">-26631000</us-gaap:StockholdersEquity>
    <us-gaap:StockholdersEquity contextRef="AsOf2018-12-31_us-gaap_RetainedEarningsMember" unitRef="USD" decimals="-3">-34845000</us-gaap:StockholdersEquity>
    <us-gaap:StockholdersEquity contextRef="AsOf2019-12-31_us-gaap_CommonStockMember" unitRef="USD" decimals="-3">21000</us-gaap:StockholdersEquity>
    <us-gaap:StockholdersEquity contextRef="AsOf2019-12-31_us-gaap_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3">75154000</us-gaap:StockholdersEquity>
    <us-gaap:StockholdersEquity contextRef="AsOf2019-12-31_us-gaap_RetainedEarningsMember" unitRef="USD" decimals="-3">-43175000</us-gaap:StockholdersEquity>
    <us-gaap:StockholdersEquity contextRef="AsOf2017-12-31" unitRef="USD" decimals="-3">48156000</us-gaap:StockholdersEquity>
    <us-gaap:StockholdersEquity contextRef="AsOf2018-12-31" unitRef="USD" decimals="-3">39943000</us-gaap:StockholdersEquity>
    <us-gaap:StockholdersEquity contextRef="AsOf2020-12-31_us-gaap_CommonStockMember" unitRef="USD" decimals="-3">22000</us-gaap:StockholdersEquity>
    <us-gaap:StockholdersEquity contextRef="AsOf2020-12-31_us-gaap_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3">79692000</us-gaap:StockholdersEquity>
    <us-gaap:StockholdersEquity contextRef="AsOf2020-12-31_us-gaap_RetainedEarningsMember" unitRef="USD" decimals="-3">-50155000</us-gaap:StockholdersEquity>
    <us-gaap:StockholdersEquity contextRef="AsOf2017-12-31_custom_SeriesAConvertiblePreferredStockMember" unitRef="USD" xsi:nil="true" />
    <us-gaap:StockholdersEquity contextRef="AsOf2018-12-31_custom_SeriesAConvertiblePreferredStockMember" unitRef="USD" xsi:nil="true" />
    <us-gaap:StockholdersEquity contextRef="AsOf2019-12-31_custom_SeriesAConvertiblePreferredStockMember" unitRef="USD" xsi:nil="true" />
    <us-gaap:StockholdersEquity contextRef="AsOf2020-12-31_custom_SeriesAConvertiblePreferredStockMember" unitRef="USD" xsi:nil="true" />
    <us-gaap:LiabilitiesAndStockholdersEquity contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3">108769000</us-gaap:LiabilitiesAndStockholdersEquity>
    <us-gaap:LiabilitiesAndStockholdersEquity contextRef="AsOf2020-12-31" unitRef="USD" decimals="-3">93190000</us-gaap:LiabilitiesAndStockholdersEquity>
    <us-gaap:CommonStockSharesIssued contextRef="AsOf2019-12-31" unitRef="Shares" decimals="INF">21370280</us-gaap:CommonStockSharesIssued>
    <us-gaap:CommonStockSharesIssued contextRef="AsOf2020-12-31" unitRef="Shares" decimals="INF">21962881</us-gaap:CommonStockSharesIssued>
    <us-gaap:CommonStockSharesIssued contextRef="AsOf2021-04-06_us-gaap_SubsequentEventMember_custom_WarrantExercisesMember" unitRef="Shares" decimals="INF">37225792</us-gaap:CommonStockSharesIssued>
    <PXS:VoyageRelatedCostsAndCommissions contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">-4268000</PXS:VoyageRelatedCostsAndCommissions>
    <PXS:VoyageRelatedCostsAndCommissions contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3">-11817000</PXS:VoyageRelatedCostsAndCommissions>
    <PXS:VoyageRelatedCostsAndCommissions contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">-5122000</PXS:VoyageRelatedCostsAndCommissions>
    <PXS:VesselOperatingExpenses contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">-10880000</PXS:VesselOperatingExpenses>
    <PXS:VesselOperatingExpenses contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3">-12669000</PXS:VesselOperatingExpenses>
    <PXS:VesselOperatingExpenses contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">-12756000</PXS:VesselOperatingExpenses>
    <us-gaap:GeneralAndAdministrativeExpense contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">2378000</us-gaap:GeneralAndAdministrativeExpense>
    <us-gaap:GeneralAndAdministrativeExpense contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3">2404000</us-gaap:GeneralAndAdministrativeExpense>
    <us-gaap:GeneralAndAdministrativeExpense contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">2407000</us-gaap:GeneralAndAdministrativeExpense>
    <PXS:ManagementFeesRelatedParties contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">-637000</PXS:ManagementFeesRelatedParties>
    <PXS:ManagementFeesRelatedParties contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3">-720000</PXS:ManagementFeesRelatedParties>
    <PXS:ManagementFeesRelatedParties contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">-724000</PXS:ManagementFeesRelatedParties>
    <PXS:ManagementFeesRelatedParties contextRef="From2020-01-01to2020-12-31_custom_PyxisMaritimeMember" unitRef="USD" decimals="-3">637000</PXS:ManagementFeesRelatedParties>
    <PXS:ManagementFeesRelatedParties contextRef="From2018-01-01to2018-12-31_custom_PyxisMaritimeMember" unitRef="USD" decimals="-3">720000</PXS:ManagementFeesRelatedParties>
    <PXS:ManagementFeesRelatedParties contextRef="From2019-01-01to2019-12-31_custom_PyxisMaritimeMember" unitRef="USD" decimals="-3">724000</PXS:ManagementFeesRelatedParties>
    <PXS:ManagementFeesOther contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">-819000</PXS:ManagementFeesOther>
    <PXS:ManagementFeesOther contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3">-930000</PXS:ManagementFeesOther>
    <PXS:ManagementFeesOther contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">-930000</PXS:ManagementFeesOther>
    <us-gaap:ProvisionForDoubtfulAccounts contextRef="From2020-01-01to2020-12-31" unitRef="USD" xsi:nil="true" />
    <us-gaap:ProvisionForDoubtfulAccounts contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3">13000</us-gaap:ProvisionForDoubtfulAccounts>
    <us-gaap:ProvisionForDoubtfulAccounts contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">26000</us-gaap:ProvisionForDoubtfulAccounts>
    <us-gaap:OperatingIncomeLoss contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">-1935000</us-gaap:OperatingIncomeLoss>
    <us-gaap:OperatingIncomeLoss contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3">-8011000</us-gaap:OperatingIncomeLoss>
    <us-gaap:OperatingIncomeLoss contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">-2528000</us-gaap:OperatingIncomeLoss>
    <us-gaap:NonoperatingIncomeExpense contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">-4965000</us-gaap:NonoperatingIncomeExpense>
    <us-gaap:NonoperatingIncomeExpense contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3">-203000</us-gaap:NonoperatingIncomeExpense>
    <us-gaap:NonoperatingIncomeExpense contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">-5802000</us-gaap:NonoperatingIncomeExpense>
    <us-gaap:NetIncomeLoss contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">-6900000</us-gaap:NetIncomeLoss>
    <us-gaap:NetIncomeLoss contextRef="From2018-01-01to2018-12-31_us-gaap_CommonStockMember" unitRef="USD" xsi:nil="true" />
    <us-gaap:NetIncomeLoss contextRef="From2018-01-01to2018-12-31_us-gaap_AdditionalPaidInCapitalMember" unitRef="USD" xsi:nil="true" />
    <us-gaap:NetIncomeLoss contextRef="From2018-01-01to2018-12-31_us-gaap_RetainedEarningsMember" unitRef="USD" decimals="-3">-8214000</us-gaap:NetIncomeLoss>
    <us-gaap:NetIncomeLoss contextRef="From2019-01-01to2019-12-31_us-gaap_CommonStockMember" unitRef="USD" xsi:nil="true" />
    <us-gaap:NetIncomeLoss contextRef="From2019-01-01to2019-12-31_us-gaap_AdditionalPaidInCapitalMember" unitRef="USD" xsi:nil="true" />
    <us-gaap:NetIncomeLoss contextRef="From2019-01-01to2019-12-31_us-gaap_RetainedEarningsMember" unitRef="USD" decimals="-3">-8330000</us-gaap:NetIncomeLoss>
    <us-gaap:NetIncomeLoss contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3">-8214000</us-gaap:NetIncomeLoss>
    <us-gaap:NetIncomeLoss contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">-8330000</us-gaap:NetIncomeLoss>
    <us-gaap:NetIncomeLoss contextRef="From2020-01-01to2020-12-31_us-gaap_CommonStockMember" unitRef="USD" xsi:nil="true" />
    <us-gaap:NetIncomeLoss contextRef="From2020-01-01to2020-12-31_us-gaap_AdditionalPaidInCapitalMember" unitRef="USD" xsi:nil="true" />
    <us-gaap:NetIncomeLoss contextRef="From2020-01-01to2020-12-31_us-gaap_RetainedEarningsMember" unitRef="USD" decimals="-3">-6900000</us-gaap:NetIncomeLoss>
    <us-gaap:NetIncomeLoss contextRef="From2018-01-01to2018-12-31_custom_SeriesAConvertiblePreferredStockMember" unitRef="USD" xsi:nil="true" />
    <us-gaap:NetIncomeLoss contextRef="From2019-01-01to2019-12-31_custom_SeriesAConvertiblePreferredStockMember" unitRef="USD" xsi:nil="true" />
    <us-gaap:NetIncomeLoss contextRef="From2020-01-01to2020-12-31_custom_SeriesAConvertiblePreferredStockMember" unitRef="USD" xsi:nil="true" />
    <us-gaap:EarningsPerShareBasicAndDiluted contextRef="From2020-01-01to2020-12-31" unitRef="USDPShares" decimals="INF">-0.32</us-gaap:EarningsPerShareBasicAndDiluted>
    <us-gaap:EarningsPerShareBasicAndDiluted contextRef="From2018-01-01to2018-12-31" unitRef="USDPShares" decimals="INF">-0.39</us-gaap:EarningsPerShareBasicAndDiluted>
    <us-gaap:EarningsPerShareBasicAndDiluted contextRef="From2019-01-01to2019-12-31" unitRef="USDPShares" decimals="INF">-0.39</us-gaap:EarningsPerShareBasicAndDiluted>
    <us-gaap:WeightedAverageNumberOfShareOutstandingBasicAndDiluted contextRef="From2020-01-01to2020-12-31" unitRef="Shares" decimals="INF">21548126</us-gaap:WeightedAverageNumberOfShareOutstandingBasicAndDiluted>
    <us-gaap:WeightedAverageNumberOfShareOutstandingBasicAndDiluted contextRef="From2018-01-01to2018-12-31" unitRef="Shares" decimals="INF">20894202</us-gaap:WeightedAverageNumberOfShareOutstandingBasicAndDiluted>
    <us-gaap:WeightedAverageNumberOfShareOutstandingBasicAndDiluted contextRef="From2019-01-01to2019-12-31" unitRef="Shares" decimals="INF">21161164</us-gaap:WeightedAverageNumberOfShareOutstandingBasicAndDiluted>
    <us-gaap:SharesOutstanding contextRef="AsOf2017-12-31_us-gaap_CommonStockMember" unitRef="Shares" decimals="INF">20877893</us-gaap:SharesOutstanding>
    <us-gaap:SharesOutstanding contextRef="AsOf2018-12-31_us-gaap_CommonStockMember" unitRef="Shares" decimals="INF">21060190</us-gaap:SharesOutstanding>
    <us-gaap:SharesOutstanding contextRef="AsOf2019-12-31_us-gaap_CommonStockMember" unitRef="Shares" decimals="INF">21370280</us-gaap:SharesOutstanding>
    <us-gaap:SharesOutstanding contextRef="AsOf2020-12-31_us-gaap_CommonStockMember" unitRef="Shares" decimals="INF">21962881</us-gaap:SharesOutstanding>
    <us-gaap:SharesOutstanding contextRef="AsOf2017-12-31_custom_SeriesAConvertiblePreferredStockMember" unitRef="Shares" xsi:nil="true" />
    <us-gaap:SharesOutstanding contextRef="AsOf2018-12-31_custom_SeriesAConvertiblePreferredStockMember" unitRef="Shares" xsi:nil="true" />
    <us-gaap:SharesOutstanding contextRef="AsOf2019-12-31_custom_SeriesAConvertiblePreferredStockMember" unitRef="Shares" xsi:nil="true" />
    <us-gaap:SharesOutstanding contextRef="AsOf2020-12-31_custom_SeriesAConvertiblePreferredStockMember" unitRef="Shares" decimals="INF">181475</us-gaap:SharesOutstanding>
    <us-gaap:StockIssuedDuringPeriodSharesNewIssues contextRef="From2020-01-01to2020-12-31_custom_SeriesAConvertiblePreferredStockMember" unitRef="Shares" decimals="INF">200000</us-gaap:StockIssuedDuringPeriodSharesNewIssues>
    <us-gaap:Depreciation contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">4418000</us-gaap:Depreciation>
    <us-gaap:Depreciation contextRef="From2019-01-01to2019-12-31_custom_VesselCostMember" unitRef="USD" xsi:nil="true" />
    <us-gaap:Depreciation contextRef="From2019-01-01to2019-12-31_custom_AccumulatedDepreciationMember" unitRef="USD" decimals="-3">5320000</us-gaap:Depreciation>
    <us-gaap:Depreciation contextRef="From2019-01-01to2019-12-31_custom_NetBookValueMember" unitRef="USD" decimals="-3">5320000</us-gaap:Depreciation>
    <us-gaap:Depreciation contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3">5500000</us-gaap:Depreciation>
    <us-gaap:Depreciation contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">5320000</us-gaap:Depreciation>
    <us-gaap:Depreciation contextRef="From2020-01-01to2020-12-31_custom_VesselCostMember" unitRef="USD" xsi:nil="true" />
    <us-gaap:Depreciation contextRef="From2020-01-01to2020-12-31_custom_AccumulatedDepreciationMember" unitRef="USD" decimals="-3">4418000</us-gaap:Depreciation>
    <us-gaap:Depreciation contextRef="From2020-01-01to2020-12-31_custom_NetBookValueMember" unitRef="USD" decimals="-3">4418000</us-gaap:Depreciation>
    <us-gaap:AmortizationOfFinancingCosts contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">328000</us-gaap:AmortizationOfFinancingCosts>
    <us-gaap:AmortizationOfFinancingCosts contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3">386000</us-gaap:AmortizationOfFinancingCosts>
    <us-gaap:AmortizationOfFinancingCosts contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">258000</us-gaap:AmortizationOfFinancingCosts>
    <us-gaap:IncreaseDecreaseInAccountsPayable contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">-939000</us-gaap:IncreaseDecreaseInAccountsPayable>
    <us-gaap:IncreaseDecreaseInAccountsPayable contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3">2499000</us-gaap:IncreaseDecreaseInAccountsPayable>
    <us-gaap:IncreaseDecreaseInAccountsPayable contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">-274000</us-gaap:IncreaseDecreaseInAccountsPayable>
    <us-gaap:IncreaseDecreaseInDueToRelatedParties contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">-6849000</us-gaap:IncreaseDecreaseInDueToRelatedParties>
    <us-gaap:IncreaseDecreaseInDueToRelatedParties contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3">1277000</us-gaap:IncreaseDecreaseInDueToRelatedParties>
    <us-gaap:IncreaseDecreaseInDueToRelatedParties contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">3447000</us-gaap:IncreaseDecreaseInDueToRelatedParties>
    <us-gaap:IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">-69000</us-gaap:IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities>
    <us-gaap:IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3">-167000</us-gaap:IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities>
    <us-gaap:IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">108000</us-gaap:IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities>
    <us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">-239000</us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets>
    <us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3">-227000</us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets>
    <us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">210000</us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets>
    <us-gaap:InterestAndDebtExpense contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">4964000</us-gaap:InterestAndDebtExpense>
    <us-gaap:InterestAndDebtExpense contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3">4490000</us-gaap:InterestAndDebtExpense>
    <us-gaap:InterestAndDebtExpense contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">5775000</us-gaap:InterestAndDebtExpense>
    <us-gaap:ProceedsFromIssuanceOfCommonStock contextRef="From2020-01-01to2020-12-31" unitRef="USD" xsi:nil="true" />
    <us-gaap:ProceedsFromIssuanceOfCommonStock contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3">315000</us-gaap:ProceedsFromIssuanceOfCommonStock>
    <us-gaap:ProceedsFromIssuanceOfCommonStock contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">354000</us-gaap:ProceedsFromIssuanceOfCommonStock>
    <us-gaap:AmortizationOfDeferredCharges contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">253000</us-gaap:AmortizationOfDeferredCharges>
    <us-gaap:AmortizationOfDeferredCharges contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3">133000</us-gaap:AmortizationOfDeferredCharges>
    <us-gaap:AmortizationOfDeferredCharges contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">240000</us-gaap:AmortizationOfDeferredCharges>
    <us-gaap:CommonStockSharesAuthorized contextRef="AsOf2019-12-31" unitRef="Shares" decimals="INF">450000000</us-gaap:CommonStockSharesAuthorized>
    <us-gaap:CommonStockSharesAuthorized contextRef="AsOf2020-12-31" unitRef="Shares" decimals="INF">450000000</us-gaap:CommonStockSharesAuthorized>
    <us-gaap:CommonStockParOrStatedValuePerShare contextRef="AsOf2019-12-31" unitRef="USDPShares" decimals="INF">0.001</us-gaap:CommonStockParOrStatedValuePerShare>
    <us-gaap:CommonStockParOrStatedValuePerShare contextRef="AsOf2020-12-31" unitRef="USDPShares" decimals="INF">0.001</us-gaap:CommonStockParOrStatedValuePerShare>
    <us-gaap:PreferredStockSharesAuthorized contextRef="AsOf2019-12-31" unitRef="Shares" decimals="INF">50000000</us-gaap:PreferredStockSharesAuthorized>
    <us-gaap:PreferredStockSharesAuthorized contextRef="AsOf2020-12-31" unitRef="Shares" decimals="INF">50000000</us-gaap:PreferredStockSharesAuthorized>
    <us-gaap:PreferredStockSharesAuthorized contextRef="AsOf2020-12-31_custom_SeriesAConvertiblePreferredSharesMember12507171" unitRef="Shares" decimals="INF">1000000</us-gaap:PreferredStockSharesAuthorized>
    <us-gaap:CommonStockSharesOutstanding contextRef="AsOf2019-12-31" unitRef="Shares" decimals="INF">21370280</us-gaap:CommonStockSharesOutstanding>
    <us-gaap:CommonStockSharesOutstanding contextRef="AsOf2020-12-31" unitRef="Shares" decimals="INF">21962881</us-gaap:CommonStockSharesOutstanding>
    <us-gaap:CommonStockSharesOutstanding contextRef="AsOf2021-04-06_us-gaap_SubsequentEventMember_custom_WarrantExercisesMember" unitRef="Shares" decimals="INF">37225792</us-gaap:CommonStockSharesOutstanding>
    <us-gaap:CommonStockSharesOutstanding contextRef="AsOf2018-12-31_custom_ATMProgramMember" unitRef="Shares" decimals="INF">21060190</us-gaap:CommonStockSharesOutstanding>
    <us-gaap:CommonStockSharesOutstanding contextRef="AsOf2017-12-31_custom_ATMProgramMember" unitRef="Shares" decimals="INF">20877893</us-gaap:CommonStockSharesOutstanding>
    <PXS:ScheduleOfOwnershipAndOperationOfTankerVesselsTableTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;All the subsidiaries of the Vessel-owning companies&#13;are engaged in the marine transportation of liquid cargoes through the ownership and operation of tanker vessels, as listed below:&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&#13;        &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Vessel-owning&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;company&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&#13;        &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Incorporation&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;date&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Vessel&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;DWT&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid"&gt;&#13;        &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Year&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;built&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&#13;        &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Acquisition&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;date&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 20%"&gt;&lt;font style="font-size: 10pt"&gt;Secondone&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;05/23/2007&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;i&gt;Northsea Alpha&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;8,615&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;2010&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;05/28/2010&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Thirdone&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;05/23/2007&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;i&gt;Northsea Beta&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;8,647&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;2010&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;05/25/2010&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Fourthone&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;05/30/2007&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;i&gt;Pyxis Malou&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;50,667&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;2009&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;02/16/2009&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Sixthone&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;01/15/2010&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;i&gt;Pyxis Delta*&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;46,616&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;2006&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;03/04/2010&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Seventhone&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;05/31/2011&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;i&gt;Pyxis Theta&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;51,795&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;2013&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;09/16/2013&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Eighthone&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;02/08/2013&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;i&gt;Pyxis Epsilon&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;50,295&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;01/14/2015&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;* Pyxis Delta, which was owned by Sixthone Corp. (&amp;#8220;Sixthone&amp;#8221;),&#13;was sold to an unaffiliated third party on January 13, 2020&lt;/p&gt;</PXS:ScheduleOfOwnershipAndOperationOfTankerVesselsTableTextBlock>
    <us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3">1441000</us-gaap:CashAndCashEquivalentsAtCarryingValue>
    <us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="AsOf2020-12-31" unitRef="USD" decimals="-3">1620000</us-gaap:CashAndCashEquivalentsAtCarryingValue>
    <us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="AsOf2018-12-31" unitRef="USD" decimals="-3">545000</us-gaap:CashAndCashEquivalentsAtCarryingValue>
    <us-gaap:DerivativeInstrumentsAndHedgesNoncurrent contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3">1000</us-gaap:DerivativeInstrumentsAndHedgesNoncurrent>
    <us-gaap:DerivativeInstrumentsAndHedgesNoncurrent contextRef="AsOf2020-12-31" unitRef="USD" xsi:nil="true" />
    <us-gaap:GainLossOnDerivativeInstrumentsNetPretax contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">-1000</us-gaap:GainLossOnDerivativeInstrumentsNetPretax>
    <us-gaap:GainLossOnDerivativeInstrumentsNetPretax contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3">-19000</us-gaap:GainLossOnDerivativeInstrumentsNetPretax>
    <us-gaap:GainLossOnDerivativeInstrumentsNetPretax contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">-27000</us-gaap:GainLossOnDerivativeInstrumentsNetPretax>
    <us-gaap:GainsLossesOnExtinguishmentOfDebt contextRef="From2020-01-01to2020-12-31" unitRef="USD" xsi:nil="true" />
    <us-gaap:GainsLossesOnExtinguishmentOfDebt contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3">4306000</us-gaap:GainsLossesOnExtinguishmentOfDebt>
    <us-gaap:GainsLossesOnExtinguishmentOfDebt contextRef="From2019-01-01to2019-12-31" unitRef="USD" xsi:nil="true" />
    <us-gaap:GainsLossesOnExtinguishmentOfDebt contextRef="From2018-02-26to2018-02-28_custom_PreviousSecuredLoanSecondoneThirdoneAndFourthoneMember" unitRef="USD" decimals="-3">4306000</us-gaap:GainsLossesOnExtinguishmentOfDebt>
    <us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">-1139000</us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect>
    <us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3">-2489000</us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect>
    <us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">972000</us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect>
    <us-gaap:PreferredStockParOrStatedValuePerShare contextRef="AsOf2019-12-31" unitRef="USDPShares" decimals="INF">0.001</us-gaap:PreferredStockParOrStatedValuePerShare>
    <us-gaap:PreferredStockParOrStatedValuePerShare contextRef="AsOf2020-12-31" unitRef="USDPShares" decimals="INF">0.001</us-gaap:PreferredStockParOrStatedValuePerShare>
    <us-gaap:DisaggregationOfRevenueTableTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The following table presents the Company&amp;#8217;s&#13;revenue disaggregated by revenue source, net of commissions, for the years ended December 31, 2018, 2019 and 2020:&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid"&gt;&#13;        &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;2018&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid"&gt;&#13;        &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;2019&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid"&gt;&#13;        &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;December 31, &lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 48%"&gt;&lt;font style="font-size: 10pt"&gt;Revenues derived from spot charters, net&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;16,990&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;8,067&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;7,022&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Revenues derived from time charters, net&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;11,467&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;19,686&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;14,689&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Revenues, net&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;28,457&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;27,753&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;21,711&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:DisaggregationOfRevenueTableTextBlock>
    <us-gaap:PaymentsOfStockIssuanceCosts contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">57000</us-gaap:PaymentsOfStockIssuanceCosts>
    <us-gaap:PaymentsOfStockIssuanceCosts contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3">407000</us-gaap:PaymentsOfStockIssuanceCosts>
    <us-gaap:PaymentsOfStockIssuanceCosts contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">23000</us-gaap:PaymentsOfStockIssuanceCosts>
    <PXS:ReconciliationOfCashAndCashEquivalentsAndRestrictedCashTableTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The following table provides a reconciliation&#13;of cash and cash equivalents and restricted cash reported within the accompanying consolidated balance sheets that are presented&#13;in the accompanying consolidated statement of cash flows for the years ended December 31, 2018, 2019 and 2020.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid"&gt;&#13;        &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;2018&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid"&gt;&#13;        &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/p&gt;&#13;        &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;2019&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;December 31, 2020&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Cash and cash equivalents&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;545&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,441&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,620&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Restricted cash, current portion&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;255&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;535&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;Restricted cash, net of current portion&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;3,404&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;3,200&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;2,417&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Total cash and cash equivalents and restricted cash&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;4,204&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;5,176&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;4,037&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</PXS:ReconciliationOfCashAndCashEquivalentsAndRestrictedCashTableTextBlock>
    <us-gaap:DueToRelatedPartiesCurrent contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3">6849000</us-gaap:DueToRelatedPartiesCurrent>
    <us-gaap:DueToRelatedPartiesCurrent contextRef="AsOf2020-12-31" unitRef="USD" xsi:nil="true" />
    <dei:EntityWellKnownSeasonedIssuer contextRef="From2020-01-01to2020-12-31">No</dei:EntityWellKnownSeasonedIssuer>
    <dei:EntityVoluntaryFilers contextRef="From2020-01-01to2020-12-31">No</dei:EntityVoluntaryFilers>
    <dei:EntityCurrentReportingStatus contextRef="From2020-01-01to2020-12-31">Yes</dei:EntityCurrentReportingStatus>
    <dei:EntityFilerCategory contextRef="From2020-01-01to2020-12-31">Non-accelerated Filer</dei:EntityFilerCategory>
    <dei:EntityEmergingGrowthCompany contextRef="From2020-01-01to2020-12-31">false</dei:EntityEmergingGrowthCompany>
    <dei:EntityShellCompany contextRef="From2020-01-01to2020-12-31">false</dei:EntityShellCompany>
    <us-gaap:PrepaidExpenseAndOtherAssetsNoncurrent contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3">47000</us-gaap:PrepaidExpenseAndOtherAssetsNoncurrent>
    <us-gaap:PrepaidExpenseAndOtherAssetsNoncurrent contextRef="AsOf2020-12-31" unitRef="USD" xsi:nil="true" />
    <us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">4313000</us-gaap:StockIssuedDuringPeriodValueNewIssues>
    <us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="From2020-01-01to2020-12-31_us-gaap_CommonStockMember" unitRef="USD" xsi:nil="true" />
    <us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="From2020-01-01to2020-12-31_us-gaap_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3">4313000</us-gaap:StockIssuedDuringPeriodValueNewIssues>
    <us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="From2020-01-01to2020-12-31_us-gaap_RetainedEarningsMember" unitRef="USD" xsi:nil="true" />
    <us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="From2020-01-01to2020-12-31_custom_SeriesAConvertiblePreferredStockMember" unitRef="USD" xsi:nil="true" />
    <us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3">58919000</us-gaap:DebtInstrumentCarryingAmount>
    <us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2020-12-31" unitRef="USD" decimals="-3">54260000</us-gaap:DebtInstrumentCarryingAmount>
    <us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2019-12-31_custom_NorthseaAlphaVesselMember_custom_SecondoneMember" unitRef="USD" decimals="-3">3690000</us-gaap:DebtInstrumentCarryingAmount>
    <us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2019-12-31_custom_NorthseaBetaVesselMember_custom_ThirdoneMember" unitRef="USD" decimals="-3">3690000</us-gaap:DebtInstrumentCarryingAmount>
    <us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2019-12-31_custom_PyxisMalouVesselMember_custom_FourthoneMember" unitRef="USD" decimals="-3">10020000</us-gaap:DebtInstrumentCarryingAmount>
    <us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2019-12-31_custom_PyxisDeltaVesselMember_custom_SixthoneMember" unitRef="USD" decimals="-3">4050000</us-gaap:DebtInstrumentCarryingAmount>
    <us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2019-12-31_custom_PyxisThetaVesselMember_custom_SeventhoneMember" unitRef="USD" decimals="-3">13469000</us-gaap:DebtInstrumentCarryingAmount>
    <us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2019-12-31_custom_PyxisEpsilonVesselMember_custom_EighthoneMember" unitRef="USD" decimals="-3">24000000</us-gaap:DebtInstrumentCarryingAmount>
    <us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2020-12-31_custom_NorthseaAlphaVesselMember_custom_SecondoneMember" unitRef="USD" decimals="-3">3290000</us-gaap:DebtInstrumentCarryingAmount>
    <us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2020-12-31_custom_NorthseaBetaVesselMember_custom_ThirdoneMember" unitRef="USD" decimals="-3">3290000</us-gaap:DebtInstrumentCarryingAmount>
    <us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2020-12-31_custom_PyxisMalouVesselMember_custom_FourthoneMember" unitRef="USD" decimals="-3">8730000</us-gaap:DebtInstrumentCarryingAmount>
    <us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2020-12-31_custom_PyxisDeltaVesselMember_custom_SixthoneMember" unitRef="USD" xsi:nil="true" />
    <us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2020-12-31_custom_PyxisThetaVesselMember_custom_SeventhoneMember" unitRef="USD" decimals="-3">14950000</us-gaap:DebtInstrumentCarryingAmount>
    <us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2020-12-31_custom_PyxisEpsilonVesselMember_custom_EighthoneMember" unitRef="USD" decimals="-3">24000000</us-gaap:DebtInstrumentCarryingAmount>
    <us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2018-02-28_custom_PreviousSecuredLoanSecondoneThirdoneAndFourthoneMember" unitRef="USD" decimals="-3">26906000</us-gaap:DebtInstrumentCarryingAmount>
    <us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2018-02-28_custom_SecondoneThirdoneAndFourthoneNewSecuredLoanMember" unitRef="USD" decimals="-3">20500000</us-gaap:DebtInstrumentCarryingAmount>
    <us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2020-12-31_custom_NewSecuredLoanFourthoneMember_custom_PyxisMalouVesselMember" unitRef="USD" decimals="-3">8730000</us-gaap:DebtInstrumentCarryingAmount>
    <us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2021-03-17_us-gaap_SubsequentEventMember_custom_EighthoneCorpMember_custom_RefinanceOfEighthoneLoanMember" unitRef="USD" decimals="-3">17000000</us-gaap:DebtInstrumentCarryingAmount>
    <us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2018-09-27_custom_EighthonePreviousSecuredLoanMember_custom_EighthoneMember" unitRef="USD" decimals="-3">16000000</us-gaap:DebtInstrumentCarryingAmount>
    <us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2018-09-27_custom_EighthoneNewSecuredLoanMember" unitRef="USD" decimals="-3">24000000</us-gaap:DebtInstrumentCarryingAmount>
    <us-gaap:DebtInstrumentCarryingAmount contextRef="AsOf2020-12-31_custom_EighthoneLoanAmendedAndRestatedPromissoryNoteMember" unitRef="USD" decimals="-3">24000000</us-gaap:DebtInstrumentCarryingAmount>
    <PXS:LongTermDebtCurrentBeforeDeferredFinancingCost contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3">9241000</PXS:LongTermDebtCurrentBeforeDeferredFinancingCost>
    <PXS:LongTermDebtCurrentBeforeDeferredFinancingCost contextRef="AsOf2020-12-31" unitRef="USD" decimals="-3">3410000</PXS:LongTermDebtCurrentBeforeDeferredFinancingCost>
    <us-gaap:DeferredFinanceCostsCurrentNet contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3">257000</us-gaap:DeferredFinanceCostsCurrentNet>
    <us-gaap:DeferredFinanceCostsCurrentNet contextRef="AsOf2020-12-31" unitRef="USD" decimals="-3">155000</us-gaap:DeferredFinanceCostsCurrentNet>
    <PXS:LongTermDebtNoncurrentBeforeDeferredFinancingCost contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3">49678000</PXS:LongTermDebtNoncurrentBeforeDeferredFinancingCost>
    <PXS:LongTermDebtNoncurrentBeforeDeferredFinancingCost contextRef="AsOf2020-12-31" unitRef="USD" decimals="-3">50850000</PXS:LongTermDebtNoncurrentBeforeDeferredFinancingCost>
    <us-gaap:DeferredFinanceCostsNoncurrentNet contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3">445000</us-gaap:DeferredFinanceCostsNoncurrentNet>
    <us-gaap:DeferredFinanceCostsNoncurrentNet contextRef="AsOf2020-12-31" unitRef="USD" decimals="-3">519000</us-gaap:DeferredFinanceCostsNoncurrentNet>
    <us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity contextRef="AsOf2007-09-26" unitRef="USD" decimals="-3">24560000</us-gaap:LineOfCreditFacilityMaximumBorrowingCapacity>
    <us-gaap:DebtInstrumentFaceAmount contextRef="AsOf2013-02-28_custom_LoanAgreementDatedOctoberTwelveTwoThousandTwelveMember_custom_PyxisDeltaVesselMember_us-gaap_ShareBasedCompensationAwardTrancheOneMember" unitRef="USD" decimals="-3">13500000</us-gaap:DebtInstrumentFaceAmount>
    <us-gaap:DebtInstrumentFaceAmount contextRef="AsOf2013-09-30_custom_LoanAgreementDatedOctoberTwelveTwoThousandTwelveMember_custom_PyxisThetaVesselMember_us-gaap_ShareBasedCompensationAwardTrancheTwoMember" unitRef="USD" decimals="-3">21300000</us-gaap:DebtInstrumentFaceAmount>
    <PXS:CashUsedForRefinanceOfExistingIndebtedness contextRef="AsOf2018-02-28_custom_PreviousSecuredLoanSecondoneThirdoneAndFourthoneMember" unitRef="USD" decimals="-3">2100000</PXS:CashUsedForRefinanceOfExistingIndebtedness>
    <PXS:LoanAmortizationProfile contextRef="From2020-01-01to2020-12-31_custom_NewSecuredLoanSecondoneThirdoneMember">Each of Secondone's and Thirdone's outstanding loan balance at December 31, 2020, amounting to $3,290, is repayable in 9 remaining quarterly installments of $100 each amounting to $900 in the aggregate, the first falling due in February 2021, and the last installment accompanied by a balloon payment of $2,390 falling due in February 2023.</PXS:LoanAmortizationProfile>
    <PXS:LoanAmortizationProfile contextRef="From2020-01-01to2020-12-31_custom_NewSecuredLoanFourthoneMember">The outstanding balance of the Fourthone loan of $8,730 is repayable in 9 quarterly installments amounting to $3,330, the first falling due in February 2021, and the last installment accompanied by a balloon payment of $5,400 falling due in February 2023. The first installment, amounting to $330, is followed by four amounting to $360 each and four amounting to $390 each.</PXS:LoanAmortizationProfile>
    <PXS:LoanAmortizationProfile contextRef="From2021-03-16to2021-03-17_us-gaap_SubsequentEventMember_custom_EighthoneCorpMember_custom_RefinanceOfEighthoneLoanMember">The new five year loan has quarterly amortization of $0.3 million with $11 million due at maturity. The loan is priced at Libor + 3.35%.</PXS:LoanAmortizationProfile>
    <PXS:MinimumCashDeposits contextRef="AsOf2020-12-31_custom_NewSecuredLoanSecondoneThirdoneAndFourthoneMember" unitRef="USD" decimals="-3">1450000</PXS:MinimumCashDeposits>
    <PXS:MinimumCashDeposits contextRef="AsOf2020-12-31_custom_SecuredLoanSeventhoneCorpMember" unitRef="USD" decimals="-3">500000</PXS:MinimumCashDeposits>
    <PXS:MinimumSecurityCollateralCoverRequired contextRef="From2020-01-01to2020-12-31_custom_EighthoneNewSecuredLoanMember_custom_UntilDecemberTwoThousandAndTwentyMember" unitRef="Percentage" decimals="INF">1.15</PXS:MinimumSecurityCollateralCoverRequired>
    <PXS:MinimumSecurityCollateralCoverRequired contextRef="From2020-01-01to2020-12-31_custom_EighthoneNewSecuredLoanMember_custom_ThereafterOnSeptemberTwentyFiveTwoThousandTwentyMember" unitRef="Percentage" decimals="INF">1.25</PXS:MinimumSecurityCollateralCoverRequired>
    <PXS:MinimumSecurityCollateralCoverRequired contextRef="From2020-01-01to2020-12-31_custom_SecuredLoanSeventhoneCorpMember" unitRef="Percentage" decimals="INF">1.25</PXS:MinimumSecurityCollateralCoverRequired>
    <PXS:DebtToMarketValueOfAdjustedAssetsMaximumRequiredRatio contextRef="AsOf2020-12-31_custom_SecuredLoanSeventhoneCorpMember" unitRef="Percentage" decimals="INF">0.75</PXS:DebtToMarketValueOfAdjustedAssetsMaximumRequiredRatio>
    <PXS:DebtToMarketValueOfAdjustedAssetsRatioActual contextRef="AsOf2020-12-31_custom_SecuredLoanSeventhoneCorpMember" unitRef="Percentage" decimals="INF">0.71</PXS:DebtToMarketValueOfAdjustedAssetsRatioActual>
    <PXS:RatioDifferenceByWhichActualExceedsRequiredDebtToAssetsRatioThreshold contextRef="AsOf2020-12-31_custom_SecuredLoanSeventhoneCorpMember" unitRef="Percentage" decimals="INF">0.04</PXS:RatioDifferenceByWhichActualExceedsRequiredDebtToAssetsRatioThreshold>
    <us-gaap:LongtermDebtWeightedAverageInterestRate contextRef="AsOf2019-12-31" unitRef="Percentage" decimals="INF">0.0818</us-gaap:LongtermDebtWeightedAverageInterestRate>
    <us-gaap:LongtermDebtWeightedAverageInterestRate contextRef="AsOf2020-12-31" unitRef="Percentage" decimals="INF">0.0769</us-gaap:LongtermDebtWeightedAverageInterestRate>
    <us-gaap:LongtermDebtWeightedAverageInterestRate contextRef="AsOf2018-12-31" unitRef="Percentage" decimals="INF">0.0600</us-gaap:LongtermDebtWeightedAverageInterestRate>
    <us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths contextRef="AsOf2020-12-31" unitRef="USD" decimals="-3">3410000</us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths>
    <us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo contextRef="AsOf2020-12-31" unitRef="USD" decimals="-3">3530000</us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo>
    <us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree contextRef="AsOf2020-12-31" unitRef="USD" decimals="-3">35970000</us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree>
    <us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour contextRef="AsOf2020-12-31" unitRef="USD" decimals="-3">1200000</us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour>
    <us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive contextRef="AsOf2020-12-31" unitRef="USD" decimals="-3">10150000</us-gaap:LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive>
    <us-gaap:LongTermDebt contextRef="AsOf2019-12-31_custom_LoanAgreementDatedOctoberTwelveTwoThousandTwelveMember_custom_PyxisDeltaVesselMember_us-gaap_ShareBasedCompensationAwardTrancheOneMember" unitRef="USD" decimals="-3">4050000</us-gaap:LongTermDebt>
    <us-gaap:LongTermDebt contextRef="AsOf2020-12-31_custom_SecuredLoanSeventhoneCorpMember" unitRef="USD" decimals="-3">14950000</us-gaap:LongTermDebt>
    <us-gaap:NetCashProvidedByUsedInFinancingActivities contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">-739000</us-gaap:NetCashProvidedByUsedInFinancingActivities>
    <us-gaap:NetCashProvidedByUsedInFinancingActivities contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3">-187000</us-gaap:NetCashProvidedByUsedInFinancingActivities>
    <us-gaap:NetCashProvidedByUsedInFinancingActivities contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">-4172000</us-gaap:NetCashProvidedByUsedInFinancingActivities>
    <us-gaap:NetCashProvidedByUsedInInvestingActivities contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">12630000</us-gaap:NetCashProvidedByUsedInInvestingActivities>
    <us-gaap:NetCashProvidedByUsedInInvestingActivities contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3">-99000</us-gaap:NetCashProvidedByUsedInInvestingActivities>
    <us-gaap:NetCashProvidedByUsedInInvestingActivities contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">-517000</us-gaap:NetCashProvidedByUsedInInvestingActivities>
    <us-gaap:NetCashProvidedByUsedInOperatingActivities contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">-13030000</us-gaap:NetCashProvidedByUsedInOperatingActivities>
    <us-gaap:NetCashProvidedByUsedInOperatingActivities contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3">-2203000</us-gaap:NetCashProvidedByUsedInOperatingActivities>
    <us-gaap:NetCashProvidedByUsedInOperatingActivities contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">5661000</us-gaap:NetCashProvidedByUsedInOperatingActivities>
    <PXS:AdjustmentsToAdditionalPaidInCapitalSharesOther contextRef="From2018-01-01to2018-12-31_us-gaap_CommonStockMember" unitRef="Shares" decimals="INF">182297</PXS:AdjustmentsToAdditionalPaidInCapitalSharesOther>
    <PXS:AdjustmentsToAdditionalPaidInCapitalSharesOther contextRef="From2019-01-01to2019-12-31_us-gaap_CommonStockMember" unitRef="Shares" decimals="INF">214828</PXS:AdjustmentsToAdditionalPaidInCapitalSharesOther>
    <PXS:AdjustmentsToAdditionalPaidInCapitalSharesOther contextRef="From2018-01-01to2018-12-31_custom_SeriesAConvertiblePreferredStockMember" unitRef="Shares" xsi:nil="true" />
    <PXS:AdjustmentsToAdditionalPaidInCapitalSharesOther contextRef="From2019-01-01to2019-12-31_custom_SeriesAConvertiblePreferredStockMember" unitRef="Shares" xsi:nil="true" />
    <us-gaap:DerivativeGainLossOnDerivativeNet contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">-1000</us-gaap:DerivativeGainLossOnDerivativeNet>
    <us-gaap:DerivativeGainLossOnDerivativeNet contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3">-19000</us-gaap:DerivativeGainLossOnDerivativeNet>
    <us-gaap:DerivativeGainLossOnDerivativeNet contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">-27000</us-gaap:DerivativeGainLossOnDerivativeNet>
    <us-gaap:IncreaseDecreaseInInventories contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">180000</us-gaap:IncreaseDecreaseInInventories>
    <us-gaap:IncreaseDecreaseInInventories contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3">-209000</us-gaap:IncreaseDecreaseInInventories>
    <us-gaap:IncreaseDecreaseInInventories contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">-306000</us-gaap:IncreaseDecreaseInInventories>
    <us-gaap:IncreaseDecreaseInAccountsReceivable contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">-571000</us-gaap:IncreaseDecreaseInAccountsReceivable>
    <us-gaap:IncreaseDecreaseInAccountsReceivable contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3">1895000</us-gaap:IncreaseDecreaseInAccountsReceivable>
    <us-gaap:IncreaseDecreaseInAccountsReceivable contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">-1316000</us-gaap:IncreaseDecreaseInAccountsReceivable>
    <PXS:IncreaseDecreaseInSpecialSurveyCosts contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">1068000</PXS:IncreaseDecreaseInSpecialSurveyCosts>
    <PXS:IncreaseDecreaseInSpecialSurveyCosts contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3">588000</PXS:IncreaseDecreaseInSpecialSurveyCosts>
    <PXS:IncreaseDecreaseInSpecialSurveyCosts contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">435000</PXS:IncreaseDecreaseInSpecialSurveyCosts>
    <us-gaap:ProceedsFromIssuanceOfLongTermDebt contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">15250000</us-gaap:ProceedsFromIssuanceOfLongTermDebt>
    <us-gaap:ProceedsFromIssuanceOfLongTermDebt contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3">44500000</us-gaap:ProceedsFromIssuanceOfLongTermDebt>
    <us-gaap:ProceedsFromIssuanceOfLongTermDebt contextRef="From2019-01-01to2019-12-31" unitRef="USD" xsi:nil="true" />
    <us-gaap:RepaymentsOfLongTermDebt contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">19909000</us-gaap:RepaymentsOfLongTermDebt>
    <us-gaap:RepaymentsOfLongTermDebt contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3">43640000</us-gaap:RepaymentsOfLongTermDebt>
    <us-gaap:RepaymentsOfLongTermDebt contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">4503000</us-gaap:RepaymentsOfLongTermDebt>
    <us-gaap:PaymentsOfFinancingCosts contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">265000</us-gaap:PaymentsOfFinancingCosts>
    <us-gaap:PaymentsOfFinancingCosts contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3">908000</us-gaap:PaymentsOfFinancingCosts>
    <us-gaap:PaymentsOfFinancingCosts contextRef="From2019-01-01to2019-12-31" unitRef="USD" xsi:nil="true" />
    <us-gaap:InterestPaidNet contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">4432000</us-gaap:InterestPaidNet>
    <us-gaap:InterestPaidNet contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3">4283000</us-gaap:InterestPaidNet>
    <us-gaap:InterestPaidNet contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">5163000</us-gaap:InterestPaidNet>
    <PXS:LongTermDebtFirstPeriodicPayment contextRef="From2020-01-01to2020-12-31_custom_NewSecuredLoanSecondoneThirdoneMember">2021-02</PXS:LongTermDebtFirstPeriodicPayment>
    <PXS:LongTermDebtFirstPeriodicPayment contextRef="From2020-01-01to2020-12-31_custom_NewSecuredLoanFourthoneMember">2021-02</PXS:LongTermDebtFirstPeriodicPayment>
    <PXS:LongTermDebtFirstPeriodicPayment contextRef="From2020-07-07to2020-07-08_custom_SecuredLoanSeventhoneCorpMember">2021-01</PXS:LongTermDebtFirstPeriodicPayment>
    <PXS:LongTermDebtBalloonPaymentYear contextRef="From2020-01-01to2020-12-31_custom_NewSecuredLoanSecondoneThirdoneMember">2023-02</PXS:LongTermDebtBalloonPaymentYear>
    <PXS:LongTermDebtBalloonPaymentYear contextRef="From2020-01-01to2020-12-31_custom_NewSecuredLoanFourthoneMember">2023-02</PXS:LongTermDebtBalloonPaymentYear>
    <PXS:LongTermDebtBalloonPaymentYear contextRef="From2020-07-07to2020-07-08_custom_SecuredLoanSeventhoneCorpMember">2025-07</PXS:LongTermDebtBalloonPaymentYear>
    <us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid contextRef="AsOf2020-12-31_custom_NewSecuredLoanFourthoneMember_custom_PyxisMalouVesselMember" unitRef="USD" decimals="-3">5400000</us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid>
    <us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid contextRef="AsOf2020-07-08_custom_SecuredLoanSeventhoneCorpMember" unitRef="USD" decimals="-3">9250000</us-gaap:DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid>
    <us-gaap:IncreaseDecreaseInContractWithCustomerLiability contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">-689000</us-gaap:IncreaseDecreaseInContractWithCustomerLiability>
    <us-gaap:IncreaseDecreaseInContractWithCustomerLiability contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3">422000</us-gaap:IncreaseDecreaseInContractWithCustomerLiability>
    <us-gaap:IncreaseDecreaseInContractWithCustomerLiability contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">993000</us-gaap:IncreaseDecreaseInContractWithCustomerLiability>
    <PXS:QuarterlyInstallmentsPayable contextRef="From2020-01-01to2020-12-31_custom_NewSecuredLoanFourthoneMember" unitRef="USD" decimals="-3">3330000</PXS:QuarterlyInstallmentsPayable>
    <PXS:DeferredFeeDescription contextRef="From2020-01-01to2020-12-31_custom_EighthoneNewSecuredLoanMember">If payable, the amount due is calculated as the lesser of (a) 15% of the amount of the loan borrowed under the facility agreement and (b) 15% of the difference between (i) the charter-free fair market value of the vessel plus any dry dock reserve account balance and (ii) any outstanding loan amount at the time of the repayment or maturity of the facility.</PXS:DeferredFeeDescription>
    <PXS:MinimumSecurityCollateralCoverRequiredTrancheTwoPercentOfOutstandingLoan contextRef="From2018-02-26to2018-02-28_custom_SecondoneThirdoneAndFourthoneNewSecuredLoanMember" unitRef="Percentage" decimals="INF">1.50</PXS:MinimumSecurityCollateralCoverRequiredTrancheTwoPercentOfOutstandingLoan>
    <PXS:MinimumSecurityCollateralCoverRequiredTrancheThreePercentOfOutstandingLoan contextRef="From2018-02-26to2018-02-28_custom_SecondoneThirdoneAndFourthoneNewSecuredLoanMember" unitRef="Percentage" decimals="INF">1.55</PXS:MinimumSecurityCollateralCoverRequiredTrancheThreePercentOfOutstandingLoan>
    <PXS:DebtInstrumentCarryingAmountPerFacility contextRef="AsOf2020-12-31_custom_NewSecuredLoanSecondoneThirdoneMember" unitRef="USD" decimals="-3">3290000</PXS:DebtInstrumentCarryingAmountPerFacility>
    <PXS:NetProceedsFromIssuanceOfCommonShares contextRef="From2018-01-01to2018-12-31_us-gaap_CommonStockMember" unitRef="USD" xsi:nil="true" />
    <PXS:NetProceedsFromIssuanceOfCommonShares contextRef="From2018-01-01to2018-12-31_us-gaap_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3">1000</PXS:NetProceedsFromIssuanceOfCommonShares>
    <PXS:NetProceedsFromIssuanceOfCommonShares contextRef="From2018-01-01to2018-12-31_us-gaap_RetainedEarningsMember" unitRef="USD" xsi:nil="true" />
    <PXS:NetProceedsFromIssuanceOfCommonShares contextRef="From2019-01-01to2019-12-31_us-gaap_CommonStockMember" unitRef="USD" xsi:nil="true" />
    <PXS:NetProceedsFromIssuanceOfCommonShares contextRef="From2019-01-01to2019-12-31_us-gaap_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3">274000</PXS:NetProceedsFromIssuanceOfCommonShares>
    <PXS:NetProceedsFromIssuanceOfCommonShares contextRef="From2019-01-01to2019-12-31_us-gaap_RetainedEarningsMember" unitRef="USD" xsi:nil="true" />
    <PXS:NetProceedsFromIssuanceOfCommonShares contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3">1000</PXS:NetProceedsFromIssuanceOfCommonShares>
    <PXS:NetProceedsFromIssuanceOfCommonShares contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">274000</PXS:NetProceedsFromIssuanceOfCommonShares>
    <PXS:NetProceedsFromIssuanceOfCommonShares contextRef="From2018-01-01to2018-12-31_custom_SeriesAConvertiblePreferredStockMember" unitRef="USD" xsi:nil="true" />
    <PXS:NetProceedsFromIssuanceOfCommonShares contextRef="From2019-01-01to2019-12-31_custom_SeriesAConvertiblePreferredStockMember" unitRef="USD" xsi:nil="true" />
    <us-gaap:ScheduleOfRevenueByMajorCustomersByReportingSegmentsTableTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Revenues for the years ended December 31, 2018,&#13;2019 and 2020, deriving from significant charterers individually accounting for 10% or more of revenues (in percentages of total&#13;revenues), were as follows:&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/50% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Charterer&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;2019&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 42%; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;A&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 17%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;23%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 18%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;71%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;58%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;B&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;15%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;C&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;16%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1.5pt double; border-bottom: Black 1.5pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1.5pt double; border-bottom: Black 1.5pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;38%&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1.5pt double; border-bottom: Black 1.5pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1.5pt double; border-bottom: Black 1.5pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;71%&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1.5pt double; border-bottom: Black 1.5pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-top: Black 1.5pt double; border-bottom: Black 1.5pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;74%&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:ScheduleOfRevenueByMajorCustomersByReportingSegmentsTableTextBlock>
    <us-gaap:Revenues contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">21711000</us-gaap:Revenues>
    <us-gaap:Revenues contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3">28457000</us-gaap:Revenues>
    <us-gaap:Revenues contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">27753000</us-gaap:Revenues>
    <dei:EntityCommonStockSharesOutstanding contextRef="AsOf2020-12-31" unitRef="Shares" decimals="INF">21962881</dei:EntityCommonStockSharesOutstanding>
    <us-gaap:AssetsHeldForSaleNotPartOfDisposalGroupCurrent contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3">13190000</us-gaap:AssetsHeldForSaleNotPartOfDisposalGroupCurrent>
    <us-gaap:AssetsHeldForSaleNotPartOfDisposalGroupCurrent contextRef="AsOf2020-12-31" unitRef="USD" xsi:nil="true" />
    <PXS:IssuanceOfCommonStockUnderPromissoryNoteShares contextRef="From2019-01-01to2019-12-31_us-gaap_CommonStockMember" unitRef="Shares" decimals="INF">95262</PXS:IssuanceOfCommonStockUnderPromissoryNoteShares>
    <PXS:IssuanceOfCommonStockUnderPromissoryNoteShares contextRef="From2020-01-01to2020-12-31_us-gaap_CommonStockMember" unitRef="Shares" decimals="INF">260495</PXS:IssuanceOfCommonStockUnderPromissoryNoteShares>
    <PXS:IssuanceOfCommonStockUnderPromissoryNoteShares contextRef="From2019-01-01to2019-12-31_custom_SeriesAConvertiblePreferredStockMember" unitRef="Shares" xsi:nil="true" />
    <PXS:IssuanceOfCommonStockUnderPromissoryNoteShares contextRef="From2020-01-01to2020-12-31_custom_SeriesAConvertiblePreferredStockMember" unitRef="Shares" xsi:nil="true" />
    <PXS:IssuanceOfCommonStockUnderPromissoryNote contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">226000</PXS:IssuanceOfCommonStockUnderPromissoryNote>
    <PXS:IssuanceOfCommonStockUnderPromissoryNote contextRef="From2019-01-01to2019-12-31_us-gaap_CommonStockMember" unitRef="USD" xsi:nil="true" />
    <PXS:IssuanceOfCommonStockUnderPromissoryNote contextRef="From2019-01-01to2019-12-31_us-gaap_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3">113000</PXS:IssuanceOfCommonStockUnderPromissoryNote>
    <PXS:IssuanceOfCommonStockUnderPromissoryNote contextRef="From2019-01-01to2019-12-31_us-gaap_RetainedEarningsMember" unitRef="USD" xsi:nil="true" />
    <PXS:IssuanceOfCommonStockUnderPromissoryNote contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">113000</PXS:IssuanceOfCommonStockUnderPromissoryNote>
    <PXS:IssuanceOfCommonStockUnderPromissoryNote contextRef="From2020-01-01to2020-12-31_us-gaap_CommonStockMember" unitRef="USD" xsi:nil="true" />
    <PXS:IssuanceOfCommonStockUnderPromissoryNote contextRef="From2020-01-01to2020-12-31_us-gaap_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3">226000</PXS:IssuanceOfCommonStockUnderPromissoryNote>
    <PXS:IssuanceOfCommonStockUnderPromissoryNote contextRef="From2020-01-01to2020-12-31_us-gaap_RetainedEarningsMember" unitRef="USD" xsi:nil="true" />
    <PXS:IssuanceOfCommonStockUnderPromissoryNote contextRef="From2019-01-01to2019-12-31_custom_SeriesAConvertiblePreferredStockMember" unitRef="USD" xsi:nil="true" />
    <PXS:IssuanceOfCommonStockUnderPromissoryNote contextRef="From2020-01-01to2020-12-31_custom_SeriesAConvertiblePreferredStockMember" unitRef="USD" xsi:nil="true" />
    <us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3">5176000</us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations>
    <us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations contextRef="AsOf2020-12-31" unitRef="USD" decimals="-3">4037000</us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations>
    <us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations contextRef="AsOf2017-12-31" unitRef="USD" decimals="-3">6693000</us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations>
    <us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations contextRef="AsOf2018-12-31" unitRef="USD" decimals="-3">4204000</us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations>
    <PXS:UnpaidPortionOfBallastWaterTreatmentSystemInstallation contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">174000</PXS:UnpaidPortionOfBallastWaterTreatmentSystemInstallation>
    <PXS:UnpaidPortionOfBallastWaterTreatmentSystemInstallation contextRef="From2018-01-01to2018-12-31" unitRef="USD" xsi:nil="true" />
    <PXS:UnpaidPortionOfBallastWaterTreatmentSystemInstallation contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">56000</PXS:UnpaidPortionOfBallastWaterTreatmentSystemInstallation>
    <PXS:PaymentsForInstallation contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">-542000</PXS:PaymentsForInstallation>
    <PXS:PaymentsForInstallation contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3">-99000</PXS:PaymentsForInstallation>
    <PXS:PaymentsForInstallation contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">-470000</PXS:PaymentsForInstallation>
    <us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="AsOf2020-12-31" unitRef="Percentage" decimals="INF">1.00</us-gaap:EquityMethodInvestmentOwnershipPercentage>
    <us-gaap:DueFromRelatedPartiesCurrent contextRef="AsOf2019-12-31" unitRef="USD" xsi:nil="true" />
    <us-gaap:DueFromRelatedPartiesCurrent contextRef="AsOf2020-12-31" unitRef="USD" decimals="-3">2308000</us-gaap:DueFromRelatedPartiesCurrent>
    <us-gaap:IncreaseDecreaseInDueFromRelatedParties contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">2308000</us-gaap:IncreaseDecreaseInDueFromRelatedParties>
    <us-gaap:IncreaseDecreaseInDueFromRelatedParties contextRef="From2018-01-01to2018-12-31" unitRef="USD" xsi:nil="true" />
    <us-gaap:IncreaseDecreaseInDueFromRelatedParties contextRef="From2019-01-01to2019-12-31" unitRef="USD" xsi:nil="true" />
    <dei:EntityInteractiveDataCurrent contextRef="From2020-01-01to2020-12-31">Yes</dei:EntityInteractiveDataCurrent>
    <dei:DocumentAnnualReport contextRef="From2020-01-01to2020-12-31">true</dei:DocumentAnnualReport>
    <dei:DocumentTransitionReport contextRef="From2020-01-01to2020-12-31">false</dei:DocumentTransitionReport>
    <dei:DocumentShellCompanyReport contextRef="From2020-01-01to2020-12-31">false</dei:DocumentShellCompanyReport>
    <dei:DocumentFiscalYearFocus contextRef="From2020-01-01to2020-12-31">2020</dei:DocumentFiscalYearFocus>
    <PXS:NoncashFinancingActivitiesIssuanceOfCommonStockUnderPromissoryNote contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">226000</PXS:NoncashFinancingActivitiesIssuanceOfCommonStockUnderPromissoryNote>
    <PXS:NoncashFinancingActivitiesIssuanceOfCommonStockUnderPromissoryNote contextRef="From2018-01-01to2018-12-31" unitRef="USD" xsi:nil="true" />
    <PXS:NoncashFinancingActivitiesIssuanceOfCommonStockUnderPromissoryNote contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">113000</PXS:NoncashFinancingActivitiesIssuanceOfCommonStockUnderPromissoryNote>
    <us-gaap:ContractWithCustomerLiabilityCurrent contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3">1415000</us-gaap:ContractWithCustomerLiabilityCurrent>
    <us-gaap:ContractWithCustomerLiabilityCurrent contextRef="AsOf2020-12-31" unitRef="USD" decimals="-3">726000</us-gaap:ContractWithCustomerLiabilityCurrent>
    <PXS:UnpaidPortionForCommonStockOfferingCosts contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">35000</PXS:UnpaidPortionForCommonStockOfferingCosts>
    <PXS:UnpaidPortionForCommonStockOfferingCosts contextRef="From2018-01-01to2018-12-31" unitRef="USD" xsi:nil="true" />
    <PXS:UnpaidPortionForCommonStockOfferingCosts contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">57000</PXS:UnpaidPortionForCommonStockOfferingCosts>
    <PXS:IssuanceOfCommonStockUnderPromissoryNotes contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">169000</PXS:IssuanceOfCommonStockUnderPromissoryNotes>
    <PXS:IssuanceOfCommonStockUnderPromissoryNotes contextRef="From2018-01-01to2018-12-31" unitRef="USD" xsi:nil="true" />
    <PXS:IssuanceOfCommonStockUnderPromissoryNotes contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">113000</PXS:IssuanceOfCommonStockUnderPromissoryNotes>
    <PXS:QuarterlyInstallmentsPayableTenInstallments contextRef="From2020-01-01to2020-12-31_custom_EighthoneNewSecuredLoanMember">Equal to the lower of $400 and excess cash computed through a cash sweep mechanism, plus a balloon payment due at maturity</PXS:QuarterlyInstallmentsPayableTenInstallments>
    <us-gaap:LongTermDebtTerm contextRef="AsOf2018-02-28_custom_SecondoneThirdoneAndFourthoneNewSecuredLoanMember">P5Y</us-gaap:LongTermDebtTerm>
    <PXS:QuarterlyInstallmentsPayableInAggregatePerFacility contextRef="From2020-01-01to2020-12-31_custom_NewSecuredLoanSecondoneThirdoneMember" unitRef="USD" decimals="-3">900000</PXS:QuarterlyInstallmentsPayableInAggregatePerFacility>
    <PXS:DebtInstrumentBasisSpreadOnVariableRatePercentage contextRef="AsOf2018-02-28_custom_SecondoneThirdoneAndFourthoneNewSecuredLoanMember" unitRef="Percentage" decimals="INF">0.0465</PXS:DebtInstrumentBasisSpreadOnVariableRatePercentage>
    <PXS:DebtInstrumentBasisSpreadOnVariableRatePercentage contextRef="AsOf2018-09-27_custom_EighthoneNewSecuredLoanMember" unitRef="Percentage" decimals="INF">0.110</PXS:DebtInstrumentBasisSpreadOnVariableRatePercentage>
    <PXS:TradeAccountsReceivableNet contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3">1243000</PXS:TradeAccountsReceivableNet>
    <PXS:TradeAccountsReceivableNet contextRef="AsOf2020-12-31" unitRef="USD" decimals="-3">663000</PXS:TradeAccountsReceivableNet>
    <PXS:TradeAccountsReceivableNet contextRef="AsOf2019-12-31_custom_SpotChartersMember" unitRef="USD" decimals="-3">743000</PXS:TradeAccountsReceivableNet>
    <PXS:TradeAccountsReceivableNet contextRef="AsOf2020-12-31_custom_SpotChartersMember" unitRef="USD" decimals="-3">672000</PXS:TradeAccountsReceivableNet>
    <PXS:TradeAccountsReceivableNet contextRef="AsOf2019-12-31_custom_TimeChartersMember" unitRef="USD" decimals="-3">500000</PXS:TradeAccountsReceivableNet>
    <PXS:TradeAccountsReceivableNet contextRef="AsOf2020-12-31_custom_TimeChartersMember" unitRef="USD" decimals="-3">1000</PXS:TradeAccountsReceivableNet>
    <PXS:TradeAccountsReceivableNet contextRef="AsOf2020-12-31_custom_CarryingValueMember" unitRef="USD" decimals="-3">663000</PXS:TradeAccountsReceivableNet>
    <PXS:TradeAccountsReceivableNet contextRef="AsOf2020-12-31_custom_FairValueMember" unitRef="USD" decimals="-3">663000</PXS:TradeAccountsReceivableNet>
    <PXS:NetProceedsFromSaleOfVessel contextRef="From2020-01-01to2020-12-31_custom_SaleOfPyxisDeltaMember">The total net proceeds from the sale of the vessel were approximately $13.2 million, of which, $5.7 million was used for the prepayment of Pyxis Delta and Pyxis Theta loan facility and $7.5 million for the repayment of the Company's liabilities to its related party (Maritime) and for the repayment of obligations to its trade creditors.</PXS:NetProceedsFromSaleOfVessel>
    <PXS:TradeAccountsReceivable contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3">1243000</PXS:TradeAccountsReceivable>
    <PXS:TradeAccountsReceivable contextRef="AsOf2020-12-31" unitRef="USD" decimals="-3">672000</PXS:TradeAccountsReceivable>
    <us-gaap:GainLossOnSaleOfPropertyPlantEquipment contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">7000</us-gaap:GainLossOnSaleOfPropertyPlantEquipment>
    <us-gaap:GainLossOnSaleOfPropertyPlantEquipment contextRef="From2018-01-01to2018-12-31" unitRef="USD" xsi:nil="true" />
    <us-gaap:GainLossOnSaleOfPropertyPlantEquipment contextRef="From2019-01-01to2019-12-31" unitRef="USD" xsi:nil="true" />
    <us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">-6982000</us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic>
    <us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3">-8214000</us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic>
    <us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">-8330000</us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic>
    <us-gaap:StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities contextRef="From2020-01-01to2020-12-31_us-gaap_CommonStockMember" unitRef="Shares" decimals="INF">332106</us-gaap:StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities>
    <us-gaap:StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities contextRef="From2020-01-01to2020-12-31_custom_SeriesAConvertiblePreferredStockMember" unitRef="Shares" decimals="INF">-18525</us-gaap:StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities>
    <us-gaap:StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities contextRef="From2020-01-01to2020-12-31_custom_SeriesAConvertiblePreferredSharesMember10957500" unitRef="Shares" decimals="INF">18525</us-gaap:StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities>
    <us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">13197000</us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment>
    <us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment contextRef="From2018-01-01to2018-12-31" unitRef="USD" xsi:nil="true" />
    <us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment contextRef="From2019-01-01to2019-12-31" unitRef="USD" xsi:nil="true" />
    <us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment contextRef="From2019-01-01to2019-12-31_custom_LoanAgreementDatedOctoberTwelveTwoThousandTwelveMember_custom_PyxisDeltaVesselMember_us-gaap_ShareBasedCompensationAwardTrancheOneMember" unitRef="USD" decimals="-3">13197000</us-gaap:ProceedsFromSaleOfPropertyPlantAndEquipment>
    <us-gaap:ProceedsFromIssuanceOfPreferredStockAndPreferenceStock contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">4571000</us-gaap:ProceedsFromIssuanceOfPreferredStockAndPreferenceStock>
    <us-gaap:ProceedsFromIssuanceOfPreferredStockAndPreferenceStock contextRef="From2018-01-01to2018-12-31" unitRef="USD" xsi:nil="true" />
    <us-gaap:ProceedsFromIssuanceOfPreferredStockAndPreferenceStock contextRef="From2019-01-01to2019-12-31" unitRef="USD" xsi:nil="true" />
    <us-gaap:PaymentsOfDividends contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">69000</us-gaap:PaymentsOfDividends>
    <us-gaap:PaymentsOfDividends contextRef="From2018-01-01to2018-12-31" unitRef="USD" xsi:nil="true" />
    <us-gaap:PaymentsOfDividends contextRef="From2019-01-01to2019-12-31" unitRef="USD" xsi:nil="true" />
    <PXS:PreferredStockOfferingCosts contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">260000</PXS:PreferredStockOfferingCosts>
    <PXS:PreferredStockOfferingCosts contextRef="From2018-01-01to2018-12-31" unitRef="USD" xsi:nil="true" />
    <PXS:PreferredStockOfferingCosts contextRef="From2019-01-01to2019-12-31" unitRef="USD" xsi:nil="true" />
    <PXS:PaymentsForVesselAdditions contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">25000</PXS:PaymentsForVesselAdditions>
    <PXS:PaymentsForVesselAdditions contextRef="From2018-01-01to2018-12-31" unitRef="USD" xsi:nil="true" />
    <PXS:PaymentsForVesselAdditions contextRef="From2019-01-01to2019-12-31" unitRef="USD" xsi:nil="true" />
    <PXS:LongtermDebtBalloonPaymentPerFacility contextRef="AsOf2020-12-31_custom_NewSecuredLoanSecondoneThirdoneMember" unitRef="USD" decimals="-3">2390000</PXS:LongtermDebtBalloonPaymentPerFacility>
    <PXS:DebtCurrent1 contextRef="AsOf2020-07-08_custom_SecuredLoanSeventhoneCorpMember" unitRef="USD" decimals="-3">15250000</PXS:DebtCurrent1>
    <PXS:DebtCurrent1 contextRef="AsOf2020-07-08_custom_SeventhonePreviousSecuredLoanMember" unitRef="USD" decimals="-3">11293000</PXS:DebtCurrent1>
    <us-gaap:DebtInstrumentBasisSpreadOnVariableRate1 contextRef="From2020-07-07to2020-07-08_custom_SecuredLoanSeventhoneCorpMember" unitRef="Percentage" decimals="INF">0.0335</us-gaap:DebtInstrumentBasisSpreadOnVariableRate1>
    <us-gaap:RepaymentsOfDebt contextRef="From2021-03-16to2021-03-17_us-gaap_SubsequentEventMember_custom_EighthoneCorpMember_custom_RefinanceOfEighthoneLoanMember" unitRef="USD" decimals="-3">7300000</us-gaap:RepaymentsOfDebt>
    <PXS:QuarterlyInstallmentsPayableNineteenInstallments contextRef="From2020-07-07to2020-07-08_custom_SecuredLoanSeventhoneCorpMember" unitRef="USD" decimals="-3">300000</PXS:QuarterlyInstallmentsPayableNineteenInstallments>
    <us-gaap:DebtInstrumentCovenantDescription contextRef="From2020-01-01to2020-12-31_custom_SecuredLoanSeventhoneCorpMember">No change shall be made directly or indirectly in the ownership, beneficial ownership, control or management of Seventhone or of the Company or any share therein or the Pyxis Theta, as a result of which less than 100% of the shares and voting rights in Seventhone or less than 40% of the shares and voting rights in the Company remain in the ultimate legal and beneficial owners disclosed at the negotiation of this loan agreement.</us-gaap:DebtInstrumentCovenantDescription>
    <PXS:NumberOfVesselOwnershipsInterestEntities contextRef="AsOf2020-12-31" unitRef="Installement" decimals="INF">5</PXS:NumberOfVesselOwnershipsInterestEntities>
    <us-gaap:PaymentsForMergerRelatedCosts contextRef="From2015-04-22to2015-04-23_custom_LOOKSMARTLTDMember" unitRef="USD" decimals="-3">600000</us-gaap:PaymentsForMergerRelatedCosts>
    <PXS:PercentageOfCommonStockBeneficiallyOwned contextRef="AsOf2020-12-31_custom_MrValentisMember" unitRef="Percentage" decimals="INF">0.796</PXS:PercentageOfCommonStockBeneficiallyOwned>
    <PXS:PercentageOfCommonStockBeneficiallyOwned contextRef="AsOf2021-04-06_us-gaap_SubsequentEventMember_custom_MrValentisMember" unitRef="Percentage" decimals="INF">0.473</PXS:PercentageOfCommonStockBeneficiallyOwned>
    <dei:EntityIncorporationDateOfIncorporation contextRef="From2020-01-01to2020-12-31_custom_VesselsMember_custom_SecondoneCorporationLtdMember">2007-05-23</dei:EntityIncorporationDateOfIncorporation>
    <dei:EntityIncorporationDateOfIncorporation contextRef="From2020-01-01to2020-12-31_custom_VesselsMember_custom_ThirdoneCorporationLtdMember">2007-05-23</dei:EntityIncorporationDateOfIncorporation>
    <dei:EntityIncorporationDateOfIncorporation contextRef="From2020-01-01to2020-12-31_custom_VesselsMember_custom_FourthoneCorporationLtdMember">2007-05-30</dei:EntityIncorporationDateOfIncorporation>
    <dei:EntityIncorporationDateOfIncorporation contextRef="From2020-01-01to2020-12-31_custom_VesselsMember_custom_SixthoneCorpMember">2010-01-15</dei:EntityIncorporationDateOfIncorporation>
    <dei:EntityIncorporationDateOfIncorporation contextRef="From2020-01-01to2020-12-31_custom_VesselsMember_custom_SeventhoneCorpMember">2011-05-31</dei:EntityIncorporationDateOfIncorporation>
    <dei:EntityIncorporationDateOfIncorporation contextRef="From2020-01-01to2020-12-31_custom_VesselsMember_custom_EighthoneCorpMember">2013-02-08</dei:EntityIncorporationDateOfIncorporation>
    <PXS:VesselName contextRef="From2020-01-01to2020-12-31_custom_VesselsMember_custom_SecondoneCorporationLtdMember">Northsea Alpha</PXS:VesselName>
    <PXS:VesselName contextRef="From2020-01-01to2020-12-31_custom_VesselsMember_custom_ThirdoneCorporationLtdMember">Northsea Beta</PXS:VesselName>
    <PXS:VesselName contextRef="From2020-01-01to2020-12-31_custom_VesselsMember_custom_FourthoneCorporationLtdMember">Pyxis Malou</PXS:VesselName>
    <PXS:VesselName contextRef="From2020-01-01to2020-12-31_custom_VesselsMember_custom_SixthoneCorpMember" id="Foot-00-0">Pyxis Delta</PXS:VesselName>
    <PXS:VesselName contextRef="From2020-01-01to2020-12-31_custom_VesselsMember_custom_SeventhoneCorpMember">Pyxis Theta</PXS:VesselName>
    <PXS:VesselName contextRef="From2020-01-01to2020-12-31_custom_VesselsMember_custom_EighthoneCorpMember">Pyxis Epsilon</PXS:VesselName>
    <PXS:VesselCapacity contextRef="From2020-01-01to2020-12-31_custom_VesselsMember_custom_SecondoneCorporationLtdMember" unitRef="Installement" decimals="INF">8615</PXS:VesselCapacity>
    <PXS:VesselCapacity contextRef="From2020-01-01to2020-12-31_custom_VesselsMember_custom_ThirdoneCorporationLtdMember" unitRef="Installement" decimals="INF">8647</PXS:VesselCapacity>
    <PXS:VesselCapacity contextRef="From2020-01-01to2020-12-31_custom_VesselsMember_custom_FourthoneCorporationLtdMember" unitRef="Installement" decimals="INF">50667</PXS:VesselCapacity>
    <PXS:VesselCapacity contextRef="From2020-01-01to2020-12-31_custom_VesselsMember_custom_SixthoneCorpMember" unitRef="Installement" decimals="INF">46616</PXS:VesselCapacity>
    <PXS:VesselCapacity contextRef="From2020-01-01to2020-12-31_custom_VesselsMember_custom_SeventhoneCorpMember" unitRef="Installement" decimals="INF">51795</PXS:VesselCapacity>
    <PXS:VesselCapacity contextRef="From2020-01-01to2020-12-31_custom_VesselsMember_custom_EighthoneCorpMember" unitRef="Installement" decimals="INF">50295</PXS:VesselCapacity>
    <PXS:VesselBuiltYear contextRef="From2020-01-01to2020-12-31_custom_VesselsMember_custom_SecondoneCorporationLtdMember">2010</PXS:VesselBuiltYear>
    <PXS:VesselBuiltYear contextRef="From2020-01-01to2020-12-31_custom_VesselsMember_custom_ThirdoneCorporationLtdMember">2010</PXS:VesselBuiltYear>
    <PXS:VesselBuiltYear contextRef="From2020-01-01to2020-12-31_custom_VesselsMember_custom_FourthoneCorporationLtdMember">2009</PXS:VesselBuiltYear>
    <PXS:VesselBuiltYear contextRef="From2020-01-01to2020-12-31_custom_VesselsMember_custom_SixthoneCorpMember">2006</PXS:VesselBuiltYear>
    <PXS:VesselBuiltYear contextRef="From2020-01-01to2020-12-31_custom_VesselsMember_custom_SeventhoneCorpMember">2013</PXS:VesselBuiltYear>
    <PXS:VesselBuiltYear contextRef="From2020-01-01to2020-12-31_custom_VesselsMember_custom_EighthoneCorpMember">2015</PXS:VesselBuiltYear>
    <PXS:VesselAcquisitionDate contextRef="From2020-01-01to2020-12-31_custom_VesselsMember_custom_SecondoneCorporationLtdMember">2010-05-28</PXS:VesselAcquisitionDate>
    <PXS:VesselAcquisitionDate contextRef="From2020-01-01to2020-12-31_custom_VesselsMember_custom_ThirdoneCorporationLtdMember">2010-05-25</PXS:VesselAcquisitionDate>
    <PXS:VesselAcquisitionDate contextRef="From2020-01-01to2020-12-31_custom_VesselsMember_custom_FourthoneCorporationLtdMember">2009-02-16</PXS:VesselAcquisitionDate>
    <PXS:VesselAcquisitionDate contextRef="From2020-01-01to2020-12-31_custom_VesselsMember_custom_SixthoneCorpMember">2010-03-04</PXS:VesselAcquisitionDate>
    <PXS:VesselAcquisitionDate contextRef="From2020-01-01to2020-12-31_custom_VesselsMember_custom_SeventhoneCorpMember">2013-09-16</PXS:VesselAcquisitionDate>
    <PXS:VesselAcquisitionDate contextRef="From2020-01-01to2020-12-31_custom_VesselsMember_custom_EighthoneCorpMember">2015-01-14</PXS:VesselAcquisitionDate>
    <PXS:ResidualValuePerLightweightTon contextRef="AsOf2020-12-31" unitRef="USDPTon" decimals="INF">0.300</PXS:ResidualValuePerLightweightTon>
    <us-gaap:PropertyPlantAndEquipmentUsefulLife contextRef="From2020-01-01to2020-12-31">P25Y</us-gaap:PropertyPlantAndEquipmentUsefulLife>
    <PXS:EstimatedFleetUtilizationRateDependingOnTypeOfVesselMinimumRate contextRef="From2020-01-01to2020-12-31" unitRef="Percentage" decimals="INF">0.750</PXS:EstimatedFleetUtilizationRateDependingOnTypeOfVesselMinimumRate>
    <PXS:EstimatedFleetUtilizationRateDependingOnTypeOfVesselMaximumRate contextRef="From2020-01-01to2020-12-31" unitRef="Percentage" decimals="INF">0.986</PXS:EstimatedFleetUtilizationRateDependingOnTypeOfVesselMaximumRate>
    <PXS:EstimatedFleetUtilizationRateIncludingScheduledOffhireDaysForPlannedDryDockingsAndVesselSurveysMinimumRate contextRef="From2020-01-01to2020-12-31" unitRef="Percentage" decimals="INF">0.78</PXS:EstimatedFleetUtilizationRateIncludingScheduledOffhireDaysForPlannedDryDockingsAndVesselSurveysMinimumRate>
    <PXS:EstimatedFleetUtilizationRateIncludingScheduledOffhireDaysForPlannedDryDockingsAndVesselSurveysMaximumRate contextRef="From2020-01-01to2020-12-31" unitRef="Percentage" decimals="INF">0.930</PXS:EstimatedFleetUtilizationRateIncludingScheduledOffhireDaysForPlannedDryDockingsAndVesselSurveysMaximumRate>
    <us-gaap:NumberOfReportableSegments contextRef="From2020-01-01to2020-12-31" unitRef="Installement" decimals="INF">1</us-gaap:NumberOfReportableSegments>
    <PXS:WorkingCapitalDeficit contextRef="AsOf2020-12-31" unitRef="USD" decimals="-3">2895000</PXS:WorkingCapitalDeficit>
    <us-gaap:RestrictedCash contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3">3735000</us-gaap:RestrictedCash>
    <us-gaap:RestrictedCash contextRef="AsOf2020-12-31" unitRef="USD" decimals="-3">2417000</us-gaap:RestrictedCash>
    <us-gaap:RestrictedCash contextRef="AsOf2018-12-31" unitRef="USD" decimals="-3">3659000</us-gaap:RestrictedCash>
    <us-gaap:ImpairmentOfLongLivedAssetsHeldForUse contextRef="From2020-01-01to2020-12-31" unitRef="USD" xsi:nil="true" />
    <us-gaap:ImpairmentOfLongLivedAssetsHeldForUse contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3">2282000</us-gaap:ImpairmentOfLongLivedAssetsHeldForUse>
    <us-gaap:ImpairmentOfLongLivedAssetsHeldForUse contextRef="From2019-01-01to2019-12-31" unitRef="USD" xsi:nil="true" />
    <us-gaap:ImpairmentOfLongLivedAssetsHeldForUse contextRef="From2018-01-01to2018-12-31_custom_VesselsMember" unitRef="USD" decimals="-3">2282000</us-gaap:ImpairmentOfLongLivedAssetsHeldForUse>
    <PXS:VoyageRevenues contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">21711000</PXS:VoyageRevenues>
    <PXS:VoyageRevenues contextRef="From2019-01-01to2019-12-31_custom_RevenuesDerivedFromSpotChartersMember" unitRef="USD" decimals="-3">8067000</PXS:VoyageRevenues>
    <PXS:VoyageRevenues contextRef="From2018-01-01to2018-12-31_custom_RevenuesDerivedFromSpotChartersMember" unitRef="USD" decimals="-3">16990000</PXS:VoyageRevenues>
    <PXS:VoyageRevenues contextRef="From2019-01-01to2019-12-31_custom_RevenuesDerivedFromTimeChartersMember" unitRef="USD" decimals="-3">19686000</PXS:VoyageRevenues>
    <PXS:VoyageRevenues contextRef="From2018-01-01to2018-12-31_custom_RevenuesDerivedFromTimeChartersMember" unitRef="USD" decimals="-3">11467000</PXS:VoyageRevenues>
    <PXS:VoyageRevenues contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3">28457000</PXS:VoyageRevenues>
    <PXS:VoyageRevenues contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">27753000</PXS:VoyageRevenues>
    <PXS:VoyageRevenues contextRef="From2020-01-01to2020-12-31_custom_RevenuesDerivedFromSpotChartersMember" unitRef="USD" decimals="-3">7022000</PXS:VoyageRevenues>
    <PXS:VoyageRevenues contextRef="From2020-01-01to2020-12-31_custom_RevenuesDerivedFromTimeChartersMember" unitRef="USD" decimals="-3">14689000</PXS:VoyageRevenues>
    <us-gaap:ConcentrationRiskPercentage1 contextRef="From2020-01-01to2020-12-31" unitRef="Percentage" decimals="INF">0.74</us-gaap:ConcentrationRiskPercentage1>
    <us-gaap:ConcentrationRiskPercentage1 contextRef="From2018-01-01to2018-12-31" unitRef="Percentage" decimals="INF">0.38</us-gaap:ConcentrationRiskPercentage1>
    <us-gaap:ConcentrationRiskPercentage1 contextRef="From2019-01-01to2019-12-31" unitRef="Percentage" decimals="INF">0.71</us-gaap:ConcentrationRiskPercentage1>
    <us-gaap:ConcentrationRiskPercentage1 contextRef="From2020-01-01to2020-12-31_custom_ChartererAMember" unitRef="Percentage" decimals="INF">0.58</us-gaap:ConcentrationRiskPercentage1>
    <us-gaap:ConcentrationRiskPercentage1 contextRef="From2020-01-01to2020-12-31_custom_ChartererBMember" unitRef="Percentage" decimals="INF">0.00</us-gaap:ConcentrationRiskPercentage1>
    <us-gaap:ConcentrationRiskPercentage1 contextRef="From2020-01-01to2020-12-31_custom_ChartererCMember" unitRef="Percentage" decimals="INF">0.16</us-gaap:ConcentrationRiskPercentage1>
    <us-gaap:ConcentrationRiskPercentage1 contextRef="From2018-01-01to2018-12-31_custom_ChartererAMember" unitRef="Percentage" decimals="INF">0.23</us-gaap:ConcentrationRiskPercentage1>
    <us-gaap:ConcentrationRiskPercentage1 contextRef="From2018-01-01to2018-12-31_custom_ChartererBMember" unitRef="Percentage" decimals="INF">0.15</us-gaap:ConcentrationRiskPercentage1>
    <us-gaap:ConcentrationRiskPercentage1 contextRef="From2018-01-01to2018-12-31_custom_ChartererCMember" unitRef="Percentage" decimals="INF">0.00</us-gaap:ConcentrationRiskPercentage1>
    <us-gaap:ConcentrationRiskPercentage1 contextRef="From2019-01-01to2019-12-31_custom_ChartererAMember" unitRef="Percentage" decimals="INF">0.71</us-gaap:ConcentrationRiskPercentage1>
    <us-gaap:ConcentrationRiskPercentage1 contextRef="From2019-01-01to2019-12-31_custom_ChartererBMember" unitRef="Percentage" decimals="INF">0.00</us-gaap:ConcentrationRiskPercentage1>
    <us-gaap:ConcentrationRiskPercentage1 contextRef="From2019-01-01to2019-12-31_custom_ChartererCMember" unitRef="Percentage" decimals="INF">0.00</us-gaap:ConcentrationRiskPercentage1>
    <us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3">5176000</us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents>
    <us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents contextRef="AsOf2020-12-31" unitRef="USD" decimals="-3">4037000</us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents>
    <us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents contextRef="AsOf2018-12-31" unitRef="USD" decimals="-3">4204000</us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents>
    <PXS:DailyShipManagementFeesPayableToRelatedParty contextRef="From2020-01-01to2020-12-31_custom_PyxisMaritimeMember" unitRef="USDPShares" decimals="INF">0.325</PXS:DailyShipManagementFeesPayableToRelatedParty>
    <PXS:DailyShipManagementFeesPayableToRelatedParty contextRef="From2020-01-01to2020-12-31_custom_PyxisMaritimeMember_custom_WhileVesselIsUnderConstructionMember" unitRef="USDPShares" decimals="INF">0.450</PXS:DailyShipManagementFeesPayableToRelatedParty>
    <PXS:CharterHireAgreementCommissionRate contextRef="From2020-01-01to2020-12-31_custom_PyxisMaritimeMember" unitRef="Percentage" decimals="INF">0.0125</PXS:CharterHireAgreementCommissionRate>
    <PXS:ManagementAgreementsInitialTerm contextRef="From2020-01-01to2020-12-31_custom_PyxisMaritimeMember">P5Y</PXS:ManagementAgreementsInitialTerm>
    <PXS:ManagementAgreementsRenewalPeriod contextRef="From2020-01-01to2020-12-31_custom_PyxisMaritimeMember">P5Y</PXS:ManagementAgreementsRenewalPeriod>
    <PXS:HeadManagementAgreementWithRelatedPartyCommencementDate contextRef="From2020-01-01to2020-12-31_custom_PyxisMaritimeMember">2015-03-23</PXS:HeadManagementAgreementWithRelatedPartyCommencementDate>
    <PXS:AdministrationFees contextRef="From2020-01-01to2020-12-31_custom_PyxisMaritimeMember" unitRef="USD" decimals="-3">1632000</PXS:AdministrationFees>
    <PXS:AdministrationFees contextRef="From2018-01-01to2018-12-31_custom_PyxisMaritimeMember" unitRef="USD" decimals="-3">1618000</PXS:AdministrationFees>
    <PXS:AdministrationFees contextRef="From2019-01-01to2019-12-31_custom_PyxisMaritimeMember" unitRef="USD" decimals="-3">1628000</PXS:AdministrationFees>
    <us-gaap:RelatedPartyTransactionTermsAndMannerOfSettlement contextRef="From2020-01-01to2020-12-31_custom_PyxisMaritimeMember">In the event of a change of control of the Company during the management period or within 12 months after the early termination of the Head Management Agreement, then the Company will pay to Maritime an amount equal to 2.5 times the then annual Administration Fees. Pursuant to the amendment of this agreement on March 18, 2020, in the event of such change of control and termination, the Company shall also pay to Maritime an amount equal to 12 months of the then daily Ship-management Fees.</us-gaap:RelatedPartyTransactionTermsAndMannerOfSettlement>
    <PXS:ShipmanagementAndAdministrationFeesPercentageIncrease contextRef="From2020-01-01to2020-12-31_custom_PyxisMaritimeMember">Effective January 1, 2019 and 2020, the Ship-management Fees and the Administration Fees were increased by 0.62%, and, 0.26% respectively, in line with the average inflation rate of Greece for 2018 and 2019. For 2020, the average rate in Greece was a deflation of 1.24% and as a result no adjustment shall be made to the Ship-management Fees and the Administration Fees effective January 1, 2021, which will remain, for the particular calendar year, as per the previous year.</PXS:ShipmanagementAndAdministrationFeesPercentageIncrease>
    <PXS:PromissoryNoteIssued contextRef="AsOf2015-10-28_custom_MaritimeInvestorsPromissoryNoteMember" unitRef="USD" decimals="-3">2500000</PXS:PromissoryNoteIssued>
    <us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="AsOf2015-10-28_custom_MaritimeInvestorsPromissoryNoteMember" unitRef="Percentage" decimals="INF">0.0275</us-gaap:DebtInstrumentInterestRateStatedPercentage>
    <us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="AsOf2019-05-14_custom_MaritimeInvestorsPromissoryNoteMember" unitRef="Percentage" decimals="INF">0.090</us-gaap:DebtInstrumentInterestRateStatedPercentage>
    <us-gaap:DebtInstrumentMaturityDate contextRef="From2019-01-01to2019-12-31_custom_MaritimeInvestorsPromissoryNoteMember">2020-03-31</us-gaap:DebtInstrumentMaturityDate>
    <us-gaap:DebtInstrumentMaturityDate contextRef="From2015-10-27to2015-10-28_custom_MaritimeInvestorsPromissoryNoteMember">2017-01-15</us-gaap:DebtInstrumentMaturityDate>
    <PXS:InterestExpenseOnPromissoryNote contextRef="From2019-01-01to2019-12-31_custom_MaritimeInvestorsPromissoryNoteMember" unitRef="USD" decimals="-3">395000</PXS:InterestExpenseOnPromissoryNote>
    <PXS:InterestExpenseOnPromissoryNote contextRef="From2018-01-01to2018-12-31_custom_MaritimeInvestorsPromissoryNoteMember" unitRef="USD" decimals="-3">213000</PXS:InterestExpenseOnPromissoryNote>
    <PXS:InterestExpenseOnPromissoryNote contextRef="From2020-01-01to2020-12-31_custom_MaritimeInvestorsPromissoryNoteMember" unitRef="USD" decimals="-3">452000</PXS:InterestExpenseOnPromissoryNote>
    <PXS:FuturePaymentsOfInterestOnPromissoryNoteInCash contextRef="From2019-01-01to2019-12-31_custom_MaritimeInvestorsPromissoryNoteMember" unitRef="USD" decimals="-3">225000</PXS:FuturePaymentsOfInterestOnPromissoryNoteInCash>
    <PXS:FuturePaymentsOfInterestOnPromissoryNoteInCash contextRef="From2020-01-01to2020-12-31_custom_MaritimeInvestorsPromissoryNoteMember" unitRef="USD" decimals="-3">226000</PXS:FuturePaymentsOfInterestOnPromissoryNoteInCash>
    <PXS:InterestOnPromissoryNoteToBeSettledInCommonShares contextRef="From2019-01-01to2019-12-31_custom_MaritimeInvestorsPromissoryNoteMember" unitRef="USD" decimals="-3">170000</PXS:InterestOnPromissoryNoteToBeSettledInCommonShares>
    <PXS:InterestOnPromissoryNoteToBeSettledInCommonShares contextRef="From2020-01-01to2020-12-31_custom_MaritimeInvestorsPromissoryNoteMember" unitRef="USD" decimals="-3">226000</PXS:InterestOnPromissoryNoteToBeSettledInCommonShares>
    <PXS:InterestOnPromissoryNoteSettledInCommonSharesInJanuaryTwoThousandTwentyOne contextRef="From2020-01-01to2020-12-31_custom_MaritimeInvestorsPromissoryNoteMember" unitRef="USD" decimals="-3">57000</PXS:InterestOnPromissoryNoteSettledInCommonSharesInJanuaryTwoThousandTwentyOne>
    <PXS:InterestOnPromissoryNoteSettledInCommonSharesInJanuaryTwoThousandTwenty contextRef="From2019-01-01to2019-12-31_custom_MaritimeInvestorsPromissoryNoteMember" unitRef="USD" decimals="-3">57000</PXS:InterestOnPromissoryNoteSettledInCommonSharesInJanuaryTwoThousandTwenty>
    <PXS:CharterHireCommissions contextRef="From2020-01-01to2020-12-31_custom_PyxisMaritimeMember" unitRef="USD" decimals="-3">276000</PXS:CharterHireCommissions>
    <PXS:CharterHireCommissions contextRef="From2018-01-01to2018-12-31_custom_PyxisMaritimeMember" unitRef="USD" decimals="-3">354000</PXS:CharterHireCommissions>
    <PXS:CharterHireCommissions contextRef="From2019-01-01to2019-12-31_custom_PyxisMaritimeMember" unitRef="USD" decimals="-3">351000</PXS:CharterHireCommissions>
    <us-gaap:RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty contextRef="From2020-01-01to2020-12-31_custom_PyxisMaritimeMember" unitRef="USD" decimals="-3">2545000</us-gaap:RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty>
    <us-gaap:RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty contextRef="From2018-01-01to2018-12-31_custom_PyxisMaritimeMember" unitRef="USD" decimals="-3">2692000</us-gaap:RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty>
    <us-gaap:RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty contextRef="From2019-01-01to2019-12-31_custom_PyxisMaritimeMember" unitRef="USD" decimals="-3">2703000</us-gaap:RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty>
    <us-gaap:PropertyPlantAndEquipmentAdditions contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">685000</us-gaap:PropertyPlantAndEquipmentAdditions>
    <us-gaap:PropertyPlantAndEquipmentAdditions contextRef="From2019-01-01to2019-12-31_custom_VesselCostMember" unitRef="USD" decimals="-3">625000</us-gaap:PropertyPlantAndEquipmentAdditions>
    <us-gaap:PropertyPlantAndEquipmentAdditions contextRef="From2019-01-01to2019-12-31_custom_AccumulatedDepreciationMember" unitRef="USD" xsi:nil="true" />
    <us-gaap:PropertyPlantAndEquipmentAdditions contextRef="From2019-01-01to2019-12-31_custom_NetBookValueMember" unitRef="USD" decimals="-3">625000</us-gaap:PropertyPlantAndEquipmentAdditions>
    <us-gaap:PropertyPlantAndEquipmentAdditions contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">625000</us-gaap:PropertyPlantAndEquipmentAdditions>
    <us-gaap:PropertyPlantAndEquipmentAdditions contextRef="From2020-01-01to2020-12-31_custom_VesselCostMember" unitRef="USD" decimals="-3">685000</us-gaap:PropertyPlantAndEquipmentAdditions>
    <us-gaap:PropertyPlantAndEquipmentAdditions contextRef="From2020-01-01to2020-12-31_custom_AccumulatedDepreciationMember" unitRef="USD" xsi:nil="true" />
    <us-gaap:PropertyPlantAndEquipmentAdditions contextRef="From2020-01-01to2020-12-31_custom_NetBookValueMember" unitRef="USD" decimals="-3">685000</us-gaap:PropertyPlantAndEquipmentAdditions>
    <us-gaap:PaymentsToAcquirePropertyPlantAndEquipment contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">486000</us-gaap:PaymentsToAcquirePropertyPlantAndEquipment>
    <us-gaap:PaymentsToAcquirePropertyPlantAndEquipment contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">569000</us-gaap:PaymentsToAcquirePropertyPlantAndEquipment>
    <PXS:AccruedAndRemainsUnpaidAmountOfBallastWaterTreatmentSystemInstallation contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">174000</PXS:AccruedAndRemainsUnpaidAmountOfBallastWaterTreatmentSystemInstallation>
    <PXS:AccruedAndRemainsUnpaidAmountOfBallastWaterTreatmentSystemInstallation contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">56000</PXS:AccruedAndRemainsUnpaidAmountOfBallastWaterTreatmentSystemInstallation>
    <PXS:LossOnVesselHeldForSale contextRef="From2020-01-01to2020-12-31" unitRef="USD" xsi:nil="true" />
    <PXS:LossOnVesselHeldForSale contextRef="From2018-01-01to2018-12-31" unitRef="USD" xsi:nil="true" />
    <PXS:LossOnVesselHeldForSale contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">-2756000</PXS:LossOnVesselHeldForSale>
    <us-gaap:PropertyPlantAndEquipmentGross contextRef="AsOf2018-12-31_custom_VesselCostMember" unitRef="USD" decimals="-3">134310000</us-gaap:PropertyPlantAndEquipmentGross>
    <us-gaap:PropertyPlantAndEquipmentGross contextRef="AsOf2019-12-31_custom_VesselCostMember" unitRef="USD" decimals="-3">108523000</us-gaap:PropertyPlantAndEquipmentGross>
    <us-gaap:PropertyPlantAndEquipmentGross contextRef="AsOf2020-12-31_custom_VesselCostMember" unitRef="USD" decimals="-3">109208000</us-gaap:PropertyPlantAndEquipmentGross>
    <us-gaap:PropertyPlantAndEquipmentGross contextRef="AsOf2018-12-31_custom_VesselsMember" unitRef="USD" decimals="-3">12989000</us-gaap:PropertyPlantAndEquipmentGross>
    <us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment contextRef="AsOf2018-12-31_custom_AccumulatedDepreciationMember" unitRef="USD" decimals="-3">26318000</us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment>
    <us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment contextRef="AsOf2019-12-31_custom_AccumulatedDepreciationMember" unitRef="USD" decimals="-3">21016000</us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment>
    <us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment contextRef="AsOf2020-12-31_custom_AccumulatedDepreciationMember" unitRef="USD" decimals="-3">25434000</us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment>
    <us-gaap:PropertyPlantAndEquipmentTransfersAndChanges contextRef="From2019-01-01to2019-12-31_custom_VesselCostMember" unitRef="USD" decimals="-3">-26412000</us-gaap:PropertyPlantAndEquipmentTransfersAndChanges>
    <us-gaap:PropertyPlantAndEquipmentTransfersAndChanges contextRef="From2019-01-01to2019-12-31_custom_AccumulatedDepreciationMember" unitRef="USD" decimals="-3">10622000</us-gaap:PropertyPlantAndEquipmentTransfersAndChanges>
    <us-gaap:PropertyPlantAndEquipmentTransfersAndChanges contextRef="From2019-01-01to2019-12-31_custom_NetBookValueMember" unitRef="USD" decimals="-3">-15790000</us-gaap:PropertyPlantAndEquipmentTransfersAndChanges>
    <PXS:AdditionsToDeferredChargesAmount contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">1068000</PXS:AdditionsToDeferredChargesAmount>
    <PXS:AdditionsToDeferredChargesAmount contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3">588000</PXS:AdditionsToDeferredChargesAmount>
    <PXS:AdditionsToDeferredChargesAmount contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">435000</PXS:AdditionsToDeferredChargesAmount>
    <PXS:DeferredChargesTransferToVesselHeldforsale contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">-156000</PXS:DeferredChargesTransferToVesselHeldforsale>
    <PXS:MaximumOfferingAmountUnderRegistrationStatement contextRef="From2018-02-01to2018-02-02_custom_FThreeRegistrationStatementMember" unitRef="USD" decimals="-3">100000000</PXS:MaximumOfferingAmountUnderRegistrationStatement>
    <PXS:MaximumOfferingAmountUnderRegistrationStatement contextRef="From2018-03-29to2018-03-30_custom_ProspectusSupplementFiledForShelfRegistrationStatementRelatedToAtTheMarketProgramMember" unitRef="USD" decimals="-3">2300000</PXS:MaximumOfferingAmountUnderRegistrationStatement>
    <PXS:MaximumOfferingAmountUnderRegistrationStatement contextRef="From2018-11-18to2018-11-19_custom_ProspectusSupplementAmendedForShelfRegistrationStatementRelatedToAtTheMarketProgramMember" unitRef="USD" decimals="-3">3675000</PXS:MaximumOfferingAmountUnderRegistrationStatement>
    <PXS:MaximumNumberOfSharesForSaleUnderRegistrationStatement contextRef="From2018-02-01to2018-02-02_custom_FThreeRegistrationStatementMember" unitRef="Shares" decimals="INF">5233222</PXS:MaximumNumberOfSharesForSaleUnderRegistrationStatement>
    <us-gaap:ClassOfWarrantOrRightOutstanding contextRef="AsOf2020-12-31" unitRef="Shares" decimals="INF">1735040</us-gaap:ClassOfWarrantOrRightOutstanding>
    <us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1 contextRef="AsOf2020-10-13_custom_SeriesAConvertiblePreferredSharesAndDetachableWarrantsMember" unitRef="USDPShares" decimals="INF">1.40</us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1>
    <PXS:StockIssuedDuringPeriodShares contextRef="From2018-01-01to2018-12-31_custom_ATMProgramMember" unitRef="Shares" decimals="INF">182297</PXS:StockIssuedDuringPeriodShares>
    <PXS:StockIssuedDuringPeriodShares contextRef="From2020-01-01to2020-12-31_custom_ATMProgramMember" unitRef="Shares" xsi:nil="true" />
    <PXS:StockIssuedDuringPeriodShares contextRef="From2019-01-01to2019-12-31_custom_ATMProgramMember" unitRef="Shares" decimals="INF">214828</PXS:StockIssuedDuringPeriodShares>
    <PXS:CumulativeEffectOfAccumulatedDeficitForImpactOfAdoptionOnNewAccountingStandardForCreditLosses contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">-9000</PXS:CumulativeEffectOfAccumulatedDeficitForImpactOfAdoptionOnNewAccountingStandardForCreditLosses>
    <PXS:CumulativeEffectOfAccumulatedDeficitForImpactOfAdoptionOnNewAccountingStandardForCreditLosses contextRef="From2020-01-01to2020-12-31_us-gaap_CommonStockMember" unitRef="USD" xsi:nil="true" />
    <PXS:CumulativeEffectOfAccumulatedDeficitForImpactOfAdoptionOnNewAccountingStandardForCreditLosses contextRef="From2020-01-01to2020-12-31_us-gaap_AdditionalPaidInCapitalMember" unitRef="USD" xsi:nil="true" />
    <PXS:CumulativeEffectOfAccumulatedDeficitForImpactOfAdoptionOnNewAccountingStandardForCreditLosses contextRef="From2020-01-01to2020-12-31_us-gaap_RetainedEarningsMember" unitRef="USD" decimals="-3">-9000</PXS:CumulativeEffectOfAccumulatedDeficitForImpactOfAdoptionOnNewAccountingStandardForCreditLosses>
    <PXS:CumulativeEffectOfAccumulatedDeficitForImpactOfAdoptionOnNewAccountingStandardForCreditLosses contextRef="From2020-01-01to2020-12-31_custom_SeriesAConvertiblePreferredStockMember" unitRef="USD" xsi:nil="true" />
    <us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities contextRef="From2020-01-01to2020-12-31" unitRef="USD" xsi:nil="true" />
    <us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities contextRef="From2020-01-01to2020-12-31_us-gaap_CommonStockMember" unitRef="USD" decimals="-3">1000</us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities>
    <us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities contextRef="From2020-01-01to2020-12-31_us-gaap_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3">-1000</us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities>
    <us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities contextRef="From2020-01-01to2020-12-31_us-gaap_RetainedEarningsMember" unitRef="USD" xsi:nil="true" />
    <us-gaap:StockIssuedDuringPeriodValueConversionOfConvertibleSecurities contextRef="From2020-01-01to2020-12-31_custom_SeriesAConvertiblePreferredStockMember" unitRef="USD" xsi:nil="true" />
    <us-gaap:AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">-71000</us-gaap:AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings>
    <us-gaap:AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings contextRef="From2020-01-01to2020-12-31_us-gaap_CommonStockMember" unitRef="USD" xsi:nil="true" />
    <us-gaap:AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings contextRef="From2020-01-01to2020-12-31_us-gaap_AdditionalPaidInCapitalMember" unitRef="USD" xsi:nil="true" />
    <us-gaap:AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings contextRef="From2020-01-01to2020-12-31_us-gaap_RetainedEarningsMember" unitRef="USD" decimals="-3">-71000</us-gaap:AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings>
    <us-gaap:AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings contextRef="From2020-01-01to2020-12-31_custom_SeriesAConvertiblePreferredStockMember" unitRef="USD" xsi:nil="true" />
    <us-gaap:PreferredStockDividendsAndOtherAdjustments contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">-82000</us-gaap:PreferredStockDividendsAndOtherAdjustments>
    <us-gaap:PreferredStockDividendsAndOtherAdjustments contextRef="From2018-01-01to2018-12-31" unitRef="USD" xsi:nil="true" />
    <us-gaap:PreferredStockDividendsAndOtherAdjustments contextRef="From2019-01-01to2019-12-31" unitRef="USD" xsi:nil="true" />
    <PXS:DerivativesNotionalAmount contextRef="AsOf2018-01-19_us-gaap_InterestRateCapMember" unitRef="USD" decimals="-3">10000000</PXS:DerivativesNotionalAmount>
    <us-gaap:DerivativeCapInterestRate contextRef="AsOf2018-01-19_us-gaap_InterestRateCapMember" unitRef="Percentage" decimals="INF">0.035</us-gaap:DerivativeCapInterestRate>
    <PXS:InterestRateCapTerminationDate contextRef="From2018-01-17to2018-01-19_us-gaap_InterestRateCapMember">2022-07-18</PXS:InterestRateCapTerminationDate>
    <PXS:CashAndCashEquivalent contextRef="AsOf2020-12-31_custom_CarryingValueMember" unitRef="USD" decimals="-3">4037000</PXS:CashAndCashEquivalent>
    <PXS:CashAndCashEquivalent contextRef="AsOf2020-12-31_custom_FairValueMember" unitRef="USD" decimals="-3">4037000</PXS:CashAndCashEquivalent>
    <PXS:LongtermDebtWithVariableInterestRatesNet contextRef="AsOf2020-12-31_custom_CarryingValueMember" unitRef="USD" decimals="-3">30260000</PXS:LongtermDebtWithVariableInterestRatesNet>
    <PXS:LongtermDebtWithVariableInterestRatesNet contextRef="AsOf2020-12-31_custom_FairValueMember" unitRef="USD" decimals="-3">30260000</PXS:LongtermDebtWithVariableInterestRatesNet>
    <PXS:LongtermLoansAndPromissoryNoteWithNonvariableInterestRatesNet contextRef="AsOf2020-12-31_custom_CarryingValueMember" unitRef="USD" id="Foot-01-0" decimals="-3">29000000</PXS:LongtermLoansAndPromissoryNoteWithNonvariableInterestRatesNet>
    <PXS:LongtermLoansAndPromissoryNoteWithNonvariableInterestRatesNet contextRef="AsOf2020-12-31_custom_FairValueMember" unitRef="USD" id="Foot-01-1" decimals="-3">33864000</PXS:LongtermLoansAndPromissoryNoteWithNonvariableInterestRatesNet>
    <PXS:InitialCostOfDerivativeInstrument contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">-1000</PXS:InitialCostOfDerivativeInstrument>
    <PXS:InitialCostOfDerivativeInstrument contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">-28000</PXS:InitialCostOfDerivativeInstrument>
    <us-gaap:AssetsFairValueDisclosure contextRef="AsOf2018-12-31_custom_SignificantOtherObservableInputsLevel2NorthseaAlphaAndNorthseaBetaMember" unitRef="USD" decimals="-3">12250000</us-gaap:AssetsFairValueDisclosure>
    <us-gaap:AssetsFairValueDisclosure contextRef="AsOf2018-12-31_custom_SignificantOtherObservableInputsLevel2NorthseaAlphaVesselMember" unitRef="USD" decimals="-3">6125000</us-gaap:AssetsFairValueDisclosure>
    <us-gaap:AssetsFairValueDisclosure contextRef="AsOf2018-12-31_custom_SignificantOtherObservableInputsLevel2NorthseaBetaVesselMember" unitRef="USD" decimals="-3">6125000</us-gaap:AssetsFairValueDisclosure>
    <PXS:ImpairmentChargesOnVesselsNet contextRef="From2018-01-01to2018-12-31_custom_SignificantOtherObservableInputsLevel2NorthseaAlphaVesselMember" unitRef="USD" decimals="-3">1142000</PXS:ImpairmentChargesOnVesselsNet>
    <PXS:ImpairmentChargesOnVesselsNet contextRef="From2018-01-01to2018-12-31_custom_SignificantOtherObservableInputsLevel2NorthseaBetaVesselMember" unitRef="USD" decimals="-3">1140000</PXS:ImpairmentChargesOnVesselsNet>
    <PXS:ImpairmentChargesOnVesselsNet contextRef="From2018-01-01to2018-12-31_custom_SignificantOtherObservableInputsLevel2NorthseaAlphaAndNorthseaBetaMember" unitRef="USD" decimals="-3">2282000</PXS:ImpairmentChargesOnVesselsNet>
    <us-gaap:OperatingLeasesFutureMinimumPaymentsReceivableCurrent contextRef="AsOf2020-12-31" unitRef="USD" decimals="-3">4358000</us-gaap:OperatingLeasesFutureMinimumPaymentsReceivableCurrent>
    <us-gaap:OperatingLeasesFutureMinimumPaymentsReceivable contextRef="AsOf2020-12-31" unitRef="USD" decimals="-3">4358000</us-gaap:OperatingLeasesFutureMinimumPaymentsReceivable>
    <PXS:InterestOnPromissoryNote contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">452000</PXS:InterestOnPromissoryNote>
    <PXS:InterestOnPromissoryNote contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3">213000</PXS:InterestOnPromissoryNote>
    <PXS:InterestOnPromissoryNote contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">395000</PXS:InterestOnPromissoryNote>
    <PXS:LongtermDebtPrepaymentFees contextRef="From2020-01-01to2020-12-31" unitRef="USD" xsi:nil="true" />
    <PXS:LongtermDebtPrepaymentFees contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3">56000</PXS:LongtermDebtPrepaymentFees>
    <PXS:LongtermDebtPrepaymentFees contextRef="From2019-01-01to2019-12-31" unitRef="USD" xsi:nil="true" />
    <us-gaap:InterestExpenseLongTermDebt contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">4184000</us-gaap:InterestExpenseLongTermDebt>
    <us-gaap:InterestExpenseLongTermDebt contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3">3835000</us-gaap:InterestExpenseLongTermDebt>
    <us-gaap:InterestExpenseLongTermDebt contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">5122000</us-gaap:InterestExpenseLongTermDebt>
    <PXS:BidPriceRule contextRef="From2020-01-01to2020-12-31">On July 2, 2020, NASDAQ had notified the Company of its noncompliance with the minimum bid price of $1.00 over the previous 30 consecutive business days as required by the Listing Rules of the NASDAQ Stock Market. On December 29, 2020, the Company received written notification granting the Company a 180-day extension, or until June 28, 2021, to regain compliance with the minimum bid price requirement. Subsequently, from January 28, 2021 to February 16, 2021, the Company's closing bid price for its common shares were $1.00 per share or greater and, On February 17, 2021, NASDAQ informed the Company that it had regained compliance with the exchange's minimum closing bid price rule (NASDAQ Listing Rule 5550(a)(2)).</PXS:BidPriceRule>
    <us-gaap:SaleOfStockPricePerShare contextRef="AsOf2021-02-24_us-gaap_SubsequentEventMember_us-gaap_PrivatePlacementMember" unitRef="USDPShares" decimals="INF">1.75</us-gaap:SaleOfStockPricePerShare>
    <us-gaap:ConvertiblePreferredStockSharesIssuedUponConversion contextRef="AsOf2021-04-06_us-gaap_SubsequentEventMember_custom_SeriesAConvertiblePreferredSharesConversionsMember" unitRef="Shares" decimals="INF">1052529</us-gaap:ConvertiblePreferredStockSharesIssuedUponConversion>
    <us-gaap:ProceedsFromWarrantExercises contextRef="From2021-04-04to2021-04-06_us-gaap_SubsequentEventMember_custom_WarrantExercisesMember" unitRef="USD" decimals="-3">200000</us-gaap:ProceedsFromWarrantExercises>
    <PXS:NetProceedsFromPublicOffering contextRef="From2020-10-12to2020-10-13" unitRef="USD" decimals="-3">4300000</PXS:NetProceedsFromPublicOffering>
    <us-gaap:PreferredStockDividendRatePercentage contextRef="From2020-11-19to2020-11-20_custom_SeriesAConvertiblePreferredSharesAndDetachableWarrantsMember" unitRef="Percentage" decimals="INF">0.0775</us-gaap:PreferredStockDividendRatePercentage>
    <us-gaap:PreferredStockDividendRatePercentage contextRef="From2020-10-12to2020-10-13_custom_SeriesAConvertiblePreferredSharesAndDetachableWarrantsMember" unitRef="Percentage" decimals="INF">0.0775</us-gaap:PreferredStockDividendRatePercentage>
    <us-gaap:PreferredStockDividendRatePercentage contextRef="From2020-12-20to2020-12-21_custom_SeriesAConvertiblePreferredSharesAndDetachableWarrantsMember" unitRef="Percentage" decimals="INF">0.0775</us-gaap:PreferredStockDividendRatePercentage>
    <PXS:PropertyPlantAndEquipmentAdditionsNet contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">660000</PXS:PropertyPlantAndEquipmentAdditionsNet>
    <PXS:PropertyPlantAndEquipmentAdditionsNet contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">625000</PXS:PropertyPlantAndEquipmentAdditionsNet>
    <us-gaap:BusinessDescriptionAndBasisOfPresentationTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"&gt;&lt;b&gt;1. Basis of Presentation&#13;and General Information&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;PYXIS TANKERS INC. (&amp;#8220;Pyxis&amp;#8221;) is a corporation&#13;incorporated in the Republic of the Marshall Islands on March 23, 2015. As of December 31, 2020, Pyxis owns 100% ownership interest in&#13;the following five vessel-owning companies:&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;  &lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 24px; text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#9679;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;SECONDONE CORPORATION LTD, established under the laws of the Republic of Malta (&amp;#8220;Secondone&amp;#8221;);&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#9679;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;THIRDONE CORPORATION LTD, established under the laws of the Republic of Malta (&amp;#8220;Thirdone&amp;#8221;);&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#9679;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;FOURTHONE CORPORATION LTD, established under the laws of the Republic of Malta (&amp;#8220;Fourthone&amp;#8221;);&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#9679;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;SEVENTHONE CORP., established under the laws of the Republic of the Marshall Islands (&amp;#8220;Seventhone&amp;#8221;); and&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#9679;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;EIGHTHONE CORP., established under the laws of the Republic of the Marshall Islands (&amp;#8220;Eighthone,&amp;#8221; and collectively with Secondone, Thirdone, Fourthone, and Seventhone, the &amp;#8220;Vessel-owning companies&amp;#8221;).&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;We also currently own 100% ownership interest in the&#13;following non-vessel owning companies:&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;  &lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 24px; text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#9679;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;SIXTHONE CORP., established under the laws of the Republic of the Marshall Islands (&amp;#8220;Sixthone&amp;#8221;);&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#9679;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;MARITIME TECHNOLOGIES CORP., established under the laws of Delaware;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;All the subsidiaries of the Vessel-owning companies&#13;are engaged in the marine transportation of liquid cargoes through the ownership and operation of tanker vessels, as listed below:&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;  &lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Vessel-owning&lt;/b&gt;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;company&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Incorporation&lt;/b&gt;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;date&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Vessel&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;DWT&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid"&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Year&lt;/b&gt;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;built&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Acquisition&lt;/b&gt;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;date&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 20%"&gt;&lt;font style="font-size: 10pt"&gt;Secondone&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;05/23/2007&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;i&gt;Northsea Alpha&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;8,615&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 13%; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;2010&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;05/28/2010&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Thirdone&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;05/23/2007&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;i&gt;Northsea Beta&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;8,647&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;2010&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;05/25/2010&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Fourthone&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;05/30/2007&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;i&gt;Pyxis Malou&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;50,667&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;2009&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;02/16/2009&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Sixthone&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;01/15/2010&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;i&gt;Pyxis Delta*&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;46,616&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;2006&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;03/04/2010&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Seventhone&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;05/31/2011&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;i&gt;Pyxis Theta&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;51,795&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;2013&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;09/16/2013&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Eighthone&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;02/08/2013&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;i&gt;Pyxis Epsilon&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;50,295&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;01/14/2015&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;* Pyxis Delta, which was owned by Sixthone Corp. (&amp;#8220;Sixthone&amp;#8221;),&#13;was sold to an unaffiliated third party on January 13, 2020&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Secondone, Thirdone and Fourthone were initially established&#13;under the laws of the Republic of the Marshall Islands, under the names SECONDONE CORP., THIRDONE CORP. and FOURTHONE CORP., respectively.&#13;In March and April 2018, these vessel-owning companies completed their re-domiciliation under the jurisdiction of the Republic of Malta&#13;and were renamed as mentioned above. For further information, please refer to Note 7.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The accompanying consolidated financial statements&#13;have been prepared in accordance with accounting principles generally accepted in the United States of America (&amp;#8220;U.S. GAAP&amp;#8221;)&#13;and include the accounts of Pyxis and its wholly-owned subsidiaries (collectively the &amp;#8220;Company&amp;#8221;), as of December 31, 2019&#13;and 2020 and for the years ended December 31, 2018, 2019 and 2020.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;All of the Company&amp;#8217;s vessels are double-hulled&#13;and are engaged in the transportation of refined petroleum products and other liquid bulk items, such as organic chemicals and vegetable&#13;oils. The vessels &lt;i&gt;Northsea Alpha&lt;/i&gt; and &lt;i&gt;Northsea Beta&lt;/i&gt; are smaller tanker sister ships and &lt;i&gt;Pyxis Malou&lt;/i&gt;, &lt;i&gt;Pyxis Theta&lt;/i&gt;&#13;and &lt;i&gt;Pyxis Epsilon&lt;/i&gt;, are medium-range tankers.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Prior to the consummation of the transactions discussed&#13;below, Mr. Valentios (&amp;#8220;Eddie&amp;#8221;) Valentis was the sole ultimate stockholder of Pyxis and the Vessel-owning companies, holding&#13;all of their issued and outstanding share capital through Maritime Investors Corp. (&amp;#8220;Maritime Investors&amp;#8221;). Maritime Investors&#13;owned directly 100% of Pyxis, Secondone and Thirdone, and owned indirectly (through the intermediate holding company PYXIS HOLDINGS INC.&#13;(&amp;#8220;Holdings&amp;#8221;)) 100% of Fourthone, Sixthone, Seventhone and Eighthone.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On March 25, 2015, Pyxis caused MARITIME TECHNOLOGIES&#13;CORP., a Delaware corporation (&amp;#8220;Merger Sub&amp;#8221;), to be formed as its wholly-owned subsidiary and to be a party to the agreement&#13;and plan of merger discussed below.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On April 23, 2015, Pyxis and Merger Sub entered into&#13;an agreement and plan of merger (the &amp;#8220;Agreement and Plan of Merger&amp;#8221;) (further amended on September 22, 2015) with among others,&#13;LOOKSMART LTD. (&amp;#8220;LS&amp;#8221;), a digital advertising solutions company listed on NASDAQ. Merger Sub served as the entity into which&#13;LS was merged in accordance with the Agreement and Plan of Merger (the &amp;#8220;Merger&amp;#8221;). Upon execution of the Agreement and Plan&#13;of Merger, Pyxis paid LS a cash consideration of $600.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Prior to the Merger, on October 26, 2015, Holdings&#13;and Maritime Investors transferred all of their shares in the Vessel-owning companies to Pyxis as a contribution in kind, at no consideration.&#13;Since there was no change in ultimate ownership or control of the business of the Vessel-owning companies, the transaction constituted&#13;a reorganization of companies under common control and was accounted for in a manner similar to a pooling of interests. Accordingly, upon&#13;the transfer of the assets and liabilities of the Vessel-owning companies, the financial statements of the Company were presented using&#13;combined historical carrying amounts of the assets and liabilities of the Vessel-owning companies.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On October 28, 2015, in accordance with the terms&#13;of the Agreement and Plan of Merger, LS, after having divested of its business and all of its assets and liabilities, merged with and&#13;into the Merger Sub, with Merger Sub surviving the Merger and continuing to be a wholly-owned subsidiary of Pyxis.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On October 28, 2015, the Merger was consummated and&#13;the Company&amp;#8217;s shares commenced their listing on the NASDAQ Capital Markets thereafter.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Pyxis was both the legal and accounting acquirer of&#13;LS. The acquisition by Pyxis of LS was not an acquisition of an operating company as the business, assets and liabilities of LS were spun-off&#13;prior to the Merger. As such, for accounting purposes, the Merger between Merger Sub and LS was accounted for as a capital transaction&#13;rather than as a business combination.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;PYXIS MARITIME CORP. (&amp;#8220;Maritime&amp;#8221;), a corporation&#13;established under the laws of the Republic of the Marshall Islands, which is beneficially owned by Mr. Valentis, provides certain ship&#13;management services to the Vessel-owning companies (Note 3).&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;With effect from the delivery of each vessel, the&#13;crewing and technical management of the vessels were contracted to INTERNATIONAL TANKER MANAGEMENT LTD. (&amp;#8220;ITM&amp;#8221;) with permission&#13;from Maritime. ITM is an unrelated third party technical manager, represented by its branch based in Dubai, UAE. Each ship-management&#13;agreement with ITM is in force until it is terminated by either party. The ship-management agreements can be cancelled either by the Company&#13;or ITM for any reason at any time upon three months&amp;#8217; advance notice.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;Impact of COVID-19 on the Company&amp;#8217;s Business&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The spread of the COVID-19 virus, which has been declared&#13;a pandemic by the World Health Organization, in 2020 has caused substantial disruptions in the global economy and the shipping industry,&#13;as well as significant volatility in the financial markets, the severity and duration of which remains uncertain.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The impact of the COVID-19 pandemic continues to unfold&#13;and may continue to have negative effect on the Company&amp;#8217;s business, financial performance and the results of its operations, including&#13;due to decreased demand for global seaborne refined petroleum products trade and related charter rates, the extent of which will depend&#13;largely on future developments. In light of COVID-19, the Company, as of December 31, 2020, evaluated whether there are conditions or&#13;events that cause substantial doubt about its ability to continue as a going concern. The Company reviewed its revenue concentration risk,&#13;the recoverability of its accounts receivable (i.e. credit risk) and tested its assets for potential impairment. As a result of this evaluation&#13;it has been determined that the only material impact of COVID-19 to the Company has been lower charter activity which has affected the&#13;entire industry and resulted in lower profitability and greater losses as well as in higher dry-docking costs. However, many of the Company&amp;#8217;s&#13;estimates and assumptions, especially charter rates, require increased judgment and carry a higher degree of variability and volatility.&#13;As events continue to evolve and additional information becomes available, the Company&amp;#8217;s estimates may change in future periods.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of December 31, 2020, Mr. Valentis beneficially&#13;owned approximately 79.6% of the Company&amp;#8217;s common stock.&lt;/p&gt;</us-gaap:BusinessDescriptionAndBasisOfPresentationTextBlock>
    <us-gaap:SignificantAccountingPoliciesTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;2. Significant Accounting Policies:&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(a) Principles of Consolidation:&lt;/i&gt;&lt;/b&gt; The&#13;accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP. The consolidated financial statements&#13;include the accounts of Pyxis and its wholly-owned subsidiaries (the Vessel-owning companies and Merger Sub). All intercompany balances&#13;and transactions have been eliminated upon consolidation.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Pyxis, as the holding company, determines whether&#13;it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable&#13;interest entity. Under Accounting Standards Codification (&amp;#8220;ASC&amp;#8221;) 810 &amp;#8220;Consolidation&amp;#8221; a voting interest entity&#13;is an entity in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides&#13;the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make financial and operating&#13;decisions. Pyxis consolidates voting interest entities in which it owns all, or at least a majority (generally, greater than 50%), of&#13;the voting interest. Variable interest entities (&amp;#8220;VIE&amp;#8221;) are entities as defined under ASC 810-10, that in general either do&#13;not have equity investors with voting rights or that have equity investors that do not provide sufficient financial resources for the&#13;entity to support its activities. A controlling financial interest in a VIE is present when a company absorbs a majority of an entity&amp;#8217;s&#13;expected losses, receives a majority of an entity&amp;#8217;s expected residual returns, or both. The company with a controlling financial&#13;interest, known as the primary beneficiary, is required to consolidate the VIE. Pyxis evaluates all arrangements that may include a variable&#13;interest in an entity to determine if it may be the primary beneficiary, and would be required to include assets, liabilities and operations&#13;of a VIE in its consolidated financial statements. As of December 31, 2020, no such interest existed.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(b) Use of Estimates:&lt;/i&gt;&lt;/b&gt; The preparation&#13;of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the&#13;reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities at the date of the financial statements&#13;and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these estimates.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(c) Comprehensive Income / (Loss): &lt;/i&gt;&lt;/b&gt;The&#13;Company follows the provisions of ASC 220 &amp;#8220;Comprehensive Income&amp;#8221;, which requires separate presentation of certain transactions&#13;which are recorded directly as components of equity. The Company had no transactions which affect comprehensive loss during the years&#13;ended December 31, 2018, 2019 and 2020 and, accordingly, comprehensive loss was equal to net loss.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(d) Foreign Currency Translation: &lt;/i&gt;&lt;/b&gt;The&#13;functional currency of the Company is the U.S. dollar as the Company&amp;#8217;s vessels operate in international shipping markets and, therefore,&#13;primarily transact business in U.S. dollars. The Company&amp;#8217;s accounting records are maintained in U.S. dollars. Transactions involving&#13;other currencies during the year are converted into U.S. dollars using the exchange rates in effect at the time of the transactions. At&#13;the balance sheet dates, monetary assets and liabilities, which are denominated in other currencies, are translated into U.S. dollars&#13;at the exchange rates in effect at the balance sheet date. Resulting gains or losses are included in Vessel operating expenses in the&#13;accompanying consolidated statements of comprehensive loss. All amounts in the financial statements are presented in thousand U.S. dollars&#13;rounded to the nearest thousand.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(e) Commitments and Contingencies: &lt;/i&gt;&lt;/b&gt;Provisions&#13;are recognized when: the Company has a present legal or constructive obligation as a result of past events; it is probable that an outflow&#13;of resources embodying economic benefits will be required to settle the obligation; and a reliable estimate of the amount of the obligation&#13;can be made. Provisions are reviewed at each balance sheet date. Disclosure of a contingency is made if there is at least a reasonable&#13;possibility that a change in the Company&amp;#8217;s estimate of its probable liability could occur in the near future.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(f) Insurance Claims Receivable:&lt;/i&gt;&lt;/b&gt; The&#13;Company records insurance claim recoveries for insured losses incurred on damage to fixed assets and for insured crew medical expenses.&#13;Insurance claim recoveries are recorded, net of any deductible amounts, at the time the Company&amp;#8217;s fixed assets suffer insured damages&#13;or when crew medical expenses are incurred, recovery is probable under the related insurance policies and the claim is not subject to&#13;litigation. The Company assessed the adoption of ASC 326 regarding the collectability of insurance claims recoveries and concluded that&#13;there is no material impact in the Company&amp;#8217;s financial statements as of the date of the adoption of ASC 326 on January 1, 2020 and&#13;as of December 31, 2020 and thus no provision for credit losses was recorded as of those dates.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(g) Concentration of Credit Risk:&lt;/i&gt;&lt;/b&gt; Financial&#13;instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash&#13;equivalents and trade accounts receivable. The Company places its cash and cash equivalents, consisting mostly of deposits, with qualified&#13;financial institutions with high creditworthiness. The Company performs periodic evaluations of the relative creditworthiness of those&#13;financial institutions that are considered in the Company&amp;#8217;s investment strategy. The Company limits its credit risk with accounts&#13;receivable by performing ongoing credit evaluations of its customers&amp;#8217; financial condition and generally does not require collateral&#13;for its accounts receivable.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(h) Cash and Cash Equivalents and Restricted&#13;Cash:&lt;/i&gt;&lt;/b&gt; The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity&#13;of three months or less to be cash equivalents. Restricted cash is associated with pledged retention accounts in connection with the loan&#13;repayments and minimum liquidity requirements under the loan agreements discussed in Note 7 and is presented separately in the accompanying&#13;consolidated balance sheets. The Company assessed the adoption of ASC 326 for cash equivalents and restricted cash and concluded that&#13;there is no impact in the Company&amp;#8217;s financial statements as of the date of the adoption of ASC 326 on January 1, 2020 and as of&#13;December 31, 2020 and thus no provision for credit losses was recorded as of those dates.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(i) Income Taxation:&lt;/i&gt;&lt;/b&gt; Under the laws&#13;of the Republic of the Marshall Islands, the country of incorporation of certain of the Company&amp;#8217;s vessel-owning companies, and/or&#13;the vessels&amp;#8217; registration, the vessel-owning companies are not liable for any income tax on their income derived from shipping operations.&#13;Instead, a tax is levied depending on the countries where the vessels trade based on their tonnage, which is included in Vessel operating&#13;expenses in the accompanying consolidated statements of comprehensive loss. The vessel-owning companies with vessels that have called&#13;on the United States during the relevant year of operation are obliged to file tax returns with the Internal Revenue Service. The applicable&#13;tax is 50% of 4% of U.S. related gross transportation income unless an exemption applies. The Company believes that based on current legislation&#13;the relevant vessel-owning companies are entitled to an exemption because they satisfy the relevant requirements, namely that (i) the&#13;related vessel-owning companies are incorporated in a jurisdiction granting an equivalent exemption to U.S. corporations and (ii) over&#13;50% of the ultimate stockholders of the vessel-owning companies are residents of a country granting an equivalent exemption to U.S. persons.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Under the laws of the Republic of Malta, the country&#13;of incorporation of certain of the Company&amp;#8217;s vessel-owning companies, and/or the vessels&amp;#8217; registration, these vessel-owning&#13;companies are not liable for any income tax on their income derived from shipping operations. The Republic of Malta is a country that&#13;has an income tax treaty with the United States. Accordingly, income earned by vessel-owning companies organized under the laws of the&#13;Republic of Malta may qualify for a treaty-based exemption. Specifically, Article 8 (Shipping and Air Transport) of the treaty sets out&#13;the relevant rule to the effect that profits of an enterprise of a Contracting State from the operation of ships in international traffic&#13;shall be taxable only in that State.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(j) Inventories:&lt;/i&gt;&lt;/b&gt; Inventories consist&#13;of lubricants and bunkers (where applicable) on board the vessels, which are stated at the lower of cost and net realizable value. Cost&#13;is determined by the first-in, first-out (&amp;#8220;FIFO&amp;#8221;) method.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(k) Trade Accounts Receivable,&#13;Net:&lt;/i&gt;&lt;/b&gt; Under spot charters, the Company normally issues its invoices to charterers at the completion of the voyage. Invoices&#13;are due upon issuance of the invoice. Since the Company satisfies its performance obligation over the time of the spot charter, the&#13;Company recognizes its unconditional right to consideration in trade accounts receivable, net of a provision for doubtful accounts,&#13;if any. Trade accounts receivable from spot charters as of December 31, 2019 and 2020, amounted to $743 and $672, respectively. The&#13;allowance for doubtful accounts at December 31, 2019 was zero. The allowance for expected credit losses at December 31, 2020 was $9&#13;(Note 2(aa)). Under time charter contracts, the Company normally issues invoices on a monthly basis 30 days in advance of providing&#13;its services. Trade accounts receivable from time charters as of December 31, 2019 and 2020, amounted to $500 and $1,&#13;respectively. Hire collected in advance includes cash received in advance of performance under the contract prior to the balance&#13;sheet date and is realized when the associated revenue is recognized under the contract in periods after such date. The hire&#13;collected in advance as of December 31, 2019 and 2020 was $1,415 and $ 706 respectively and concerns hire received in advance from&#13;time charters.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(l) Vessels, Net:&lt;/i&gt;&lt;/b&gt; Vessels are stated&#13;at cost, which consists of the contract price and any material expenses incurred in connection with the acquisition (initial repairs,&#13;improvements, delivery expenses and other expenditures to prepare the vessel for her initial voyage, as well as professional fees directly&#13;associated with the vessel acquisition). Subsequent expenditures for major improvements are also capitalized when they appreciably extend&#13;the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise, these amounts are expensed as incurred.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The cost of each of the Company&amp;#8217;s vessels is&#13;depreciated from the date of acquisition on a straight-line basis over the vessels&amp;#8217; remaining estimated economic useful life, after&#13;considering the estimated residual value. A vessel&amp;#8217;s residual value is equal to the product of its lightweight tonnage and estimated&#13;scrap rate of $0.300 per ton. The Company estimates the useful life of the Company&amp;#8217;s vessels to be 25 years from the date of initial&#13;delivery from the shipyard. In the event that future regulations place limitations over the ability of a vessel to trade on a worldwide&#13;basis, its remaining useful life will be adjusted at the date such regulations are adopted.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(m) Impairment of Long Lived Assets:&lt;/i&gt;&lt;/b&gt;&#13;The Company reviews its long lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount&#13;plus the unamortized dry-dock and survey balances of these assets may not be recoverable.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In developing estimates of future undiscounted cash&#13;flows, the Company makes assumptions and estimates about the vessels&amp;#8217; future performance, relating to time charter equivalent rates&#13;by vessel type, vessels&amp;#8217; operating expenses, management fees, vessels&amp;#8217; capital expenditures, vessels&amp;#8217; residual value,&#13;fleet utilization and the estimated remaining useful life of each vessel. The assumptions used to develop estimates of future undiscounted&#13;cash flows are based on historical trends as well as future expectations.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;To the extent impairment indicators are present, the&#13;projected net operating cash flows are determined by considering the charter revenues from existing time charters for the fixed days and&#13;an estimated daily time charter rate for the unfixed days (based on the most recent seven year historical average rates over the remaining&#13;estimated useful life of the vessels), expected outflows for vessels&amp;#8217; operating expenses, planned dry-docking and special survey&#13;expenditures, management fees expenditures which are adjusted every year, pursuant to the Company&amp;#8217;s existing group management agreement,&#13;and fleet utilization of 75.0% to 98.6% (depending on the type of the vessel) for the first year and 78% to 93.0%, including scheduled&#13;off-hire days for planned dry-dockings and vessel surveys, based on historical experience. The residual value used in the impairment test&#13;is estimated to be approximately $0.3 per lightweight ton in accordance with the vessels&amp;#8217; depreciation policy.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Should the carrying value plus the unamortized dry-dock&#13;and survey balance of the vessel exceed its estimated future undiscounted net operating cash flows, impairment is measured based on the&#13;excess of the carrying amount over the fair market value of the asset. The Company determines the fair value of its vessels based on management&#13;estimates and assumptions and by making use of available market data and taking into consideration third party valuations.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The review of the carrying amounts plus the unamortized&#13;dry-dock and survey balances in connection with the estimated recoverable amount for certain of the Company&amp;#8217;s as of December 31,&#13;2018 indicated an impairment charge of $2,282. No impairment charge for the Company&amp;#8217;s vessels was recorded as of December 31, 2019&#13;and 2020 respectively.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(n) Long-lived Assets Classified as Held for&#13;Sale:&lt;/i&gt;&lt;/b&gt; The Company classifies long-lived assets and disposal groups as being held-for-sale in accordance with ASC 360, &amp;#8220;Property,&#13;Plant and Equipment&amp;#8221;, when: (i) management, having the authority to approve the action, commits to a plan to sell the asset; (ii)&#13;the asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such&#13;assets; (iii) an active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated;&#13;(iv) the sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within one&#13;year; (v) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value and (vi) actions&#13;required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be&#13;withdrawn. Long-lived assets classified as held-for-sale are measured at the lower of their carrying amount or fair value less costs to&#13;sell. According to ASC 360-10-35, the fair value less costs to sell of the long-lived asset (disposal group) should be assessed at each&#13;reporting period it remains classified as held-for-sale. Subsequent changes in the long-lived asset&amp;#8217;s fair value less costs to sell&#13;(increase or decrease) would be reported as an adjustment to its carrying amount, not exceeding the carrying amount of the long-lived&#13;asset at the time it was initially classified as held-for-sale. These long-lived assets are not depreciated once they meet the criteria&#13;to be classified as held-for-sale and are classified in current assets on the consolidated balance sheet (Notes 5 and 6).&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(o) Financial Derivative Instruments: &lt;/i&gt;&lt;/b&gt;The&#13;Company enters into interest rate derivatives to manage its exposure to fluctuations of interest rate risk associated with its borrowings.&#13;All derivatives are recognized in the consolidated financial statements at their fair value. The fair value of the interest rate derivatives&#13;is based on a discounted cash flow analysis. When such derivatives do not qualify for hedge accounting, the Company recognizes their fair&#13;value changes in current period earnings. When the derivatives qualify for hedge accounting, the Company recognizes the effective portion&#13;of the gain or loss on the hedging instrument directly in other comprehensive income / (loss), while the ineffective portion, if any,&#13;is recognized immediately in current period earnings. The Company, at the inception of the transaction, documents the relationship between&#13;the hedged item and the hedging instrument, as well as its risk management objective and the strategy of undertaking various hedging transactions.&#13;The Company also assesses at hedge inception whether the hedging instruments are highly effective in offsetting changes in the cash flows&#13;of the hedged items.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company discontinues cash flow hedge accounting&#13;if the hedging instrument expires and it no longer meets the criteria for hedge accounting or its designation is revoked by the Company.&#13;At that time, any cumulative gain or loss on the hedging instrument recognized in equity is kept in equity until the forecasted transaction&#13;occurs. When the forecasted transaction occurs, any cumulative gain or loss on the hedging instrument is recognized in the consolidated&#13;statement of comprehensive loss. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognized in&#13;equity is transferred to the current period&amp;#8217;s consolidated statement of comprehensive loss as financial income or expense.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(p) Accounting for Special Survey and Dry-docking&#13;Costs:&lt;/i&gt;&lt;/b&gt; The Company follows the deferral method of accounting for special survey and dry-docking costs, whereby actual costs incurred&#13;at the yard and parts used in the dry-docking or special survey, are deferred and are amortized on a straight-line basis over the period&#13;through the date the next survey is scheduled to become due. Costs deferred are limited to actual costs incurred at the shipyard and costs&#13;incurred in the dry-docking or special survey. If a dry-dock or a survey is performed prior to the scheduled date, any remaining unamortized&#13;balances of the previous dry-dock and survey are immediately written-off. Unamortized dry-dock and survey balances of vessels that are&#13;sold are written-off and included in the calculation of the resulting gain or loss in the period of the vessel&amp;#8217;s sale.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Furthermore, unamortized dry-docking and special survey&#13;balances of vessels that are classified as Assets held-for-sale and are not recoverable as of the date of such classification are immediately&#13;written-off and included in the resulting loss on vessel held-for-sale.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(q) Financing Costs:&lt;/i&gt;&lt;/b&gt; Costs associated&#13;with new loans or refinancing of existing loans, including fees paid to lenders or required to be paid to third parties on the lender&amp;#8217;s&#13;behalf for obtaining new loans or refinancing existing loans, are recorded as a direct deduction from the carrying amount of the debt&#13;liability. Such costs are deferred and amortized to Interest and finance costs in the consolidated statements of comprehensive loss during&#13;the life of the related debt using the effective interest method. Unamortized costs relating to loans repaid or refinanced, meeting the&#13;criteria of debt extinguishment, are expensed in the period the repayment or refinancing is made. Commitment fees relating to undrawn&#13;loan principal are expensed as incurred.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(r) Fair Value Measurements:&lt;/i&gt;&lt;/b&gt; The Company&#13;follows the provisions of Accounting Standard Update (&amp;#8220;ASU&amp;#8221;) 2015-07 &amp;#8220;Fair Value Measurements and Disclosures&amp;#8221;,&#13;Topic 820, which defines and provides guidance as to the measurement of fair value. This standard creates a hierarchy of measurement and&#13;indicates that, when possible, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly&#13;transaction between market participants. The fair value hierarchy gives the highest priority (Level 1) to quoted prices in active markets&#13;and the lowest priority (Level 3) to unobservable data, for example, the reporting entity&amp;#8217;s own data. Under the standard, fair value&#13;measurements are separately disclosed by level within the fair value hierarchy (Note 10).&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(s) Segment Reporting:&lt;/i&gt;&lt;/b&gt; The Company reports&#13;financial information and evaluates its operations by charter revenues and not by the length of ship employment for its customers, i.e.,&#13;spot or time charters. The Company does not use discrete financial information to evaluate the operating results for each such type of&#13;charter. Although revenue can be identified for these types of charters, management cannot and does not identify expenses, profitability&#13;or other financial information for these charters. Furthermore, when the Company charters a vessel to a charterer, the charterer is free&#13;to trade the vessel worldwide (subject to certain agreed exclusions) and, as a result, the disclosure of geographic information is impracticable.&#13;As a result, management, reviews operating results solely by revenue per day and operating results of the fleet and thus the Company has&#13;determined that it operates under one reportable segment.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(t) Income/(Loss) per Share:&lt;/i&gt;&lt;/b&gt; Basic income/(loss)&#13;per share is computed by dividing the net income/(loss) attributable to common shareholders by the weighted average number of common shares&#13;outstanding during the period.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The computation of diluted income/(loss) per share&#13;reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted at&#13;the beginning of the periods presented, or issuance date, if later. The treasury stock method is used to compute the dilutive effect of&#13;warrants and, shares issued under the equity incentive plan and the promissory note. The if-converted method is used to compute the dilutive&#13;effect of shares which could be issued upon conversion of the Series A Convertible Preferred Shares into common shares. Potential common&#13;shares that have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) are excluded from the&#13;calculation of diluted earnings per share. As the Company reported losses for the years ended December 31, 2018, 2019 and 2020, the effect&#13;of any incremental shares would be antidilutive and thus excluded from the computation of loss per share.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(u) Going Concern: &lt;/i&gt;&lt;/b&gt;The Company performs&#13;cash flow projections on a regular basis to evaluate whether it will be in a position to cover its liquidity needs for the next 12-month&#13;period and in compliance with the financial and security collateral cover ratio covenants under its existing debt agreements. In developing&#13;estimates of future cash flows, the Company makes assumptions about the vessels&amp;#8217; future performance, with significant assumptions&#13;relating to time charter equivalent rates by vessel type, vessels&amp;#8217; operating expenses, vessels&amp;#8217; capital expenditures, fleet&#13;utilization, the Company&amp;#8217;s management fees and general and administrative expenses, and cash flow requirements for debt servicing.&#13;The assumptions used to develop estimates of future cash flows are based on historical trends as well as future expectations.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of December 31, 2020, the Company had a working&#13;capital deficit of $2,895, defined as current assets minus current liabilities. The Company considered such deficit in conjunction with&#13;the future market prospects and potential future financings. As of the filing date of these consolidated financial statements, the Company&#13;believes that it will be in a position to cover its liquidity needs for the next 12-month period through the recent Private Placement&#13;of Equity, the contemplated debt refinancing of the Entrust Loan (Note 13) and cash generated from the vessels&amp;#8217; operations and&#13;possible asset sales. The Company believes that will be in compliance with the financial and security collateral cover ratio covenants&#13;under its existing debt agreements for the next 12-month period.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(v) Revenues, net:&lt;/i&gt;&lt;/b&gt; The Company generates&#13;its revenues from charterers. The vessels are chartered using either spot charters, where a contract is made in the spot market for the&#13;use of a vessel for a specific voyage for a specified charter rate, or time charters, where a contract is entered into for the use of&#13;a vessel for a specific period of time and a specified daily charter hire rate.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The following table presents the Company&amp;#8217;s revenue&#13;disaggregated by revenue source, net of commissions, for the years ended December 31, 2018, 2019 and 2020:&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;  &lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid"&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;2018&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid"&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;2019&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid"&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 49%"&gt;&lt;font style="font-size: 10pt"&gt;Revenues derived from spot charters, net&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;16,990&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;8,067&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;7,022&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;Revenues derived from time charters, net&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;11,467&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;19,686&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;14,689&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Revenues, net&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;28,457&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;27,753&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;21,711&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Revenue from customers (ASC 606):&lt;/i&gt;&lt;/b&gt; As&#13;of January 1, 2018, the Company adopted Accounting Standard Update (&amp;#8220;ASU&amp;#8221;) 2014-09 &amp;#8220;&lt;i&gt;Revenue from Contracts with Customers&#13;(Topic 606)&lt;/i&gt;&amp;#8221;. The core principle is that a company should recognize revenue when promised goods or services are transferred&#13;to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. The Company&#13;analyzed its contracts with charterers at the adoption date and has determined that its spot charters fall under the provisions of ASC&#13;606, while its time charter agreements are lease agreements that fall under the provisions of ASC 842 and that contain certain non-lease&#13;components. The Company elected to adopt ASC 606 by applying the modified retrospective transition method, recognizing the cumulative&#13;effect of adopting this guidance as an adjustment to the 2018 opening balance of accumulated deficit. As of December 31, 2017, there were&#13;no vessels employed under spot charters and as a result, the Company has not included any adjustments to the 2018 opening balance of accumulated&#13;deficit and prior periods were not retrospectively adjusted.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company assessed its contracts with charterers&#13;for spot charters and concluded that there is one single performance obligation for its spot charter, which is to provide the charterer&#13;with a transportation service within a specified time period. In addition, the Company has concluded that a spot charter meets the criteria&#13;to recognize revenue over time as the charterer simultaneously receives and consumes the benefits of the Company&amp;#8217;s performance.&#13;The adoption of this standard resulted in a change whereby the Company&amp;#8217;s method of revenue recognition changed from discharge-to-discharge&#13;(assuming a new charter has been agreed before the completion of the previous spot charter) to load-to-discharge. This resulted in no&#13;revenue being recognized from discharge of the prior spot charter to loading of the current spot charter and all revenue being recognized&#13;from loading of the current spot charter to discharge of the current spot charter. This change results in revenue being recognized later&#13;in the voyage, which may cause additional volatility in revenues and earnings between periods. Demurrage income represents payments by&#13;a charterer to a vessel owner when loading or discharging time exceeds the stipulated time in the spot charter. The Company has determined&#13;that demurrage represents a variable consideration and estimates demurrage at contract inception. Demurrage income estimated, net of address&#13;commission, is recognized over the time of the charter as the performance obligation is satisfied.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Under a spot charter, the Company incurs and pays&#13;for certain voyage expenses, primarily consisting of brokerage commissions, port and canal costs and bunker consumption, during the spot&#13;charter (load-to-discharge) and during the ballast voyage (date of previous discharge to loading, assuming a new charter has been agreed&#13;before the completion of the previous spot charter). Before the adoption of ASC 606, all voyage expenses were expensed as incurred, except&#13;for brokerage commissions. Brokerage commissions are deferred and amortized over the related voyage period in a charter to the extent&#13;revenue has been deferred since commissions are earned as the Company&amp;#8217;s revenues are earned. Under ASC 606 and after the implementation&#13;of ASC 340-40 &lt;i&gt;&amp;#8220;Other assets and deferred costs&amp;#8221;&lt;/i&gt; for contract costs, incremental costs of obtaining a contract with&#13;a customer and contract fulfillment costs, should be capitalized and amortized as the performance obligation is satisfied, if certain&#13;criteria are met. The Company assessed the new guidance and concluded that voyage costs during the ballast voyage represented costs to&#13;fulfil a contract which give rise to an asset and should be capitalized and amortized over the spot charter, consistent with the recognition&#13;of voyage revenues from spot charter from load-to-discharge, while voyage costs incurred during the spot charter should be expensed as&#13;incurred. With respect to incremental costs, the Company has selected to adopt the practical expedient in the guidance and any costs to&#13;obtain a contract will be expensed as incurred, for the Company&amp;#8217;s spot charters that do not exceed one year. Vessel operating expenses&#13;are expensed as incurred.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In addition, pursuant to this standard and the new&#13;Leases standard (discussed below), as of January 1, 2018, the Company elected to present Revenues net of address commissions. Address&#13;commissions represent a discount provided directly to the charterers based on a fixed percentage of the agreed upon charter. Since address&#13;commissions represent a discount (sales incentive) on services rendered by the Company and no identifiable benefit is received in exchange&#13;for the consideration provided to the charterer, these commissions are presented as a reduction of revenue in the accompanying consolidated&#13;statements of comprehensive loss.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company does not disclose the value of unsatisfied&#13;performance obligations for contracts with an original expected length of one year or less, in accordance with the optional exception&#13;in ASC 606.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Leases: &lt;/i&gt;&lt;/b&gt;The Company elected to&#13;early adopt the new lease standard &amp;#8220;Leases&amp;#8221; ASC 842 as of September 30, 2018 with adoption reflected as of January 1, 2018. The&#13;Company adopted the standard by using the modified retrospective method and selected the additional optional transition method.&#13;Also, the Company elected to apply a package of practical expedients under ASC 842, which allowed the Company, not to reassess (i)&#13;whether any existing contracts, on the date of adoption, contained a lease, (ii) lease classification of existing leases classified&#13;as operating leases in accordance with ASC 840 and (iii) initial direct costs for any existing leases. In this respect no &lt;font style="background-color: white"&gt;cumulative-effect&#13;adjustment was recognized &lt;/font&gt;to the 2018 opening balance of accumulated deficit&lt;font style="background-color: white"&gt;. &lt;/font&gt;The&#13;Company assessed its new time charter contracts at the adoption date under the new guidance and concluded that these contracts&#13;contain a lease with the related executory costs (insurance), as well as non-lease components to provide other services related to&#13;the operation of the vessel, with the most substantial service being the crew cost to operate the vessel. The Company concluded that&#13;the criteria for not separating the lease and non-lease components of its time charter contracts are met, since (i) the time pattern&#13;of recognizing revenues for crew and other services for the operation of the vessels, is similar to the time pattern of recognizing&#13;rental income, (ii) &lt;font style="background-color: white"&gt;the lease component of the time charter contracts, if accounted for&#13;separately, would be classified as an operating lease, and &lt;/font&gt;(iii) the predominant component in its time charter agreements is&#13;the lease component. After the lease commencement date, the Company evaluates lease modifications, if any, that could result in a&#13;change in the accounting for leases. For a lease modification, an evaluation is performed to determine if it should be treated as&#13;either a separate lease or a change in the accounting of an existing lease. Brokerage and address commissions on time charter&#13;revenues are deferred and amortized over the related voyage period, to the extent revenue has been deferred, since commissions are&#13;earned as revenues earned, and are presented in voyage expenses and as a reduction to voyage revenues (see above), respectively.&#13;Vessel operating expenses are expensed as incurred. By taking the practical expedients, existing time charters at January 1, 2018,&#13;continued to be accounted for under ASC 840 while new time charters commencing in 2018 and onwards are accounted for under ASC 842.&#13;The adoption of ASC 842 had no effect on the Company&amp;#8217;s consolidated financial position and results of operations for the year&#13;ended December 31, 2018 and 2019. &lt;font style="background-color: white"&gt;Upon adoption of ASC 842, the Company made an accounting&#13;policy election to not recognize contract fulfillment costs for time charters under ASC 340-40. &lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Revenues for the years ended December 31, 2018, 2019&#13;and 2020, deriving from significant charterers individually accounting for 10% or more of revenues (in percentages of total revenues),&#13;were as follows:&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;  &lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Charterer&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;2019&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 43%; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;A&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 16%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;23&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 16%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;71&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 16%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;58&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;B&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;15&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;C&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;16&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 10pt"&gt;%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;38&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;%&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;71&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;%&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;74&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;%&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(w) Restricted Cash: &lt;/i&gt;&lt;/b&gt;As of January 1,&#13;2018, the Company adopted the ASU 2016-18 &amp;#8220;&lt;i&gt;Statement of Cash Flows (Topic 230): Restricted Cash&lt;/i&gt;&amp;#8221;, which requires that&#13;the statement of cash flows explain the change in the total of cash and cash equivalents and restricted cash. Restricted cash of $3,659,&#13;$3,735 and $2,417 as at December 31, 2018, 2019 and 2020, respectively, has been aggregated with cash and cash equivalents in both the&#13;beginning-of-year and end-of-year line items of the consolidated statements of cash flows for each of the periods presented. The implementation&#13;of this update has no impact on the Company&amp;#8217;s consolidated balance sheet and consolidated statement of comprehensive loss.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The following table provides a reconciliation of cash&#13;and cash equivalents and restricted cash reported within the accompanying consolidated balance sheets that are presented in the accompanying&#13;consolidated statement of cash flows for the years ended December 31, 2018, 2019 and 2020.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;  &lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid"&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;2018&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid"&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;2019&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;December 31, &lt;br /&gt;&#13;2020&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 43%"&gt;&lt;font style="font-size: 10pt"&gt;Cash and cash equivalents&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;545&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,441&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,620&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Restricted cash, current portion&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;255&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;535&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;Restricted cash, net of current portion&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;3,404&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;3,200&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;2,417&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Total cash and cash equivalents and restricted cash&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;4,204&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;5,176&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;4,037&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(x) Business combinations:&lt;/i&gt;&lt;/b&gt; As of January&#13;1, 2018, the Company adopted the ASU No. 2017-01, &amp;#8220;Business Combinations&amp;#8221; (Topic 805) which clarifies the definition of a&#13;business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisition&#13;(or disposals) of assets or businesses. Under current implementation guidance, the existence of an integrated set of acquired activities&#13;(inputs and processes that generate outputs) constitutes an acquisition of business. This ASU provides a screen to determine when a set&#13;of assets and activities does not constitute a business. The implementation of this update had no effect on the Company&amp;#8217;s consolidated&#13;financial position and results of operations for the year ended December 31, 2018.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(y) Debt Modifications and Extinguishments:&lt;/i&gt;&lt;/b&gt;&#13;The Company follows the provisions of ASC 470-50, Modifications and Extinguishments, to account for all modifications or extinguishments&#13;of debt instruments, except debt that is extinguished through a troubled debt restructuring or a conversion of debt to equity securities&#13;of the debtor pursuant to conversion privileges provided in terms of the debt at issuance. This standard also provides guidance on whether&#13;an exchange of debt instruments with the same creditor constitutes an extinguishment and whether a modification of a debt instrument should&#13;be accounted for in the same manner as an extinguishment. In circumstances where an exchange of debt instruments or a modification of&#13;a debt instrument does not result in extinguishment accounting, this standard provides guidance on the appropriate accounting treatment.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On July 8, 2020, Seventhone entered into a $15,250&#13;secured loan agreement with the new lender, for the purpose of refinancing the outstanding indebtedness of $11,293 under the previous&#13;loan facility, which was fully settled on the same day. The Company considered the guidance under ASC 470-50 &amp;#8220;Debt Modifications&#13;and Extinguishments&amp;#8221; and concluded that the transaction should be accounted for as debt extinguishment (Note 7).&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(z) Distinguishing Liabilities from Equity:&lt;/i&gt;&lt;/b&gt;&#13;The Company follows the provisions of ASC 480 &amp;#8220;Distinguishing liabilities from equity&amp;#8221; to determine the classification of&#13;certain freestanding financial instruments as either liabilities or equity. The Company in its assessment for the accounting of the Series&#13;A Convertible Preferred Shares and detachable warrants issued in connection with the October 13, 2020 public offering has taken into consideration&#13;ASC 480 &amp;#8220;Distinguishing liabilities from equity&amp;#8221; and determined that the Series A Convertible Preferred Shares and detachable&#13;warrants should be classified as equity instead of liability (Note 8). The Company further analyzed key features of the Series A Convertible&#13;Preferred Shares and detachable warrants to determine whether these are more akin to equity or to debt and concluded that the Series A&#13;Convertible Preferred Shares and detachable warrants are equity-like. In its assessment, the Company identified certain embedded features,&#13;examined whether these fall under the definition of a derivative according to ASC 815 applicable guidance or whether certain of these&#13;features affected the classification. Derivative accounting was deemed inappropriate and thus no bifurcation of these features was performed.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(aa) New Accounting Pronouncements &amp;#8211; Adopted&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;Expected credit losses:&lt;/b&gt; In June 2016, the FASB&#13;issued ASU No. 2016-13&amp;#8212;Financial Instruments&amp;#8212;Credit Losses (Topic 326) &amp;#8212;Measurement of Credit Losses on Financial Instruments.&#13;ASU No. 2016-13 amended guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities.&#13;In May 2019, the FASB issued ASU 2019-05, &amp;#8220;Codification Improvements to Topic 326, Financial Instruments&amp;#8212;Credit Losses, Financial&#13;Instruments&amp;#8212;Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825 Financial Instruments&amp;#8221;, the amendments of which&#13;provide entities that have certain instruments within the scope of Subtopic 326-20, Financial Instruments&amp;#8212;Credit Losses&amp;#8212;Measured&#13;at Amortized Cost, with an option to irrevocably elect the fair value option in Subtopic 825-10, Financial Instruments&amp;#8212;Overall,&#13;applied on an instrument-by-instrument basis for eligible instruments, upon adoption of Topic 326. The amendments clarify that receivables&#13;arising from operating leases are outside of the scope of Subtopic 326-20. Accordingly, any impairment of receivables arising from operating&#13;leases i.e. time charters, should be accounted for in accordance with Topic 842, Leases, and not in accordance with Topic 326. Impairment&#13;of receivables arising from voyage charters, which are accounted for in accordance with Topic 606, Revenues from Contracts with Customers,&#13;are within the scope of Subtopic 326 and must therefore be assessed for expected credit losses.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of January 1, 2020, the Company adopted ASU 2016-13&amp;#8212;Financial&#13;Instruments&amp;#8212;Credit Losses (Topic 326). The accounting standard amends the current financial instrument impairment model by requiring&#13;entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments,&#13;including trade receivables. Under the new guidance, an entity recognizes as an allowance its estimate of lifetime expected credit losses&#13;which will result in more timely recognition of such losses. The Company adopted the accounting standard using the prospective transition&#13;approach as of January 1, 2020, which resulted in a cumulative adjustment of $(9), in the opening balance of accumulated deficit for the&#13;fiscal year of 2020. The Company maintains an allowance for credit losses for expected uncollectable accounts receivable, which is recorded&#13;as an offset to trade accounts receivable and changes in such, if any, are classified as Bad debt provisions in the Consolidated Statements&#13;of Comprehensive Loss.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The adoption of ASC 326 primarily impacted trade receivables&#13;recorded on Consolidated Balance Sheet. The Company assessed collectability by reviewing accounts receivable on a collective basis where&#13;similar characteristics exist and on an individual basis when the Company identifies specific customers with known disputes or collectability&#13;issues. In determining the amount of the allowance for credit losses, the Company considered historical collectability based on past due&#13;status. The Company also considered customer-specific information, current market conditions and reasonable and supportable forecasts&#13;of future economic conditions to inform adjustments to historical loss data.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;As of January 1, 2020 and December 31, 2020, the Company concluded on an&#13;expected credit loss rate of 0.05% on the total outstanding receivables arising from voyage charters and 2.4% on outstanding receivables&#13;from demurrages. Management monitors its trade receivables on a daily and on a charter-by charterer basis in order to determine if adjustments&#13;are necessary in the expected credit loss rate. No additional allowance was warranted for the year ended December 31, 2020.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;Fair Value measurement:&lt;/b&gt; On January 1, 2020,&#13;the Company adopted ASU 2018-13, &amp;#8220;Fair Value Measurement (Topic 820)&amp;#8212;Disclosure Framework&amp;#8212;Changes to the Disclosure&#13;Requirements for Fair Value Measurement&amp;#8221;, which improves the effectiveness of fair value measurement disclosures. In particular,&#13;the amendments in this Update modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based&#13;on the concepts in FASB Concepts Statement, Conceptual Framework for Financial Reporting&amp;#8212;Chapter 8: Notes to Financial Statements,&#13;including the consideration of costs and benefits. The amendments in the Update apply to all entities that are required under existing&#13;GAAP to make disclosures about recurring and non-recurring fair value measurements. The amendments on changes in unrealized gains and&#13;losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative&#13;description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in&#13;the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective&#13;date. The adoption of this new accounting guidance did not have a material effect on the Company&amp;#8217;s consolidated financial statements&#13;and related disclosures.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;Variable Interest Entities:&lt;/b&gt; On January 1, 2020,&#13;the Company adopted ASU 2018-17, &amp;#8220;Consolidation (Topic 810) &amp;#8211; Targeted Improvements to Related Party Guidance for Variable&#13;Interest Entities&amp;#8221;, which improves the accounting for the following areas: (i) applying the variable interest entity (VIE) guidance&#13;to private companies under common control and (ii) considering indirect interests held through related parties under common control for&#13;determining whether fees paid to decision makers and service providers are variable interests, thereby improving general purpose financial&#13;reporting. The Company applied the amendments in this Update retrospectively, as required. The adoption of this new accounting guidance&#13;did not have a material effect on the Company&amp;#8217;s consolidated financial statements and related disclosures.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(ab) New Accounting Pronouncements &amp;#8211; Not&#13;Yet Adopted:&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In March 2020, the FASB issued ASU 2020-04, Reference&#13;Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients&#13;and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. ASU 2020-04&#13;applies to contracts that reference LIBOR or another reference rate expected to be terminated because of reference rate reform. In January&#13;2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848). The amendments in this Update clarify that certain optional expedients&#13;and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivative instruments that use an interest rate&#13;for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. Amendments in this Update&#13;to the expedients and exceptions in Topic 848 capture the incremental consequences of the scope clarification and tailor the existing&#13;guidance to derivative instruments affected by the discounting transition. The amendments in this Update apply to all entities that elect&#13;to apply the optional guidance in Topic 848. ASU 2020-04 and ASU 2021-10 can be adopted as of March 12, 2020 through December 31, 2022.&#13;As of December 31, 2020, the Company has not yet elected any optional expedients provided in the standard. The Company will apply the&#13;accounting relief as relevant contract and hedge accounting relationship modifications are made during the reference rate reform transition&#13;period. The Company does not expect the standard to have a material impact on our consolidated financial statements.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In August 2020, the FASB issued ASU No. 2020-06, Debt&#13;- Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity&amp;#8217;s Own Equity (Subtopic&#13;815-40): Accounting for Convertible Instruments and Contracts in an Entity&amp;#8217;s Own Equity. The ASU reduces the number of accounting&#13;models for convertible debt instruments by eliminating the cash conversion model. As compared with current U.S. GAAP, more convertible&#13;debt instruments will be reported as a single liability instrument and the interest rate of more convertible debt instruments will be&#13;closer to the coupon interest rate. The ASU also aligns the consistency of diluted Earnings Per Share (&amp;#8220;EPS&amp;#8221;) calculations&#13;for convertible instruments by requiring that (1) an entity use the if-converted method and (2) share settlement be included in the diluted&#13;EPS calculation for both convertible instruments and equity contracts when those contracts include an option of cash settlement or share&#13;settlement. The ASU is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years.&#13;Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those&#13;fiscal years. The FASB has specified that an entity should adopt the guidance as of the beginning of its annual fiscal year. The Company&#13;is currently evaluating the impact this guidance may have on its consolidated financial statements and related disclosures.&lt;/p&gt;</us-gaap:SignificantAccountingPoliciesTextBlock>
    <us-gaap:ConsolidationPolicyTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(a) Principles of Consolidation:&lt;/i&gt;&lt;/b&gt; The&#13;accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP. The consolidated financial statements&#13;include the accounts of Pyxis and its wholly-owned subsidiaries (the Vessel-owning companies and Merger Sub). All intercompany balances&#13;and transactions have been eliminated upon consolidation.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Pyxis, as the holding company, determines whether&#13;it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable&#13;interest entity. Under Accounting Standards Codification (&amp;#8220;ASC&amp;#8221;) 810 &amp;#8220;Consolidation&amp;#8221; a voting interest entity&#13;is an entity in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides&#13;the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make financial and operating&#13;decisions. Pyxis consolidates voting interest entities in which it owns all, or at least a majority (generally, greater than 50%), of&#13;the voting interest. Variable interest entities (&amp;#8220;VIE&amp;#8221;) are entities as defined under ASC 810-10, that in general either do&#13;not have equity investors with voting rights or that have equity investors that do not provide sufficient financial resources for the&#13;entity to support its activities. A controlling financial interest in a VIE is present when a company absorbs a majority of an entity&amp;#8217;s&#13;expected losses, receives a majority of an entity&amp;#8217;s expected residual returns, or both. The company with a controlling financial&#13;interest, known as the primary beneficiary, is required to consolidate the VIE. Pyxis evaluates all arrangements that may include a variable&#13;interest in an entity to determine if it may be the primary beneficiary, and would be required to include assets, liabilities and operations&#13;of a VIE in its consolidated financial statements. As of December 31, 2020, no such interest existed.&lt;/p&gt;</us-gaap:ConsolidationPolicyTextBlock>
    <us-gaap:UseOfEstimates contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(b) Use of Estimates:&lt;/i&gt;&lt;/b&gt; The preparation&#13;of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the&#13;reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities at the date of the financial statements&#13;and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these estimates.&lt;/p&gt;</us-gaap:UseOfEstimates>
    <PXS:ComprehensiveIncomeLoss contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(c) Comprehensive Income / (Loss): &lt;/i&gt;&lt;/b&gt;The&#13;Company follows the provisions of ASC 220 &amp;#8220;Comprehensive Income&amp;#8221;, which requires separate presentation of certain transactions&#13;which are recorded directly as components of equity. The Company had no transactions which affect comprehensive loss during the years&#13;ended December 31, 2018, 2019 and 2020 and, accordingly, comprehensive loss was equal to net loss.&lt;/p&gt;</PXS:ComprehensiveIncomeLoss>
    <us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(d) Foreign Currency Translation: &lt;/i&gt;&lt;/b&gt;The&#13;functional currency of the Company is the U.S. dollar as the Company&amp;#8217;s vessels operate in international shipping markets and, therefore,&#13;primarily transact business in U.S. dollars. The Company&amp;#8217;s accounting records are maintained in U.S. dollars. Transactions involving&#13;other currencies during the year are converted into U.S. dollars using the exchange rates in effect at the time of the transactions. At&#13;the balance sheet dates, monetary assets and liabilities, which are denominated in other currencies, are translated into U.S. dollars&#13;at the exchange rates in effect at the balance sheet date. Resulting gains or losses are included in Vessel operating expenses in the&#13;accompanying consolidated statements of comprehensive loss. All amounts in the financial statements are presented in thousand U.S. dollars&#13;rounded to the nearest thousand.&lt;/p&gt;</us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock>
    <us-gaap:CommitmentsAndContingenciesPolicyTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(e) Commitments and Contingencies: &lt;/i&gt;&lt;/b&gt;Provisions&#13;are recognized when: the Company has a present legal or constructive obligation as a result of past events; it is probable that an outflow&#13;of resources embodying economic benefits will be required to settle the obligation; and a reliable estimate of the amount of the obligation&#13;can be made. Provisions are reviewed at each balance sheet date. Disclosure of a contingency is made if there is at least a reasonable&#13;possibility that a change in the Company&amp;#8217;s estimate of its probable liability could occur in the near future.&lt;/p&gt;</us-gaap:CommitmentsAndContingenciesPolicyTextBlock>
    <PXS:InsuranceClaimReceivablesPolicyTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(f) Insurance Claims Receivable:&lt;/i&gt;&lt;/b&gt; The&#13;Company records insurance claim recoveries for insured losses incurred on damage to fixed assets and for insured crew medical expenses.&#13;Insurance claim recoveries are recorded, net of any deductible amounts, at the time the Company&amp;#8217;s fixed assets suffer insured damages&#13;or when crew medical expenses are incurred, recovery is probable under the related insurance policies and the claim is not subject to&#13;litigation. The Company assessed the adoption of ASC 326 regarding the collectability of insurance claims recoveries and concluded that&#13;there is no material impact in the Company&amp;#8217;s financial statements as of the date of the adoption of ASC 326 on January 1, 2020 and&#13;as of December 31, 2020 and thus no provision for credit losses was recorded as of those dates.&lt;/p&gt;</PXS:InsuranceClaimReceivablesPolicyTextBlock>
    <us-gaap:ConcentrationRiskCreditRisk contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(g) Concentration of Credit Risk:&lt;/i&gt;&lt;/b&gt; Financial&#13;instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash&#13;equivalents and trade accounts receivable. The Company places its cash and cash equivalents, consisting mostly of deposits, with qualified&#13;financial institutions with high creditworthiness. The Company performs periodic evaluations of the relative creditworthiness of those&#13;financial institutions that are considered in the Company&amp;#8217;s investment strategy. The Company limits its credit risk with accounts&#13;receivable by performing ongoing credit evaluations of its customers&amp;#8217; financial condition and generally does not require collateral&#13;for its accounts receivable.&lt;/p&gt;</us-gaap:ConcentrationRiskCreditRisk>
    <us-gaap:CashAndCashEquivalentsPolicyTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(h) Cash and Cash Equivalents and Restricted&#13;Cash:&lt;/i&gt;&lt;/b&gt; The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity&#13;of three months or less to be cash equivalents. Restricted cash is associated with pledged retention accounts in connection with the loan&#13;repayments and minimum liquidity requirements under the loan agreements discussed in Note 7 and is presented separately in the accompanying&#13;consolidated balance sheets. The Company assessed the adoption of ASC 326 for cash equivalents and restricted cash and concluded that&#13;there is no impact in the Company&amp;#8217;s financial statements as of the date of the adoption of ASC 326 on January 1, 2020 and as of&#13;December 31, 2020 and thus no provision for credit losses was recorded as of those dates.&lt;/p&gt;</us-gaap:CashAndCashEquivalentsPolicyTextBlock>
    <us-gaap:IncomeTaxPolicyTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(i) Income Taxation:&lt;/i&gt;&lt;/b&gt; Under the laws&#13;of the Republic of the Marshall Islands, the country of incorporation of certain of the Company&amp;#8217;s vessel-owning companies, and/or&#13;the vessels&amp;#8217; registration, the vessel-owning companies are not liable for any income tax on their income derived from shipping operations.&#13;Instead, a tax is levied depending on the countries where the vessels trade based on their tonnage, which is included in Vessel operating&#13;expenses in the accompanying consolidated statements of comprehensive loss. The vessel-owning companies with vessels that have called&#13;on the United States during the relevant year of operation are obliged to file tax returns with the Internal Revenue Service. The applicable&#13;tax is 50% of 4% of U.S. related gross transportation income unless an exemption applies. The Company believes that based on current legislation&#13;the relevant vessel-owning companies are entitled to an exemption because they satisfy the relevant requirements, namely that (i) the&#13;related vessel-owning companies are incorporated in a jurisdiction granting an equivalent exemption to U.S. corporations and (ii) over&#13;50% of the ultimate stockholders of the vessel-owning companies are residents of a country granting an equivalent exemption to U.S. persons.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Under the laws of the Republic of Malta, the country&#13;of incorporation of certain of the Company&amp;#8217;s vessel-owning companies, and/or the vessels&amp;#8217; registration, these vessel-owning&#13;companies are not liable for any income tax on their income derived from shipping operations. The Republic of Malta is a country that&#13;has an income tax treaty with the United States. Accordingly, income earned by vessel-owning companies organized under the laws of the&#13;Republic of Malta may qualify for a treaty-based exemption. Specifically, Article 8 (Shipping and Air Transport) of the treaty sets out&#13;the relevant rule to the effect that profits of an enterprise of a Contracting State from the operation of ships in international traffic&#13;shall be taxable only in that State.&lt;/p&gt;</us-gaap:IncomeTaxPolicyTextBlock>
    <us-gaap:InventoryPolicyTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(j) Inventories:&lt;/i&gt;&lt;/b&gt; Inventories consist&#13;of lubricants and bunkers (where applicable) on board the vessels, which are stated at the lower of cost and net realizable value. Cost&#13;is determined by the first-in, first-out (&amp;#8220;FIFO&amp;#8221;) method.&lt;/p&gt;</us-gaap:InventoryPolicyTextBlock>
    <us-gaap:TradeAndOtherAccountsReceivablePolicy contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(k) Trade Accounts Receivable, Net:&lt;/i&gt;&lt;/b&gt;&#13;Under spot charters, the Company normally issues its invoices to charterers at the completion of the voyage. Invoices are due upon issuance&#13;of the invoice. Since the Company satisfies its performance obligation over the time of the spot charter, the Company recognizes its unconditional&#13;right to consideration in trade accounts receivable, net of a provision for doubtful accounts, if any. Trade accounts receivable from&#13;spot charters as of December 31, 2019 and 2020, amounted to $743 and $672, respectively. The allowance for doubtful accounts at December&#13;31, 2019 was zero. The allowance for expected credit losses at December 31, 2020 was $9 (Note 2(aa)). Under time charter contracts, the&#13;Company normally issues invoices on a monthly basis 30 days in advance of providing its services. Trade accounts receivable from time&#13;charters as of December 31, 2019 and 2020, amounted to $500 and $1, respectively. Hire collected in advance includes cash received in&#13;advance of performance under the contract prior to the balance sheet date and is realized when the associated revenue is recognized under&#13;the contract in periods after such date. The hire collected in advance as of December 31, 2019 and 2020 was $1,415 and $ 706 respectively&#13;and concerns hire received in advance from time charters.&lt;/p&gt;</us-gaap:TradeAndOtherAccountsReceivablePolicy>
    <PXS:VesselsPolicyTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(l) Vessels, Net:&lt;/i&gt;&lt;/b&gt; Vessels are stated&#13;at cost, which consists of the contract price and any material expenses incurred in connection with the acquisition (initial repairs,&#13;improvements, delivery expenses and other expenditures to prepare the vessel for her initial voyage, as well as professional fees directly&#13;associated with the vessel acquisition). Subsequent expenditures for major improvements are also capitalized when they appreciably extend&#13;the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise, these amounts are expensed as incurred.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The cost of each of the Company&amp;#8217;s vessels is&#13;depreciated from the date of acquisition on a straight-line basis over the vessels&amp;#8217; remaining estimated economic useful life, after&#13;considering the estimated residual value. A vessel&amp;#8217;s residual value is equal to the product of its lightweight tonnage and estimated&#13;scrap rate of $0.300 per ton. The Company estimates the useful life of the Company&amp;#8217;s vessels to be 25 years from the date of initial&#13;delivery from the shipyard. In the event that that future regulations place limitations over the ability of a vessel to trade on a worldwide&#13;basis, its remaining useful life will be adjusted at the date such regulations are adopted.&lt;/p&gt;</PXS:VesselsPolicyTextBlock>
    <us-gaap:ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(m) Impairment of Long Lived Assets:&lt;/i&gt;&lt;/b&gt;&#13;The Company reviews its long lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount&#13;plus the unamortized dry-dock and survey balances of these assets may not be recoverable.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In developing estimates of future undiscounted cash&#13;flows, the Company makes assumptions and estimates about the vessels&amp;#8217; future performance, relating to time charter equivalent rates&#13;by vessel type, vessels&amp;#8217; operating expenses, management fees, vessels&amp;#8217; capital expenditures, vessels&amp;#8217; residual value,&#13;fleet utilization and the estimated remaining useful life of each vessel. The assumptions used to develop estimates of future undiscounted&#13;cash flows are based on historical trends as well as future expectations.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;To the extent impairment indicators are present, the&#13;projected net operating cash flows are determined by considering the charter revenues from existing time charters for the fixed days and&#13;an estimated daily time charter rate for the unfixed days (based on the most recent seven year historical average rates over the remaining&#13;estimated useful life of the vessels), expected outflows for vessels&amp;#8217; operating expenses, planned dry-docking and special survey&#13;expenditures, management fees expenditures which are adjusted every year, pursuant to the Company&amp;#8217;s existing group management agreement,&#13;and fleet utilization of 75.0% to 98.6% (depending on the type of the vessel) for the first year and 78% to 93.0%, including scheduled&#13;off-hire days for planned dry-dockings and vessel surveys, based on historical experience. The residual value used in the impairment test&#13;is estimated to be approximately $0.3 per lightweight ton in accordance with the vessels&amp;#8217; depreciation policy.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Should the carrying value plus the unamortized dry-dock&#13;and survey balance of the vessel exceed its estimated future undiscounted net operating cash flows, impairment is measured based on the&#13;excess of the carrying amount over the fair market value of the asset. The Company determines the fair value of its vessels based on management&#13;estimates and assumptions and by making use of available market data and taking into consideration third party valuations.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The review of the carrying amounts plus the unamortized&#13;dry-dock and survey balances in connection with the estimated recoverable amount for certain of the Company&amp;#8217;s as of December 31,&#13;2018 indicated an impairment charge of $2,282. No impairment charge for the Company&amp;#8217;s vessels was recorded as of December 31, 2019&#13;and 2020 respectively.&lt;/p&gt;</us-gaap:ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock>
    <PXS:LonglivedAssetsClassifiedAsHeldForSalePolicyTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(n) Long-lived Assets Classified as Held for&#13;Sale:&lt;/i&gt;&lt;/b&gt; The Company classifies long-lived assets and disposal groups as being held-for-sale in accordance with ASC 360, &amp;#8220;Property,&#13;Plant and Equipment&amp;#8221;, when: (i) management, having the authority to approve the action, commits to a plan to sell the asset; (ii)&#13;the asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such&#13;assets; (iii) an active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated;&#13;(iv) the sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within one&#13;year; (v) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value and (vi) actions&#13;required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be&#13;withdrawn. Long-lived assets classified as held-for-sale are measured at the lower of their carrying amount or fair value less costs to&#13;sell. According to ASC 360-10-35, the fair value less costs to sell of the long-lived asset (disposal group) should be assessed at each&#13;reporting period it remains classified as held-for-sale. Subsequent changes in the long-lived asset&amp;#8217;s fair value less costs to sell&#13;(increase or decrease) would be reported as an adjustment to its carrying amount, not exceeding the carrying amount of the long-lived&#13;asset at the time it was initially classified as held-for-sale. These long-lived assets are not depreciated once they meet the criteria&#13;to be classified as held-for-sale and are classified in current assets on the consolidated balance sheet (Notes 5 and 6).&lt;/p&gt;</PXS:LonglivedAssetsClassifiedAsHeldForSalePolicyTextBlock>
    <us-gaap:DerivativesPolicyTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(o) Financial Derivative Instruments: &lt;/i&gt;&lt;/b&gt;The&#13;Company enters into interest rate derivatives to manage its exposure to fluctuations of interest rate risk associated with its borrowings.&#13;All derivatives are recognized in the consolidated financial statements at their fair value. The fair value of the interest rate derivatives&#13;is based on a discounted cash flow analysis. When such derivatives do not qualify for hedge accounting, the Company recognizes their fair&#13;value changes in current period earnings. When the derivatives qualify for hedge accounting, the Company recognizes the effective portion&#13;of the gain or loss on the hedging instrument directly in other comprehensive income / (loss), while the ineffective portion, if any,&#13;is recognized immediately in current period earnings. The Company, at the inception of the transaction, documents the relationship between&#13;the hedged item and the hedging instrument, as well as its risk management objective and the strategy of undertaking various hedging transactions.&#13;The Company also assesses at hedge inception whether the hedging instruments are highly effective in offsetting changes in the cash flows&#13;of the hedged items.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company discontinues cash flow hedge accounting&#13;if the hedging instrument expires and it no longer meets the criteria for hedge accounting or its designation is revoked by the Company.&#13;At that time, any cumulative gain or loss on the hedging instrument recognized in equity is kept in equity until the forecasted transaction&#13;occurs. When the forecasted transaction occurs, any cumulative gain or loss on the hedging instrument is recognized in the consolidated&#13;statement of comprehensive loss. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognized in&#13;equity is transferred to the current period&amp;#8217;s consolidated statement of comprehensive loss as financial income or expense.&lt;/p&gt;</us-gaap:DerivativesPolicyTextBlock>
    <PXS:AccountingForSpecialSurveyAndDrydockingCostsPolicyTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(p) Accounting for Special Survey and Dry-docking&#13;Costs:&lt;/i&gt;&lt;/b&gt; The Company follows the deferral method of accounting for special survey and dry-docking costs, whereby actual costs incurred&#13;at the yard and parts used in the dry-docking or special survey, are deferred and are amortized on a straight-line basis over the period&#13;through the date the next survey is scheduled to become due. Costs deferred are limited to actual costs incurred at the shipyard and costs&#13;incurred in the dry-docking or special survey. If a dry-dock or a survey is performed prior to the scheduled date, any remaining unamortized&#13;balances of the previous dry-dock and survey are immediately written-off. Unamortized dry-dock and survey balances of vessels that are&#13;sold are written-off and included in the calculation of the resulting gain or loss in the period of the vessel&amp;#8217;s sale.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Furthermore, unamortized dry-docking and special survey&#13;balances of vessels that are classified as Assets held-for-sale and are not recoverable as of the date of such classification are immediately&#13;written-off and included in the resulting loss on vessel held-for-sale.&lt;/p&gt;</PXS:AccountingForSpecialSurveyAndDrydockingCostsPolicyTextBlock>
    <us-gaap:FairValueMeasurementPolicyPolicyTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(r) Fair Value Measurements:&lt;/i&gt;&lt;/b&gt; The Company&#13;follows the provisions of Accounting Standard Update (&amp;#8220;ASU&amp;#8221;) 2015-07 &amp;#8220;Fair Value Measurements and Disclosures&amp;#8221;,&#13;Topic 820, which defines and provides guidance as to the measurement of fair value. This standard creates a hierarchy of measurement and&#13;indicates that, when possible, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly&#13;transaction between market participants. The fair value hierarchy gives the highest priority (Level 1) to quoted prices in active markets&#13;and the lowest priority (Level 3) to unobservable data, for example, the reporting entity&amp;#8217;s own data. Under the standard, fair value&#13;measurements are separately disclosed by level within the fair value hierarchy (Note 10).&lt;/p&gt;</us-gaap:FairValueMeasurementPolicyPolicyTextBlock>
    <us-gaap:SegmentReportingPolicyPolicyTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(s) Segment Reporting:&lt;/i&gt;&lt;/b&gt; The Company reports&#13;financial information and evaluates its operations by charter revenues and not by the length of ship employment for its customers, i.e.,&#13;spot or time charters. The Company does not use discrete financial information to evaluate the operating results for each such type of&#13;charter. Although revenue can be identified for these types of charters, management cannot and does not identify expenses, profitability&#13;or other financial information for these charters. Furthermore, when the Company charters a vessel to a charterer, the charterer is free&#13;to trade the vessel worldwide (subject to certain agreed exclusions) and, as a result, the disclosure of geographic information is impracticable.&#13;As a result, management, reviews operating results solely by revenue per day and operating results of the fleet and thus the Company has&#13;determined that it operates under one reportable segment.&lt;/p&gt;</us-gaap:SegmentReportingPolicyPolicyTextBlock>
    <us-gaap:EarningsPerSharePolicyTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(t) Income/(Loss) per Share:&lt;/i&gt;&lt;/b&gt; Basic income/(loss)&#13;per share is computed by dividing the net income/(loss) attributable to common shareholders by the weighted average number of common shares&#13;outstanding during the period.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The computation of diluted income/(loss) per share&#13;reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted at&#13;the beginning of the periods presented, or issuance date, if later. The treasury stock method is used to compute the dilutive effect of&#13;warrants and, shares issued under the equity incentive plan and the promissory note. The if-converted method is used to compute the dilutive&#13;effect of shares which could be issued upon conversion of the Series A Convertible Preferred Shares into common shares. Potential common&#13;shares that have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) are excluded from the&#13;calculation of diluted earnings per share. As the Company reported losses for the years ended December 31, 2018, 2019 and 2020, the effect&#13;of any incremental shares would be antidilutive and thus excluded from the computation of loss per share.&lt;/p&gt;</us-gaap:EarningsPerSharePolicyTextBlock>
    <PXS:GoingConcernPolicyTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(u) Going Concern: &lt;/i&gt;&lt;/b&gt;The Company performs&#13;cash flow projections on a regular basis to evaluate whether it will be in a position to cover its liquidity needs for the next 12-month&#13;period and in compliance with the financial and security collateral cover ratio covenants under its existing debt agreements. In developing&#13;estimates of future cash flows, the Company makes assumptions about the vessels&amp;#8217; future performance, with significant assumptions&#13;relating to time charter equivalent rates by vessel type, vessels&amp;#8217; operating expenses, vessels&amp;#8217; capital expenditures, fleet&#13;utilization, the Company&amp;#8217;s management fees and general and administrative expenses, and cash flow requirements for debt servicing.&#13;The assumptions used to develop estimates of future cash flows are based on historical trends as well as future expectations.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of December 31, 2020, the Company had a working&#13;capital deficit of $2,895, defined as current assets minus current liabilities. The Company considered such deficit in conjunction with&#13;the future market prospects and potential future financings. As of the filing date of these consolidated financial statements, the Company&#13;believes that it will be in a position to cover its liquidity needs for the next 12-month period through the recent Private Placement&#13;of Equity, the contemplated debt refinancing of the Entrust Loan (Note 13) cash generated from the vessels&amp;#8217; operations and possible&#13;asset sales. The Company believes that will be in compliance with the financial and security collateral cover ratio covenants under its&#13;existing debt agreements for the next 12-month period.&lt;/p&gt;</PXS:GoingConcernPolicyTextBlock>
    <us-gaap:RevenueRecognitionPolicyTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(v) Revenues, net:&lt;/i&gt;&lt;/b&gt; The Company generates&#13;its revenues from charterers. The vessels are chartered using either spot charters, where a contract is made in the spot market for the&#13;use of a vessel for a specific voyage for a specified charter rate, or time charters, where a contract is entered into for the use of&#13;a vessel for a specific period of time and a specified daily charter hire rate.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The following table presents the Company&amp;#8217;s revenue&#13;disaggregated by revenue source, net of commissions, for the years ended December 31, 2018, 2019 and 2020:&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;  &lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid"&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;2018&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid"&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;2019&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid"&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 49%"&gt;&lt;font style="font-size: 10pt"&gt;Revenues derived from spot charters, net&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;16,990&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;8,067&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;7,022&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;Revenues derived from time charters, net&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;11,467&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;19,686&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;14,689&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Revenues, net&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;28,457&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;27,753&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;21,711&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Revenue from customers (ASC 606):&lt;/i&gt;&lt;/b&gt; As&#13;of January 1, 2018, the Company adopted Accounting Standard Update (&amp;#8220;ASU&amp;#8221;) 2014-09 &amp;#8220;&lt;i&gt;Revenue from Contracts with Customers&#13;(Topic 606)&lt;/i&gt;&amp;#8221;. The core principle is that a company should recognize revenue when promised goods or services are transferred&#13;to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. The Company&#13;analyzed its contracts with charterers at the adoption date and has determined that its spot charters fall under the provisions of ASC&#13;606, while its time charter agreements are lease agreements that fall under the provisions of ASC 842 and that contain certain non-lease&#13;components. The Company elected to adopt ASC 606 by applying the modified retrospective transition method, recognizing the cumulative&#13;effect of adopting this guidance as an adjustment to the 2018 opening balance of accumulated deficit. As of December 31, 2017, there were&#13;no vessels employed under spot charters and as a result, the Company has not included any adjustments to the 2018 opening balance of accumulated&#13;deficit and prior periods were not retrospectively adjusted.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company assessed its contracts with charterers&#13;for spot charters and concluded that there is one single performance obligation for its spot charter, which is to provide the charterer&#13;with a transportation service within a specified time period. In addition, the Company has concluded that a spot charter meets the criteria&#13;to recognize revenue over time as the charterer simultaneously receives and consumes the benefits of the Company&amp;#8217;s performance.&#13;The adoption of this standard resulted in a change whereby the Company&amp;#8217;s method of revenue recognition changed from discharge-to-discharge&#13;(assuming a new charter has been agreed before the completion of the previous spot charter) to load-to-discharge. This resulted in no&#13;revenue being recognized from discharge of the prior spot charter to loading of the current spot charter and all revenue being recognized&#13;from loading of the current spot charter to discharge of the current spot charter. This change results in revenue being recognized later&#13;in the voyage, which may cause additional volatility in revenues and earnings between periods. Demurrage income represents payments by&#13;a charterer to a vessel owner when loading or discharging time exceeds the stipulated time in the spot charter. The Company has determined&#13;that demurrage represents a variable consideration and estimates demurrage at contract inception. Demurrage income estimated, net of address&#13;commission, is recognized over the time of the charter as the performance obligation is satisfied.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Under a spot charter, the Company incurs and pays&#13;for certain voyage expenses, primarily consisting of brokerage commissions, port and canal costs and bunker consumption, during the spot&#13;charter (load-to-discharge) and during the ballast voyage (date of previous discharge to loading, assuming a new charter has been agreed&#13;before the completion of the previous spot charter). Before the adoption of ASC 606, all voyage expenses were expensed as incurred, except&#13;for brokerage commissions. Brokerage commissions are deferred and amortized over the related voyage period in a charter to the extent&#13;revenue has been deferred since commissions are earned as the Company&amp;#8217;s revenues are earned. Under ASC 606 and after the implementation&#13;of ASC 340-40 &lt;i&gt;&amp;#8220;Other assets and deferred costs&amp;#8221;&lt;/i&gt; for contract costs, incremental costs of obtaining a contract with&#13;a customer and contract fulfillment costs, should be capitalized and amortized as the performance obligation is satisfied, if certain&#13;criteria are met. The Company assessed the new guidance and concluded that voyage costs during the ballast voyage represented costs to&#13;fulfil a contract which give rise to an asset and should be capitalized and amortized over the spot charter, consistent with the recognition&#13;of voyage revenues from spot charter from load-to-discharge, while voyage costs incurred during the spot charter should be expensed as&#13;incurred. With respect to incremental costs, the Company has selected to adopt the practical expedient in the guidance and any costs to&#13;obtain a contract will be expensed as incurred, for the Company&amp;#8217;s spot charters that do not exceed one year. Vessel operating expenses&#13;are expensed as incurred.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In addition, pursuant to this standard and the new&#13;Leases standard (discussed below), as of January 1, 2018, the Company elected to present Revenues net of address commissions. Address&#13;commissions represent a discount provided directly to the charterers based on a fixed percentage of the agreed upon charter. Since address&#13;commissions represent a discount (sales incentive) on services rendered by the Company and no identifiable benefit is received in exchange&#13;for the consideration provided to the charterer, these commissions are presented as a reduction of revenue in the accompanying consolidated&#13;statements of comprehensive loss.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company does not disclose the value of unsatisfied&#13;performance obligations for contracts with an original expected length of one year or less, in accordance with the optional exception&#13;in ASC 606.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Leases: &lt;/i&gt;&lt;/b&gt;The Company elected to&#13;early adopt the new lease standard &amp;#8220;Leases&amp;#8221; ASC 842 as of September 30, 2018 with adoption reflected as of January 1, 2018. The&#13;Company adopted the standard by using the modified retrospective method and selected the additional optional transition method.&#13;Also, the Company elected to apply a package of practical expedients under ASC 842, which allowed the Company, not to reassess (i)&#13;whether any existing contracts, on the date of adoption, contained a lease, (ii) lease classification of existing leases classified&#13;as operating leases in accordance with ASC 840 and (iii) initial direct costs for any existing leases. In this respect no &lt;font style="background-color: white"&gt;cumulative-effect&#13;adjustment was recognized &lt;/font&gt;to the 2018 opening balance of accumulated deficit&lt;font style="background-color: white"&gt;. &lt;/font&gt;The&#13;Company assessed its new time charter contracts at the adoption date under the new guidance and concluded that these contracts&#13;contain a lease with the related executory costs (insurance), as well as non-lease components to provide other services related to&#13;the operation of the vessel, with the most substantial service being the crew cost to operate the vessel. The Company concluded that&#13;the criteria for not separating the lease and non-lease components of its time charter contracts are met, since (i) the time pattern&#13;of recognizing revenues for crew and other services for the operation of the vessels, is similar to the time pattern of recognizing&#13;rental income, (ii) &lt;font style="background-color: white"&gt;the lease component of the time charter contracts, if accounted for&#13;separately, would be classified as an operating lease, and &lt;/font&gt;(iii) the predominant component in its time charter agreements is&#13;the lease component. After the lease commencement date, the Company evaluates lease modifications, if any, that could result in a&#13;change in the accounting for leases. For a lease modification, an evaluation is performed to determine if it should be treated as&#13;either a separate lease or a change in the accounting of an existing lease. Brokerage and address commissions on time charter&#13;revenues are deferred and amortized over the related voyage period, to the extent revenue has been deferred, since commissions are&#13;earned as revenues earned, and are presented in voyage expenses and as a reduction to voyage revenues (see above), respectively.&#13;Vessel operating expenses are expensed as incurred. By taking the practical expedients, existing time charters at January 1, 2018,&#13;continued to be accounted for under ASC 840 while new time charters commencing in 2018 and onwards are accounted for under ASC 842.&#13;The adoption of ASC 842 had no effect on the Company&amp;#8217;s consolidated financial position and results of operations for the year&#13;ended December 31, 2018 and 2019. &lt;font style="background-color: white"&gt;Upon adoption of ASC 842, the Company made an accounting&#13;policy election to not recognize contract fulfillment costs for time charters under ASC 340-40. &lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Revenues for the years ended December 31, 2018, 2019&#13;and 2020, deriving from significant charterers individually accounting for 10% or more of revenues (in percentages of total revenues),&#13;were as follows:&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;  &lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Charterer&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;2019&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 43%; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;A&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 16%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;23&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 16%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;71&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 16%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;58&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;B&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;15&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;C&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;16&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 10pt"&gt;%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;38&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;%&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;71&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;%&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;74&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;%&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;/table&gt;</us-gaap:RevenueRecognitionPolicyTextBlock>
    <PXS:RestrictedCashPolicyTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(w) Restricted Cash: &lt;/i&gt;&lt;/b&gt;As of January 1,&#13;2018, the Company adopted the ASU 2016-18 &amp;#8220;&lt;i&gt;Statement of Cash Flows (Topic 230): Restricted Cash&lt;/i&gt;&amp;#8221;, which requires that&#13;the statement of cash flows explain the change in the total of cash and cash equivalents and restricted cash. Restricted cash of $3,659,&#13;$3,735 and $2,417 as at December 31, 2018, 2019 and 2020, respectively, has been aggregated with cash and cash equivalents in both the&#13;beginning-of-year and end-of-year line items of the consolidated statements of cash flows for each of the periods presented. The implementation&#13;of this update has no impact on the Company&amp;#8217;s consolidated balance sheet and consolidated statement of comprehensive loss.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The following table provides a reconciliation of cash&#13;and cash equivalents and restricted cash reported within the accompanying consolidated balance sheets that are presented in the accompanying&#13;consolidated statement of cash flows for the years ended December 31, 2018, 2019 and 2020.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;  &lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid"&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;2018&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid"&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;December 31,&lt;/b&gt;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;2019&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;December 31, &lt;br /&gt;&#13;2020&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 43%"&gt;&lt;font style="font-size: 10pt"&gt;Cash and cash equivalents&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;545&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,441&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 16%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,620&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Restricted cash, current portion&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;255&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;535&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;Restricted cash, net of current portion&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;3,404&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;3,200&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;2,417&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Total cash and cash equivalents and restricted cash&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;4,204&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;5,176&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;4,037&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;/table&gt;</PXS:RestrictedCashPolicyTextBlock>
    <us-gaap:BusinessCombinationsPolicy contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(x) Business combinations:&lt;/i&gt;&lt;/b&gt; As of January&#13;1, 2018, the Company adopted the ASU No. 2017-01, &amp;#8220;Business Combinations&amp;#8221; (Topic 805) which clarifies the definition of a&#13;business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisition&#13;(or disposals) of assets or businesses. Under current implementation guidance, the existence of an integrated set of acquired activities&#13;(inputs and processes that generate outputs) constitutes an acquisition of business. This ASU provides a screen to determine when a set&#13;of assets and activities does not constitute a business. The implementation of this update had no effect on the Company&amp;#8217;s consolidated&#13;financial position and results of operations for the year ended December 31, 2018.&lt;/p&gt;</us-gaap:BusinessCombinationsPolicy>
    <us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(aa) New Accounting Pronouncements &amp;#8211; Adopted&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;Expected credit losses:&lt;/b&gt; In June 2016, the FASB&#13;issued ASU No. 2016-13&amp;#8212;Financial Instruments&amp;#8212;Credit Losses (Topic 326) &amp;#8212;Measurement of Credit Losses on Financial Instruments.&#13;ASU No. 2016-13 amended guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities.&#13;In May 2019, the FASB issued ASU 2019-05, &amp;#8220;Codification Improvements to Topic 326, Financial Instruments&amp;#8212;Credit Losses, Financial&#13;Instruments&amp;#8212;Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825 Financial Instruments&amp;#8221;, the amendments of which&#13;provide entities that have certain instruments within the scope of Subtopic 326-20, Financial Instruments&amp;#8212;Credit Losses&amp;#8212;Measured&#13;at Amortized Cost, with an option to irrevocably elect the fair value option in Subtopic 825-10, Financial Instruments&amp;#8212;Overall,&#13;applied on an instrument-by-instrument basis for eligible instruments, upon adoption of Topic 326. The amendments clarify that receivables&#13;arising from operating leases are outside of the scope of Subtopic 326-20. Accordingly, any impairment of receivables arising from operating&#13;leases i.e. time charters, should be accounted for in accordance with Topic 842, Leases, and not in accordance with Topic 326. Impairment&#13;of receivables arising from voyage charters, which are accounted for in accordance with Topic 606, Revenues from Contracts with Customers,&#13;are within the scope of Subtopic 326 and must therefore be assessed for expected credit losses.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of January 1, 2020, the Company adopted ASU 2016-13&amp;#8212;Financial&#13;Instruments&amp;#8212;Credit Losses (Topic 326). The accounting standard amends the current financial instrument impairment model by requiring&#13;entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments,&#13;including trade receivables. Under the new guidance, an entity recognizes as an allowance its estimate of lifetime expected credit losses&#13;which will result in more timely recognition of such losses. The Company adopted the accounting standard using the prospective transition&#13;approach as of January 1, 2020, which resulted in a cumulative adjustment of $(9), in the opening balance of accumulated deficit for the&#13;fiscal year of 2020. The Company maintains an allowance for credit losses for expected uncollectable accounts receivable, which is recorded&#13;as an offset to trade accounts receivable and changes in such, if any, are classified as Bad debt provisions in the Consolidated Statements&#13;of Comprehensive Loss.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The adoption of ASC 326 primarily impacted trade receivables&#13;recorded on Consolidated Balance Sheet. The Company assessed collectability by reviewing accounts receivable on a collective basis where&#13;similar characteristics exist and on an individual basis when the Company identifies specific customers with known disputes or collectability&#13;issues. In determining the amount of the allowance for credit losses, the Company considered historical collectability based on past due&#13;status. The Company also considered customer-specific information, current market conditions and reasonable and supportable forecasts&#13;of future economic conditions to inform adjustments to historical loss data.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;As of January 1, 2020 and December 31, 2020, the Company concluded on an&#13;expected credit loss rate of 0.05% on the total outstanding receivables arising from voyage charters and 2.4% on outstanding receivables&#13;from demurrages. Management monitors its trade receivables on a daily and on a charter-by charterer basis in order to determine if adjustments&#13;are necessary in the expected credit loss rate. No additional allowance was warranted for the year ended December 31, 2020.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;Fair Value measurement:&lt;/b&gt; On January 1, 2020,&#13;the Company adopted ASU 2018-13, &amp;#8220;Fair Value Measurement (Topic 820)&amp;#8212;Disclosure Framework&amp;#8212;Changes to the Disclosure&#13;Requirements for Fair Value Measurement&amp;#8221;, which improves the effectiveness of fair value measurement disclosures. In particular,&#13;the amendments in this Update modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based&#13;on the concepts in FASB Concepts Statement, Conceptual Framework for Financial Reporting&amp;#8212;Chapter 8: Notes to Financial Statements,&#13;including the consideration of costs and benefits. The amendments in the Update apply to all entities that are required under existing&#13;GAAP to make disclosures about recurring and non-recurring fair value measurements. The amendments on changes in unrealized gains and&#13;losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative&#13;description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in&#13;the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective&#13;date. The adoption of this new accounting guidance did not have a material effect on the Company&amp;#8217;s consolidated financial statements&#13;and related disclosures.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;Variable Interest Entities:&lt;/b&gt; On January 1, 2020,&#13;the Company adopted ASU 2018-17, &amp;#8220;Consolidation (Topic 810) &amp;#8211; Targeted Improvements to Related Party Guidance for Variable&#13;Interest Entities&amp;#8221;, which improves the accounting for the following areas: (i) applying the variable interest entity (VIE) guidance&#13;to private companies under common control and (ii) considering indirect interests held through related parties under common control for&#13;determining whether fees paid to decision makers and service providers are variable interests, thereby improving general purpose financial&#13;reporting. The Company applied the amendments in this Update retrospectively, as required. The adoption of this new accounting guidance&#13;did not have a material effect on the Company&amp;#8217;s consolidated financial statements and related disclosures.&lt;/p&gt;</us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock>
    <PXS:NewAccountingPronouncementsNotYetAdoptedPolicyTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(ab) New Accounting Pronouncements &amp;#8211; Not&#13;Yet Adopted:&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In March 2020, the FASB issued ASU 2020-04, Reference&#13;Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients&#13;and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. ASU 2020-04&#13;applies to contracts that reference LIBOR or another reference rate expected to be terminated because of reference rate reform. In January&#13;2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848). The amendments in this Update clarify that certain optional expedients&#13;and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivative instruments that use an interest rate&#13;for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. Amendments in this Update&#13;to the expedients and exceptions in Topic 848 capture the incremental consequences of the scope clarification and tailor the existing&#13;guidance to derivative instruments affected by the discounting transition. The amendments in this Update apply to all entities that elect&#13;to apply the optional guidance in Topic 848. ASU 2020-04 and ASU 2021-10 can be adopted as of March 12, 2020 through December 31, 2022.&#13;As of December 31, 2020, the Company has not yet elected any optional expedients provided in the standard. The Company will apply the&#13;accounting relief as relevant contract and hedge accounting relationship modifications are made during the reference rate reform transition&#13;period. The Company does not expect the standard to have a material impact on our consolidated financial statements.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;In August 2020, the FASB issued ASU No. 2020-06, Debt&#13;- Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity&amp;#8217;s Own Equity (Subtopic&#13;815-40): Accounting for Convertible Instruments and Contracts in an Entity&amp;#8217;s Own Equity. The ASU reduces the number of accounting&#13;models for convertible debt instruments by eliminating the cash conversion model. As compared with current U.S. GAAP, more convertible&#13;debt instruments will be reported as a single liability instrument and the interest rate of more convertible debt instruments will be&#13;closer to the coupon interest rate. The ASU also aligns the consistency of diluted Earnings Per Share (&amp;#8220;EPS&amp;#8221;) calculations&#13;for convertible instruments by requiring that (1) an entity use the if-converted method and (2) share settlement be included in the diluted&#13;EPS calculation for both convertible instruments and equity contracts when those contracts include an option of cash settlement or share&#13;settlement. The ASU is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years.&#13;Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those&#13;fiscal years. The FASB has specified that an entity should adopt the guidance as of the beginning of its annual fiscal year. The Company&#13;is currently evaluating the impact this guidance may have on its consolidated financial statements and related disclosures.&lt;/p&gt;</PXS:NewAccountingPronouncementsNotYetAdoptedPolicyTextBlock>
    <us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"&gt;&lt;b&gt;3. Transactions&#13;with Related Parties&lt;i&gt;:&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company uses the services of Maritime, a ship&#13;management company with its principal office in Greece and an office in the U.S.A. Maritime is engaged under separate management agreements&#13;directly by the Company&amp;#8217;s respective subsidiaries to provide a wide range of shipping services, including but not limited to, chartering,&#13;sale and purchase, insurance, operations and dry-docking and construction supervision, all provided at a fixed daily fee per vessel. For&#13;the ship management services, Maritime charges a fee payable by each subsidiary of $0.325 per day per vessel while the vessel is in operation&#13;including any pool arrangements and $0.450 per day per vessel while the vessel is under construction, as well as an additional daily fee&#13;(which is dependent on the seniority of the personnel) to cover the cost of engineers employed to conduct the supervision of the newbuilding&#13;(collectively the &amp;#8220;Ship-management Fees&amp;#8221;). In addition, Maritime charges the Company a commission rate of 1.25% on all charter&#13;hire agreements arranged by Maritime.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The management agreements for the vessels had an initial&#13;term of five years. For the Northsea Alpha and Northsea Beta the base term expired on December 31, 2015, for Pyxis Theta it expired on&#13;December 31, 2017 and for the Pyxis Epsilon and the Pyxis Malou it expired on December 31, 2018. Following their initial expiration dates,&#13;the management agreements were automatically renewed for consecutive five year periods, or until terminated by either party on three months&amp;#8217;&#13;notice.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Head Management Agreement (the &amp;#8220;Head Management&#13;Agreement&amp;#8221;) with Maritime commenced on March 23, 2015 and continued through March 23, 2020. Following the initial expiration date,&#13;the Head Management Agreement was automatically renewed for a five-year period (unless terminated by either party on 90 days&amp;#8217; notice).&#13;Maritime provides administrative services to the Company, which include, among other, the provision of the services of the Company&amp;#8217;s&#13;Chief Executive Officer, Chief Financial Officer, General Counsel and Corporate Secretary, Chief Operating Officer, one or more internal&#13;auditor(s) and a secretary, as well as the use of office space in Maritime&amp;#8217;s premises. Under the Head Management Agreement, the&#13;Company pays Maritime a fixed fee of $1,600 annually (the &amp;#8220;Administration Fees&amp;#8221;). In the event of a change of control of the&#13;Company during the management period or within 12 months after the early termination of the Head Management Agreement, then the Company&#13;will pay to Maritime an amount equal to 2.5 times the then annual Administration Fees. Pursuant to the amendment of this agreement on&#13;March 18, 2020, in the event of such change of control and termination, the Company shall also pay to Maritime an amount equal to 12 months&#13;of the then daily Ship-management Fees.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Ship-management Fees and the Administration Fees&#13;are adjusted annually according to the official inflation rate in Greece or such other country where Maritime was headquartered during&#13;the preceding year. On August 9, 2016, the Company amended the Head Management Agreement with Maritime to provide that in the event that&#13;the official inflation rate for any calendar year is deflationary, no adjustment shall be made to the Ship-management Fees and the Administration&#13;Fees, which will remain, for the particular calendar year, as per the previous calendar year. Effective January 1, 2019 and 2020, the&#13;Ship-management Fees and the Administration Fees were increased by 0.62%, and, 0.26% respectively, in line with the average inflation&#13;rate of Greece for 2018 and 2019. For 2020, the average rate in Greece was a deflation of 1.24% and as a result no adjustment shall be&#13;made to the Ship-management Fees and the Administration Fees effective January 1, 2021, which will remain, for the particular calendar&#13;year, as per the previous year.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The following amounts were charged by Maritime pursuant&#13;to the head management and ship-management agreements with the Company, and are included in the accompanying consolidated statements of&#13;comprehensive loss:&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;  &lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Year Ended December 31,&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;2019&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Included in Voyage related costs and commissions&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="width: 49%"&gt;&lt;font style="font-size: 10pt"&gt;Charter hire commissions&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;354&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;351&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;276&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Included in Management fees, related parties&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Ship-management Fees&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;720&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;724&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;637&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Included in General and administrative expenses&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Administration Fees&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,618&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,628&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,632&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;2,692&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;2,703&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;2,545&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On October 28, 2015 the Company issued a promissory&#13;note in favor of Maritime Investors in the amount of $2.5 million, with an interest rate payable of 2.75% and maturity of January 15,&#13;2017. Certain amendments were made increasing the principal balance to $5.0 million, extending the maturity date to March 31, 2020 and&#13;the interest rate to 4.5%. On May 14, 2019, the Company entered into a second amendment to the Amended &amp;#38; Restated Promissory Note&#13;which (i) extended the repayment of the outstanding principal, in whole or in part, until the earlier of a) one year after the repayment&#13;of the credit facility of Eighthone with Entrust Global (the &amp;#8220;Credit Facility&amp;#8221;) on September 2023 (see Note 7), b) January&#13;15, 2024 and c) repayment of any Paid-In-Kind (&amp;#8220;PIK&amp;#8221;) interest and principal deficiency amount under the Credit Facility,&#13;and (ii) increased the interest rate to 9.0% per annum of which 4.5% shall be paid in cash and 4.5% shall be paid in common shares of&#13;the Company calculated on the volume weighted average closing share price for the 10 day period immediately prior to each quarter end.&#13;The new interest rate was effective from April 1, 2019. After the repayment restrictions have been lifted per the Credit Facility, the&#13;Company, at its option, may continue to pay interest on the Amended &amp;#38; Restated Promissory Note in the afore-mentioned combination&#13;of cash and shares or pay all interest costs in cash. The Company considered the guidance under ASC 470-50 &amp;#8220;Debt Modifications and&#13;Extinguishments&amp;#8221; and concluded that the transaction should be accounted for as debt extinguishment.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;With respect to the portion of interest that will&#13;be settled in common shares, the Company considered the guidance in ASC 480 that requires obligations that can be settled in shares with&#13;a fixed monetary value at settlement (e.g., share-settled debt) and followed the guidance in ASC 835-30 to accrue the liability to the&#13;redemption amount using the interest method.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Interest charged on the Amended &amp;#38; Restated Promissory&#13;Note for the years ended December 31, 2018, 2019 and 2020, amounted to $213, $395 and $452, respectively, and is included in Interest&#13;and finance costs, net (Note 12) in the accompanying consolidated statements of comprehensive loss. Of the total interest charged on the&#13;Amended &amp;#38; Restated Promissory Note during the year ended December 31, 2019, $225 was paid in cash and the remaining amount of $170&#13;was settled in common shares. Of the amount settled in common shares, $113 was settled in common shares during 2019 and the remaining&#13;amount of $57 were settled in January 2020. Of the total interest charged on the Amended &amp;#38; Restated Promissory Note during the year&#13;ended December 31, 2020, $226 was payable in cash and the remaining amount of $226 was settled in common shares. Of the amount settled&#13;in common shares, $169 was settled in common shares during 2020 and the remaining amount of $57 was settled in January 2021.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The amount of $5,000 is separately reflected in the&#13;accompanying consolidated balance sheets under non-current liabilities.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of December 31, 2019 and 2020, there was a balance&#13;due to Maritime of $6,849 and due from Maritime of $2,308, respectively. Relevant balances are reflected in Due to related parties and&#13;Due from related parties, respectively, in the accompanying consolidated balance sheets. The balance with Maritime is interest free and&#13;with no specific repayment terms.&lt;/p&gt;</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
    <us-gaap:ScheduleOfRelatedPartyTransactionsTableTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The following amounts were charged by Maritime pursuant&#13;to the head management and ship-management agreements with the Company, and are included in the accompanying consolidated statements of&#13;comprehensive loss:&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;  &lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Year Ended December 31,&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;2019&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Included in Voyage related costs and commissions&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="width: 49%"&gt;&lt;font style="font-size: 10pt"&gt;Charter hire commissions&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;354&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;351&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;276&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Included in Management fees, related parties&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Ship-management Fees&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;720&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;724&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;637&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Included in General and administrative expenses&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Administration Fees&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,618&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,628&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,632&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;2,692&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;2,703&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;2,545&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;/table&gt;</us-gaap:ScheduleOfRelatedPartyTransactionsTableTextBlock>
    <us-gaap:InventoryDisclosureTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;4. Inventories:&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.4pt; text-align: justify; text-indent: -24.4pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The amounts in the accompanying consolidated balance&#13;sheets are analyzed as follows:&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;  &lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;December 31, &lt;br /&gt;&#13;2019&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;December 31,&lt;br /&gt;&#13;2020&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 66%"&gt;&lt;font style="font-size: 10pt"&gt;Lubricants&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;403&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;348&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;Bunkers&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;98&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;333&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;501&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;681&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;/table&gt;</us-gaap:InventoryDisclosureTextBlock>
    <us-gaap:ScheduleOfInventoryCurrentTableTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The amounts in the accompanying consolidated balance&#13;sheets are analyzed as follows:&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;  &lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;December 31, &lt;br /&gt;&#13;2019&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;December 31,&lt;br /&gt;&#13;2020&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 66%"&gt;&lt;font style="font-size: 10pt"&gt;Lubricants&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;403&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;348&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;Bunkers&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;98&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;333&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;501&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;681&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;/table&gt;</us-gaap:ScheduleOfInventoryCurrentTableTextBlock>
    <us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"&gt;&lt;b&gt;5. Vessels, net:&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.4pt; text-align: justify; text-indent: -24.4pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The amounts in the accompanying consolidated balance&#13;sheets are analyzed as follows:&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;  &lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Vessel&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Accumulated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Net Book&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Cost&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Depreciation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Value&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 49%"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Balance January 1, 2019&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;134,310&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;(26,318&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;107,992&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Depreciation&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(5,320&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(5,320&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Additions&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;625&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;625&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;Reclassification of vessel as held-for-sale&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(26,412&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;10,622&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(15,790&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Balance December 31, 2019&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;108,523&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;(21,016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;87,507&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Depreciation&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(4,418&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(4,418&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;Additions&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;685&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;685&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Balance December 31, 2020&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;109,208&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;(25,434&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;83,774&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of December 31, 2018, the Company reviewed the&#13;carrying amount in connection with the estimated recoverable amount for each of its vessels. This review indicated that such carrying&#13;amount was not fully recoverable for the Company&amp;#8217;s vessels &lt;i&gt;Northsea Alpha&lt;/i&gt; and &lt;i&gt;Northsea Beta&lt;/i&gt;. Consequently, the carrying&#13;value of these vessels plus unamortized dry-dock and survey balances amounting to $12,989 was written down resulting in a total impairment&#13;charge of $2,282 that was charged against Vessels, net, based on level 2 inputs of the fair value hierarchy, as discussed in Notes 2 and&#13;10. No impairment charge was deemed necessary for the years ended December 31, 2019 and 2020.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;All of the Company&amp;#8217;s vessels have been pledged&#13;as collateral to secure the bank loans discussed in Note 7.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On November 13, 2019, the Company decided to&#13;make arrangements to sell Pyxis Delta and the Company concluded that all the criteria required by the relevant accounting standard,&#13;ASC 360-10-45-9, for the classification of the vessel Pyxis Delta as &amp;#8220;held for sale&amp;#8221; were met. On December 11, 2019, the&#13;Company entered into an agreement with a third-party to sell the vessel. As at December 31, 2019, the amount of $13,190 was&#13;separately reflected in Vessel held-for-sale on the consolidated balance sheet, representing the estimated fair market value of the&#13;vessel based on the vessel&amp;#8217;s sale price, net of costs to sell. The difference between the estimated fair value less costs to&#13;sell the vessel and the vessel&amp;#8217;s carrying value (including the unamortized balance of its associated dry-docking cost),&#13;amounting to $2,756, was written-off and included in the consolidated statement of comprehensive loss for the year ended December&#13;31, 2019 and classified as Loss on vessel held-for-sale. The total net proceeds from the sale of the vessel were approximately $13.2&#13;million, of which, $5.7 million was used for the prepayment of the Pyxis Delta and Pyxis Theta loan facility and $7.5 million for&#13;the repayment of the Company&amp;#8217;s liabilities to its related party (Maritime) and for the repayment of obligations to its trade&#13;creditors.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of December 31, 2019, additions of $625 relate&#13;to the ballast water treatment system installation of Pyxis Malou, of which, $569 was paid in 2019 and the balance of $56 during the first&#13;quarter of 2020.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of December 31, 2020, additions amounted to $685&#13;of which $665 relates to the ballast water treatment system installation of Pyxis Epsilon, of which, $486 was paid in 2020 and $174 is&#13;accrued and remains unpaid.&lt;/p&gt;</us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock>
    <us-gaap:PropertyPlantAndEquipmentTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The amounts in the accompanying consolidated balance&#13;sheets are analyzed as follows:&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;  &lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Vessel&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Accumulated&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Net Book&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Cost&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Depreciation&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Value&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 49%"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Balance January 1, 2019&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;134,310&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;(26,318&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;107,992&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Depreciation&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(5,320&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(5,320&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Additions&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;625&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;625&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;Reclassification of vessel as held-for-sale&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(26,412&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;10,622&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(15,790&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Balance December 31, 2019&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;108,523&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;(21,016&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;87,507&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Depreciation&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(4,418&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(4,418&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;Additions&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;685&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;685&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Balance December 31, 2020&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;109,208&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;(25,434&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;83,774&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;/table&gt;</us-gaap:PropertyPlantAndEquipmentTextBlock>
    <PXS:DeferredChargesTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;6. Deferred charges, net:&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.4pt; text-align: justify; text-indent: -24.4pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"&gt;The movement in the&#13;deferred charges, net in the accompanying consolidated balance sheets are as follows:&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;  &lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Dry docking costs&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 77%"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Balance, January 1, 2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 20%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;285&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Additions&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;588&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;Amortization&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(133&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Balance, December 31, 2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;740&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Additions&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;435&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Amortization&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(240&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;Transfer to vessel held-for-sale&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(156&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Balance, December 31, 2019&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;779&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Additions&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,068&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;Amortization&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(253&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Balance, December 31, 2020&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;1,594&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The amortization of the dry-docking costs is separately&#13;reflected in the accompanying consolidated statements of comprehensive loss.&lt;/p&gt;</PXS:DeferredChargesTextBlock>
    <PXS:ScheduleOfDeferredChargesTableTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"&gt;The movement in the&#13;deferred charges, net in the accompanying consolidated balance sheets are as follows:&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;  &lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Dry docking costs&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 77%"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Balance, January 1, 2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 20%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;285&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Additions&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;588&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;Amortization&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(133&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Balance, December 31, 2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;740&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Additions&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;435&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Amortization&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(240&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;Transfer to vessel held-for-sale&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(156&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Balance, December 31, 2019&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;779&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Additions&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,068&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;Amortization&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(253&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Balance, December 31, 2020&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;1,594&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;/table&gt;</PXS:ScheduleOfDeferredChargesTableTextBlock>
    <us-gaap:LongTermDebtTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;7. Long-term Debt:&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The amounts shown in the accompanying consolidated&#13;balance sheets at December 31, 2019 and 2020, are analyzed as follows:&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;  &lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Vessel (Borrower)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;December 31,&lt;br /&gt;&#13;2019&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;December 31,&lt;br /&gt;&#13;2020&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 66%"&gt;&lt;font style="font-size: 10pt"&gt;&lt;i&gt;(a) Northsea Alpha (Secondone)&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;3,690&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;3,290&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;i&gt;(a) Northsea Beta (Thirdone)&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;3,690&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;3,290&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;i&gt;(b) Pyxis Malou (Fourthone)&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;10,020&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;8,730&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;i&gt;(c) Pyxis Delta (Sixthone)&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;4,050&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;i&gt;(c) Pyxis Theta (Seventhone)&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;13,469&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;14,950&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;&lt;i&gt;(d) Pyxis Epsilon (Eighthone)&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;24,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;24,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;58,919&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;54,260&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Current portion&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;9,241&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;3,410&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;Less: Current portion of deferred financing costs&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(257&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(155&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Current portion of long-term debt, net of deferred financing costs, current&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;8,984&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;3,255&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Long-term portion&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;49,678&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;50,850&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;Less: Non-current portion of deferred financing costs&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(445&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(519&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Long-term debt, net of current portion and deferred financing costs, non-current&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;49,233&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;50,331&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;  &lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 24px"&gt;&lt;font style="font-size: 10pt"&gt;(a)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;On September 26, 2007, Secondone and Thirdone jointly entered into a loan agreement with a financial institution for an amount of up to $24,560, in order to partly finance the acquisition cost of the vessels &lt;i&gt;Northsea Alpha &lt;/i&gt;and &lt;i&gt;Northsea Beta&lt;/i&gt;.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;(b)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;Based on a loan agreement concluded on December 12, 2008, Fourthone borrowed $41,600 in February 2009 in order to partly finance the acquisition cost of the &lt;i&gt;Pyxis Malou&lt;/i&gt;.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On February 28, 2018, the Company refinanced the then&#13;existing indebtedness of $26,906 under the Secondone, Thirdone and Fourthone loan agreements with a new 5-year secured loan of $20,500&#13;and cash of $2,100. The remaining balance of $4,306 was written-off by the previous lender at closing, which was recorded as gain from&#13;debt extinguishment in the 2018 consolidated statement of comprehensive loss.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Each of Secondone&amp;#8217;s and Thirdone&amp;#8217;s outstanding&#13;loan balance at December 31, 2020, amounting to $3,290, is repayable in 9 remaining quarterly installments of $100 each amounting to $900&#13;in the aggregate, the first falling due in February 2021, and the last installment accompanied by a balloon payment of $2,390 falling&#13;due in February 2023.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of December 31, 2020, the outstanding balance of&#13;the Fourthone loan of $8,730 is repayable in 9 quarterly installments amounting to $3,330, the first falling due in February 2021, and&#13;the last installment accompanied by a balloon payment of $5,400 falling due in February 2023. The first installment, amounting to $330,&#13;is followed by four amounting to $360 each and four amounting to $390 each.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The loan bears interest at LIBOR plus a margin of&#13;4.65% per annum.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As a condition subsequent to the execution of this&#13;loan agreement, the borrowers, Secondone, Thirdone and Fourthone, were required to re-domicile to the jurisdiction of the Republic of&#13;Malta. In March and April 2018, these vessel-owning companies completed their re-domiciliation and were renamed to SECONDONE CORPORATION&#13;LTD., THIRDONE CORPORATION LTD. and FOURTHONE CORPORATION LTD., respectively.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Standard loan covenants include, among others, a minimum&#13;liquidity and an MSC.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The facility also imposes certain customary covenants&#13;and restrictions with respect to, among other things, the borrowers&amp;#8217; ability to incur additional indebtedness, create liens, change&#13;its share capital, engage in mergers, or sell the vessel and a minimum collateral value to outstanding loan principal.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;Covenants:&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;  &lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 24px"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#9679;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;The Company undertakes to maintain minimum deposits with the bank of $1,450 at all times.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&amp;#9679;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;MSC is to be at least 150% until February 2022 and at least 155% thereafter.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&amp;#9679;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;The borrowers, Secondone, Thirdone and Fourthone are 100% legally and beneficially (directly) owned by the Company. No change of ownership of the borrowers and change of control of the Company without lender&amp;#8217;s prior written consent, where control means: (i) the power (whether by way of ownership of shares, partnership units, proxy, contract, agency or otherwise) to: (a) cast, or control the casting of, more than 50% of the maximum number of votes that might be cast at a general meeting of the Company; or (b) appoint or remove all, or the majority, of the directors or other equivalent officers of the Company; or (c) give directions with respect to the operating and financial policies of the Company with which the directors or other equivalent officers of the Company are obliged to comply; and/or (ii) the holding beneficially of more than 50% of the issued shares of the Company (excluding any part of that issued shares that carries no right to participate beyond a specified amount in a distribution of either profits or capital).&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 60.5pt; text-align: justify; text-indent: -0.25in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;  &lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 24px; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;(c)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;On October 12, 2012, Sixthone and Seventhone concluded as joint and several borrowers a loan agreement with a financial institution in order to partly finance the acquisition and construction cost of the &lt;i&gt;Pyxis Delta&lt;/i&gt; and the &lt;i&gt;Pyxis Theta&lt;/i&gt;, respectively. In February 2013, Sixthone drew down an amount of $13,500, while in September 2013, Seventhone drew down an amount of $21,300 (&amp;#8220;Tranche A&amp;#8221; and &amp;#8220;Tranche B&amp;#8221;, respectively). On September 29, 2016, the Company agreed with the lender of Sixthone to extend the maturity of Tranche A from May 2017 to September 2018, under the same amortization schedule and applicable margin. In addition, on June 6, 2017, the lender of Sixthone and Seventhone agreed to further extend the maturity of its respective loans from September 2018 to September 2022 under the same applicable margin, but with an extended amortization schedule.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On November 13, 2019, the Company decided to make&#13;arrangements to sell Pyxis Delta, and the Company concluded that all the criteria required by the relevant accounting standard, ASC 360-10-45-9,&#13;for the classification of the vessel Pyxis Delta as &amp;#8220;held for sale&amp;#8221; were met. As at December 31, 2019, upon classification&#13;of Pyxis Delta as vessel held-for-sale, the total outstanding balance of Tranche A of $4,050 was classified in the consolidated balance&#13;sheet under the line item &amp;#8220;Current portion of long-term debt, net of deferred financing costs&amp;#8221;. According to the loan agreement,&#13;the early prepayment of the outstanding balance of Tranche A obliged the Company to make a prepayment of $1,624 for Tranche B so that&#13;the required security cover ratio of the facility remained the same as the ratio applied immediately prior to the sale. As of December&#13;31, 2019, the amount of $1,624 of Tranche B, that was due to be prepaid upon the early prepayment of Tranche A, was also classified in&#13;the consolidated balance sheet under the line item &amp;#8220;Current portion of long-term debt, net of deferred financing costs&amp;#8221;.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On January 13, 2020, pursuant to the sale agreement&#13;that the Company entered into in late 2019, Pyxis Delta was delivered to her buyers. The total net proceeds from the sale of the vessel&#13;were $13,197, $5,674 out of which was used to prepay the loan facility secured by the &lt;i&gt;Pyxis Delta&lt;/i&gt; and the &lt;i&gt;Pyxis Theta&lt;/i&gt; and&#13;$7,523 for the repayment of the Company&amp;#8217;s liabilities to Maritime and obligations to its trade creditors. On July 8, 2020, Seventhone&#13;entered into a $15,250 secured loan agreement with the new lender, for the purpose of refinancing the outstanding indebtedness of $11,293&#13;under the previous loan facility, which was fully settled on the same day. The new loan bears interest at LIBOR plus a margin of 3.35%&#13;per annum. As of December 31, 2020, the outstanding balance of the Seventhone loan of $14,950 is repayable in 19 consecutive quarterly&#13;installments of $300 each, the first falling due in January 2021, and the last installment accompanied by a balloon payment of $9,250&#13;falling due in July 2025. Standard collateral interests and customary covenants are incorporated in this facility.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Standard loan covenants include, among others, a minimum&#13;liquidity and a minimum required Security Cover Ratio (&amp;#8220;MSC&amp;#8221;).&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The facility imposes certain customary covenants and&#13;restrictions with respect to, among other things, the borrower&amp;#8217;s ability to distribute dividends, incur additional indebtedness,&#13;create liens, change its share capital, engage in mergers, or sell the vessel and a minimum collateral value to outstanding loan principal.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;Covenants:&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.4pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;  &lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 24px"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#9679;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;The Company undertakes to maintain minimum deposit with the bank of $500 at all times.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&amp;#9679;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;The ratio of the Company&amp;#8217;s total liabilities to total assets is not to exceed 75%. This requirement is only applicable in order to assess whether the Vessel-owning company is entitled to distribute dividends to Pyxis. As of December 31, 2020, the requirement was met as such ratio was 71%, or 4% lower than the required threshold.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&amp;#9679;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;MSC is to be at least 125% of the respective outstanding loan balance.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&amp;#9679;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;No change shall be made directly or indirectly in the ownership, beneficial ownership, control or management of Seventhone or of the Company or any share therein or the Pyxis Theta, as a result of which less than 100% of the shares and voting rights in Seventhone or less than 40% of the shares and voting rights in the Company remain in the ultimate legal and beneficial owners disclosed at the negotiation of this loan agreement.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 60.5pt; text-align: justify; text-indent: -0.25in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;  &lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 24px; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;(d)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;On September 27, 2018, Eighthone entered into a new $24,000 loan agreement, for the purpose of refinancing the outstanding indebtedness of $16,000 under the previous loan facility and for general corporate purposes. The new facility matures in September 2023 and is secured by a first priority mortgage over the vessel, general assignment covering earnings, insurances and requisition compensation, an account pledge agreement and a share pledge agreement concerning the respective vessel-owning subsidiary and technical and commercial managers&amp;#8217; undertakings.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The new loan facility bears an interest rate of 11%&#13;of which 1.0% can be paid as PIK interest per annum for the first two years, and 11.0% per annum thereafter and incurs fees due upfront&#13;and upon early prepayment or final repayment of outstanding principal.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The principal obligation amortizes in 10 quarterly&#13;installments starting in March 29, 2021, equal to the lower of $400 and excess cash computed through a cash sweep mechanism, plus a balloon&#13;payment due at maturity. As of December 31, 2020, the outstanding balance of Eighthone loan was $24,000. Management cannot currently assess&#13;with any certainty that any amount under the cash sweep will be made prior to loan maturity.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The facility also imposes certain customary covenants&#13;and restrictions with respect to, among other things, the borrower&amp;#8217;s ability to distribute dividends, incur additional indebtedness,&#13;create liens, change its share capital, engage in mergers, or sell the vessel and a minimum collateral value to outstanding loan principal.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;Covenants:&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;  &lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 24px"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#9679;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;As of December 31, 2019, the Company had to maintain minimum deposits with the bank (&amp;#8220;Liquidity Account&amp;#8221;) of $750 at all times. Based on the first supplemental letter dated 9, July 2020, the Company undertook to maintain the credit balance of the Liquidity Account not falling at any time below $375 and to credit on each Quarter End Date (such first Quarter End Date being the December 31, 2020) an amount equal to $1 per day to the Liquidity Account calculated on and from October 1, 2020, until such time that the amount standing to the credit of the Liquidity Account is no less than the Minimum Liquidity Amount of $750. &lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&amp;#9679;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;Following the Second Supplemental Letter signed on September 25, 2020, MSC was to be at least 115% of the respective outstanding loan balance until December 31, 2020 (inclusive) and at least 125% thereafter.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&amp;#9679;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;The Company ceases to own directly the entire share capital of Eighthone; or Mr. Valentis (either directly and/or indirectly through companies beneficially owned by him/or trusts of foundations of which he is a beneficiary) ceases to own at least 25 per cent. of the share capital of the Company; or Mr. Valentis ceases to be the Chairman of the Company.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 60.5pt; text-align: justify; text-indent: -0.25in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Under the facility, a deferred fee may be payable&#13;on the occurrence of certain events including, among others, the sale of the vessel or on repayment or maturity of the loan. If payable,&#13;the amount due is calculated as the lesser of (a) 15% of the amount of the loan borrowed under the facility agreement and (b) 15% of the&#13;difference between (i) the charter-free fair market value of the vessel plus any dry dock reserve account balance and (ii) any outstanding&#13;loan amount at the time of the repayment or maturity of the facility. In the event that the deferred fee and the prepayment fee become&#13;simultaneously payable, only the higher of the prepayment fee or the deferred fee will be payable. Management has assessed this deferred&#13;fee as a contingent liability under ASC 450 and concluded that such loss contingency should not be accrued as of December 31, 2020 by&#13;a charge in the consolidated statements of comprehensive loss, since information available as of December 31, 2020 did not indicate that&#13;was probable that the liability had been incurred as of the balance sheet date at December 31, 2020 and could not be reliably estimated.&#13;A prepayment fee of $0.2 million was paid following the refinancing of the facility on March 30, 2021 (Note 13).&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Each loan is secured by a first priority mortgage&#13;over the respective vessel and a first priority assignment of the vessel&amp;#8217;s insurances and earnings. Each loan agreement contains&#13;customary ship finance covenants including restrictions as to changes in management and ownership of the vessel and in dividend distributions&#13;when certain financial ratios are not met.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of December 31, 2020, the Company was in compliance&#13;with all of its financial and MSC covenants with respect to its loan agreements. In addition, as of December 31, 2020, there was no amount&#13;available to be drawn down by the Company under its existing loan agreements.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The annual principal payments required to be made&#13;after December 31, 2020, are as follows:&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;  &lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;To December 31,&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 82%; text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;2021&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;3,410&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;2022&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;3,530&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;2023&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;35,970&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;2024&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,200&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;2025 and thereafter&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;10,150&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;54,260&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Total interest expense on long-term debt and promissory&#13;note for the years ended December 31, 2018, 2019 and 2020, amounted to $4,048, $5,517 and $4,636 respectively, and is included in Interest&#13;and finance costs, net (Note 12) in the accompanying consolidated statements of comprehensive loss. The Company&amp;#8217;s weighted average&#13;interest rate (including the margin) for the years ended December 31, 2018, 2019 and 2020, was 6.00%, 8.18% and 7.69% per annum, including&#13;the promissory note discussed in Note 3, respectively.&lt;/p&gt;</us-gaap:LongTermDebtTextBlock>
    <us-gaap:ScheduleOfDebtInstrumentsTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The amounts shown in the accompanying consolidated&#13;balance sheets at December 31, 2019 and 2020, are analyzed as follows:&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;  &lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Vessel (Borrower)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;December 31,&lt;br /&gt;&#13;2019&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;December 31,&lt;br /&gt;&#13;2020&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 66%"&gt;&lt;font style="font-size: 10pt"&gt;&lt;i&gt;(a) Northsea Alpha (Secondone)&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;3,690&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;3,290&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;i&gt;(a) Northsea Beta (Thirdone)&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;3,690&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;3,290&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;i&gt;(b) Pyxis Malou (Fourthone)&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;10,020&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;8,730&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;i&gt;(c) Pyxis Delta (Sixthone)&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;4,050&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;i&gt;(c) Pyxis Theta (Seventhone)&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;13,469&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;14,950&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;&lt;i&gt;(d) Pyxis Epsilon (Eighthone)&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;24,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;24,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;58,919&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;54,260&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Current portion&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;9,241&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;3,410&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;Less: Current portion of deferred financing costs&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(257&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(155&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Current portion of long-term debt, net of deferred financing costs, current&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;8,984&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;3,255&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Long-term portion&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;49,678&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;50,850&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;Less: Non-current portion of deferred financing costs&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(445&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(519&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Long-term debt, net of current portion and deferred financing costs, non-current&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;49,233&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;50,331&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;/table&gt;</us-gaap:ScheduleOfDebtInstrumentsTextBlock>
    <us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The annual principal payments required to be made&#13;after December 31, 2020, are as follows:&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;  &lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;To December 31,&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 82%; text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;2021&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;3,410&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;2022&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;3,530&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;2023&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;35,970&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;2024&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,200&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;2025 and thereafter&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;10,150&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;54,260&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;/table&gt;</us-gaap:ScheduleOfMaturitiesOfLongTermDebtTableTextBlock>
    <us-gaap:CompensationAndEmployeeBenefitPlansTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;8. Equity Capital Structure and Equity Incentive&#13;Plan:&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company&amp;#8217;s authorized common and preferred&#13;stock consists of 450,000,000 common shares, 50,000,000 preferred shares of which 1,000,000 are authorized as Series A Convertible Preferred&#13;Shares. The Company had nil and 181,475 Series A Convertible Preferred Shares issued and outstanding as at December 31, 2019 and 2020,&#13;respectively with a par value of USD 0.001 per share.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The amounts shown in the accompanying consolidated&#13;balance sheets as Additional paid-in capital represent contributions made by the stockholders at various dates to finance vessel acquisitions&#13;in excess of the amounts of bank loans obtained, advances for working capital purposes, net of subsequent distributions primarily from&#13;re-imbursement of certain payments to shipyards in respect to the construction of new-built vessels, the non-cash portion of the interest&#13;payable in shares under the Amended &amp;#38; Restated Promissory Note, net proceeds from the issuance of common stock and the net proceeds&#13;of $4.3 million from the Company&amp;#8217;s offering of 200,000 units referred below. There was no paid-in capital re-imbursement for the&#13;years ended December 31, 2019 and 2020.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On February 2, 2018, the Company filed with the SEC&#13;a registration statement on Form F-3, under which it may sell from time to time common stock, preferred stock, debt securities, warrants,&#13;purchase contracts and units, each as described therein, in any combination, in one or more offerings up to an aggregate dollar amount&#13;of $100,000. In addition, the selling stockholders referred to in the registration statement may sell in one of more offerings up to 5,233,222&#13;shares of the Company&amp;#8217;s common stock from time to time as described therein. The registration statement was declared effective by&#13;the SEC on February 12, 2018. On March 30, 2018, the Company filed a prospectus supplement to the Shelf Registration Statement related&#13;to an At-The-Market Program (&amp;#8220;ATM Program&amp;#8221;) under which it may, from time to time, issue and sell shares of its common stock&#13;up to an aggregate offering of $2,300 through a sales agent as either agent or principal. No shares were sold under this initial ATM Program,&#13;but on November 19, 2018, the prospectus supplement was amended to increase the offering to $3,675. As of December 31, 2018, and 2019,&#13;the Company issued and sold 182,297 and 214,828 common shares, respectively, under the ATM Program. As of December 31, 2020, no shares&#13;have been sold under the ATM Program.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On October 13, 2020, the Company announced the closing&#13;of its offering of 200,000 Units at an offering price of $25.00 per Unit (the &amp;#8220;Offering&amp;#8221;). Each Unit was immediately separable&#13;into one 7.75% Series A Convertible Preferred Shares and eight (8) detachable Warrants, each warrant exercisable for one common share,&#13;for a total of up to 1,600,000 common shares of the Company. Each Warrant will entitle the holder to purchase one common share at an initial&#13;exercise price of $1.40 per share at any time prior to October 13, 2025 or, in case of absence of an effective registration statement,&#13;to exchange those cashless based on a formula. Any Warrants that remain unexercised on October 13, 2025 shall be automatically exercised&#13;by way of a cashless exercise on that date.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On October 13, 2020, the Company had granted the underwriter&#13;a 45-day option to purchase up to 30,000 additional Series A Convertible Preferred Shares and/or 240,000 additional Warrants. The purchase&#13;price to be paid by the Underwriters per optional preferred share was $23.051 and the purchase price per optional Warrant was $0.00925.&#13;On the same day, the underwriter partially exercised its overallotment option for 135,040 Warrants for gross proceeds of $1. The Company&#13;considered that the overallotment option was a freestanding financial instrument but did not meet the derivative definition criteria and&#13;did not require bifurcation.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Warrants are also subject to customary adjustment&#13;provisions, such as for stock dividends, subdivisions and combinations and certain fundamental transactions such as those in which the&#13;Company directly or indirectly, in one or more related transactions effect any merger or consolidation of the Company with or into another&#13;entity, or the Company effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially&#13;all of its assets in one or a series of related transactions. The Company determined that the Warrants are indexed to its own stock and&#13;meet all the conditions for equity classification. As of December 31, 2020, 1,735,040 Warrants remained outstanding.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Series A Convertible Preferred Shares and Warrants&#13;are listed on the Nasdaq Capital Market under the symbols &amp;#8220;PXSAP&amp;#8221; and &amp;#8220;PXSAW&amp;#8221;, respectively.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Each Series A Convertible Preferred Share is convertible&#13;into common shares at an initial conversion price of $1.40 per common share, or 17.86 common shares, at any time at the option of the&#13;holder, subject to certain customary adjustments.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;If the trading price of Pyxis Tankers&amp;#8217; common&#13;stock equals or exceeds $2.38 per share for at least 20 days in any 30 consecutive trading day period ending 5 days prior to notice, the&#13;Company can call, in whole or in part, for mandatory conversion of the Series A Convertible Preferred Shares. The holders, however, will&#13;be prohibited from converting the Series A Convertible Preferred Shares into common shares to the extent that, as a result of such conversion,&#13;the holder would own more than 9.99% of the total number common shares then issued and outstanding, unless a 61-day notice is delivered&#13;to the Company. The conversion price is subject to customary anti-dilution and other adjustments relating to the issuance of common shares&#13;as a dividend or the subdivision, combination, or reclassification of common shares into a greater or lesser number of common shares.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Beginning on October 13, 2023, the Company may, at&#13;its option, redeem the Series A Convertible Preferred Shares, in whole or in part, by paying $25.00 per share, plus any accrued and unpaid&#13;dividends to the date of redemption.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;If the Company liquidates, dissolves or winds up,&#13;holders of the Series A Convertible Preferred Shares will have the right to receive $25.00 per share, plus all accumulated, accrued and&#13;unpaid dividends (whether or not earned or declared) to and including the date of payment, before any payments are made to the holders&#13;of the Company&amp;#8217;s common shares or to the holders of equity securities the terms of which provide that such equity securities will&#13;rank junior to the Series A Convertible Preferred Shares. The rights of holders of Series A Convertible Preferred Shares to receive their&#13;liquidation preference also will be subject to the proportionate rights of any other class or series of our capital stock ranking in parity&#13;with the Series A Convertible Preferred Shares as to liquidation.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Series A Convertible Preferred Shares are not&#13;redeemable for a period of three years from issuance, except upon change of control. In the case of a change of control that is pre-approved&#13;by the Company&amp;#8217;s Board of Directors, holders of Series A Convertible Preferred Shares have the option to (i) demand that the Company&#13;redeem the Series A Convertible Preferred Shares at (a) $26.63 per Series A Convertible Preferred Share from the date of issuance until&#13;October 13, 2021, (b) $25.81 per Series A Convertible Preferred Share from October 13, 2021 until October 13, 2022 and (c) $25.00 after&#13;October 13, 2022, or (ii) continue to hold the Series A Convertible Preferred Shares. Upon a change of control, the holders also have&#13;the option to convert some or all of the Series A Convertible Preferred Shares, together with any accrued or unpaid dividends, into shares&#13;of common stock at the conversion rate. Change of Control means that (i) Mr. Valentios Valentis and his affiliates cease to own at least&#13;20% of the voting securities of the Company, or (ii) a person or group acquires at least 50% voting control of the Company, and in the&#13;case of each of either (i) or (ii), neither the Company nor any surviving entity has its common stock listed on a recognized U.S. exchange.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Series A Convertible Preferred Shares did not&#13;generate a beneficial conversion feature (BCF) upon issuance as the fair value of the Company&amp;#8217;s common shares was lower than the&#13;conversion price. The Series A Convertible Preferred Shares did not meet the criteria for mandatorily redeemable financial instruments.&#13;Additionally, the Company determined that the nature of the Series A Convertible Preferred Shares was more akin to an equity instrument&#13;and that the economic characteristics and risks of the embedded conversion options were clearly and closely related to the Series A Convertible&#13;Preferred Shares. As such, the conversion options were not required to be bifurcated from the equity host under ASC 815, Derivatives and&#13;Hedging. The Company also determined that the redemption call option did meet the definition of a derivative but is eligible for exception&#13;from derivative accounting and thus no bifurcation of the feature was performed.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Series A Convertible Preferred Shares will not&#13;vote with the common shares, however, if dividends on the Series A Convertible Preferred Shares are in arrears for eighteen (18) or more&#13;consecutive or non-consecutive monthly dividends, the holders of the Series A Convertible Preferred Shares, voting as a single class,&#13;shall be entitled to vote for the election of one additional director to serve on the Board of Directors until the next annual meeting&#13;of shareholders following the date on which all dividends that are owed and are in arrears have been paid. In addition, unless the Company&#13;has received the affirmative vote or consent of the holders of at least 66.67% of the then outstanding Series A Convertible Preferred&#13;Shares, voting as a single class, the Company may not create or issue any class or series of capital stock ranking senior to the Series&#13;A Convertible Preferred Shares with respect to dividends or distributions.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Dividends on the Series A Convertible Preferred Shares&#13;are cumulative from and including the date of original issuance in the amount of $1.9375 per share each year, which is equivalent to 7.75%&#13;of the $25.00 liquidation preference per share. Dividends on the Series A Convertible Preferred Shares are paid monthly in arrears starting&#13;November 20, 2020, to the extent declared by the board of directors of the Company.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On November 20, 2020, the Company paid a cash dividend&#13;of $0.1991 per share on each Series A Convertible Preferred Share for the first period in November 2020. On December 21, 2020, the Company&#13;paid a cash dividend of $0.1615 per share on each Series A Convertible Preferred Share for the month of December 2020.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/106% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company also agreed to issue and sell to&#13;designees of the underwriter as compensation, two separate types of Underwriter&amp;#8217;s Warrants for an aggregate purchase price of $100&#13;(absolute amount). The warrants were issued pursuant to an Underwriting Agreement dated October 8, 2020. The first type of the Underwriter&amp;#8217;s&#13;Warrants is a warrant for the purchase of an aggregate of 2,000 Series A Convertible Preferred Shares at an exercise price of $24.92 and&#13;the second type is a warrant for the purchase of an aggregate of 16,000 Warrants at an exercise price of $0.01, at any time on or after&#13;April 6, 2021 and prior to October 8, 2025 (the &amp;#8220;Termination Date&amp;#8221;). On exercise, each Underwriter Warrant allows the holder&#13;to purchase one Series A Convertible Preferred Share or one Warrant of the Company or, in case of absence of an effective registration&#13;statement, to exchange those cashless based on a formula set in the Underwriting Agreement.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/106% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Any Underwriter&amp;#8217;s Warrants that remain&#13;unexercised on the Termination Date shall be automatically exercised by way of a cashless exercise on that date. The Underwriter&amp;#8217;s&#13;Warrants are also subject to customary adjustment provisions similar to the detachable Warrants discussed above.&lt;/p&gt;&#13;&#13;&lt;p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt/106% Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company has accounted for Underwriter&amp;#8217;s&#13;Warrants in accordance with ASC 718-Compensation-Stock Compensation, classified within stockholders&amp;#8217; equity. As of December 31,&#13;2020, 2,000 Underwriter&amp;#8217;s Warrants to purchase 2,000 Series A Convertible Preferred Shares and 16,000 Underwriter&amp;#8217;s warrant&#13;to purchase 16,000 Warrants remained outstanding.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company received gross proceeds of $5.0 million&#13;from the Offering, prior to deducting underwriting discounts and offering expenses. The net proceeds from the Offering of approximately&#13;$4.3 million were used for general corporate purposes, including working capital and the repayment of debt.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of December 31, 2018, following the issuance and&#13;sale of 182,297 shares of common stock under the ATM Program, the Company&amp;#8217;s outstanding common shares increased from 20,877,893&#13;to 21,060,190. As of December 31, 2019, following the issuance and sale of additional 214,828 common shares under the ATM Program the&#13;Company raised $354 at an average (gross) price of $1.65/share. Furthermore, during the same period, the Company issued 95,262 of common&#13;shares to settle the interest charged on the Amended &amp;#38; Restated Promissory Note, discussed in Note 3. As a result of the above transactions&#13;the Company&amp;#8217;s outstanding common shares increased from 21,060,190 to 21,370,280 as at December 31, 2019. During the year ended December&#13;31, 2020, the Company issued additional 260,495 of common shares to settle the interest charged on the Amended &amp;#38; Restated Promissory&#13;Note, discussed in Note 3. Furthermore, during the same year 18,525 Series A Convertible Preferred Shares were converted to 332,106 common&#13;stock. The Company&amp;#8217;s common stock issued and outstanding increased from 21,370,280 to 21,962,881 as at December 31, 2020 and, as&#13;of the same date, the Company&amp;#8217;s outstanding Series A Convertible Preferred Stock decreased from 200,000 to 181,475 while no Warrants&#13;of any type were exercised.&lt;/p&gt;</us-gaap:CompensationAndEmployeeBenefitPlansTextBlock>
    <PXS:LossPerCommonShare contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;9. Loss per Common Share:&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;  &lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;For the years ended December 31,&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;2019&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 49%"&gt;&lt;font style="font-size: 10pt"&gt;Net loss available to common stockholders&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(8,214&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(8,330&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(6,982&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Weighted average number of common shares, basic and diluted&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;20,894,202&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;21,161,164&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;21,548,126&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Loss per common share, basic and diluted&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;(0.39&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;(0.39&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;(0.32&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of December 31, 2020, securities that could potentially&#13;dilute basic loss per share in the future that were not included in the computation of diluted loss per share, because to do so would&#13;have anti-dilutive effect, were any incremental shares of the unexercised warrants, calculated with the treasury stock method, as well&#13;as shares assumed to be converted with respect to the Series A Convertible Preferred Shares calculated with the if-converted method. At&#13;December 31, 2018 and 2019, there were no securities that could potentially dilute basic loss per share.&lt;/p&gt;</PXS:LossPerCommonShare>
    <us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock contextRef="From2020-01-01to2020-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;  &lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;For the years ended December 31,&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;2019&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 49%"&gt;&lt;font style="font-size: 10pt"&gt;Net loss available to common stockholders&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(8,214&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(8,330&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(6,982&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Weighted average number of common shares, basic and diluted&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;20,894,202&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;21,161,164&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;21,548,126&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Loss per common share, basic and diluted&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;(0.39&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;(0.39&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;(0.32&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;/table&gt;</us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock>
    <PXS:RiskManagementAndFairValueMeasurementsTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;10. Risk Management and Fair Value Measurements:&#13;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The principal financial assets of the Company consist&#13;of cash and cash equivalents, trade accounts receivable due from charterers and amounts due from related parties. The principal financial&#13;liabilities of the Company consist of long-term bank loans, trade accounts payable and a promissory note.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Interest rate risk&lt;/i&gt;: &lt;/b&gt;The Company&amp;#8217;s&#13;interest rates are calculated at LIBOR plus a margin, as discussed in Note 7 and hence the Company is exposed to movements in LIBOR. In&#13;order to hedge its variable interest rate exposure, on January 19, 2018, the Company, via one of its vessel-ownings subsidiaries, entered&#13;into an interest rate cap agreement with one of its lenders for a notional amount of $10,000 and a cap rate of 3.5%. The interest rate&#13;cap will terminate on July 18, 2022.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Credit risk&lt;/i&gt;: &lt;/b&gt;Credit risk is minimized&#13;since trade accounts receivable from charterers are presented net of the expected credit losses. The Company places its cash &amp;#38; cash&#13;equivalents, primarily with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit&#13;standing of those financial institutions that are considered in the Company&amp;#8217;s investment strategy. On the balance sheet date there&#13;were no significant concentrations on credit risk. The maximum exposure to credit risk is represented by the carrying amount of each financial&#13;asset on the balance sheet.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Currency risk&lt;/i&gt;: &lt;/b&gt;The Company&amp;#8217;s transactions&#13;are denominated primarily in U.S. dollars; therefore, overall currency exchange risk is limited. Balances in foreign currency other than&#13;U.S. dollars are not considered significant.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Fair value: &lt;/i&gt;&lt;/b&gt;The Management has determined&#13;that the fair values of the assets and liabilities as of December 31, 2020, are as follows:&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;  &lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid"&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Carrying&lt;/b&gt;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Value&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid"&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Fair&lt;/b&gt;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Value&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 66%"&gt;&lt;font style="font-size: 10pt"&gt;Cash and cash equivalents&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;4,037&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;4,037&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Trade accounts receivable, net&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;663&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;663&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Trade accounts payable&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;3,642&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;3,642&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Long-term debt with variable interest rates, net&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;30,260&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;30,260&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Long-term loans and promissory note with non-variable interest rates, net *&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;29,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;33,864&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;* As at December 31, 2020, Carrying Value of Eighthone&#13;Loan and Amended &amp;#38; Restated Promissory Note is $24,000 and $5,000, respectively. Theoretical Fair Value of Eighthone Loan and Amended&#13;&amp;#38; Restated Promissory Note is $28,121 and $5,743, respectively.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;Assets measured at fair value on a recurring basis:&#13;Interest rate cap&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company&amp;#8217;s interest rate cap does not qualify&#13;for hedge accounting. The Company adjusts its interest rate cap contract to fair market value at the end of every period and records the&#13;resulting gain or loss during the period in the consolidated statements of comprehensive loss. Information on the classification, the&#13;derivative fair value and the loss from financial derivative instrument included in the consolidated financial statements is shown below:&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;  &lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Consolidated Balance Sheets &amp;#8211; Location&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;December 31, &lt;br /&gt;&#13;2019&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;December 31, &lt;br /&gt;&#13;2020&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 66%"&gt;&lt;font style="font-size: 10pt"&gt;Financial derivative instrument &amp;#8211; Other non-current assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;  &lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Consolidated Statements of Comprehensive Loss - Location&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;December 31, &lt;br /&gt;&#13;2019&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;December 31, &lt;br /&gt;&#13;2020&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 66%"&gt;&lt;font style="font-size: 10pt"&gt;Financial derivative instrument &amp;#8211; Fair value at the beginning of the period&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(28&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(1&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;Financial derivative instrument &amp;#8211; Fair value as at period end&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Loss from financial derivative instrument&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;(27&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;(1&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;Assets measured at fair value on a recurring basis:&#13;Interest rate cap&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The fair value of the Company&amp;#8217;s interest rate&#13;cap agreement is determined based on market-based LIBOR rates. LIBOR rates are observable at commonly quoted intervals for the full term&#13;of the cap and therefore, are considered Level 2 items in accordance with the fair value hierarchy.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;Assets measured at fair value on a non-recurring&#13;basis: Long lived assets held and used and Held for sale&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of December 31, 2018, the Company reviewed the&#13;carrying amount in connection with the estimated recoverable amount for each of its vessels. This review indicated that such carrying&#13;amount was not fully recoverable for the Company&amp;#8217;s vessels &lt;i&gt;Northsea Alpha&lt;/i&gt; and &lt;i&gt;Northsea Beta&lt;/i&gt;. Consequently, the carrying&#13;value of these vessels was written-down to their respective fair values as presented in the table below.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;  &lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Vessel&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Significant Other&lt;br /&gt;&#13;Observable Inputs &lt;br /&gt;&#13;(Level 2)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Vessel Impairment&lt;br /&gt;&#13;Charge (charged against&lt;br /&gt;&#13;Vessels, net)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 66%; text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;&lt;i&gt;Northsea Alpha&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;6,125&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,142&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;&lt;i&gt;Northsea Beta&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;6,125&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,140&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;TOTAL&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;12,250&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;2,282&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The fair value is based on level 2 inputs of the fair&#13;value hierarchy and reflects the Company&amp;#8217;s best estimate of the value of each vessel on a time charter free basis and is supported&#13;by a vessel valuation of an independent shipbroker which is mainly based on recent sales and purchase transactions of similar vessels.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company performs an impairment exercise whenever&#13;there are indicators of impairment.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company recognized the total Vessel impairment&#13;charge of $2,282 which is included in the accompanying consolidated statements of comprehensive loss for the year ended December 31, 2018.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;No impairment loss was recognized for the years ended&#13;December 31, 2019 and 2020.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;On November 13, 2019, the Company decided to make&#13;arrangements to sell Pyxis Delta, and the Company concluded that all the criteria required by the relevant accounting standard, ASC 360-10-45-9,&#13;for the classification of the vessel as &amp;#8220;held for sale&amp;#8221;, were met. Long lived assets classified as held-for-sale are measured&#13;at the lower of their carrying amount or fair value less costs to sell. As at December 31, 2019, the Company has classified Pyxis Delta&#13;under Vessel held-for-sale on the consolidated balance sheet, at a value of $13,190 representing the estimated fair market value of the&#13;vessel, net of costs to sell, based on the gross selling price of the agreement signed with a third party to sell the vessel, on December&#13;11, 2019. (Level 2 inputs of the fair value hierarchy).&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of December 31, 2019 and 2020, the Company did&#13;not have any other assets or liabilities measured at fair value on a non-recurring basis.&lt;/p&gt;</PXS:RiskManagementAndFairValueMeasurementsTextBlock>
    <us-gaap:FairValueAssetsMeasuredOnRecurringBasisTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Management has determined that the fair values&#13;of the assets and liabilities as of December 31, 2020, are as follows:&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;  &lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid"&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Carrying&lt;/b&gt;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Value&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid"&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Fair&lt;/b&gt;&lt;/p&gt;&#13;    &lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"&gt;&lt;b&gt;Value&lt;/b&gt;&lt;/p&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 66%"&gt;&lt;font style="font-size: 10pt"&gt;Cash and cash equivalents&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;4,037&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;4,037&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Trade accounts receivable, net&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;663&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;663&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Trade accounts payable&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;3,642&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;3,642&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Long-term debt with variable interest rates, net&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;30,260&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;30,260&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Long-term loans and promissory note with non-variable interest rates, net *&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;29,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;33,864&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;* As at December 31, 2020, Carrying Value of Eighthone&#13;Loan and Amended &amp;#38; Restated Promissory Note is $24,000 and $5,000, respectively. Theoretical Fair Value of Eighthone Loan and Amended&#13;&amp;#38; Restated Promissory Note is $28,121 and $5,743, respectively.&lt;/p&gt;</us-gaap:FairValueAssetsMeasuredOnRecurringBasisTextBlock>
    <PXS:TabularDisclosureOfDerivativeInstrumentsAndLocation contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Information on the classification, the derivative&#13;fair value and the loss from financial derivative instrument included in the consolidated financial statements is shown below:&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;  &lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Consolidated Balance Sheets &amp;#8211; Location&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;December 31, &lt;br /&gt;&#13;2019&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;December 31, &lt;br /&gt;&#13;2020&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 66%"&gt;&lt;font style="font-size: 10pt"&gt;Financial derivative instrument &amp;#8211; Other non-current assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;/table&gt;</PXS:TabularDisclosureOfDerivativeInstrumentsAndLocation>
    <PXS:TabularDisclosureOfGainsLossesOnDerivativeInstruments contextRef="From2020-01-01to2020-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;  &lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Consolidated Statements of Comprehensive Loss - Location&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;December 31, &lt;br /&gt;&#13;2019&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;December 31, &lt;br /&gt;&#13;2020&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 66%"&gt;&lt;font style="font-size: 10pt"&gt;Financial derivative instrument &amp;#8211; Fair value at the beginning of the period&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(28&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;(1&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;Financial derivative instrument &amp;#8211; Fair value as at period end&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Loss from financial derivative instrument&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;(27&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;(1&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;/table&gt;</PXS:TabularDisclosureOfGainsLossesOnDerivativeInstruments>
    <us-gaap:FairValueAssetsMeasuredOnNonrecurringBasisTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of December 31, 2018, the Company reviewed the&#13;carrying amount in connection with the estimated recoverable amount for each of its vessels. This review indicated that such carrying&#13;amount was not fully recoverable for the Company&amp;#8217;s vessels &lt;i&gt;Northsea Alpha&lt;/i&gt; and &lt;i&gt;Northsea Beta&lt;/i&gt;. Consequently, the carrying&#13;value of these vessels was written-down to their respective fair values as presented in the table below.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;  &lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Vessel&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Significant Other&lt;br /&gt;&#13;Observable Inputs &lt;br /&gt;&#13;(Level 2)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Vessel Impairment&lt;br /&gt;&#13;Charge (charged against&lt;br /&gt;&#13;Vessels, net)&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 66%; text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;&lt;i&gt;Northsea Alpha&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;6,125&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,142&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt; text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;&lt;i&gt;Northsea Beta&lt;/i&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;6,125&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,140&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;TOTAL&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;12,250&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;2,282&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;/table&gt;</us-gaap:FairValueAssetsMeasuredOnNonrecurringBasisTextBlock>
    <us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"&gt;&lt;b&gt;11. Commitments&#13;and Contingencies:&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Minimum contractual charter revenues: &lt;/i&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company employs certain of its vessels under lease&#13;agreements. Time charters typically may provide for variable lease payments, charterers&amp;#8217; options to extend the lease terms at higher&#13;rates and termination clauses. The Company&amp;#8217;s contracted time charters as of December 31, 2020, range from one to three months, with&#13;varying extension periods at the charterers&amp;#8217; option and do not provide for variable lease payments. Our time charters contain customary&#13;termination clauses which protect either the Company or the charterers from material adverse situations.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;Future minimum contractual charter revenues, gross&#13;of 1.25% address commission and 1.25% brokerage commissions to Maritime and of any other brokerage commissions to third parties, based&#13;on the vessels&amp;#8217; committed, non-cancelable, long-term time charter contracts as of December 31, 2020, are as follows:&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;  &lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Year ending December 31,&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 82%; padding-bottom: 1.5pt; text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;2021&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; width: 15%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;4,358&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;4,358&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Other&lt;/i&gt;&lt;/b&gt;: Various claims, suits and complaints,&#13;including those involving government regulations and environmental liability, arise in the ordinary course of the shipping business. In&#13;addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations&#13;of the Company&amp;#8217;s vessels. Currently, management is not aware of any such claims not covered by insurance or contingent liabilities,&#13;which should be disclosed, or for which a provision has not been established in the accompanying consolidated financial statements.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company accrues for the cost of environmental&#13;and other liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure.&#13;As of December 31, 2020 and as of the date of the issuance of the FS, management is not aware of any other claims or contingent liabilities,&#13;which should be disclosed or for which a provision should be established in the accompanying consolidated financial statements. The Company&#13;is covered for liabilities associated with the individual vessels&amp;#8217; actions to the maximum limits as provided by Protection and Indemnity&#13;(P&amp;#38;I) Clubs, members of the International Group of P&amp;#38;I Clubs.&lt;/p&gt;</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
    <PXS:ScheduleOfFutureMinimumContractualCharterRevenueTableTextBlock contextRef="From2020-01-01to2020-12-31">&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;  &lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Year ending December 31,&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 82%; padding-bottom: 1.5pt; text-align: justify"&gt;&lt;font style="font-size: 10pt"&gt;2021&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; width: 15%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;4,358&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: justify"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;4,358&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;/table&gt;</PXS:ScheduleOfFutureMinimumContractualCharterRevenueTableTextBlock>
    <PXS:ScheduleOfInterestAndFinanceCostsTableTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The amounts in the accompanying consolidated statements&#13;of comprehensive loss are analyzed as follows:&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;  &lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;For the years ended December 31,&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;2019&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 49%"&gt;&lt;font style="font-size: 10pt"&gt;Interest on long-term debt (Note 7)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;3,835&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;5,122&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;4,184&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Interest on promissory note (Note 3)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;213&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;395&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;452&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Long-term debt prepayment fees&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;56&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;Amortization and write-off of financing costs&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;386&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;258&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;328&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;4,490&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;5,775&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;4,964&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;/table&gt;</PXS:ScheduleOfInterestAndFinanceCostsTableTextBlock>
    <us-gaap:SubsequentEventsTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;13. Subsequent Events:&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Issuance of shares:&lt;/i&gt;&lt;/b&gt; On January 4, 2021&#13;and April 2, 2021, following the second amendment to the Amended &amp;#38; Restated Promissory Note dated May 14, 2019, the Company issued&#13;64,446 and 47,827 of common shares, respectively, at the volume weighted average closing share price for the 10-day period immediately&#13;prior to the quarter end, as discussed in Note 3.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Pyxis Regains Compliance with NASDAQ&amp;#8217;s&#13;Minimum Closing Bid Price Rule: &lt;/i&gt;&lt;/b&gt;On July 2, 2020, NASDAQ had notified the Company of its noncompliance with the minimum bid price&#13;of $1.00 over the previous 30 consecutive business days as required by the Listing Rules of the NASDAQ Stock Market. On December 29, 2020,&#13;the Company received written notification granting the Company a 180-day extension, or until June 28, 2021, to regain compliance with&#13;the minimum bid price requirement. Subsequently, from January 28, 2021 to February 16, 2021, the Company&amp;#8217;s closing bid price for&#13;its common shares was $1.00 per share or greater and, on February 17, 2021, NASDAQ informed the Company that it had regained compliance&#13;with the exchange&amp;#8217;s minimum closing bid price rule (NASDAQ Listing Rule 5550(a)(2)).&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Closing of $25.0 Million Private Placement of&#13;Common Stock: &lt;/i&gt;&lt;/b&gt;On February 24, 2021 the Company announced that it had closed its definitive securities purchase agreements with&#13;a group of investors, which resulted in gross proceeds to Pyxis Tankers of $25.0 million, before deducting placement offering expenses.&#13;Pyxis Tankers issued 14,285,715 shares of common stock at a price of $1.75 per share. The Company will use the net proceeds from the offering&#13;for general corporate purposes, which may include the repayment of outstanding indebtedness and potential vessel acquisitions. The securities&#13;offered and sold by Pyxis Tankers in the private placement were subsequently registered under the Securities Act of 1933, as amended (the&#13;&amp;#8220;Securities Act&amp;#8221;), under a resale registration statement filed with the Securities and Exchange Commission (the &amp;#8220;SEC&amp;#8221;)&#13;and became effective on March 11, 2021. Any resale of Pyxis Tankers&amp;#8217; shares under such resale registration statement will be made&#13;only by means of a prospectus.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Series A Convertible Preferred Shares Conversions&#13;&amp;#38; Warrant Exercises:&lt;/i&gt;&lt;/b&gt; During the period through April 6, 2021, 58,814 of Series A Convertible Preferred Shares were converted&#13;into 1,052,529 registered common shares of the Company and 144,500 Warrants were exercised for 144,500 registered common shares. The Company&#13;received $0.2 million on Warrant exercise.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;As of April 6, 2021, we had a total of 37,225,792&#13;common shares issued and outstanding of which Mr. Valentis beneficially owned 47.3%.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Series A Convertible Preferred Shares Dividend&#13;Payments:&lt;/i&gt;&lt;/b&gt; On January 20, 2021, February 22, 2021 and March 22, 2021, the Company paid cash dividends of $0.1615 per Series A Convertible&#13;Preferred Share for each month which aggregated to $83.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Amendment to Eighthone Loan: &lt;/i&gt;&lt;/b&gt;On March&#13;4, 2021, Eighthone Corp., the owner of the Pyxis Epsilon, entered into a Third Amendment with Wilmington Trust, as Agent, to modify two&#13;loan covenants. The Minimum Liquidity amount shall remain at $0.5 million through 2021 and increase to $0.75 million thereafter until&#13;maturity. The Minimum Security Cover shall remain at 115% of the outstanding loan (currently $24 million) through 2021 and increase to&#13;125% thereafter. All other terms and conditions shall remain in full force and effect.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;Refinancing of Eighthone Loan:&lt;/i&gt;&lt;/b&gt; On March&#13;29, 2021, the Company entered into a new secured loan agreement for the refinancing of the existing Eighthone loan. The $17 million provided&#13;by the new secured loan combined with $7.3 million of available cash were used to prepay the outstanding indebtedness of the previous&#13;loan in full and fund closing fees and expenses. The new five year loan has quarterly amortization of $0.3 million with $11 million due&#13;at maturity. The loan is priced at Libor plus 3.35%. All other terms and conditions were standard for a bank loan of this type.&lt;/p&gt;</us-gaap:SubsequentEventsTextBlock>
    <PXS:InterestOnPromissoryNoteSettledInCommonSharesDuringPriorPeriod contextRef="From2019-01-01to2019-12-31_custom_MaritimeInvestorsPromissoryNoteMember" unitRef="USD" decimals="-3">113000</PXS:InterestOnPromissoryNoteSettledInCommonSharesDuringPriorPeriod>
    <PXS:InterestOnPromissoryNoteSettledInCommonSharesDuringPeriod contextRef="From2020-01-01to2020-12-31_custom_MaritimeInvestorsPromissoryNoteMember" unitRef="USD" decimals="-3">169000</PXS:InterestOnPromissoryNoteSettledInCommonSharesDuringPeriod>
    <us-gaap:ProceedsFromIssuanceOfPrivatePlacement contextRef="From2021-02-23to2021-02-24_us-gaap_SubsequentEventMember_us-gaap_PrivatePlacementMember" unitRef="USD" decimals="-3">25000000</us-gaap:ProceedsFromIssuanceOfPrivatePlacement>
    <us-gaap:RepaymentsOfRelatedPartyDebt contextRef="From2020-01-01to2020-12-31_custom_SecuredLoanSeventhoneCorpMember_custom_UseOfProceedsFromSaleOfPyxisDeltaMember" unitRef="USD" decimals="-3">7523000</us-gaap:RepaymentsOfRelatedPartyDebt>
    <PXS:RepaymentsOfAssetCreditFacility contextRef="From2020-01-01to2020-12-31_custom_SecuredLoanSeventhoneCorpMember_custom_UseOfProceedsFromSaleOfPyxisDeltaMember" unitRef="USD" decimals="-3">5674000</PXS:RepaymentsOfAssetCreditFacility>
    <PXS:FacilityMaturityPeriod contextRef="From2018-09-26to2018-09-27_custom_EighthoneNewSecuredLoanMember">2023-09</PXS:FacilityMaturityPeriod>
    <PXS:MinimumLiquidityAmountDescription contextRef="From2020-01-01to2020-12-31_custom_EighthoneNewSecuredLoanMember">Based on the first supplemental letter dated 9, July 2020, the Company undertook to maintain the credit balance of the Liquidity Account not falling at any time below $375 and to credit on each Quarter End Date (such first Quarter End Date being the December 31, 2020) an amount equal to $1 per day to the Liquidity Account calculated on and from October 1, 2020, until such time that the amount standing to the credit of the Liquidity Account is no less than the Minimum Liquidity Amount of $750.</PXS:MinimumLiquidityAmountDescription>
    <us-gaap:DebtInstrumentMaturityDateDescription contextRef="From2019-05-13to2019-05-14_custom_MaritimeInvestorsPromissoryNoteMember">The Company entered into a second amendment to the Amended &amp; Restated Promissory Note which (i) extended the repayment of the outstanding principal, in whole or in part, until the earlier of a) one year after the repayment of the credit facility of Eighthone with Entrust Global (the "Credit Facility") on September 2023 (see Note 7), b) January 15, 2024 and c) repayment of any Paid-In-Kind ("PIK") interest and principal deficiency amount under the Credit Facility</us-gaap:DebtInstrumentMaturityDateDescription>
    <PXS:InterestRatePaidInCash contextRef="AsOf2019-05-14_custom_MaritimeInvestorsPromissoryNoteMember" unitRef="Percentage" decimals="INF">0.045</PXS:InterestRatePaidInCash>
    <PXS:InterestRatePaidInRestrictedShares contextRef="AsOf2019-05-14_custom_MaritimeInvestorsPromissoryNoteMember" unitRef="Percentage" decimals="INF">0.045</PXS:InterestRatePaidInRestrictedShares>
    <PXS:ManagementAgreementExpirationDate contextRef="From2020-01-01to2020-12-31_custom_PyxisMaritimeMember_custom_NorthseaAlphaVesselMember">December 31, 2015. Following their initial expiration dates, the management agreements were automatically renewed for consecutive five year periods, or until terminated by either party on three months&#8217; notice.</PXS:ManagementAgreementExpirationDate>
    <PXS:ManagementAgreementExpirationDate contextRef="From2020-01-01to2020-12-31_custom_PyxisMaritimeMember_custom_NorthseaBetaVesselMember">December 31, 2015. Following their initial expiration dates, the management agreements were automatically renewed for consecutive five year periods, or until terminated by either party on three months&#8217; notice.</PXS:ManagementAgreementExpirationDate>
    <PXS:ManagementAgreementExpirationDate contextRef="From2020-01-01to2020-12-31_custom_PyxisMaritimeMember_custom_PyxisThetaVesselMember">December 31, 2017. Following their initial expiration dates, the management agreements were automatically renewed for consecutive five year periods, or until terminated by either party on three months&#8217; notice.</PXS:ManagementAgreementExpirationDate>
    <PXS:ManagementAgreementExpirationDate contextRef="From2020-01-01to2020-12-31_custom_PyxisMaritimeMember_custom_PyxisEpsilonVesselMember">December 31, 2018. Following their initial expiration dates, the management agreements were automatically renewed for consecutive five year periods, or until terminated by either party on three months&#8217; notice.</PXS:ManagementAgreementExpirationDate>
    <PXS:ManagementAgreementExpirationDate contextRef="From2020-01-01to2020-12-31_custom_PyxisMaritimeMember_custom_PyxisMalouVesselMember">December 31, 2018. Following their initial expiration dates, the management agreements were automatically renewed for consecutive five year periods, or until terminated by either party on three months&#8217; notice.</PXS:ManagementAgreementExpirationDate>
    <us-gaap:LongTermDebtFairValue contextRef="AsOf2019-12-31_custom_EighthoneLoanAmendedAndRestatedPromissoryNoteMember" unitRef="USD" decimals="-3">5743000</us-gaap:LongTermDebtFairValue>
    <us-gaap:LongTermDebtFairValue contextRef="AsOf2020-12-31_custom_EighthoneLoanAmendedAndRestatedPromissoryNoteMember" unitRef="USD" decimals="-3">28121000</us-gaap:LongTermDebtFairValue>
    <us-gaap:PreferredStockSharesIssued contextRef="AsOf2020-12-31_custom_SeriesAConvertiblePreferredSharesMember12507171" unitRef="Shares" decimals="INF">181475</us-gaap:PreferredStockSharesIssued>
    <us-gaap:PreferredStockSharesIssued contextRef="AsOf2019-12-31_custom_SeriesAConvertiblePreferredSharesMember" unitRef="Shares" decimals="INF">0</us-gaap:PreferredStockSharesIssued>
    <us-gaap:PreferredStockSharesOutstanding contextRef="AsOf2020-12-31_custom_SeriesAConvertiblePreferredSharesMember12507171" unitRef="Shares" decimals="INF">181475</us-gaap:PreferredStockSharesOutstanding>
    <us-gaap:PreferredStockSharesOutstanding contextRef="AsOf2019-12-31_custom_SeriesAConvertiblePreferredSharesMember" unitRef="Shares" decimals="INF">0</us-gaap:PreferredStockSharesOutstanding>
    <PXS:DebtModificationsAndExtinguishmentsPolicyTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(y) Debt Modifications and Extinguishments:&lt;/i&gt;&lt;/b&gt;&#13;The Company follows the provisions of ASC 470-50, Modifications and Extinguishments, to account for all modifications or extinguishments&#13;of debt instruments, except debt that is extinguished through a troubled debt restructuring or a conversion of debt to equity securities&#13;of the debtor pursuant to conversion privileges provided in terms of the debt at issuance. This standard also provides guidance on whether&#13;an exchange of debt instruments with the same creditor constitutes an extinguishment and whether a modification of a debt instrument should&#13;be accounted for in the same manner as an extinguishment. In circumstances where an exchange of debt instruments or a modification of&#13;a debt instrument does not result in extinguishment accounting, this standard provides guidance on the appropriate accounting treatment.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;On July 8, 2020, Seventhone entered into a $15,250 secured loan agreement&#13;with the new lender, for the purpose of refinancing the outstanding indebtedness of $11,293 under the previous loan facility, which was&#13;fully settled on the same day. The Company considered the guidance under ASC 470-50 &amp;#8220;Debt Modifications and Extinguishments&amp;#8221;&#13;and concluded that the transaction should be accounted for as debt extinguishment (Note 7).&lt;/p&gt;</PXS:DebtModificationsAndExtinguishmentsPolicyTextBlock>
    <us-gaap:DebtPolicyTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(q) Financing Costs:&lt;/i&gt;&lt;/b&gt; Costs associated&#13;with new loans or refinancing of existing loans, including fees paid to lenders or required to be paid to third parties on the lender&amp;#8217;s&#13;behalf for obtaining new loans or refinancing existing loans, are recorded as a direct deduction from the carrying amount of the debt&#13;liability. Such costs are deferred and amortized to Interest and finance costs in the consolidated statements of comprehensive loss during&#13;the life of the related debt using the effective interest method. Unamortized costs relating to loans repaid or refinanced, meeting the&#13;criteria of debt extinguishment, are expensed in the period the repayment or refinancing is made. Commitment fees relating to undrawn&#13;loan principal are expensed as incurred.&lt;/p&gt;</us-gaap:DebtPolicyTextBlock>
    <PXS:DistinguishingLiabilitiesFromEquityPolicyTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;(z) Distinguishing Liabilities from Equity:&lt;/i&gt;&lt;/b&gt;&#13;The Company follows the provisions of ASC 480 &amp;#8220;Distinguishing liabilities from equity&amp;#8221; to determine the classification of&#13;certain freestanding financial instruments as either liabilities or equity. The Company in its assessment for the accounting of the Series&#13;A Convertible Preferred Shares and detachable warrants issued in connection with the October 13, 2020 public offering has taken into consideration&#13;ASC 480 &amp;#8220;Distinguishing liabilities from equity&amp;#8221; and determined that the Series A Convertible Preferred Shares and detachable&#13;warrants should be classified as equity instead of liability (Note 8). The Company further analyzed key features of the Series A Convertible&#13;Preferred Shares and detachable warrants to determine whether these are more akin to equity or to debt and concluded that the Series A&#13;Convertible Preferred Shares and detachable warrants are equity-like. In its assessment, the Company identified certain embedded features,&#13;examined whether these fall under the definition of a derivative according to ASC 815 applicable guidance or whether certain of these&#13;features affected the classification. Derivative accounting was deemed inappropriate and thus no bifurcation of these features was performed.&lt;/p&gt;</PXS:DistinguishingLiabilitiesFromEquityPolicyTextBlock>
    <us-gaap:PaymentsOfDividendsPreferredStockAndPreferenceStock contextRef="From2021-04-04to2021-04-06_us-gaap_SubsequentEventMember_custom_SeriesAConvertiblePreferredSharesMember" unitRef="USD" decimals="-3">83000</us-gaap:PaymentsOfDividendsPreferredStockAndPreferenceStock>
    <PXS:WarrantExercisableDate contextRef="From2020-10-12to2020-10-13_custom_SeriesAConvertiblePreferredSharesAndDetachableWarrantsMember">at any time prior to October 13, 2025 or, in case of absence of an effective registration statement, to exchange those cashless based on a formula.</PXS:WarrantExercisableDate>
    <PXS:WarrantAggregatePurchasePrice contextRef="From2020-10-07to2020-10-08_custom_UnderwritersWarrantsMember" unitRef="Shares" decimals="INF">100</PXS:WarrantAggregatePurchasePrice>
    <PXS:TerminationDate contextRef="From2020-10-07to2020-10-08_custom_UnderwritersWarrantsMember">at any time on or after April 6, 2021 and prior to October 8, 2025</PXS:TerminationDate>
    <PXS:FirstTypeWarrantForPurchaseOfAggregateSeriesConvertiblePreferredShares contextRef="AsOf2020-10-08_custom_UnderwritersWarrantsMember" unitRef="Shares" decimals="INF">2000</PXS:FirstTypeWarrantForPurchaseOfAggregateSeriesConvertiblePreferredShares>
    <PXS:FirstTypeWarrantsExercisePrice contextRef="AsOf2020-10-08_custom_UnderwritersWarrantsMember" unitRef="USDPShares" decimals="INF">24.92</PXS:FirstTypeWarrantsExercisePrice>
    <PXS:SecondTypeWarrantForPurchaseOfAggregateSeriesConvertiblePreferredShares contextRef="AsOf2020-10-08_custom_UnderwritersWarrantsMember" unitRef="Shares" decimals="INF">16000</PXS:SecondTypeWarrantForPurchaseOfAggregateSeriesConvertiblePreferredShares>
    <PXS:SecondTypeWarrantsExercisePrice contextRef="AsOf2020-10-08_custom_UnderwritersWarrantsMember" unitRef="USDPShares" decimals="INF">0.01</PXS:SecondTypeWarrantsExercisePrice>
    <PXS:PartialOverallotmentOfWarrantsExercisedByUnderwriter contextRef="AsOf2020-10-13_us-gaap_OverAllotmentOptionMember" unitRef="Shares" decimals="INF">135040</PXS:PartialOverallotmentOfWarrantsExercisedByUnderwriter>
    <PXS:PurchasePricePerOptionalWarrant contextRef="AsOf2020-10-13_us-gaap_OverAllotmentOptionMember" unitRef="USDPShares" decimals="INF">0.00925</PXS:PurchasePricePerOptionalWarrant>
    <PXS:AdditionalNumberOfWarrantsOptionalWarrants contextRef="AsOf2020-10-13_us-gaap_OverAllotmentOptionMember" unitRef="Shares" decimals="INF">240000</PXS:AdditionalNumberOfWarrantsOptionalWarrants>
    <PXS:AdditionalNumberOfSeriesConvertiblePreferredSharesOptionalPreferredShares contextRef="From2020-10-12to2020-10-13_us-gaap_OverAllotmentOptionMember">up to 30,000</PXS:AdditionalNumberOfSeriesConvertiblePreferredSharesOptionalPreferredShares>
    <PXS:PercentageOfPreferredShares contextRef="AsOf2020-10-13" unitRef="Percentage" decimals="INF">0.0775</PXS:PercentageOfPreferredShares>
    <PXS:NumberOfDetachableWarrantsPerSeriesConvertiblePreferredShare contextRef="AsOf2020-10-13_custom_SeriesAConvertiblePreferredSharesAndDetachableWarrantsMember" unitRef="Shares" decimals="INF">8</PXS:NumberOfDetachableWarrantsPerSeriesConvertiblePreferredShare>
    <PXS:NumberOfCommonSharesFromExerciseOfDetachableWarrants contextRef="From2020-10-12to2020-10-13_custom_SeriesAConvertiblePreferredSharesAndDetachableWarrantsMember">up to 1,600,000</PXS:NumberOfCommonSharesFromExerciseOfDetachableWarrants>
    <PXS:AverageGrossAmountUnderProgram contextRef="From2019-01-01to2019-12-31_custom_ATMProgramMember" unitRef="USD" decimals="-3">354000</PXS:AverageGrossAmountUnderProgram>
    <PXS:ConvertiblePreferredStockConversionDescription contextRef="From2020-01-01to2020-12-31_custom_SeriesAConvertiblePreferredSharesMember10957500">Each Series A Convertible Preferred Share is convertible into common shares at an initial conversion price of $1.40 per common share, or 17.86 common shares, at any time at the option of the holder, subject to certain customary adjustments.</PXS:ConvertiblePreferredStockConversionDescription>
    <PXS:PurchasePricePerOptionalPreferredShare contextRef="AsOf2020-10-13_us-gaap_OverAllotmentOptionMember" unitRef="USDPShares" decimals="INF">23.051</PXS:PurchasePricePerOptionalPreferredShare>
    <dei:EntityCentralIndexKey contextRef="From2020-01-01to2020-12-31">0001640043</dei:EntityCentralIndexKey>
    <dei:DocumentFiscalPeriodFocus contextRef="From2020-01-01to2020-12-31">FY</dei:DocumentFiscalPeriodFocus>
    <PXS:EarlyDebtPrepaymentFollowingSaleOfPyxisDelta contextRef="AsOf2019-12-31_custom_LoanAgreementDatedOctoberTwelveTwoThousandTwelveMember_custom_PyxisDeltaVesselMember_us-gaap_ShareBasedCompensationAwardTrancheOneMember" unitRef="USD" decimals="-3">4050000</PXS:EarlyDebtPrepaymentFollowingSaleOfPyxisDelta>
    <PXS:StockIssuedDuringPeriodSharesNewIssue contextRef="AsOf2021-01-04_us-gaap_SubsequentEventMember_custom_AmendedAndRestatedPromissoryNoteMember" unitRef="Shares" decimals="INF">64446</PXS:StockIssuedDuringPeriodSharesNewIssue>
    <PXS:StockIssuedDuringPeriodSharesNewIssue contextRef="AsOf2021-04-02_us-gaap_SubsequentEventMember_custom_AmendedAndRestatedPromissoryNoteMember" unitRef="Shares" decimals="INF">47827</PXS:StockIssuedDuringPeriodSharesNewIssue>
    <PXS:PrepaymentFee contextRef="From2021-03-18to2021-03-20_custom_EighthoneNewSecuredLoanMember_us-gaap_SubsequentEventMember" unitRef="USD" decimals="-3">200000</PXS:PrepaymentFee>
    <us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent contextRef="AsOf2019-12-31" unitRef="USD" xsi:nil="true" />
    <us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent contextRef="AsOf2020-12-31" unitRef="USD" decimals="-3">9000</us-gaap:AllowanceForDoubtfulAccountsReceivableCurrent>
    <PXS:LongTermDebtNoncurrentExcludingNotesPayable contextRef="AsOf2019-12-31" unitRef="USD" decimals="-3">5000000</PXS:LongTermDebtNoncurrentExcludingNotesPayable>
    <PXS:LongTermDebtNoncurrentExcludingNotesPayable contextRef="AsOf2020-12-31" unitRef="USD" decimals="-3">5000000</PXS:LongTermDebtNoncurrentExcludingNotesPayable>
    <us-gaap:InterestExpenseDebt contextRef="From2020-01-01to2020-12-31" unitRef="USD" decimals="-3">4964000</us-gaap:InterestExpenseDebt>
    <us-gaap:InterestExpenseDebt contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3">4490000</us-gaap:InterestExpenseDebt>
    <us-gaap:InterestExpenseDebt contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">5775000</us-gaap:InterestExpenseDebt>
    <PXS:NumberOfWarrantsExercisedDuringPeriod contextRef="AsOf2021-04-06_us-gaap_SubsequentEventMember_custom_WarrantExercisesMember" unitRef="Shares" decimals="INF">144500</PXS:NumberOfWarrantsExercisedDuringPeriod>
    <PXS:DescriptionOfMinimumLiquidityAmountAndMinimumSecurityCover contextRef="From2021-03-03to2021-03-04_us-gaap_SubsequentEventMember_custom_AmendmentToEighthoneLoanMember">The Minimum Liquidity amount shall remain at $0.5 million through 2021 and increase to $0.75 million thereafter until maturity. The Minimum Security Cover shall remain at 115% of the outstanding loan (currently $24 million) through 2021 and increase to 125% thereafter. All other terms and conditions shall remain in full force and effect.</PXS:DescriptionOfMinimumLiquidityAmountAndMinimumSecurityCover>
    <PXS:ConvertiblePreferredSharesDividendPerShare contextRef="From2021-01-19to2021-01-20_us-gaap_SubsequentEventMember_custom_SeriesAConvertiblePreferredSharesMember" unitRef="USDPShares" decimals="INF">0.1615</PXS:ConvertiblePreferredSharesDividendPerShare>
    <PXS:ConvertiblePreferredSharesDividendPerShare contextRef="From2021-02-21to2021-02-22_us-gaap_SubsequentEventMember_custom_SeriesAConvertiblePreferredSharesMember" unitRef="USDPShares" decimals="INF">0.1615</PXS:ConvertiblePreferredSharesDividendPerShare>
    <PXS:ConvertiblePreferredSharesDividendPerShare contextRef="From2021-03-21to2021-03-22_us-gaap_SubsequentEventMember_custom_SeriesAConvertiblePreferredSharesMember" unitRef="USDPShares" decimals="INF">0.1615</PXS:ConvertiblePreferredSharesDividendPerShare>
    <PXS:LongTermDebtBalloonPayment contextRef="AsOf2021-03-17_us-gaap_SubsequentEventMember_custom_EighthoneCorpMember_custom_RefinanceOfEighthoneLoanMember" unitRef="USD" decimals="-3">11000000</PXS:LongTermDebtBalloonPayment>
    <PXS:ConversionOfPreferredShares contextRef="From2021-04-04to2021-04-06_us-gaap_SubsequentEventMember_custom_SeriesAConvertiblePreferredSharesConversionsMember">58,814 of Series A Convertible Preferred Shares were converted into 1,052,529 registered common shares</PXS:ConversionOfPreferredShares>
    <PXS:NumberOfCommonStockIssued contextRef="From2021-02-23to2021-02-24_us-gaap_SubsequentEventMember_us-gaap_PrivatePlacementMember" unitRef="Shares" decimals="INF">14285715</PXS:NumberOfCommonStockIssued>
    <PXS:OfferingUnits contextRef="From2020-10-12to2020-10-13" unitRef="Shares" decimals="INF">200000</PXS:OfferingUnits>
    <PXS:OfferingPrice contextRef="AsOf2020-10-13" unitRef="USDPShares" decimals="INF">25.00</PXS:OfferingPrice>
    <PXS:GrossProceedsFromOverallotmentOptionGranted contextRef="From2020-10-12to2020-10-13_us-gaap_OverAllotmentOptionMember" unitRef="USD" decimals="-3">1000</PXS:GrossProceedsFromOverallotmentOptionGranted>
    <PXS:GrossProceedsFromOffering contextRef="From2020-10-12to2020-10-13" unitRef="USD" decimals="-3">5000000</PXS:GrossProceedsFromOffering>
    <PXS:InitialConversionPricePerCommonShare contextRef="AsOf2020-12-31_custom_SeriesAConvertiblePreferredSharesMember12507171" unitRef="USDPShares" decimals="INF">1.40</PXS:InitialConversionPricePerCommonShare>
    <us-gaap:ConvertiblePreferredStockTermsOfConversion contextRef="From2020-01-01to2020-12-31">If the trading price of Pyxis Tankers' common stock equals or exceeds $2.38 per share for at least 20 days in any 30 consecutive trading day period ending 5 days prior to notice, the Company can call for mandatory conversion of the Series A Convertible Preferred Shares.</us-gaap:ConvertiblePreferredStockTermsOfConversion>
    <PXS:ChangeOfControlTerms contextRef="From2020-01-01to2020-12-31">In the case of a change of control that is pre-approved by the Company's Board of Directors, holders of Series A Convertible Preferred Shares have the option to (i) demand that the Company redeem the Series A Convertible Preferred Shares at (a) $26.63 per Series A Convertible Preferred Share from the date of issuance until October 13, 2021, (b) $25.81 per Series A Convertible Preferred Share from October 13, 2021 until October 13, 2022 and (c) $25.00 after October 13, 2022, or (ii) continue to hold the Series A Convertible Preferred Shares. Upon a change of control, the holders also have the option to convert some or all of the Series A Convertible Preferred Shares, together with any accrued or unpaid dividends, into shares of common stock at the conversion rate. Change of Control means that (i) Mr. Valentios Valentis and his affiliates cease to own at least 20% of the voting securities of the Company, or (ii) a person or group acquires at least 50% voting control of the Company, and in the case of each of either (i) or (ii), neither the Company nor any surviving entity has its common stock listed on a recognized U.S. exchange.</PXS:ChangeOfControlTerms>
    <PXS:AnnualCashDividendPerShare contextRef="From2020-10-12to2020-10-13_custom_SeriesAConvertiblePreferredSharesAndDetachableWarrantsMember" unitRef="USDPShares" decimals="INF">1.9375</PXS:AnnualCashDividendPerShare>
    <PXS:CreditLossDescription contextRef="From2020-01-01to2020-12-31">The Company concluded on an expected credit loss rate of 0.05% on the total outstanding receivables arising from voyage charters and 2.4% on outstanding receivables from demurrages.</PXS:CreditLossDescription>
    <PXS:MinimumLiquidityAmountRequired contextRef="AsOf2021-03-04_us-gaap_SubsequentEventMember_custom_EighthoneCorpMember" unitRef="USD" decimals="-3">500000</PXS:MinimumLiquidityAmountRequired>
    <PXS:InterestExpenseOnLongtermDebtAndPromissoryNote contextRef="From2018-01-01to2018-12-31_custom_LongTermDebtAndPromissoryNoteMember" unitRef="USD" decimals="-3">4048000</PXS:InterestExpenseOnLongtermDebtAndPromissoryNote>
    <PXS:InterestExpenseOnLongtermDebtAndPromissoryNote contextRef="From2019-01-01to2019-12-31_custom_LongTermDebtAndPromissoryNoteMember" unitRef="USD" decimals="-3">5517000</PXS:InterestExpenseOnLongtermDebtAndPromissoryNote>
    <PXS:InterestExpenseOnLongtermDebtAndPromissoryNote contextRef="From2020-01-01to2020-12-31_custom_LongTermDebtAndPromissoryNoteMember" unitRef="USD" decimals="-3">4636000</PXS:InterestExpenseOnLongtermDebtAndPromissoryNote>
    <PXS:PaymentForFinancialDerivativesInstrument contextRef="From2020-01-01to2020-12-31" unitRef="USD" xsi:nil="true" />
    <PXS:PaymentForFinancialDerivativesInstrument contextRef="From2018-01-01to2018-12-31" unitRef="USD" decimals="-3">47000</PXS:PaymentForFinancialDerivativesInstrument>
    <PXS:PaymentForFinancialDerivativesInstrument contextRef="From2019-01-01to2019-12-31" unitRef="USD" xsi:nil="true" />
    <PXS:PaymentForAdvances contextRef="From2020-01-01to2020-12-31" unitRef="USD" xsi:nil="true" />
    <PXS:PaymentForAdvances contextRef="From2018-01-01to2018-12-31" unitRef="USD" xsi:nil="true" />
    <PXS:PaymentForAdvances contextRef="From2019-01-01to2019-12-31" unitRef="USD" decimals="-3">47000</PXS:PaymentForAdvances>
    <PXS:InterestAndFinanceCostTextBlock contextRef="From2020-01-01to2020-12-31">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;b&gt;12. Interest and Finance Costs, net:&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The Company accrues for the cost of environmental&#13;and other liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure.&#13;As of December 31, 2020 and as of the date of the issuance of these consolidated financial statements, management is not aware of any&#13;other claims or contingent liabilities, which should be disclosed or for which a provision should be established in the accompanying consolidated&#13;financial statements. The Company is covered for liabilities associated with the individual vessels&amp;#8217; actions to the maximum limits&#13;as provided by Protection and Indemnity (P&amp;#38;I) Clubs, members of the International Group of P&amp;#38;I Clubs.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;The amounts in the accompanying consolidated statements&#13;of comprehensive loss are analyzed as follows:&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"&gt;&#13;  &lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;For the years ended December 31,&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;2018&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;2019&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;2020&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="width: 49%"&gt;&lt;font style="font-size: 10pt"&gt;Interest on long-term debt (Note 7)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;3,835&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;5,122&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 14%; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;4,184&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Interest on promissory note (Note 3)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;213&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;395&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;452&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Long-term debt prepayment fees&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;56&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&amp;#8212;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&lt;font style="font-size: 10pt"&gt;Amortization and write-off of financing costs&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;386&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;258&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1.5pt solid; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;328&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;tr style="vertical-align: bottom; background-color: #CCEEFF"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;4,490&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;5,775&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.25pt double; text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;4,964&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;  &lt;/table&gt;</PXS:InterestAndFinanceCostTextBlock>
    <PXS:CashDividendPerShare contextRef="AsOf2020-11-20_custom_SeriesAConvertiblePreferredSharesAndDetachableWarrantsMember" unitRef="USDPShares" decimals="INF">0.1991</PXS:CashDividendPerShare>
    <PXS:CashDividendPerShare contextRef="AsOf2020-12-21_custom_SeriesAConvertiblePreferredSharesAndDetachableWarrantsMember" unitRef="USDPShares" decimals="INF">0.1615</PXS:CashDividendPerShare>
    <link:footnoteLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
      <link:loc xlink:type="locator" xlink:href="#Foot-00-0" xlink:label="Foot-00_loc" />
      <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Foot-00_loc" xlink:to="Footnote-01" order="1" />
      <link:loc xlink:type="locator" xlink:href="#Foot-01-0" xlink:label="Foot-01_loc" />
      <link:loc xlink:type="locator" xlink:href="#Foot-01-1" xlink:label="Foot-01_loc" />
      <link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="Foot-01_loc" xlink:to="Footnote-02" order="1" />
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-01" xml:lang="en-US">Pyxis Delta, which was owned by Sixthone Corp. ("Sixthone"), was sold to an unaffiliated third party on January 13, 2020</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-02" xml:lang="en-US">As at December 31, 2020, Carrying Value of Eighthone Loan and Amended &amp; Restated Promissory Note is $24,000 and $5,000, respectively. Theoretical Fair Value of Eighthone Loan and Amended &amp; Restated Promissory Note is $28,121 and $5,743, respectively.</link:footnote>
    </link:footnoteLink>
</xbrli:xbrl>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>30
<FILENAME>pxs-20201231.xsd
<DESCRIPTION>XBRL SCHEMA FILE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" ?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.7a -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: http://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Source; Value: PXS %2D20201231 20%2DF DFN.xfr; Date: 2021%2D04%2D12T11:27:06Z -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
    <!-- Field: Doc-Info; Name: Misc; Value: 96Mps7xRiXgen8uDanwsWaWPWbP9z5Z8uekhvWBxbRm6Tyosks/cMSu5Dg+GAWAE -->
<schema xmlns="http://www.w3.org/2001/XMLSchema" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:dei="http://xbrl.sec.gov/dei/2020-01-31" xmlns:us-gaap="http://fasb.org/us-gaap/2020-01-31" xmlns:us-roles="http://fasb.org/us-roles/2020-01-31" xmlns:srt="http://fasb.org/srt/2020-01-31" xmlns:srt-types="http://fasb.org/srt-types/2020-01-31" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:us-types="http://fasb.org/us-types/2020-01-31" xmlns:PXS="http://pyxistankers.com/20201231" elementFormDefault="qualified" targetNamespace="http://pyxistankers.com/20201231">
    <annotation>
      <appinfo>
	<link:roleType roleURI="http://pyxistankers.com/role/DocumentAndEntityInformation" id="DocumentAndEntityInformation">
	  <link:definition>00000001 - Document - Document and Entity Information</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/BalanceSheets" id="BalanceSheets">
	  <link:definition>00000002 - Statement - Consolidated Balance Sheets</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/BalanceSheetsParenthetical" id="BalanceSheetsParenthetical">
	  <link:definition>00000003 - Statement - Consolidated Balance Sheets (Parenthetical)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/StatementsOfComprehensiveLoss" id="StatementsOfComprehensiveLoss">
	  <link:definition>00000004 - Statement - Consolidated Statements of Comprehensive Loss</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/StatementsOfStockholdersEquity" id="StatementsOfStockholdersEquity">
	  <link:definition>00000005 - Statement - Consolidated Statements of Stockholders' Equity</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/StatementsOfCashFlows" id="StatementsOfCashFlows">
	  <link:definition>00000006 - Statement - Consolidated Statements of Cash Flows</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/BasisOfPresentationAndGeneralInformation" id="BasisOfPresentationAndGeneralInformation">
	  <link:definition>00000007 - Disclosure - Basis of Presentation and General Information</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/SignificantAccountingPolicies" id="SignificantAccountingPolicies">
	  <link:definition>00000008 - Disclosure - Significant Accounting Policies</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/TransactionsWithRelatedParties" id="TransactionsWithRelatedParties">
	  <link:definition>00000009 - Disclosure - Transactions with Related Parties</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/Inventories" id="Inventories">
	  <link:definition>00000010 - Disclosure - Inventories</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/VesselsNet" id="VesselsNet">
	  <link:definition>00000011 - Disclosure - Vessels, Net</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/DeferredChargesNet" id="DeferredChargesNet">
	  <link:definition>00000012 - Disclosure - Deferred Charges, Net</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/Long-termDebt" id="Long-termDebt">
	  <link:definition>00000013 - Disclosure - Long-term Debt</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/EquityCapitalStructureAndEquityIncentivePlan" id="EquityCapitalStructureAndEquityIncentivePlan">
	  <link:definition>00000014 - Disclosure - Equity Capital Structure and Equity Incentive Plan</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/LossPerCommonShare" id="LossPerCommonShare">
	  <link:definition>00000015 - Disclosure - Loss Per Common Share</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurements" id="RiskManagementAndFairValueMeasurements">
	  <link:definition>00000016 - Disclosure - Risk Management and Fair Value Measurements</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/CommitmentsAndContingencies" id="CommitmentsAndContingencies">
	  <link:definition>00000017 - Disclosure - Commitments and Contingencies</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/InterestAndFinanceCostsNet" id="InterestAndFinanceCostsNet">
	  <link:definition>00000018 - Disclosure - Interest and Finance Costs, Net</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/SubsequentEvents" id="SubsequentEvents">
	  <link:definition>00000019 - Disclosure - Subsequent Events</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/SignificantAccountingPoliciesPolicies" id="SignificantAccountingPoliciesPolicies">
	  <link:definition>00000020 - Disclosure - Significant Accounting Policies (Policies)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/BasisOfPresentationAndGeneralInformationTables" id="BasisOfPresentationAndGeneralInformationTables">
	  <link:definition>00000021 - Disclosure - Basis of Presentation and General Information (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/SignificantAccountingPoliciesTables" id="SignificantAccountingPoliciesTables">
	  <link:definition>00000022 - Disclosure - Significant Accounting Policies (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/TransactionsWithRelatedPartiesTables" id="TransactionsWithRelatedPartiesTables">
	  <link:definition>00000023 - Disclosure - Transactions with Related Parties (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/InventoriesTables" id="InventoriesTables">
	  <link:definition>00000024 - Disclosure - Inventories (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/VesselsNetTables" id="VesselsNetTables">
	  <link:definition>00000025 - Disclosure - Vessels, Net (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/DeferredChargesNetTables" id="DeferredChargesNetTables">
	  <link:definition>00000026 - Disclosure - Deferred Charges, Net (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/Long-termDebtTables" id="Long-termDebtTables">
	  <link:definition>00000027 - Disclosure - Long-term Debt (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/LossPerCommonShareTables" id="LossPerCommonShareTables">
	  <link:definition>00000028 - Disclosure - Loss Per Common Share (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurementsTables" id="RiskManagementAndFairValueMeasurementsTables">
	  <link:definition>00000029 - Disclosure - Risk Management and Fair Value Measurements (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/CommitmentsAndContingenciesTables" id="CommitmentsAndContingenciesTables">
	  <link:definition>00000030 - Disclosure - Commitments and Contingencies (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/InterestAndFinanceCostsNetTables" id="InterestAndFinanceCostsNetTables">
	  <link:definition>00000031 - Disclosure - Interest and Finance Costs, Net (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/BasisOfPresentationAndGeneralInformationDetailsNarrative" id="BasisOfPresentationAndGeneralInformationDetailsNarrative">
	  <link:definition>00000032 - Disclosure - Basis of Presentation and General Information (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/BasisOfPresentationAndGeneralInformation-ScheduleOfOwnershipAndOperationOfTankerVesselsDetails" id="BasisOfPresentationAndGeneralInformation-ScheduleOfOwnershipAndOperationOfTankerVesselsDetails">
	  <link:definition>00000033 - Disclosure - Basis of Presentation and General Information - Schedule of Ownership and Operation of Tanker Vessels (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/SignificantAccountingPoliciesDetailsNarrative" id="SignificantAccountingPoliciesDetailsNarrative">
	  <link:definition>00000034 - Disclosure - Significant Accounting Policies (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/SignificantAccountingPolicies-ScheduleOfRevenueDisaggregatedByRevenueSourceDetails" id="SignificantAccountingPolicies-ScheduleOfRevenueDisaggregatedByRevenueSourceDetails">
	  <link:definition>00000035 - Disclosure - Significant Accounting Policies - Schedule of Revenue Disaggregated by Revenue Source (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/SignificantAccountingPolicies-SummaryOfRevenueFromSignificantCharterersFor10OrMoreOfRevenueDetails" id="SignificantAccountingPolicies-SummaryOfRevenueFromSignificantCharterersFor10OrMoreOfRevenueDetails">
	  <link:definition>00000036 - Disclosure - Significant Accounting Policies - Summary of Revenue from Significant Charterers for 10% or More of Revenue (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/SignificantAccountingPolicies-ScheduleOfReconciliationOfCashAndCashEquivalentsAndRestrictedCashDetails" id="SignificantAccountingPolicies-ScheduleOfReconciliationOfCashAndCashEquivalentsAndRestrictedCashDetails">
	  <link:definition>00000037 - Disclosure - Significant Accounting Policies - Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/TransactionsWithRelatedPartiesDetailsNarrative" id="TransactionsWithRelatedPartiesDetailsNarrative">
	  <link:definition>00000038 - Disclosure - Transactions with Related Parties (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/TransactionsWithRelatedParties-ScheduleOfAmountsChargedByMaritimeIncludedInAccompanyingConsolidatedStatementsOfComprehensiveLossDetails" id="TransactionsWithRelatedParties-ScheduleOfAmountsChargedByMaritimeIncludedInAccompanyingConsolidatedStatementsOfComprehensiveLossDetails">
	  <link:definition>00000039 - Disclosure - Transactions with Related Parties - Schedule of Amounts Charged by Maritime Included in the Accompanying Consolidated Statements of Comprehensive Loss (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/Inventories-ScheduleOfInventoriesDetails" id="Inventories-ScheduleOfInventoriesDetails">
	  <link:definition>00000040 - Disclosure - Inventories - Schedule of Inventories (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/VesselsNetDetailsNarrative" id="VesselsNetDetailsNarrative">
	  <link:definition>00000041 - Disclosure - Vessels, Net (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/VesselsNet-ScheduleOfVesselsDetails" id="VesselsNet-ScheduleOfVesselsDetails">
	  <link:definition>00000042 - Disclosure - Vessels, Net - Schedule of Vessels (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/DeferredChargesNet-ScheduleOfDeferredChargesDetails" id="DeferredChargesNet-ScheduleOfDeferredChargesDetails">
	  <link:definition>00000043 - Disclosure - Deferred Charges, Net - Schedule of Deferred Charges (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/Long-termDebt-ScheduleOfLong-termDebtDetails" id="Long-termDebt-ScheduleOfLong-termDebtDetails">
	  <link:definition>00000044 - Disclosure - Long-Term Debt - Schedule of Long-Term Debt (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/Long-termDebt-ScheduleOfLong-termDebtDetailsParenthetical" id="Long-termDebt-ScheduleOfLong-termDebtDetailsParenthetical">
	  <link:definition>00000045 - Disclosure - Long-Term Debt - Schedule of Long-Term Debt (Details) (Parenthetical)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/Long-termDebt-ScheduleOfPrincipalPaymentsDetails" id="Long-termDebt-ScheduleOfPrincipalPaymentsDetails">
	  <link:definition>00000046 - Disclosure - Long-Term Debt - Schedule of Principal Payments (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/EquityCapitalStructureAndEquityIncentivePlanDetailsNarrative" id="EquityCapitalStructureAndEquityIncentivePlanDetailsNarrative">
	  <link:definition>00000047 - Disclosure - Equity Capital Structure and Equity Incentive Plan (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/LossPerCommonShare-ScheduleOfLossPerCommonShareDetails" id="LossPerCommonShare-ScheduleOfLossPerCommonShareDetails">
	  <link:definition>00000048 - Disclosure - Loss Per Common Share - Schedule of Loss Per Common Share (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurementsDetailsNarrative" id="RiskManagementAndFairValueMeasurementsDetailsNarrative">
	  <link:definition>00000049 - Disclosure - Risk Management and Fair Value Measurements (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurements-ScheduleOfFairValueOfAssetsAndLiabilitiesDetails" id="RiskManagementAndFairValueMeasurements-ScheduleOfFairValueOfAssetsAndLiabilitiesDetails">
	  <link:definition>00000050 - Disclosure - Risk Management and Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurements-ScheduleOfFairValueOfAssetsAndLiabilitiesDetailsParenthetical" id="RiskManagementAndFairValueMeasurements-ScheduleOfFairValueOfAssetsAndLiabilitiesDetailsParenthetical">
	  <link:definition>00000051 - Disclosure - Risk Management and Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities (Details) (Parenthetical)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurements-ScheduleOfFinancialDerivativeInstrumentLocationDetails" id="RiskManagementAndFairValueMeasurements-ScheduleOfFinancialDerivativeInstrumentLocationDetails">
	  <link:definition>00000052 - Disclosure - Risk Management and Fair Value Measurements - Schedule of Financial Derivative Instrument Location (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurements-ScheduleOfGainsLossesOnDerivativeInstrumentsDetails" id="RiskManagementAndFairValueMeasurements-ScheduleOfGainsLossesOnDerivativeInstrumentsDetails">
	  <link:definition>00000053 - Disclosure - Risk Management and Fair Value Measurements - Schedule of Gains Losses on Derivative Instruments (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurements-ScheduleOfAssetsMeasuredAtFairValueOnNon-recurringBasisLongLivedAssetsHeldAndUsedAndHeldForSaleDetails" id="RiskManagementAndFairValueMeasurements-ScheduleOfAssetsMeasuredAtFairValueOnNon-recurringBasisLongLivedAssetsHeldAndUsedAndHeldForSaleDetails">
	  <link:definition>00000054 - Disclosure - Risk Management and Fair Value Measurements - Schedule of Assets Measured at Fair Value on a Non-recurring Basis Long Lived Assets Held and Used and Held for Sale (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/CommitmentsAndContingencies-ScheduleOfFutureMinimumContractualCharterRevenuesDetails" id="CommitmentsAndContingencies-ScheduleOfFutureMinimumContractualCharterRevenuesDetails">
	  <link:definition>00000055 - Disclosure - Commitments and Contingencies - Schedule of Future Minimum Contractual Charter Revenues (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/InterestAndFinanceCostsNet-ScheduleOfInterestAndFinanceCostsDetails" id="InterestAndFinanceCostsNet-ScheduleOfInterestAndFinanceCostsDetails">
	  <link:definition>00000056 - Disclosure - Interest and Finance Costs, Net - Schedule of Interest and Finance Costs (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://pyxistankers.com/role/SubsequentEventsDetailsNarrative" id="SubsequentEventsDetailsNarrative">
	  <link:definition>00000057 - Disclosure - Subsequent Events (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:linkbaseRef xlink:type="simple" xlink:href="pxs-20201231_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Presentation Links" />
	<link:linkbaseRef xlink:type="simple" xlink:href="pxs-20201231_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Label Links" />
	<link:linkbaseRef xlink:type="simple" xlink:href="pxs-20201231_cal.xml" xlink:role="http://www.xbrl.org/2003/role/calculationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Calculation Links" />
	<link:linkbaseRef xlink:type="simple" xlink:href="pxs-20201231_def.xml" xlink:role="http://www.xbrl.org/2003/role/definitionLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Definition Links" />
      </appinfo>
    </annotation>
    <import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd" />
    <import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" />
    <import namespace="http://xbrl.sec.gov/dei/2020-01-31" schemaLocation="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd" />
    <import namespace="http://fasb.org/us-gaap/2020-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd" />
    <import namespace="http://fasb.org/us-types/2020-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2020/elts/us-types-2020-01-31.xsd" />
    <import namespace="http://www.xbrl.org/dtr/type/non-numeric" schemaLocation="http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd" />
    <import namespace="http://www.xbrl.org/dtr/type/numeric" schemaLocation="http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd" />
    <import namespace="http://xbrl.sec.gov/country/2020-01-31" schemaLocation="https://xbrl.sec.gov/country/2020/country-2020-01-31.xsd" />
    <import namespace="http://fasb.org/srt/2020-01-31" schemaLocation="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd" />
    <import namespace="http://fasb.org/srt-types/2020-01-31" schemaLocation="http://xbrl.fasb.org/srt/2020/elts/srt-types-2020-01-31.xsd" />
    <element id="PXS_AccruedAndOtherLiabilitiesCurrent" name="AccruedAndOtherLiabilitiesCurrent" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_VoyageRelatedCostsAndCommissions" name="VoyageRelatedCostsAndCommissions" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_VesselOperatingExpenses" name="VesselOperatingExpenses" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_ManagementFeesRelatedParties" name="ManagementFeesRelatedParties" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_ManagementFeesOther" name="ManagementFeesOther" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_ScheduleOfOwnershipAndOperationOfTankerVesselsTableTextBlock" name="ScheduleOfOwnershipAndOperationOfTankerVesselsTableTextBlock" nillable="true" xbrli:periodType="duration" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_ReconciliationOfCashAndCashEquivalentsAndRestrictedCashTableTextBlock" name="ReconciliationOfCashAndCashEquivalentsAndRestrictedCashTableTextBlock" nillable="true" xbrli:periodType="duration" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_LongTermDebtCurrentBeforeDeferredFinancingCost" name="LongTermDebtCurrentBeforeDeferredFinancingCost" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_LongTermDebtNoncurrentBeforeDeferredFinancingCost" name="LongTermDebtNoncurrentBeforeDeferredFinancingCost" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_CashUsedForRefinanceOfExistingIndebtedness" name="CashUsedForRefinanceOfExistingIndebtedness" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_LoanAmortizationProfile" name="LoanAmortizationProfile" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_MinimumCashDeposits" name="MinimumCashDeposits" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_MinimumSecurityCollateralCoverRequired" name="MinimumSecurityCollateralCoverRequired" nillable="true" xbrli:periodType="duration" type="num:percentItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_DebtToMarketValueOfAdjustedAssetsMaximumRequiredRatio" name="DebtToMarketValueOfAdjustedAssetsMaximumRequiredRatio" nillable="true" xbrli:periodType="instant" type="num:percentItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_DebtToMarketValueOfAdjustedAssetsRatioActual" name="DebtToMarketValueOfAdjustedAssetsRatioActual" nillable="true" xbrli:periodType="instant" type="num:percentItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_RatioDifferenceByWhichActualExceedsRequiredDebtToAssetsRatioThreshold" name="RatioDifferenceByWhichActualExceedsRequiredDebtToAssetsRatioThreshold" nillable="true" xbrli:periodType="instant" type="num:percentItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_AdjustmentsToAdditionalPaidInCapitalSharesOther" name="AdjustmentsToAdditionalPaidInCapitalSharesOther" nillable="true" xbrli:periodType="duration" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_IncreaseDecreaseInSpecialSurveyCosts" name="IncreaseDecreaseInSpecialSurveyCosts" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_LongTermDebtFirstPeriodicPayment" name="LongTermDebtFirstPeriodicPayment" nillable="true" xbrli:periodType="duration" type="xbrli:gYearMonthItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_LongTermDebtBalloonPaymentYear" name="LongTermDebtBalloonPaymentYear" nillable="true" xbrli:periodType="duration" type="xbrli:gYearMonthItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_QuarterlyInstallmentsPayable" name="QuarterlyInstallmentsPayable" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_DeferredFeeDescription" name="DeferredFeeDescription" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_MinimumSecurityCollateralCoverRequiredTrancheTwoPercentOfOutstandingLoan" name="MinimumSecurityCollateralCoverRequiredTrancheTwoPercentOfOutstandingLoan" nillable="true" xbrli:periodType="duration" type="num:percentItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_MinimumSecurityCollateralCoverRequiredTrancheThreePercentOfOutstandingLoan" name="MinimumSecurityCollateralCoverRequiredTrancheThreePercentOfOutstandingLoan" nillable="true" xbrli:periodType="duration" type="num:percentItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_DebtInstrumentCarryingAmountPerFacility" name="DebtInstrumentCarryingAmountPerFacility" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_NetProceedsFromIssuanceOfCommonShares" name="NetProceedsFromIssuanceOfCommonShares" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_IssuanceOfCommonStockUnderPromissoryNoteShares" name="IssuanceOfCommonStockUnderPromissoryNoteShares" nillable="true" xbrli:periodType="duration" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_IssuanceOfCommonStockUnderPromissoryNote" name="IssuanceOfCommonStockUnderPromissoryNote" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_UnpaidPortionOfBallastWaterTreatmentSystemInstallation" name="UnpaidPortionOfBallastWaterTreatmentSystemInstallation" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_PaymentsForInstallation" name="PaymentsForInstallation" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_NoncashFinancingActivitiesIssuanceOfCommonStockUnderPromissoryNote" name="NoncashFinancingActivitiesIssuanceOfCommonStockUnderPromissoryNote" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_UnpaidPortionForCommonStockOfferingCosts" name="UnpaidPortionForCommonStockOfferingCosts" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_IssuanceOfCommonStockUnderPromissoryNotes" name="IssuanceOfCommonStockUnderPromissoryNotes" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_QuarterlyInstallmentsPayableTenInstallments" name="QuarterlyInstallmentsPayableTenInstallments" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_QuarterlyInstallmentsPayableInAggregatePerFacility" name="QuarterlyInstallmentsPayableInAggregatePerFacility" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_DebtInstrumentBasisSpreadOnVariableRatePercentage" name="DebtInstrumentBasisSpreadOnVariableRatePercentage" nillable="true" xbrli:periodType="instant" type="num:percentItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_TradeAccountsReceivableNet" name="TradeAccountsReceivableNet" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_NetProceedsFromSaleOfVessel" name="NetProceedsFromSaleOfVessel" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_TradeAccountsReceivable" name="TradeAccountsReceivable" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_PreferredStockOfferingCosts" name="PreferredStockOfferingCosts" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_PaymentsForVesselAdditions" name="PaymentsForVesselAdditions" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_LongtermDebtBalloonPaymentPerFacility" name="LongtermDebtBalloonPaymentPerFacility" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_DebtCurrent1" name="DebtCurrent1" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_QuarterlyInstallmentsPayableNineteenInstallments" name="QuarterlyInstallmentsPayableNineteenInstallments" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_NumberOfVesselOwnershipsInterestEntities" name="NumberOfVesselOwnershipsInterestEntities" nillable="true" xbrli:periodType="instant" type="xbrli:integerItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_PercentageOfCommonStockBeneficiallyOwned" name="PercentageOfCommonStockBeneficiallyOwned" nillable="true" xbrli:periodType="instant" type="num:percentItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_VesselName" name="VesselName" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_VesselCapacity" name="VesselCapacity" nillable="true" xbrli:periodType="duration" type="xbrli:integerItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_VesselBuiltYear" name="VesselBuiltYear" nillable="true" xbrli:periodType="duration" type="xbrli:gYearItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_VesselAcquisitionDate" name="VesselAcquisitionDate" nillable="true" xbrli:periodType="duration" type="xbrli:dateItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_ResidualValuePerLightweightTon" name="ResidualValuePerLightweightTon" nillable="true" xbrli:periodType="instant" type="srt-types:perUnitItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_EstimatedFleetUtilizationRateDependingOnTypeOfVesselMinimumRate" name="EstimatedFleetUtilizationRateDependingOnTypeOfVesselMinimumRate" nillable="true" xbrli:periodType="duration" type="num:percentItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_EstimatedFleetUtilizationRateDependingOnTypeOfVesselMaximumRate" name="EstimatedFleetUtilizationRateDependingOnTypeOfVesselMaximumRate" nillable="true" xbrli:periodType="duration" type="num:percentItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_EstimatedFleetUtilizationRateIncludingScheduledOffhireDaysForPlannedDryDockingsAndVesselSurveysMinimumRate" name="EstimatedFleetUtilizationRateIncludingScheduledOffhireDaysForPlannedDryDockingsAndVesselSurveysMinimumRate" nillable="true" xbrli:periodType="duration" type="num:percentItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_EstimatedFleetUtilizationRateIncludingScheduledOffhireDaysForPlannedDryDockingsAndVesselSurveysMaximumRate" name="EstimatedFleetUtilizationRateIncludingScheduledOffhireDaysForPlannedDryDockingsAndVesselSurveysMaximumRate" nillable="true" xbrli:periodType="duration" type="num:percentItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_WorkingCapitalDeficit" name="WorkingCapitalDeficit" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_VoyageRevenues" name="VoyageRevenues" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_DailyShipManagementFeesPayableToRelatedParty" name="DailyShipManagementFeesPayableToRelatedParty" nillable="true" xbrli:periodType="duration" type="num:perShareItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_CharterHireAgreementCommissionRate" name="CharterHireAgreementCommissionRate" nillable="true" xbrli:periodType="duration" type="num:percentItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_ManagementAgreementsInitialTerm" name="ManagementAgreementsInitialTerm" nillable="true" xbrli:periodType="duration" type="xbrli:durationItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_ManagementAgreementsRenewalPeriod" name="ManagementAgreementsRenewalPeriod" nillable="true" xbrli:periodType="duration" type="xbrli:durationItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_HeadManagementAgreementWithRelatedPartyCommencementDate" name="HeadManagementAgreementWithRelatedPartyCommencementDate" nillable="true" xbrli:periodType="duration" type="xbrli:dateItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_AdministrationFees" name="AdministrationFees" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_ShipmanagementAndAdministrationFeesPercentageIncrease" name="ShipmanagementAndAdministrationFeesPercentageIncrease" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_PromissoryNoteIssued" name="PromissoryNoteIssued" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_InterestExpenseOnPromissoryNote" name="InterestExpenseOnPromissoryNote" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_FuturePaymentsOfInterestOnPromissoryNoteInCash" name="FuturePaymentsOfInterestOnPromissoryNoteInCash" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_InterestOnPromissoryNoteToBeSettledInCommonShares" name="InterestOnPromissoryNoteToBeSettledInCommonShares" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_InterestOnPromissoryNoteSettledInCommonSharesInJanuaryTwoThousandTwentyOne" name="InterestOnPromissoryNoteSettledInCommonSharesInJanuaryTwoThousandTwentyOne" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_InterestOnPromissoryNoteSettledInCommonSharesInJanuaryTwoThousandTwenty" name="InterestOnPromissoryNoteSettledInCommonSharesInJanuaryTwoThousandTwenty" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_CharterHireCommissions" name="CharterHireCommissions" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_AccruedAndRemainsUnpaidAmountOfBallastWaterTreatmentSystemInstallation" name="AccruedAndRemainsUnpaidAmountOfBallastWaterTreatmentSystemInstallation" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_LossOnVesselHeldForSale" name="LossOnVesselHeldForSale" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_AdditionsToDeferredChargesAmount" name="AdditionsToDeferredChargesAmount" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_DeferredChargesTransferToVesselHeldforsale" name="DeferredChargesTransferToVesselHeldforsale" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_MaximumOfferingAmountUnderRegistrationStatement" name="MaximumOfferingAmountUnderRegistrationStatement" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_MaximumNumberOfSharesForSaleUnderRegistrationStatement" name="MaximumNumberOfSharesForSaleUnderRegistrationStatement" nillable="true" xbrli:periodType="duration" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_StockIssuedDuringPeriodShares" name="StockIssuedDuringPeriodShares" nillable="true" xbrli:periodType="duration" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_CumulativeEffectOfAccumulatedDeficitForImpactOfAdoptionOnNewAccountingStandardForCreditLosses" name="CumulativeEffectOfAccumulatedDeficitForImpactOfAdoptionOnNewAccountingStandardForCreditLosses" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_DerivativesNotionalAmount" name="DerivativesNotionalAmount" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_InterestRateCapTerminationDate" name="InterestRateCapTerminationDate" nillable="true" xbrli:periodType="duration" type="xbrli:dateItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_CashAndCashEquivalent" name="CashAndCashEquivalent" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_LongtermDebtWithVariableInterestRatesNet" name="LongtermDebtWithVariableInterestRatesNet" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_LongtermLoansAndPromissoryNoteWithNonvariableInterestRatesNet" name="LongtermLoansAndPromissoryNoteWithNonvariableInterestRatesNet" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_InitialCostOfDerivativeInstrument" name="InitialCostOfDerivativeInstrument" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_ImpairmentChargesOnVesselsNet" name="ImpairmentChargesOnVesselsNet" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_InterestOnPromissoryNote" name="InterestOnPromissoryNote" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_LongtermDebtPrepaymentFees" name="LongtermDebtPrepaymentFees" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_BidPriceRule" name="BidPriceRule" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_NetProceedsFromPublicOffering" name="NetProceedsFromPublicOffering" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_PropertyPlantAndEquipmentAdditionsNet" name="PropertyPlantAndEquipmentAdditionsNet" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_ComprehensiveIncomeLoss" name="ComprehensiveIncomeLoss" nillable="true" xbrli:periodType="duration" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_InsuranceClaimReceivablesPolicyTextBlock" name="InsuranceClaimReceivablesPolicyTextBlock" nillable="true" xbrli:periodType="duration" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_VesselsPolicyTextBlock" name="VesselsPolicyTextBlock" nillable="true" xbrli:periodType="duration" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_LonglivedAssetsClassifiedAsHeldForSalePolicyTextBlock" name="LonglivedAssetsClassifiedAsHeldForSalePolicyTextBlock" nillable="true" xbrli:periodType="duration" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_AccountingForSpecialSurveyAndDrydockingCostsPolicyTextBlock" name="AccountingForSpecialSurveyAndDrydockingCostsPolicyTextBlock" nillable="true" xbrli:periodType="duration" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_GoingConcernPolicyTextBlock" name="GoingConcernPolicyTextBlock" nillable="true" xbrli:periodType="duration" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_RestrictedCashPolicyTextBlock" name="RestrictedCashPolicyTextBlock" nillable="true" xbrli:periodType="duration" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_NewAccountingPronouncementsNotYetAdoptedPolicyTextBlock" name="NewAccountingPronouncementsNotYetAdoptedPolicyTextBlock" nillable="true" xbrli:periodType="duration" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_DeferredChargesTextBlock" name="DeferredChargesTextBlock" nillable="true" xbrli:periodType="duration" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_ScheduleOfDeferredChargesTableTextBlock" name="ScheduleOfDeferredChargesTableTextBlock" nillable="true" xbrli:periodType="duration" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_LossPerCommonShare" name="LossPerCommonShare" nillable="true" xbrli:periodType="duration" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_RiskManagementAndFairValueMeasurementsTextBlock" name="RiskManagementAndFairValueMeasurementsTextBlock" nillable="true" xbrli:periodType="duration" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_TabularDisclosureOfDerivativeInstrumentsAndLocation" name="TabularDisclosureOfDerivativeInstrumentsAndLocation" nillable="true" xbrli:periodType="duration" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_TabularDisclosureOfGainsLossesOnDerivativeInstruments" name="TabularDisclosureOfGainsLossesOnDerivativeInstruments" nillable="true" xbrli:periodType="duration" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_ScheduleOfFutureMinimumContractualCharterRevenueTableTextBlock" name="ScheduleOfFutureMinimumContractualCharterRevenueTableTextBlock" nillable="true" xbrli:periodType="duration" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_ScheduleOfInterestAndFinanceCostsTableTextBlock" name="ScheduleOfInterestAndFinanceCostsTableTextBlock" nillable="true" xbrli:periodType="duration" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_InterestOnPromissoryNoteSettledInCommonSharesDuringPriorPeriod" name="InterestOnPromissoryNoteSettledInCommonSharesDuringPriorPeriod" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_InterestOnPromissoryNoteSettledInCommonSharesDuringPeriod" name="InterestOnPromissoryNoteSettledInCommonSharesDuringPeriod" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_RepaymentsOfAssetCreditFacility" name="RepaymentsOfAssetCreditFacility" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_FacilityMaturityPeriod" name="FacilityMaturityPeriod" nillable="true" xbrli:periodType="duration" type="xbrli:gYearMonthItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_MinimumLiquidityAmountDescription" name="MinimumLiquidityAmountDescription" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_InterestRatePaidInCash" name="InterestRatePaidInCash" nillable="true" xbrli:periodType="instant" type="num:percentItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_InterestRatePaidInRestrictedShares" name="InterestRatePaidInRestrictedShares" nillable="true" xbrli:periodType="instant" type="num:percentItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_ManagementAgreementExpirationDate" name="ManagementAgreementExpirationDate" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_DebtModificationsAndExtinguishmentsPolicyTextBlock" name="DebtModificationsAndExtinguishmentsPolicyTextBlock" nillable="true" xbrli:periodType="duration" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_DistinguishingLiabilitiesFromEquityPolicyTextBlock" name="DistinguishingLiabilitiesFromEquityPolicyTextBlock" nillable="true" xbrli:periodType="duration" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_WarrantExercisableDate" name="WarrantExercisableDate" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_WarrantAggregatePurchasePrice" name="WarrantAggregatePurchasePrice" nillable="true" xbrli:periodType="duration" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_TerminationDate" name="TerminationDate" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_FirstTypeWarrantForPurchaseOfAggregateSeriesConvertiblePreferredShares" name="FirstTypeWarrantForPurchaseOfAggregateSeriesConvertiblePreferredShares" nillable="true" xbrli:periodType="instant" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_FirstTypeWarrantsExercisePrice" name="FirstTypeWarrantsExercisePrice" nillable="true" xbrli:periodType="instant" type="num:perShareItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_SecondTypeWarrantForPurchaseOfAggregateSeriesConvertiblePreferredShares" name="SecondTypeWarrantForPurchaseOfAggregateSeriesConvertiblePreferredShares" nillable="true" xbrli:periodType="instant" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_SecondTypeWarrantsExercisePrice" name="SecondTypeWarrantsExercisePrice" nillable="true" xbrli:periodType="instant" type="num:perShareItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_PartialOverallotmentOfWarrantsExercisedByUnderwriter" name="PartialOverallotmentOfWarrantsExercisedByUnderwriter" nillable="true" xbrli:periodType="instant" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_PurchasePricePerOptionalWarrant" name="PurchasePricePerOptionalWarrant" nillable="true" xbrli:periodType="instant" type="num:perShareItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_AdditionalNumberOfWarrantsOptionalWarrants" name="AdditionalNumberOfWarrantsOptionalWarrants" nillable="true" xbrli:periodType="instant" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_AdditionalNumberOfSeriesConvertiblePreferredSharesOptionalPreferredShares" name="AdditionalNumberOfSeriesConvertiblePreferredSharesOptionalPreferredShares" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_PercentageOfPreferredShares" name="PercentageOfPreferredShares" nillable="true" xbrli:periodType="instant" type="num:percentItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_NumberOfDetachableWarrantsPerSeriesConvertiblePreferredShare" name="NumberOfDetachableWarrantsPerSeriesConvertiblePreferredShare" nillable="true" xbrli:periodType="instant" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_NumberOfCommonSharesFromExerciseOfDetachableWarrants" name="NumberOfCommonSharesFromExerciseOfDetachableWarrants" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_AverageGrossAmountUnderProgram" name="AverageGrossAmountUnderProgram" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_ConvertiblePreferredStockConversionDescription" name="ConvertiblePreferredStockConversionDescription" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_PurchasePricePerOptionalPreferredShare" name="PurchasePricePerOptionalPreferredShare" nillable="true" xbrli:periodType="instant" type="num:perShareItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_EarlyDebtPrepaymentFollowingSaleOfPyxisDelta" name="EarlyDebtPrepaymentFollowingSaleOfPyxisDelta" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_StockIssuedDuringPeriodSharesNewIssue" name="StockIssuedDuringPeriodSharesNewIssue" nillable="true" xbrli:periodType="instant" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_PrepaymentFee" name="PrepaymentFee" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_LongTermDebtNoncurrentExcludingNotesPayable" name="LongTermDebtNoncurrentExcludingNotesPayable" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_NumberOfWarrantsExercisedDuringPeriod" name="NumberOfWarrantsExercisedDuringPeriod" nillable="true" xbrli:periodType="instant" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_DescriptionOfMinimumLiquidityAmountAndMinimumSecurityCover" name="DescriptionOfMinimumLiquidityAmountAndMinimumSecurityCover" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_ConvertiblePreferredSharesDividendPerShare" name="ConvertiblePreferredSharesDividendPerShare" nillable="true" xbrli:periodType="duration" type="num:perShareItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_LongTermDebtBalloonPayment" name="LongTermDebtBalloonPayment" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_ConversionOfPreferredShares" name="ConversionOfPreferredShares" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_NumberOfCommonStockIssued" name="NumberOfCommonStockIssued" nillable="true" xbrli:periodType="duration" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_OfferingUnits" name="OfferingUnits" nillable="true" xbrli:periodType="duration" type="xbrli:sharesItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_OfferingPrice" name="OfferingPrice" nillable="true" xbrli:periodType="instant" type="num:perShareItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_GrossProceedsFromOverallotmentOptionGranted" name="GrossProceedsFromOverallotmentOptionGranted" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_GrossProceedsFromOffering" name="GrossProceedsFromOffering" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_InitialConversionPricePerCommonShare" name="InitialConversionPricePerCommonShare" nillable="true" xbrli:periodType="instant" type="num:perShareItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_ChangeOfControlTerms" name="ChangeOfControlTerms" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_AnnualCashDividendPerShare" name="AnnualCashDividendPerShare" nillable="true" xbrli:periodType="duration" type="num:perShareItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_CreditLossDescription" name="CreditLossDescription" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_MinimumLiquidityAmountRequired" name="MinimumLiquidityAmountRequired" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_InterestExpenseOnLongtermDebtAndPromissoryNote" name="InterestExpenseOnLongtermDebtAndPromissoryNote" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_PaymentForFinancialDerivativesInstrument" name="PaymentForFinancialDerivativesInstrument" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_PaymentForAdvances" name="PaymentForAdvances" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_InterestAndFinanceCostTextBlock" name="InterestAndFinanceCostTextBlock" nillable="true" xbrli:periodType="duration" type="nonnum:textBlockItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_CashDividendPerShare" name="CashDividendPerShare" nillable="true" xbrli:periodType="instant" type="num:perShareItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_NorthseaAlphaVesselMember" name="NorthseaAlphaVesselMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_SecondoneMember" name="SecondoneMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_NorthseaBetaVesselMember" name="NorthseaBetaVesselMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_ThirdoneMember" name="ThirdoneMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_PyxisMalouVesselMember" name="PyxisMalouVesselMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_FourthoneMember" name="FourthoneMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_PyxisDeltaVesselMember" name="PyxisDeltaVesselMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_SixthoneMember" name="SixthoneMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_PyxisThetaVesselMember" name="PyxisThetaVesselMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_SeventhoneMember" name="SeventhoneMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_PyxisEpsilonVesselMember" name="PyxisEpsilonVesselMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_EighthoneMember" name="EighthoneMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_MrValentisMember" name="MrValentisMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_VesselsMember" name="VesselsMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_SecondoneCorporationLtdMember" name="SecondoneCorporationLtdMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_ThirdoneCorporationLtdMember" name="ThirdoneCorporationLtdMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_FourthoneCorporationLtdMember" name="FourthoneCorporationLtdMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_SixthoneCorpMember" name="SixthoneCorpMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_SeventhoneCorpMember" name="SeventhoneCorpMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_EighthoneCorpMember" name="EighthoneCorpMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_PyxisMaritimeCorporationMember" name="PyxisMaritimeCorporationMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_LubricantsMember" name="LubricantsMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_BunkersMember" name="BunkersMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_VesselCostMember" name="VesselCostMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_AccumulatedDepreciationMember" name="AccumulatedDepreciationMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_NetBookValueMember" name="NetBookValueMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_SpotChartersMember" name="SpotChartersMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_TimeChartersMember" name="TimeChartersMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_RevenuesDerivedFromSpotChartersMember" name="RevenuesDerivedFromSpotChartersMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_RevenuesDerivedFromTimeChartersMember" name="RevenuesDerivedFromTimeChartersMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_SignificantOtherObservableInputsLevel2NorthseaAlphaAndNorthseaBetaMember" name="SignificantOtherObservableInputsLevel2NorthseaAlphaAndNorthseaBetaMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_SignificantOtherObservableInputsLevel2NorthseaAlphaVesselMember" name="SignificantOtherObservableInputsLevel2NorthseaAlphaVesselMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_SignificantOtherObservableInputsLevel2NorthseaBetaVesselMember" name="SignificantOtherObservableInputsLevel2NorthseaBetaVesselMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_PreviousSecuredLoanSecondoneThirdoneAndFourthoneMember" name="PreviousSecuredLoanSecondoneThirdoneAndFourthoneMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_SecondoneThirdoneAndFourthoneNewSecuredLoanMember" name="SecondoneThirdoneAndFourthoneNewSecuredLoanMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_FThreeRegistrationStatementMember" name="FThreeRegistrationStatementMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_MaritimeInvestorsPromissoryNoteMember" name="MaritimeInvestorsPromissoryNoteMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_EighthoneLoanAmendedAndRestatedPromissoryNoteMember" name="EighthoneLoanAmendedAndRestatedPromissoryNoteMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_EighthoneNewSecuredLoanMember" name="EighthoneNewSecuredLoanMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_UntilDecemberTwoThousandAndTwentyMember" name="UntilDecemberTwoThousandAndTwentyMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_ThereafterOnSeptemberTwentyFiveTwoThousandTwentyMember" name="ThereafterOnSeptemberTwentyFiveTwoThousandTwentyMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_ATMProgramMember" name="ATMProgramMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_LOOKSMARTLTDMember" name="LOOKSMARTLTDMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_ChartererAMember" name="ChartererAMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_ChartererBMember" name="ChartererBMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_ChartererCMember" name="ChartererCMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_PyxisMaritimeMember" name="PyxisMaritimeMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_WhileVesselIsUnderConstructionMember" name="WhileVesselIsUnderConstructionMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_NewSecuredLoanSecondoneThirdoneMember" name="NewSecuredLoanSecondoneThirdoneMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_NewSecuredLoanFourthoneMember" name="NewSecuredLoanFourthoneMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_NewSecuredLoanSecondoneThirdoneAndFourthoneMember" name="NewSecuredLoanSecondoneThirdoneAndFourthoneMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_ProspectusSupplementFiledForShelfRegistrationStatementRelatedToAtTheMarketProgramMember" name="ProspectusSupplementFiledForShelfRegistrationStatementRelatedToAtTheMarketProgramMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_ProspectusSupplementAmendedForShelfRegistrationStatementRelatedToAtTheMarketProgramMember" name="ProspectusSupplementAmendedForShelfRegistrationStatementRelatedToAtTheMarketProgramMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_CarryingValueMember" name="CarryingValueMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_FairValueMember" name="FairValueMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_LoanAgreementDatedOctoberTwelveTwoThousandTwelveMember" name="LoanAgreementDatedOctoberTwelveTwoThousandTwelveMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_EighthoneSecuredLoanMember" name="EighthoneSecuredLoanMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_ThereafterMember" name="ThereafterMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_SaleOfPyxisDeltaMember" name="SaleOfPyxisDeltaMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_AmendedAndRestatedPromissoryNoteMember" name="AmendedAndRestatedPromissoryNoteMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_SeriesAConvertiblePreferredStockMember" name="SeriesAConvertiblePreferredStockMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_SeventhonePreviousSecuredLoanMember" name="SeventhonePreviousSecuredLoanMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_SecuredLoanSeventhoneCorpMember" name="SecuredLoanSeventhoneCorpMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_SeventhoneLoanMember" name="SeventhoneLoanMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_LoanAgreementMember" name="LoanAgreementMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_MARITIMETECHNOLOGIESCORPMember" name="MARITIMETECHNOLOGIESCORPMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_OfferingMember" name="OfferingMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_SevenPointSeventyFivePercenatgSeriesAConvertiblePreferredSharesMember" name="SevenPointSeventyFivePercenatgSeriesAConvertiblePreferredSharesMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_SeriesAConvertiblePreferredSharesMember" name="SeriesAConvertiblePreferredSharesMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_SecondWarrantMember" name="SecondWarrantMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_SeriesAConvertiblePreferredSharesAndDetachableWarrantsMember" name="SeriesAConvertiblePreferredSharesAndDetachableWarrantsMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_ATMProgramOneMember" name="ATMProgramOneMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_SeriesAConvertiblePreferredSharesOneMember" name="SeriesAConvertiblePreferredSharesOneMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_DefinitiveSecuritiesPurchaseAgreementsMember" name="DefinitiveSecuritiesPurchaseAgreementsMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_SeriesAConvertiblePreferredSharesConversionsMember" name="SeriesAConvertiblePreferredSharesConversionsMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_WarrantExercisesMember" name="WarrantExercisesMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_AmendmentToEighthoneLoanMember" name="AmendmentToEighthoneLoanMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_RefinanceOfEighthoneLoanMember" name="RefinanceOfEighthoneLoanMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_UseOfProceedsFromSaleOfPyxisDeltaMember" name="UseOfProceedsFromSaleOfPyxisDeltaMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_WarrantOneMember" name="WarrantOneMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_WarrantTwoMember" name="WarrantTwoMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_WarrantThreeMember" name="WarrantThreeMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_WarrantFourMember" name="WarrantFourMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_WarrantFiveMember" name="WarrantFiveMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_WarrantSixMember" name="WarrantSixMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_WarrantSevenMember" name="WarrantSevenMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_WarrantEightMember" name="WarrantEightMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_TwoSeparateUnderwritersWarrantsMember" name="TwoSeparateUnderwritersWarrantsMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_OneLenderMember" name="OneLenderMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_LongTermDebtAndPromissoryNoteMember" name="LongTermDebtAndPromissoryNoteMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_EighthonePreviousSecuredLoanMember" name="EighthonePreviousSecuredLoanMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_UnderwriterMember" name="UnderwriterMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_MaritimeInvestorsMember" name="MaritimeInvestorsMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_HolderMember" name="HolderMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_UnderwritersWarrantsMember" name="UnderwritersWarrantsMember" nillable="true" xbrli:periodType="duration" type="nonnum:domainItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_DeferredChargesNetAbstract" name="DeferredChargesNetAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_RiskManagementAndFairValueMeasurementsAbstract" name="RiskManagementAndFairValueMeasurementsAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_InterestAndFinanceCostsNetAbstract" name="InterestAndFinanceCostsNetAbstract" abstract="true" nillable="true" xbrli:periodType="duration" type="xbrli:stringItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_DebtPrepaymentAmount" name="DebtPrepaymentAmount" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_QuarterlyInstallmentsPayableInAggregate" name="QuarterlyInstallmentsPayableInAggregate" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_MinimumLiquidityAmount" name="MinimumLiquidityAmount" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" />
    <element id="PXS_AverageGrossPricePerShareUnderProgram" name="AverageGrossPricePerShareUnderProgram" nillable="true" xbrli:periodType="instant" type="num:perShareItemType" substitutionGroup="xbrli:item" />
</schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>31
<FILENAME>pxs-20201231_cal.xml
<DESCRIPTION>XBRL CALCULATION FILE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.7a -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: http://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Source; Value: PXS %2D20201231 20%2DF DFN.xfr; Date: 2021%2D04%2D12T11:27:06Z -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
    <link:roleRef roleURI="http://pyxistankers.com/role/DocumentAndEntityInformation" xlink:href="pxs-20201231.xsd#DocumentAndEntityInformation" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/BalanceSheets" xlink:href="pxs-20201231.xsd#BalanceSheets" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/BalanceSheetsParenthetical" xlink:href="pxs-20201231.xsd#BalanceSheetsParenthetical" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/StatementsOfComprehensiveLoss" xlink:href="pxs-20201231.xsd#StatementsOfComprehensiveLoss" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/StatementsOfStockholdersEquity" xlink:href="pxs-20201231.xsd#StatementsOfStockholdersEquity" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/StatementsOfCashFlows" xlink:href="pxs-20201231.xsd#StatementsOfCashFlows" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/BasisOfPresentationAndGeneralInformation" xlink:href="pxs-20201231.xsd#BasisOfPresentationAndGeneralInformation" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/SignificantAccountingPolicies" xlink:href="pxs-20201231.xsd#SignificantAccountingPolicies" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/TransactionsWithRelatedParties" xlink:href="pxs-20201231.xsd#TransactionsWithRelatedParties" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/Inventories" xlink:href="pxs-20201231.xsd#Inventories" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/VesselsNet" xlink:href="pxs-20201231.xsd#VesselsNet" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/DeferredChargesNet" xlink:href="pxs-20201231.xsd#DeferredChargesNet" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/Long-termDebt" xlink:href="pxs-20201231.xsd#Long-termDebt" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/EquityCapitalStructureAndEquityIncentivePlan" xlink:href="pxs-20201231.xsd#EquityCapitalStructureAndEquityIncentivePlan" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/LossPerCommonShare" xlink:href="pxs-20201231.xsd#LossPerCommonShare" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurements" xlink:href="pxs-20201231.xsd#RiskManagementAndFairValueMeasurements" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/CommitmentsAndContingencies" xlink:href="pxs-20201231.xsd#CommitmentsAndContingencies" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/InterestAndFinanceCostsNet" xlink:href="pxs-20201231.xsd#InterestAndFinanceCostsNet" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/SubsequentEvents" xlink:href="pxs-20201231.xsd#SubsequentEvents" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/SignificantAccountingPoliciesPolicies" xlink:href="pxs-20201231.xsd#SignificantAccountingPoliciesPolicies" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/BasisOfPresentationAndGeneralInformationTables" xlink:href="pxs-20201231.xsd#BasisOfPresentationAndGeneralInformationTables" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/SignificantAccountingPoliciesTables" xlink:href="pxs-20201231.xsd#SignificantAccountingPoliciesTables" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/TransactionsWithRelatedPartiesTables" xlink:href="pxs-20201231.xsd#TransactionsWithRelatedPartiesTables" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/InventoriesTables" xlink:href="pxs-20201231.xsd#InventoriesTables" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/VesselsNetTables" xlink:href="pxs-20201231.xsd#VesselsNetTables" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/DeferredChargesNetTables" xlink:href="pxs-20201231.xsd#DeferredChargesNetTables" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/Long-termDebtTables" xlink:href="pxs-20201231.xsd#Long-termDebtTables" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/LossPerCommonShareTables" xlink:href="pxs-20201231.xsd#LossPerCommonShareTables" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurementsTables" xlink:href="pxs-20201231.xsd#RiskManagementAndFairValueMeasurementsTables" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/CommitmentsAndContingenciesTables" xlink:href="pxs-20201231.xsd#CommitmentsAndContingenciesTables" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/InterestAndFinanceCostsNetTables" xlink:href="pxs-20201231.xsd#InterestAndFinanceCostsNetTables" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/BasisOfPresentationAndGeneralInformationDetailsNarrative" xlink:href="pxs-20201231.xsd#BasisOfPresentationAndGeneralInformationDetailsNarrative" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/BasisOfPresentationAndGeneralInformation-ScheduleOfOwnershipAndOperationOfTankerVesselsDetails" xlink:href="pxs-20201231.xsd#BasisOfPresentationAndGeneralInformation-ScheduleOfOwnershipAndOperationOfTankerVesselsDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/SignificantAccountingPoliciesDetailsNarrative" xlink:href="pxs-20201231.xsd#SignificantAccountingPoliciesDetailsNarrative" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/SignificantAccountingPolicies-ScheduleOfRevenueDisaggregatedByRevenueSourceDetails" xlink:href="pxs-20201231.xsd#SignificantAccountingPolicies-ScheduleOfRevenueDisaggregatedByRevenueSourceDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/SignificantAccountingPolicies-SummaryOfRevenueFromSignificantCharterersFor10OrMoreOfRevenueDetails" xlink:href="pxs-20201231.xsd#SignificantAccountingPolicies-SummaryOfRevenueFromSignificantCharterersFor10OrMoreOfRevenueDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/SignificantAccountingPolicies-ScheduleOfReconciliationOfCashAndCashEquivalentsAndRestrictedCashDetails" xlink:href="pxs-20201231.xsd#SignificantAccountingPolicies-ScheduleOfReconciliationOfCashAndCashEquivalentsAndRestrictedCashDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/TransactionsWithRelatedPartiesDetailsNarrative" xlink:href="pxs-20201231.xsd#TransactionsWithRelatedPartiesDetailsNarrative" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/TransactionsWithRelatedParties-ScheduleOfAmountsChargedByMaritimeIncludedInAccompanyingConsolidatedStatementsOfComprehensiveLossDetails" xlink:href="pxs-20201231.xsd#TransactionsWithRelatedParties-ScheduleOfAmountsChargedByMaritimeIncludedInAccompanyingConsolidatedStatementsOfComprehensiveLossDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/Inventories-ScheduleOfInventoriesDetails" xlink:href="pxs-20201231.xsd#Inventories-ScheduleOfInventoriesDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/VesselsNetDetailsNarrative" xlink:href="pxs-20201231.xsd#VesselsNetDetailsNarrative" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/VesselsNet-ScheduleOfVesselsDetails" xlink:href="pxs-20201231.xsd#VesselsNet-ScheduleOfVesselsDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/DeferredChargesNet-ScheduleOfDeferredChargesDetails" xlink:href="pxs-20201231.xsd#DeferredChargesNet-ScheduleOfDeferredChargesDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/Long-termDebt-ScheduleOfLong-termDebtDetails" xlink:href="pxs-20201231.xsd#Long-termDebt-ScheduleOfLong-termDebtDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/Long-termDebt-ScheduleOfLong-termDebtDetailsParenthetical" xlink:href="pxs-20201231.xsd#Long-termDebt-ScheduleOfLong-termDebtDetailsParenthetical" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/Long-termDebt-ScheduleOfPrincipalPaymentsDetails" xlink:href="pxs-20201231.xsd#Long-termDebt-ScheduleOfPrincipalPaymentsDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/EquityCapitalStructureAndEquityIncentivePlanDetailsNarrative" xlink:href="pxs-20201231.xsd#EquityCapitalStructureAndEquityIncentivePlanDetailsNarrative" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/LossPerCommonShare-ScheduleOfLossPerCommonShareDetails" xlink:href="pxs-20201231.xsd#LossPerCommonShare-ScheduleOfLossPerCommonShareDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurementsDetailsNarrative" xlink:href="pxs-20201231.xsd#RiskManagementAndFairValueMeasurementsDetailsNarrative" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurements-ScheduleOfFairValueOfAssetsAndLiabilitiesDetails" xlink:href="pxs-20201231.xsd#RiskManagementAndFairValueMeasurements-ScheduleOfFairValueOfAssetsAndLiabilitiesDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurements-ScheduleOfFairValueOfAssetsAndLiabilitiesDetailsParenthetical" xlink:href="pxs-20201231.xsd#RiskManagementAndFairValueMeasurements-ScheduleOfFairValueOfAssetsAndLiabilitiesDetailsParenthetical" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurements-ScheduleOfFinancialDerivativeInstrumentLocationDetails" xlink:href="pxs-20201231.xsd#RiskManagementAndFairValueMeasurements-ScheduleOfFinancialDerivativeInstrumentLocationDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurements-ScheduleOfGainsLossesOnDerivativeInstrumentsDetails" xlink:href="pxs-20201231.xsd#RiskManagementAndFairValueMeasurements-ScheduleOfGainsLossesOnDerivativeInstrumentsDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurements-ScheduleOfAssetsMeasuredAtFairValueOnNon-recurringBasisLongLivedAssetsHeldAndUsedAndHeldForSaleDetails" xlink:href="pxs-20201231.xsd#RiskManagementAndFairValueMeasurements-ScheduleOfAssetsMeasuredAtFairValueOnNon-recurringBasisLongLivedAssetsHeldAndUsedAndHeldForSaleDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/CommitmentsAndContingencies-ScheduleOfFutureMinimumContractualCharterRevenuesDetails" xlink:href="pxs-20201231.xsd#CommitmentsAndContingencies-ScheduleOfFutureMinimumContractualCharterRevenuesDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/InterestAndFinanceCostsNet-ScheduleOfInterestAndFinanceCostsDetails" xlink:href="pxs-20201231.xsd#InterestAndFinanceCostsNet-ScheduleOfInterestAndFinanceCostsDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/SubsequentEventsDetailsNarrative" xlink:href="pxs-20201231.xsd#SubsequentEventsDetailsNarrative" xlink:type="simple" />
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/DocumentAndEntityInformation" xlink:title="00000001 - Document - Document and Entity Information" />
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/BalanceSheets" xlink:title="00000002 - Statement - Consolidated Balance Sheets">
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_TradeAccountsReceivableNet" xlink:label="loc_PXSTradeAccountsReceivableNet" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_TradeAccountsReceivable" xlink:label="loc_PXSTradeAccountsReceivable" />
      <link:calculationArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_PXSTradeAccountsReceivableNet" xlink:to="loc_PXSTradeAccountsReceivable" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xlink:label="loc_us-gaapAllowanceForDoubtfulAccountsReceivableCurrent" />
      <link:calculationArc order="2" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_PXSTradeAccountsReceivableNet" xlink:to="loc_us-gaapAllowanceForDoubtfulAccountsReceivableCurrent" xlink:type="arc" weight="-1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="loc_us-gaapAssetsCurrent" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="loc_us-gaapCashAndCashEquivalentsAtCarryingValue" />
      <link:calculationArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapAssetsCurrent" xlink:to="loc_us-gaapCashAndCashEquivalentsAtCarryingValue" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue" xlink:label="loc_us-gaapRestrictedCashAndCashEquivalentsAtCarryingValue" />
      <link:calculationArc order="2" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapAssetsCurrent" xlink:to="loc_us-gaapRestrictedCashAndCashEquivalentsAtCarryingValue" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InventoryNet" xlink:label="loc_us-gaapInventoryNet" />
      <link:calculationArc order="3" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapAssetsCurrent" xlink:to="loc_us-gaapInventoryNet" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:label="loc_us-gaapPrepaidExpenseAndOtherAssetsCurrent" />
      <link:calculationArc order="4" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapAssetsCurrent" xlink:to="loc_us-gaapPrepaidExpenseAndOtherAssetsCurrent" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetsHeldForSaleNotPartOfDisposalGroupCurrent" xlink:label="loc_us-gaapAssetsHeldForSaleNotPartOfDisposalGroupCurrent" />
      <link:calculationArc order="5" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapAssetsCurrent" xlink:to="loc_us-gaapAssetsHeldForSaleNotPartOfDisposalGroupCurrent" xlink:type="arc" weight="1" />
      <link:calculationArc order="6" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapAssetsCurrent" xlink:to="loc_PXSTradeAccountsReceivableNet" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DueFromRelatedPartiesCurrent" xlink:label="loc_us-gaapDueFromRelatedPartiesCurrent" />
      <link:calculationArc order="7" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapAssetsCurrent" xlink:to="loc_us-gaapDueFromRelatedPartiesCurrent" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="loc_us-gaapPropertyPlantAndEquipmentNet" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CapitalLeasesBalanceSheetAssetsByMajorClassNet" xlink:label="loc_us-gaapCapitalLeasesBalanceSheetAssetsByMajorClassNet" />
      <link:calculationArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapPropertyPlantAndEquipmentNet" xlink:to="loc_us-gaapCapitalLeasesBalanceSheetAssetsByMajorClassNet" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherAssetsNoncurrent" xlink:label="loc_us-gaapOtherAssetsNoncurrent" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalentsNoncurrent" xlink:label="loc_us-gaapRestrictedCashAndCashEquivalentsNoncurrent" />
      <link:calculationArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapOtherAssetsNoncurrent" xlink:to="loc_us-gaapRestrictedCashAndCashEquivalentsNoncurrent" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredCosts" xlink:label="loc_us-gaapDeferredCosts" />
      <link:calculationArc order="2" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapOtherAssetsNoncurrent" xlink:to="loc_us-gaapDeferredCosts" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeInstrumentsAndHedgesNoncurrent" xlink:label="loc_us-gaapDerivativeInstrumentsAndHedgesNoncurrent" />
      <link:calculationArc order="3" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapOtherAssetsNoncurrent" xlink:to="loc_us-gaapDerivativeInstrumentsAndHedgesNoncurrent" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PrepaidExpenseAndOtherAssetsNoncurrent" xlink:label="loc_us-gaapPrepaidExpenseAndOtherAssetsNoncurrent" />
      <link:calculationArc order="4" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapOtherAssetsNoncurrent" xlink:to="loc_us-gaapPrepaidExpenseAndOtherAssetsNoncurrent" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_Assets" xlink:label="loc_us-gaapAssets" />
      <link:calculationArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapAssets" xlink:to="loc_us-gaapAssetsCurrent" xlink:type="arc" weight="1" />
      <link:calculationArc order="2" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapAssets" xlink:to="loc_us-gaapPropertyPlantAndEquipmentNet" xlink:type="arc" weight="1" />
      <link:calculationArc order="3" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapAssets" xlink:to="loc_us-gaapOtherAssetsNoncurrent" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="loc_us-gaapLiabilitiesCurrent" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtCurrent" xlink:label="loc_us-gaapLongTermDebtCurrent" />
      <link:calculationArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapLiabilitiesCurrent" xlink:to="loc_us-gaapLongTermDebtCurrent" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccountsPayableCurrent" xlink:label="loc_us-gaapAccountsPayableCurrent" />
      <link:calculationArc order="2" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapLiabilitiesCurrent" xlink:to="loc_us-gaapAccountsPayableCurrent" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DueToRelatedPartiesCurrent" xlink:label="loc_us-gaapDueToRelatedPartiesCurrent" />
      <link:calculationArc order="3" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapLiabilitiesCurrent" xlink:to="loc_us-gaapDueToRelatedPartiesCurrent" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_AccruedAndOtherLiabilitiesCurrent" xlink:label="loc_PXSAccruedAndOtherLiabilitiesCurrent" />
      <link:calculationArc order="4" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapLiabilitiesCurrent" xlink:to="loc_PXSAccruedAndOtherLiabilitiesCurrent" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ContractWithCustomerLiabilityCurrent" xlink:label="loc_us-gaapContractWithCustomerLiabilityCurrent" />
      <link:calculationArc order="5" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapLiabilitiesCurrent" xlink:to="loc_us-gaapContractWithCustomerLiabilityCurrent" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LiabilitiesNoncurrent" xlink:label="loc_us-gaapLiabilitiesNoncurrent" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtNoncurrent" xlink:label="loc_us-gaapLongTermDebtNoncurrent" />
      <link:calculationArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapLiabilitiesNoncurrent" xlink:to="loc_us-gaapLongTermDebtNoncurrent" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LongTermDebtNoncurrentExcludingNotesPayable" xlink:label="loc_PXSLongTermDebtNoncurrentExcludingNotesPayable" />
      <link:calculationArc order="2" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapLiabilitiesNoncurrent" xlink:to="loc_PXSLongTermDebtNoncurrentExcludingNotesPayable" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="loc_us-gaapStockholdersEquity" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockValue" xlink:label="loc_us-gaapPreferredStockValue" />
      <link:calculationArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapStockholdersEquity" xlink:to="loc_us-gaapPreferredStockValue" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockValue" xlink:label="loc_us-gaapCommonStockValue" />
      <link:calculationArc order="2" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapStockholdersEquity" xlink:to="loc_us-gaapCommonStockValue" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AdditionalPaidInCapital" xlink:label="loc_us-gaapAdditionalPaidInCapital" />
      <link:calculationArc order="3" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapStockholdersEquity" xlink:to="loc_us-gaapAdditionalPaidInCapital" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="loc_us-gaapRetainedEarningsAccumulatedDeficit" />
      <link:calculationArc order="4" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapStockholdersEquity" xlink:to="loc_us-gaapRetainedEarningsAccumulatedDeficit" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="loc_us-gaapLiabilitiesAndStockholdersEquity" />
      <link:calculationArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapLiabilitiesAndStockholdersEquity" xlink:to="loc_us-gaapLiabilitiesCurrent" xlink:type="arc" weight="1" />
      <link:calculationArc order="2" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapLiabilitiesAndStockholdersEquity" xlink:to="loc_us-gaapLiabilitiesNoncurrent" xlink:type="arc" weight="1" />
      <link:calculationArc order="3" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapLiabilitiesAndStockholdersEquity" xlink:to="loc_us-gaapStockholdersEquity" xlink:type="arc" weight="1" />
    </link:calculationLink>
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/BalanceSheetsParenthetical" xlink:title="00000003 - Statement - Consolidated Balance Sheets (Parenthetical)" />
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/StatementsOfComprehensiveLoss" xlink:title="00000004 - Statement - Consolidated Statements of Comprehensive Loss">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="loc_us-gaapOperatingIncomeLoss" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_VoyageRelatedCostsAndCommissions" xlink:label="loc_PXSVoyageRelatedCostsAndCommissions" />
      <link:calculationArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapOperatingIncomeLoss" xlink:to="loc_PXSVoyageRelatedCostsAndCommissions" xlink:type="arc" weight="-1" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_VesselOperatingExpenses" xlink:label="loc_PXSVesselOperatingExpenses" />
      <link:calculationArc order="2" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapOperatingIncomeLoss" xlink:to="loc_PXSVesselOperatingExpenses" xlink:type="arc" weight="-1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GeneralAndAdministrativeExpense" xlink:label="loc_us-gaapGeneralAndAdministrativeExpense" />
      <link:calculationArc order="3" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapOperatingIncomeLoss" xlink:to="loc_us-gaapGeneralAndAdministrativeExpense" xlink:type="arc" weight="-1" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ManagementFeesRelatedParties" xlink:label="loc_PXSManagementFeesRelatedParties" />
      <link:calculationArc order="4" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapOperatingIncomeLoss" xlink:to="loc_PXSManagementFeesRelatedParties" xlink:type="arc" weight="-1" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ManagementFeesOther" xlink:label="loc_PXSManagementFeesOther" />
      <link:calculationArc order="5" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapOperatingIncomeLoss" xlink:to="loc_PXSManagementFeesOther" xlink:type="arc" weight="-1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AmortizationOfDeferredCharges" xlink:label="loc_us-gaapAmortizationOfDeferredCharges" />
      <link:calculationArc order="6" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapOperatingIncomeLoss" xlink:to="loc_us-gaapAmortizationOfDeferredCharges" xlink:type="arc" weight="-1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_Depreciation" xlink:label="loc_us-gaapDepreciation" />
      <link:calculationArc order="7" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapOperatingIncomeLoss" xlink:to="loc_us-gaapDepreciation" xlink:type="arc" weight="-1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ImpairmentOfLongLivedAssetsHeldForUse" xlink:label="loc_us-gaapImpairmentOfLongLivedAssetsHeldForUse" />
      <link:calculationArc order="8" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapOperatingIncomeLoss" xlink:to="loc_us-gaapImpairmentOfLongLivedAssetsHeldForUse" xlink:type="arc" weight="-1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProvisionForDoubtfulAccounts" xlink:label="loc_us-gaapProvisionForDoubtfulAccounts" />
      <link:calculationArc order="9" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapOperatingIncomeLoss" xlink:to="loc_us-gaapProvisionForDoubtfulAccounts" xlink:type="arc" weight="-1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_Revenues" xlink:label="loc_us-gaapRevenues" />
      <link:calculationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapOperatingIncomeLoss" xlink:to="loc_us-gaapRevenues" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LossOnVesselHeldForSale" xlink:label="loc_PXSLossOnVesselHeldForSale" />
      <link:calculationArc order="11" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapOperatingIncomeLoss" xlink:to="loc_PXSLossOnVesselHeldForSale" xlink:type="arc" weight="-1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GainLossOnSaleOfPropertyPlantEquipment" xlink:label="loc_us-gaapGainLossOnSaleOfPropertyPlantEquipment" />
      <link:calculationArc order="12" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapOperatingIncomeLoss" xlink:to="loc_us-gaapGainLossOnSaleOfPropertyPlantEquipment" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NonoperatingIncomeExpense" xlink:label="loc_us-gaapNonoperatingIncomeExpense" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GainsLossesOnExtinguishmentOfDebt" xlink:label="loc_us-gaapGainsLossesOnExtinguishmentOfDebt" />
      <link:calculationArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapNonoperatingIncomeExpense" xlink:to="loc_us-gaapGainsLossesOnExtinguishmentOfDebt" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GainLossOnDerivativeInstrumentsNetPretax" xlink:label="loc_us-gaapGainLossOnDerivativeInstrumentsNetPretax" />
      <link:calculationArc order="2" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapNonoperatingIncomeExpense" xlink:to="loc_us-gaapGainLossOnDerivativeInstrumentsNetPretax" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestExpenseDebt" xlink:label="loc_us-gaapInterestExpenseDebt" />
      <link:calculationArc order="3" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapNonoperatingIncomeExpense" xlink:to="loc_us-gaapInterestExpenseDebt" xlink:type="arc" weight="-1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="loc_us-gaapNetIncomeLoss" />
      <link:calculationArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapNetIncomeLoss" xlink:to="loc_us-gaapOperatingIncomeLoss" xlink:type="arc" weight="1" />
      <link:calculationArc order="2" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapNetIncomeLoss" xlink:to="loc_us-gaapNonoperatingIncomeExpense" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:label="loc_us-gaapNetIncomeLossAvailableToCommonStockholdersBasic" />
      <link:calculationArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapNetIncomeLossAvailableToCommonStockholdersBasic" xlink:to="loc_us-gaapNetIncomeLoss" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockDividendsAndOtherAdjustments" xlink:label="loc_us-gaapPreferredStockDividendsAndOtherAdjustments" />
      <link:calculationArc order="2" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapNetIncomeLossAvailableToCommonStockholdersBasic" xlink:to="loc_us-gaapPreferredStockDividendsAndOtherAdjustments" xlink:type="arc" weight="-1" />
    </link:calculationLink>
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/StatementsOfStockholdersEquity" xlink:title="00000005 - Statement - Consolidated Statements of Stockholders&apos; Equity" />
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/StatementsOfCashFlows" xlink:title="00000006 - Statement - Consolidated Statements of Cash Flows">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="loc_us-gaapNetCashProvidedByUsedInOperatingActivities" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="loc_us-gaapNetIncomeLoss" />
      <link:calculationArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapNetCashProvidedByUsedInOperatingActivities" xlink:to="loc_us-gaapNetIncomeLoss" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_Depreciation" xlink:label="loc_us-gaapDepreciation" />
      <link:calculationArc order="2" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapNetCashProvidedByUsedInOperatingActivities" xlink:to="loc_us-gaapDepreciation" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AmortizationOfFinancingCosts" xlink:label="loc_us-gaapAmortizationOfFinancingCosts" />
      <link:calculationArc order="3" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapNetCashProvidedByUsedInOperatingActivities" xlink:to="loc_us-gaapAmortizationOfFinancingCosts" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ImpairmentOfLongLivedAssetsHeldForUse" xlink:label="loc_us-gaapImpairmentOfLongLivedAssetsHeldForUse" />
      <link:calculationArc order="4" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapNetCashProvidedByUsedInOperatingActivities" xlink:to="loc_us-gaapImpairmentOfLongLivedAssetsHeldForUse" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GainsLossesOnExtinguishmentOfDebt" xlink:label="loc_us-gaapGainsLossesOnExtinguishmentOfDebt" />
      <link:calculationArc order="5" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapNetCashProvidedByUsedInOperatingActivities" xlink:to="loc_us-gaapGainsLossesOnExtinguishmentOfDebt" xlink:type="arc" weight="-1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeGainLossOnDerivativeNet" xlink:label="loc_us-gaapDerivativeGainLossOnDerivativeNet" />
      <link:calculationArc order="6" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapNetCashProvidedByUsedInOperatingActivities" xlink:to="loc_us-gaapDerivativeGainLossOnDerivativeNet" xlink:type="arc" weight="-1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProvisionForDoubtfulAccounts" xlink:label="loc_us-gaapProvisionForDoubtfulAccounts" />
      <link:calculationArc order="7" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapNetCashProvidedByUsedInOperatingActivities" xlink:to="loc_us-gaapProvisionForDoubtfulAccounts" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInInventories" xlink:label="loc_us-gaapIncreaseDecreaseInInventories" />
      <link:calculationArc order="8" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapNetCashProvidedByUsedInOperatingActivities" xlink:to="loc_us-gaapIncreaseDecreaseInInventories" xlink:type="arc" weight="-1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:label="loc_us-gaapIncreaseDecreaseInAccountsReceivable" />
      <link:calculationArc order="9" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapNetCashProvidedByUsedInOperatingActivities" xlink:to="loc_us-gaapIncreaseDecreaseInAccountsReceivable" xlink:type="arc" weight="-1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:label="loc_us-gaapIncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" />
      <link:calculationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapNetCashProvidedByUsedInOperatingActivities" xlink:to="loc_us-gaapIncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:type="arc" weight="-1" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_IncreaseDecreaseInSpecialSurveyCosts" xlink:label="loc_PXSIncreaseDecreaseInSpecialSurveyCosts" />
      <link:calculationArc order="11" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapNetCashProvidedByUsedInOperatingActivities" xlink:to="loc_PXSIncreaseDecreaseInSpecialSurveyCosts" xlink:type="arc" weight="-1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayable" xlink:label="loc_us-gaapIncreaseDecreaseInAccountsPayable" />
      <link:calculationArc order="12" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapNetCashProvidedByUsedInOperatingActivities" xlink:to="loc_us-gaapIncreaseDecreaseInAccountsPayable" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInDueToRelatedParties" xlink:label="loc_us-gaapIncreaseDecreaseInDueToRelatedParties" />
      <link:calculationArc order="13" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapNetCashProvidedByUsedInOperatingActivities" xlink:to="loc_us-gaapIncreaseDecreaseInDueToRelatedParties" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities" xlink:label="loc_us-gaapIncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities" />
      <link:calculationArc order="14" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapNetCashProvidedByUsedInOperatingActivities" xlink:to="loc_us-gaapIncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInContractWithCustomerLiability" xlink:label="loc_us-gaapIncreaseDecreaseInContractWithCustomerLiability" />
      <link:calculationArc order="15" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapNetCashProvidedByUsedInOperatingActivities" xlink:to="loc_us-gaapIncreaseDecreaseInContractWithCustomerLiability" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AmortizationOfDeferredCharges" xlink:label="loc_us-gaapAmortizationOfDeferredCharges" />
      <link:calculationArc order="16" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapNetCashProvidedByUsedInOperatingActivities" xlink:to="loc_us-gaapAmortizationOfDeferredCharges" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LossOnVesselHeldForSale" xlink:label="loc_PXSLossOnVesselHeldForSale" />
      <link:calculationArc order="17" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapNetCashProvidedByUsedInOperatingActivities" xlink:to="loc_PXSLossOnVesselHeldForSale" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_IssuanceOfCommonStockUnderPromissoryNotes" xlink:label="loc_PXSIssuanceOfCommonStockUnderPromissoryNotes" />
      <link:calculationArc order="18" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapNetCashProvidedByUsedInOperatingActivities" xlink:to="loc_PXSIssuanceOfCommonStockUnderPromissoryNotes" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GainLossOnSaleOfPropertyPlantEquipment" xlink:label="loc_us-gaapGainLossOnSaleOfPropertyPlantEquipment" />
      <link:calculationArc order="19" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapNetCashProvidedByUsedInOperatingActivities" xlink:to="loc_us-gaapGainLossOnSaleOfPropertyPlantEquipment" xlink:type="arc" weight="-1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInDueFromRelatedParties" xlink:label="loc_us-gaapIncreaseDecreaseInDueFromRelatedParties" />
      <link:calculationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapNetCashProvidedByUsedInOperatingActivities" xlink:to="loc_us-gaapIncreaseDecreaseInDueFromRelatedParties" xlink:type="arc" weight="-1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="loc_us-gaapNetCashProvidedByUsedInInvestingActivities" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PaymentForAdvances" xlink:label="loc_PXSPaymentForAdvances" />
      <link:calculationArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapNetCashProvidedByUsedInInvestingActivities" xlink:to="loc_PXSPaymentForAdvances" xlink:type="arc" weight="-1" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PaymentsForInstallation" xlink:label="loc_PXSPaymentsForInstallation" />
      <link:calculationArc order="2" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapNetCashProvidedByUsedInInvestingActivities" xlink:to="loc_PXSPaymentsForInstallation" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment" xlink:label="loc_us-gaapProceedsFromSaleOfPropertyPlantAndEquipment" />
      <link:calculationArc order="3" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapNetCashProvidedByUsedInInvestingActivities" xlink:to="loc_us-gaapProceedsFromSaleOfPropertyPlantAndEquipment" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PaymentsForVesselAdditions" xlink:label="loc_PXSPaymentsForVesselAdditions" />
      <link:calculationArc order="4" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapNetCashProvidedByUsedInInvestingActivities" xlink:to="loc_PXSPaymentsForVesselAdditions" xlink:type="arc" weight="-1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="loc_us-gaapNetCashProvidedByUsedInFinancingActivities" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:label="loc_us-gaapProceedsFromIssuanceOfCommonStock" />
      <link:calculationArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapNetCashProvidedByUsedInFinancingActivities" xlink:to="loc_us-gaapProceedsFromIssuanceOfCommonStock" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsOfStockIssuanceCosts" xlink:label="loc_us-gaapPaymentsOfStockIssuanceCosts" />
      <link:calculationArc order="2" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapNetCashProvidedByUsedInFinancingActivities" xlink:to="loc_us-gaapPaymentsOfStockIssuanceCosts" xlink:type="arc" weight="-1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:label="loc_us-gaapProceedsFromIssuanceOfLongTermDebt" />
      <link:calculationArc order="3" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapNetCashProvidedByUsedInFinancingActivities" xlink:to="loc_us-gaapProceedsFromIssuanceOfLongTermDebt" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RepaymentsOfLongTermDebt" xlink:label="loc_us-gaapRepaymentsOfLongTermDebt" />
      <link:calculationArc order="4" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapNetCashProvidedByUsedInFinancingActivities" xlink:to="loc_us-gaapRepaymentsOfLongTermDebt" xlink:type="arc" weight="-1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsOfFinancingCosts" xlink:label="loc_us-gaapPaymentsOfFinancingCosts" />
      <link:calculationArc order="5" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapNetCashProvidedByUsedInFinancingActivities" xlink:to="loc_us-gaapPaymentsOfFinancingCosts" xlink:type="arc" weight="-1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock" xlink:label="loc_us-gaapProceedsFromIssuanceOfPreferredStockAndPreferenceStock" />
      <link:calculationArc order="6" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapNetCashProvidedByUsedInFinancingActivities" xlink:to="loc_us-gaapProceedsFromIssuanceOfPreferredStockAndPreferenceStock" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PreferredStockOfferingCosts" xlink:label="loc_PXSPreferredStockOfferingCosts" />
      <link:calculationArc order="7" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapNetCashProvidedByUsedInFinancingActivities" xlink:to="loc_PXSPreferredStockOfferingCosts" xlink:type="arc" weight="-1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsOfDividends" xlink:label="loc_us-gaapPaymentsOfDividends" />
      <link:calculationArc order="8" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapNetCashProvidedByUsedInFinancingActivities" xlink:to="loc_us-gaapPaymentsOfDividends" xlink:type="arc" weight="-1" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PaymentForFinancialDerivativesInstrument" xlink:label="loc_PXSPaymentForFinancialDerivativesInstrument" />
      <link:calculationArc order="9" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapNetCashProvidedByUsedInFinancingActivities" xlink:to="loc_PXSPaymentForFinancialDerivativesInstrument" xlink:type="arc" weight="-1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:label="loc_us-gaapCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" />
      <link:calculationArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:to="loc_us-gaapNetCashProvidedByUsedInInvestingActivities" xlink:type="arc" weight="1" />
      <link:calculationArc order="2" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:to="loc_us-gaapNetCashProvidedByUsedInFinancingActivities" xlink:type="arc" weight="1" />
      <link:calculationArc order="3" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:to="loc_us-gaapNetCashProvidedByUsedInOperatingActivities" xlink:type="arc" weight="1" />
    </link:calculationLink>
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/BasisOfPresentationAndGeneralInformation" xlink:title="00000007 - Disclosure - Basis of Presentation and General Information" />
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/SignificantAccountingPolicies" xlink:title="00000008 - Disclosure - Significant Accounting Policies" />
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/TransactionsWithRelatedParties" xlink:title="00000009 - Disclosure - Transactions with Related Parties" />
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/Inventories" xlink:title="00000010 - Disclosure - Inventories" />
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/VesselsNet" xlink:title="00000011 - Disclosure - Vessels, Net" />
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/DeferredChargesNet" xlink:title="00000012 - Disclosure - Deferred Charges, Net" />
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/Long-termDebt" xlink:title="00000013 - Disclosure - Long-term Debt" />
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/EquityCapitalStructureAndEquityIncentivePlan" xlink:title="00000014 - Disclosure - Equity Capital Structure and Equity Incentive Plan" />
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/LossPerCommonShare" xlink:title="00000015 - Disclosure - Loss Per Common Share" />
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurements" xlink:title="00000016 - Disclosure - Risk Management and Fair Value Measurements" />
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/CommitmentsAndContingencies" xlink:title="00000017 - Disclosure - Commitments and Contingencies" />
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/InterestAndFinanceCostsNet" xlink:title="00000018 - Disclosure - Interest and Finance Costs, Net" />
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/SubsequentEvents" xlink:title="00000019 - Disclosure - Subsequent Events" />
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/SignificantAccountingPoliciesPolicies" xlink:title="00000020 - Disclosure - Significant Accounting Policies (Policies)" />
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/BasisOfPresentationAndGeneralInformationTables" xlink:title="00000021 - Disclosure - Basis of Presentation and General Information (Tables)" />
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/SignificantAccountingPoliciesTables" xlink:title="00000022 - Disclosure - Significant Accounting Policies (Tables)" />
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/TransactionsWithRelatedPartiesTables" xlink:title="00000023 - Disclosure - Transactions with Related Parties (Tables)" />
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/InventoriesTables" xlink:title="00000024 - Disclosure - Inventories (Tables)" />
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/VesselsNetTables" xlink:title="00000025 - Disclosure - Vessels, Net (Tables)" />
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/DeferredChargesNetTables" xlink:title="00000026 - Disclosure - Deferred Charges, Net (Tables)" />
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/Long-termDebtTables" xlink:title="00000027 - Disclosure - Long-term Debt (Tables)" />
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/LossPerCommonShareTables" xlink:title="00000028 - Disclosure - Loss Per Common Share (Tables)" />
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurementsTables" xlink:title="00000029 - Disclosure - Risk Management and Fair Value Measurements (Tables)" />
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/CommitmentsAndContingenciesTables" xlink:title="00000030 - Disclosure - Commitments and Contingencies (Tables)" />
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/InterestAndFinanceCostsNetTables" xlink:title="00000031 - Disclosure - Interest and Finance Costs, Net (Tables)" />
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/BasisOfPresentationAndGeneralInformationDetailsNarrative" xlink:title="00000032 - Disclosure - Basis of Presentation and General Information (Details Narrative)" />
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/BasisOfPresentationAndGeneralInformation-ScheduleOfOwnershipAndOperationOfTankerVesselsDetails" xlink:title="00000033 - Disclosure - Basis of Presentation and General Information - Schedule of Ownership and Operation of Tanker Vessels (Details)" />
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/SignificantAccountingPoliciesDetailsNarrative" xlink:title="00000034 - Disclosure - Significant Accounting Policies (Details Narrative)" />
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/SignificantAccountingPolicies-ScheduleOfRevenueDisaggregatedByRevenueSourceDetails" xlink:title="00000035 - Disclosure - Significant Accounting Policies - Schedule of Revenue Disaggregated by Revenue Source (Details)" />
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/SignificantAccountingPolicies-SummaryOfRevenueFromSignificantCharterersFor10OrMoreOfRevenueDetails" xlink:title="00000036 - Disclosure - Significant Accounting Policies - Summary of Revenue from Significant Charterers for 10% or More of Revenue (Details)" />
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/SignificantAccountingPolicies-ScheduleOfReconciliationOfCashAndCashEquivalentsAndRestrictedCashDetails" xlink:title="00000037 - Disclosure - Significant Accounting Policies - Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash (Details)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:label="loc_us-gaapCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="loc_us-gaapCashAndCashEquivalentsAtCarryingValue" />
      <link:calculationArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:to="loc_us-gaapCashAndCashEquivalentsAtCarryingValue" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue" xlink:label="loc_us-gaapRestrictedCashAndCashEquivalentsAtCarryingValue" />
      <link:calculationArc order="2" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:to="loc_us-gaapRestrictedCashAndCashEquivalentsAtCarryingValue" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalentsNoncurrent" xlink:label="loc_us-gaapRestrictedCashAndCashEquivalentsNoncurrent" />
      <link:calculationArc order="3" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:to="loc_us-gaapRestrictedCashAndCashEquivalentsNoncurrent" xlink:type="arc" weight="1" />
    </link:calculationLink>
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/TransactionsWithRelatedPartiesDetailsNarrative" xlink:title="00000038 - Disclosure - Transactions with Related Parties (Details Narrative)" />
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/TransactionsWithRelatedParties-ScheduleOfAmountsChargedByMaritimeIncludedInAccompanyingConsolidatedStatementsOfComprehensiveLossDetails" xlink:title="00000039 - Disclosure - Transactions with Related Parties - Schedule of Amounts Charged by Maritime Included in the Accompanying Consolidated Statements of Comprehensive Loss (Details)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty" xlink:label="loc_us-gaapRelatedPartyTransactionExpensesFromTransactionsWithRelatedParty" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ManagementFeesRelatedParties" xlink:label="loc_PXSManagementFeesRelatedParties" />
      <link:calculationArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapRelatedPartyTransactionExpensesFromTransactionsWithRelatedParty" xlink:to="loc_PXSManagementFeesRelatedParties" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_AdministrationFees" xlink:label="loc_PXSAdministrationFees" />
      <link:calculationArc order="2" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapRelatedPartyTransactionExpensesFromTransactionsWithRelatedParty" xlink:to="loc_PXSAdministrationFees" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_CharterHireCommissions" xlink:label="loc_PXSCharterHireCommissions" />
      <link:calculationArc order="3" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapRelatedPartyTransactionExpensesFromTransactionsWithRelatedParty" xlink:to="loc_PXSCharterHireCommissions" xlink:type="arc" weight="1" />
    </link:calculationLink>
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/Inventories-ScheduleOfInventoriesDetails" xlink:title="00000040 - Disclosure - Inventories - Schedule of Inventories (Details)" />
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/VesselsNetDetailsNarrative" xlink:title="00000041 - Disclosure - Vessels, Net (Details Narrative)" />
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/VesselsNet-ScheduleOfVesselsDetails" xlink:title="00000042 - Disclosure - Vessels, Net - Schedule of Vessels (Details)" />
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/DeferredChargesNet-ScheduleOfDeferredChargesDetails" xlink:title="00000043 - Disclosure - Deferred Charges, Net - Schedule of Deferred Charges (Details)" />
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/Long-termDebt-ScheduleOfLong-termDebtDetails" xlink:title="00000044 - Disclosure - Long-Term Debt - Schedule of Long-Term Debt (Details)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtCurrent" xlink:label="loc_us-gaapLongTermDebtCurrent" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LongTermDebtCurrentBeforeDeferredFinancingCost" xlink:label="loc_PXSLongTermDebtCurrentBeforeDeferredFinancingCost" />
      <link:calculationArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapLongTermDebtCurrent" xlink:to="loc_PXSLongTermDebtCurrentBeforeDeferredFinancingCost" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredFinanceCostsCurrentNet" xlink:label="loc_us-gaapDeferredFinanceCostsCurrentNet" />
      <link:calculationArc order="2" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapLongTermDebtCurrent" xlink:to="loc_us-gaapDeferredFinanceCostsCurrentNet" xlink:type="arc" weight="-1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtNoncurrent" xlink:label="loc_us-gaapLongTermDebtNoncurrent" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LongTermDebtNoncurrentBeforeDeferredFinancingCost" xlink:label="loc_PXSLongTermDebtNoncurrentBeforeDeferredFinancingCost" />
      <link:calculationArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapLongTermDebtNoncurrent" xlink:to="loc_PXSLongTermDebtNoncurrentBeforeDeferredFinancingCost" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredFinanceCostsNoncurrentNet" xlink:label="loc_us-gaapDeferredFinanceCostsNoncurrentNet" />
      <link:calculationArc order="2" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapLongTermDebtNoncurrent" xlink:to="loc_us-gaapDeferredFinanceCostsNoncurrentNet" xlink:type="arc" weight="-1" />
    </link:calculationLink>
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/Long-termDebt-ScheduleOfLong-termDebtDetailsParenthetical" xlink:title="00000045 - Disclosure - Long-Term Debt - Schedule of Long-Term Debt (Details) (Parenthetical)" />
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/Long-termDebt-ScheduleOfPrincipalPaymentsDetails" xlink:title="00000046 - Disclosure - Long-Term Debt - Schedule of Principal Payments (Details)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebt" xlink:label="loc_us-gaapLongTermDebt" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:label="loc_us-gaapLongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" />
      <link:calculationArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapLongTermDebt" xlink:to="loc_us-gaapLongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:label="loc_us-gaapLongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" />
      <link:calculationArc order="2" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapLongTermDebt" xlink:to="loc_us-gaapLongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:label="loc_us-gaapLongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" />
      <link:calculationArc order="3" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapLongTermDebt" xlink:to="loc_us-gaapLongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xlink:label="loc_us-gaapLongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" />
      <link:calculationArc order="4" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapLongTermDebt" xlink:to="loc_us-gaapLongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:label="loc_us-gaapLongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" />
      <link:calculationArc order="5" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapLongTermDebt" xlink:to="loc_us-gaapLongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:type="arc" weight="1" />
    </link:calculationLink>
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/EquityCapitalStructureAndEquityIncentivePlanDetailsNarrative" xlink:title="00000047 - Disclosure - Equity Capital Structure and Equity Incentive Plan (Details Narrative)" />
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/LossPerCommonShare-ScheduleOfLossPerCommonShareDetails" xlink:title="00000048 - Disclosure - Loss Per Common Share - Schedule of Loss Per Common Share (Details)" />
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurementsDetailsNarrative" xlink:title="00000049 - Disclosure - Risk Management and Fair Value Measurements (Details Narrative)" />
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurements-ScheduleOfFairValueOfAssetsAndLiabilitiesDetails" xlink:title="00000050 - Disclosure - Risk Management and Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities (Details)" />
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurements-ScheduleOfFairValueOfAssetsAndLiabilitiesDetailsParenthetical" xlink:title="00000051 - Disclosure - Risk Management and Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities (Details) (Parenthetical)" />
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurements-ScheduleOfFinancialDerivativeInstrumentLocationDetails" xlink:title="00000052 - Disclosure - Risk Management and Fair Value Measurements - Schedule of Financial Derivative Instrument Location (Details)" />
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurements-ScheduleOfGainsLossesOnDerivativeInstrumentsDetails" xlink:title="00000053 - Disclosure - Risk Management and Fair Value Measurements - Schedule of Gains Losses on Derivative Instruments (Details)" />
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurements-ScheduleOfAssetsMeasuredAtFairValueOnNon-recurringBasisLongLivedAssetsHeldAndUsedAndHeldForSaleDetails" xlink:title="00000054 - Disclosure - Risk Management and Fair Value Measurements - Schedule of Assets Measured at Fair Value on a Non-recurring Basis Long Lived Assets Held and Used and Held for Sale (Details)" />
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/CommitmentsAndContingencies-ScheduleOfFutureMinimumContractualCharterRevenuesDetails" xlink:title="00000055 - Disclosure - Commitments and Contingencies - Schedule of Future Minimum Contractual Charter Revenues (Details)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivable" xlink:label="loc_us-gaapOperatingLeasesFutureMinimumPaymentsReceivable" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableCurrent" xlink:label="loc_us-gaapOperatingLeasesFutureMinimumPaymentsReceivableCurrent" />
      <link:calculationArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapOperatingLeasesFutureMinimumPaymentsReceivable" xlink:to="loc_us-gaapOperatingLeasesFutureMinimumPaymentsReceivableCurrent" xlink:type="arc" weight="1" />
    </link:calculationLink>
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/InterestAndFinanceCostsNet-ScheduleOfInterestAndFinanceCostsDetails" xlink:title="00000056 - Disclosure - Interest and Finance Costs, Net - Schedule of Interest and Finance Costs (Details)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestAndDebtExpense" xlink:label="loc_us-gaapInterestAndDebtExpense" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestExpenseLongTermDebt" xlink:label="loc_us-gaapInterestExpenseLongTermDebt" />
      <link:calculationArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapInterestAndDebtExpense" xlink:to="loc_us-gaapInterestExpenseLongTermDebt" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AmortizationOfFinancingCosts" xlink:label="loc_us-gaapAmortizationOfFinancingCosts" />
      <link:calculationArc order="2" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapInterestAndDebtExpense" xlink:to="loc_us-gaapAmortizationOfFinancingCosts" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LongtermDebtPrepaymentFees" xlink:label="loc_PXSLongtermDebtPrepaymentFees" />
      <link:calculationArc order="3" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapInterestAndDebtExpense" xlink:to="loc_PXSLongtermDebtPrepaymentFees" xlink:type="arc" weight="1" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_InterestOnPromissoryNote" xlink:label="loc_PXSInterestOnPromissoryNote" />
      <link:calculationArc order="4" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaapInterestAndDebtExpense" xlink:to="loc_PXSInterestOnPromissoryNote" xlink:type="arc" weight="1" />
    </link:calculationLink>
    <link:calculationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/SubsequentEventsDetailsNarrative" xlink:title="00000057 - Disclosure - Subsequent Events (Details Narrative)" />
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>32
<FILENAME>pxs-20201231_def.xml
<DESCRIPTION>XBRL DEFINITION FILE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.7a -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: http://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Source; Value: PXS %2D20201231 20%2DF DFN.xfr; Date: 2021%2D04%2D12T11:27:06Z -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
    <link:roleRef roleURI="http://pyxistankers.com/role/DocumentAndEntityInformation" xlink:href="pxs-20201231.xsd#DocumentAndEntityInformation" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/BalanceSheets" xlink:href="pxs-20201231.xsd#BalanceSheets" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/BalanceSheetsParenthetical" xlink:href="pxs-20201231.xsd#BalanceSheetsParenthetical" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/StatementsOfComprehensiveLoss" xlink:href="pxs-20201231.xsd#StatementsOfComprehensiveLoss" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/StatementsOfStockholdersEquity" xlink:href="pxs-20201231.xsd#StatementsOfStockholdersEquity" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/StatementsOfCashFlows" xlink:href="pxs-20201231.xsd#StatementsOfCashFlows" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/BasisOfPresentationAndGeneralInformation" xlink:href="pxs-20201231.xsd#BasisOfPresentationAndGeneralInformation" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/SignificantAccountingPolicies" xlink:href="pxs-20201231.xsd#SignificantAccountingPolicies" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/TransactionsWithRelatedParties" xlink:href="pxs-20201231.xsd#TransactionsWithRelatedParties" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/Inventories" xlink:href="pxs-20201231.xsd#Inventories" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/VesselsNet" xlink:href="pxs-20201231.xsd#VesselsNet" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/DeferredChargesNet" xlink:href="pxs-20201231.xsd#DeferredChargesNet" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/Long-termDebt" xlink:href="pxs-20201231.xsd#Long-termDebt" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/EquityCapitalStructureAndEquityIncentivePlan" xlink:href="pxs-20201231.xsd#EquityCapitalStructureAndEquityIncentivePlan" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/LossPerCommonShare" xlink:href="pxs-20201231.xsd#LossPerCommonShare" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurements" xlink:href="pxs-20201231.xsd#RiskManagementAndFairValueMeasurements" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/CommitmentsAndContingencies" xlink:href="pxs-20201231.xsd#CommitmentsAndContingencies" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/InterestAndFinanceCostsNet" xlink:href="pxs-20201231.xsd#InterestAndFinanceCostsNet" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/SubsequentEvents" xlink:href="pxs-20201231.xsd#SubsequentEvents" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/SignificantAccountingPoliciesPolicies" xlink:href="pxs-20201231.xsd#SignificantAccountingPoliciesPolicies" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/BasisOfPresentationAndGeneralInformationTables" xlink:href="pxs-20201231.xsd#BasisOfPresentationAndGeneralInformationTables" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/SignificantAccountingPoliciesTables" xlink:href="pxs-20201231.xsd#SignificantAccountingPoliciesTables" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/TransactionsWithRelatedPartiesTables" xlink:href="pxs-20201231.xsd#TransactionsWithRelatedPartiesTables" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/InventoriesTables" xlink:href="pxs-20201231.xsd#InventoriesTables" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/VesselsNetTables" xlink:href="pxs-20201231.xsd#VesselsNetTables" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/DeferredChargesNetTables" xlink:href="pxs-20201231.xsd#DeferredChargesNetTables" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/Long-termDebtTables" xlink:href="pxs-20201231.xsd#Long-termDebtTables" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/LossPerCommonShareTables" xlink:href="pxs-20201231.xsd#LossPerCommonShareTables" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurementsTables" xlink:href="pxs-20201231.xsd#RiskManagementAndFairValueMeasurementsTables" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/CommitmentsAndContingenciesTables" xlink:href="pxs-20201231.xsd#CommitmentsAndContingenciesTables" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/InterestAndFinanceCostsNetTables" xlink:href="pxs-20201231.xsd#InterestAndFinanceCostsNetTables" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/BasisOfPresentationAndGeneralInformationDetailsNarrative" xlink:href="pxs-20201231.xsd#BasisOfPresentationAndGeneralInformationDetailsNarrative" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/BasisOfPresentationAndGeneralInformation-ScheduleOfOwnershipAndOperationOfTankerVesselsDetails" xlink:href="pxs-20201231.xsd#BasisOfPresentationAndGeneralInformation-ScheduleOfOwnershipAndOperationOfTankerVesselsDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/SignificantAccountingPoliciesDetailsNarrative" xlink:href="pxs-20201231.xsd#SignificantAccountingPoliciesDetailsNarrative" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/SignificantAccountingPolicies-ScheduleOfRevenueDisaggregatedByRevenueSourceDetails" xlink:href="pxs-20201231.xsd#SignificantAccountingPolicies-ScheduleOfRevenueDisaggregatedByRevenueSourceDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/SignificantAccountingPolicies-SummaryOfRevenueFromSignificantCharterersFor10OrMoreOfRevenueDetails" xlink:href="pxs-20201231.xsd#SignificantAccountingPolicies-SummaryOfRevenueFromSignificantCharterersFor10OrMoreOfRevenueDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/SignificantAccountingPolicies-ScheduleOfReconciliationOfCashAndCashEquivalentsAndRestrictedCashDetails" xlink:href="pxs-20201231.xsd#SignificantAccountingPolicies-ScheduleOfReconciliationOfCashAndCashEquivalentsAndRestrictedCashDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/TransactionsWithRelatedPartiesDetailsNarrative" xlink:href="pxs-20201231.xsd#TransactionsWithRelatedPartiesDetailsNarrative" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/TransactionsWithRelatedParties-ScheduleOfAmountsChargedByMaritimeIncludedInAccompanyingConsolidatedStatementsOfComprehensiveLossDetails" xlink:href="pxs-20201231.xsd#TransactionsWithRelatedParties-ScheduleOfAmountsChargedByMaritimeIncludedInAccompanyingConsolidatedStatementsOfComprehensiveLossDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/Inventories-ScheduleOfInventoriesDetails" xlink:href="pxs-20201231.xsd#Inventories-ScheduleOfInventoriesDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/VesselsNetDetailsNarrative" xlink:href="pxs-20201231.xsd#VesselsNetDetailsNarrative" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/VesselsNet-ScheduleOfVesselsDetails" xlink:href="pxs-20201231.xsd#VesselsNet-ScheduleOfVesselsDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/DeferredChargesNet-ScheduleOfDeferredChargesDetails" xlink:href="pxs-20201231.xsd#DeferredChargesNet-ScheduleOfDeferredChargesDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/Long-termDebt-ScheduleOfLong-termDebtDetails" xlink:href="pxs-20201231.xsd#Long-termDebt-ScheduleOfLong-termDebtDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/Long-termDebt-ScheduleOfLong-termDebtDetailsParenthetical" xlink:href="pxs-20201231.xsd#Long-termDebt-ScheduleOfLong-termDebtDetailsParenthetical" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/Long-termDebt-ScheduleOfPrincipalPaymentsDetails" xlink:href="pxs-20201231.xsd#Long-termDebt-ScheduleOfPrincipalPaymentsDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/EquityCapitalStructureAndEquityIncentivePlanDetailsNarrative" xlink:href="pxs-20201231.xsd#EquityCapitalStructureAndEquityIncentivePlanDetailsNarrative" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/LossPerCommonShare-ScheduleOfLossPerCommonShareDetails" xlink:href="pxs-20201231.xsd#LossPerCommonShare-ScheduleOfLossPerCommonShareDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurementsDetailsNarrative" xlink:href="pxs-20201231.xsd#RiskManagementAndFairValueMeasurementsDetailsNarrative" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurements-ScheduleOfFairValueOfAssetsAndLiabilitiesDetails" xlink:href="pxs-20201231.xsd#RiskManagementAndFairValueMeasurements-ScheduleOfFairValueOfAssetsAndLiabilitiesDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurements-ScheduleOfFairValueOfAssetsAndLiabilitiesDetailsParenthetical" xlink:href="pxs-20201231.xsd#RiskManagementAndFairValueMeasurements-ScheduleOfFairValueOfAssetsAndLiabilitiesDetailsParenthetical" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurements-ScheduleOfFinancialDerivativeInstrumentLocationDetails" xlink:href="pxs-20201231.xsd#RiskManagementAndFairValueMeasurements-ScheduleOfFinancialDerivativeInstrumentLocationDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurements-ScheduleOfGainsLossesOnDerivativeInstrumentsDetails" xlink:href="pxs-20201231.xsd#RiskManagementAndFairValueMeasurements-ScheduleOfGainsLossesOnDerivativeInstrumentsDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurements-ScheduleOfAssetsMeasuredAtFairValueOnNon-recurringBasisLongLivedAssetsHeldAndUsedAndHeldForSaleDetails" xlink:href="pxs-20201231.xsd#RiskManagementAndFairValueMeasurements-ScheduleOfAssetsMeasuredAtFairValueOnNon-recurringBasisLongLivedAssetsHeldAndUsedAndHeldForSaleDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/CommitmentsAndContingencies-ScheduleOfFutureMinimumContractualCharterRevenuesDetails" xlink:href="pxs-20201231.xsd#CommitmentsAndContingencies-ScheduleOfFutureMinimumContractualCharterRevenuesDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/InterestAndFinanceCostsNet-ScheduleOfInterestAndFinanceCostsDetails" xlink:href="pxs-20201231.xsd#InterestAndFinanceCostsNet-ScheduleOfInterestAndFinanceCostsDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/SubsequentEventsDetailsNarrative" xlink:href="pxs-20201231.xsd#SubsequentEventsDetailsNarrative" xlink:type="simple" />
    <link:arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#hypercube-dimension" arcroleURI="http://xbrl.org/int/dim/arcrole/hypercube-dimension" />
    <link:arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#dimension-domain" arcroleURI="http://xbrl.org/int/dim/arcrole/dimension-domain" />
    <link:arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#domain-member" arcroleURI="http://xbrl.org/int/dim/arcrole/domain-member" />
    <link:arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#all" arcroleURI="http://xbrl.org/int/dim/arcrole/all" />
    <link:arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#notAll" arcroleURI="http://xbrl.org/int/dim/arcrole/notAll" />
    <link:arcroleRef xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#dimension-default" arcroleURI="http://xbrl.org/int/dim/arcrole/dimension-default" />
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/DocumentAndEntityInformation" xlink:title="00000001 - Document - Document and Entity Information" />
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/BalanceSheets" xlink:title="00000002 - Statement - Consolidated Balance Sheets" />
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/BalanceSheetsParenthetical" xlink:title="00000003 - Statement - Consolidated Balance Sheets (Parenthetical)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaapStatementLineItems" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaapStatementTable" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xbrldt:contextElement="segment" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapStatementTable" xlink:type="arc" order="10" xbrldt:closed="true" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaapStatementClassOfStockAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapStatementClassOfStockAxis" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaapClassOfStockDomain" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaapStatementClassOfStockAxis" xlink:to="loc_us-gaapClassOfStockDomain" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaapClassOfStockDomain_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_us-gaapStatementClassOfStockAxis" xlink:to="loc_us-gaapClassOfStockDomain_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SeriesAConvertiblePreferredSharesMember" xlink:label="loc_PXSSeriesAConvertiblePreferredSharesMember_20" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_PXSSeriesAConvertiblePreferredSharesMember_20" xlink:type="arc" order="21" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockParOrStatedValuePerShare" xlink:label="loc_us-gaapPreferredStockParOrStatedValuePerShare_50" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapPreferredStockParOrStatedValuePerShare_50" xlink:type="arc" order="0" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockSharesAuthorized" xlink:label="loc_us-gaapPreferredStockSharesAuthorized_50" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapPreferredStockSharesAuthorized_50" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockSharesIssued" xlink:label="loc_us-gaapPreferredStockSharesIssued_50" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapPreferredStockSharesIssued_50" xlink:type="arc" order="2" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockSharesOutstanding" xlink:label="loc_us-gaapPreferredStockSharesOutstanding_50" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapPreferredStockSharesOutstanding_50" xlink:type="arc" order="3" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="loc_us-gaapCommonStockParOrStatedValuePerShare_50" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapCommonStockParOrStatedValuePerShare_50" xlink:type="arc" order="4" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="loc_us-gaapCommonStockSharesAuthorized_50" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapCommonStockSharesAuthorized_50" xlink:type="arc" order="5" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="loc_us-gaapCommonStockSharesIssued_50" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapCommonStockSharesIssued_50" xlink:type="arc" order="6" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="loc_us-gaapCommonStockSharesOutstanding_50" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapCommonStockSharesOutstanding_50" xlink:type="arc" order="7" />
    </link:definitionLink>
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/StatementsOfComprehensiveLoss" xlink:title="00000004 - Statement - Consolidated Statements of Comprehensive Loss" />
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/StatementsOfStockholdersEquity" xlink:title="00000005 - Statement - Consolidated Statements of Stockholders&apos; Equity">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaapStatementLineItems" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaapStatementTable" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xbrldt:contextElement="segment" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapStatementTable" xlink:type="arc" order="10" xbrldt:closed="true" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="loc_us-gaapStatementEquityComponentsAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapStatementEquityComponentsAxis" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_us-gaapEquityComponentDomain" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaapStatementEquityComponentsAxis" xlink:to="loc_us-gaapEquityComponentDomain" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_us-gaapEquityComponentDomain_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_us-gaapStatementEquityComponentsAxis" xlink:to="loc_us-gaapEquityComponentDomain_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SeriesAConvertiblePreferredStockMember" xlink:label="loc_PXSSeriesAConvertiblePreferredStockMember_0" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapEquityComponentDomain" xlink:to="loc_PXSSeriesAConvertiblePreferredStockMember_0" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockMember" xlink:label="loc_us-gaapCommonStockMember_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapEquityComponentDomain" xlink:to="loc_us-gaapCommonStockMember_10" xlink:type="arc" order="11" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="loc_us-gaapAdditionalPaidInCapitalMember_20" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapEquityComponentDomain" xlink:to="loc_us-gaapAdditionalPaidInCapitalMember_20" xlink:type="arc" order="21" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="loc_us-gaapRetainedEarningsMember_30" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapEquityComponentDomain" xlink:to="loc_us-gaapRetainedEarningsMember_30" xlink:type="arc" order="31" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="loc_us-gaapStockholdersEquity_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapStockholdersEquity_60" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SharesOutstanding" xlink:label="loc_us-gaapSharesOutstanding_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapSharesOutstanding_60" xlink:type="arc" order="2" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NetProceedsFromIssuanceOfCommonShares" xlink:label="loc_PXSNetProceedsFromIssuanceOfCommonShares_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSNetProceedsFromIssuanceOfCommonShares_60" xlink:type="arc" order="3" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_AdjustmentsToAdditionalPaidInCapitalSharesOther" xlink:label="loc_PXSAdjustmentsToAdditionalPaidInCapitalSharesOther_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSAdjustmentsToAdditionalPaidInCapitalSharesOther_60" xlink:type="arc" order="4" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_CumulativeEffectOfAccumulatedDeficitForImpactOfAdoptionOnNewAccountingStandardForCreditLosses" xlink:label="loc_PXSCumulativeEffectOfAccumulatedDeficitForImpactOfAdoptionOnNewAccountingStandardForCreditLosses_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSCumulativeEffectOfAccumulatedDeficitForImpactOfAdoptionOnNewAccountingStandardForCreditLosses_60" xlink:type="arc" order="5" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_IssuanceOfCommonStockUnderPromissoryNote" xlink:label="loc_PXSIssuanceOfCommonStockUnderPromissoryNote_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSIssuanceOfCommonStockUnderPromissoryNote_60" xlink:type="arc" order="6" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_IssuanceOfCommonStockUnderPromissoryNoteShares" xlink:label="loc_PXSIssuanceOfCommonStockUnderPromissoryNoteShares_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSIssuanceOfCommonStockUnderPromissoryNoteShares_60" xlink:type="arc" order="7" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="loc_us-gaapStockIssuedDuringPeriodValueNewIssues_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapStockIssuedDuringPeriodValueNewIssues_60" xlink:type="arc" order="8" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="loc_us-gaapStockIssuedDuringPeriodSharesNewIssues_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapStockIssuedDuringPeriodSharesNewIssues_60" xlink:type="arc" order="9" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:label="loc_us-gaapStockIssuedDuringPeriodValueConversionOfConvertibleSecurities_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapStockIssuedDuringPeriodValueConversionOfConvertibleSecurities_60" xlink:type="arc" order="10" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xlink:label="loc_us-gaapStockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapStockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_60" xlink:type="arc" order="11" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings" xlink:label="loc_us-gaapAdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapAdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings_60" xlink:type="arc" order="12" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="loc_us-gaapNetIncomeLoss_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapNetIncomeLoss_60" xlink:type="arc" order="13" />
    </link:definitionLink>
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/StatementsOfCashFlows" xlink:title="00000006 - Statement - Consolidated Statements of Cash Flows" />
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/BasisOfPresentationAndGeneralInformation" xlink:title="00000007 - Disclosure - Basis of Presentation and General Information" />
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/SignificantAccountingPolicies" xlink:title="00000008 - Disclosure - Significant Accounting Policies" />
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/TransactionsWithRelatedParties" xlink:title="00000009 - Disclosure - Transactions with Related Parties" />
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/Inventories" xlink:title="00000010 - Disclosure - Inventories" />
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/VesselsNet" xlink:title="00000011 - Disclosure - Vessels, Net" />
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/DeferredChargesNet" xlink:title="00000012 - Disclosure - Deferred Charges, Net" />
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/Long-termDebt" xlink:title="00000013 - Disclosure - Long-term Debt" />
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/EquityCapitalStructureAndEquityIncentivePlan" xlink:title="00000014 - Disclosure - Equity Capital Structure and Equity Incentive Plan" />
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/LossPerCommonShare" xlink:title="00000015 - Disclosure - Loss Per Common Share" />
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurements" xlink:title="00000016 - Disclosure - Risk Management and Fair Value Measurements" />
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/CommitmentsAndContingencies" xlink:title="00000017 - Disclosure - Commitments and Contingencies" />
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/InterestAndFinanceCostsNet" xlink:title="00000018 - Disclosure - Interest and Finance Costs, Net" />
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/SubsequentEvents" xlink:title="00000019 - Disclosure - Subsequent Events" />
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/SignificantAccountingPoliciesPolicies" xlink:title="00000020 - Disclosure - Significant Accounting Policies (Policies)" />
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/BasisOfPresentationAndGeneralInformationTables" xlink:title="00000021 - Disclosure - Basis of Presentation and General Information (Tables)" />
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/SignificantAccountingPoliciesTables" xlink:title="00000022 - Disclosure - Significant Accounting Policies (Tables)" />
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/TransactionsWithRelatedPartiesTables" xlink:title="00000023 - Disclosure - Transactions with Related Parties (Tables)" />
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/InventoriesTables" xlink:title="00000024 - Disclosure - Inventories (Tables)" />
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/VesselsNetTables" xlink:title="00000025 - Disclosure - Vessels, Net (Tables)" />
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/DeferredChargesNetTables" xlink:title="00000026 - Disclosure - Deferred Charges, Net (Tables)" />
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/Long-termDebtTables" xlink:title="00000027 - Disclosure - Long-term Debt (Tables)" />
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/LossPerCommonShareTables" xlink:title="00000028 - Disclosure - Loss Per Common Share (Tables)" />
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurementsTables" xlink:title="00000029 - Disclosure - Risk Management and Fair Value Measurements (Tables)" />
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/CommitmentsAndContingenciesTables" xlink:title="00000030 - Disclosure - Commitments and Contingencies (Tables)" />
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/InterestAndFinanceCostsNetTables" xlink:title="00000031 - Disclosure - Interest and Finance Costs, Net (Tables)" />
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/BasisOfPresentationAndGeneralInformationDetailsNarrative" xlink:title="00000032 - Disclosure - Basis of Presentation and General Information (Details Narrative)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaapStatementLineItems" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaapStatementTable" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xbrldt:contextElement="segment" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapStatementTable" xlink:type="arc" order="10" xbrldt:closed="true" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_LegalEntityAxis" xlink:label="loc_deiLegalEntityAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_deiLegalEntityAxis" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityDomain" xlink:label="loc_deiEntityDomain" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_deiLegalEntityAxis" xlink:to="loc_deiEntityDomain" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityDomain" xlink:label="loc_deiEntityDomain_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_deiLegalEntityAxis" xlink:to="loc_deiEntityDomain_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_TitleOfIndividualAxis" xlink:label="loc_srtTitleOfIndividualAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_srtTitleOfIndividualAxis" xlink:type="arc" order="2" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_TitleOfIndividualWithRelationshipToEntityDomain" xlink:label="loc_srtTitleOfIndividualWithRelationshipToEntityDomain" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_srtTitleOfIndividualAxis" xlink:to="loc_srtTitleOfIndividualWithRelationshipToEntityDomain" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_TitleOfIndividualWithRelationshipToEntityDomain" xlink:label="loc_srtTitleOfIndividualWithRelationshipToEntityDomain_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_srtTitleOfIndividualAxis" xlink:to="loc_srtTitleOfIndividualWithRelationshipToEntityDomain_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LOOKSMARTLTDMember" xlink:label="loc_PXSLOOKSMARTLTDMember_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_srtTitleOfIndividualWithRelationshipToEntityDomain" xlink:to="loc_PXSLOOKSMARTLTDMember_10" xlink:type="arc" order="11" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_MrValentisMember" xlink:label="loc_PXSMrValentisMember_20" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_srtTitleOfIndividualWithRelationshipToEntityDomain" xlink:to="loc_PXSMrValentisMember_20" xlink:type="arc" order="21" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:label="loc_us-gaapEquityMethodInvestmentOwnershipPercentage_40" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapEquityMethodInvestmentOwnershipPercentage_40" xlink:type="arc" order="0" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NumberOfVesselOwnershipsInterestEntities" xlink:label="loc_PXSNumberOfVesselOwnershipsInterestEntities_40" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSNumberOfVesselOwnershipsInterestEntities_40" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsForMergerRelatedCosts" xlink:label="loc_us-gaapPaymentsForMergerRelatedCosts_40" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapPaymentsForMergerRelatedCosts_40" xlink:type="arc" order="2" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PercentageOfCommonStockBeneficiallyOwned" xlink:label="loc_PXSPercentageOfCommonStockBeneficiallyOwned_40" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSPercentageOfCommonStockBeneficiallyOwned_40" xlink:type="arc" order="3" />
    </link:definitionLink>
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/BasisOfPresentationAndGeneralInformation-ScheduleOfOwnershipAndOperationOfTankerVesselsDetails" xlink:title="00000033 - Disclosure - Basis of Presentation and General Information - Schedule of Ownership and Operation of Tanker Vessels (Details)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentLineItems" xlink:label="loc_us-gaapPropertyPlantAndEquipmentLineItems" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:label="loc_us-gaapScheduleOfPropertyPlantAndEquipmentTable" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xbrldt:contextElement="segment" xlink:from="loc_us-gaapPropertyPlantAndEquipmentLineItems" xlink:to="loc_us-gaapScheduleOfPropertyPlantAndEquipmentTable" xlink:type="arc" order="10" xbrldt:closed="true" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapScheduleOfPropertyPlantAndEquipmentTable" xlink:to="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" xlink:to="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="loc_us-gaapPropertyPlantAndEquipmentTypeDomain_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" xlink:to="loc_us-gaapPropertyPlantAndEquipmentTypeDomain_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_VesselsMember" xlink:label="loc_PXSVesselsMember_0" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:to="loc_PXSVesselsMember_0" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_LegalEntityAxis" xlink:label="loc_deiLegalEntityAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapScheduleOfPropertyPlantAndEquipmentTable" xlink:to="loc_deiLegalEntityAxis" xlink:type="arc" order="2" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityDomain" xlink:label="loc_deiEntityDomain" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_deiLegalEntityAxis" xlink:to="loc_deiEntityDomain" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityDomain" xlink:label="loc_deiEntityDomain_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_deiLegalEntityAxis" xlink:to="loc_deiEntityDomain_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SecondoneCorporationLtdMember" xlink:label="loc_PXSSecondoneCorporationLtdMember_0" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiEntityDomain" xlink:to="loc_PXSSecondoneCorporationLtdMember_0" xlink:type="arc" order="2" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ThirdoneCorporationLtdMember" xlink:label="loc_PXSThirdoneCorporationLtdMember_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiEntityDomain" xlink:to="loc_PXSThirdoneCorporationLtdMember_10" xlink:type="arc" order="12" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_FourthoneCorporationLtdMember" xlink:label="loc_PXSFourthoneCorporationLtdMember_20" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiEntityDomain" xlink:to="loc_PXSFourthoneCorporationLtdMember_20" xlink:type="arc" order="22" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SixthoneCorpMember" xlink:label="loc_PXSSixthoneCorpMember_30" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiEntityDomain" xlink:to="loc_PXSSixthoneCorpMember_30" xlink:type="arc" order="32" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SeventhoneCorpMember" xlink:label="loc_PXSSeventhoneCorpMember_40" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiEntityDomain" xlink:to="loc_PXSSeventhoneCorpMember_40" xlink:type="arc" order="42" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_EighthoneCorpMember" xlink:label="loc_PXSEighthoneCorpMember_50" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiEntityDomain" xlink:to="loc_PXSEighthoneCorpMember_50" xlink:type="arc" order="52" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityIncorporationDateOfIncorporation" xlink:label="loc_deiEntityIncorporationDateOfIncorporation_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapPropertyPlantAndEquipmentLineItems" xlink:to="loc_deiEntityIncorporationDateOfIncorporation_70" xlink:type="arc" order="0" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_VesselName" xlink:label="loc_PXSVesselName_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapPropertyPlantAndEquipmentLineItems" xlink:to="loc_PXSVesselName_70" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_VesselCapacity" xlink:label="loc_PXSVesselCapacity_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapPropertyPlantAndEquipmentLineItems" xlink:to="loc_PXSVesselCapacity_70" xlink:type="arc" order="2" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_VesselBuiltYear" xlink:label="loc_PXSVesselBuiltYear_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapPropertyPlantAndEquipmentLineItems" xlink:to="loc_PXSVesselBuiltYear_70" xlink:type="arc" order="3" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_VesselAcquisitionDate" xlink:label="loc_PXSVesselAcquisitionDate_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapPropertyPlantAndEquipmentLineItems" xlink:to="loc_PXSVesselAcquisitionDate_70" xlink:type="arc" order="4" />
    </link:definitionLink>
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/SignificantAccountingPoliciesDetailsNarrative" xlink:title="00000034 - Disclosure - Significant Accounting Policies (Details Narrative)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaapStatementLineItems" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaapStatementTable" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xbrldt:contextElement="segment" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapStatementTable" xlink:type="arc" order="10" xbrldt:closed="true" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ProductOrServiceAxis" xlink:label="loc_srtProductOrServiceAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_srtProductOrServiceAxis" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ProductsAndServicesDomain" xlink:label="loc_srtProductsAndServicesDomain" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_srtProductOrServiceAxis" xlink:to="loc_srtProductsAndServicesDomain" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ProductsAndServicesDomain" xlink:label="loc_srtProductsAndServicesDomain_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_srtProductOrServiceAxis" xlink:to="loc_srtProductsAndServicesDomain_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SpotChartersMember" xlink:label="loc_PXSSpotChartersMember_0" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_srtProductsAndServicesDomain" xlink:to="loc_PXSSpotChartersMember_0" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_TimeChartersMember" xlink:label="loc_PXSTimeChartersMember_20" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_srtProductsAndServicesDomain" xlink:to="loc_PXSTimeChartersMember_20" xlink:type="arc" order="21" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AdjustmentsForNewAccountingPronouncementsAxis" xlink:label="loc_us-gaapAdjustmentsForNewAccountingPronouncementsAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapAdjustmentsForNewAccountingPronouncementsAxis" xlink:type="arc" order="2" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TypeOfAdoptionMember" xlink:label="loc_us-gaapTypeOfAdoptionMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaapAdjustmentsForNewAccountingPronouncementsAxis" xlink:to="loc_us-gaapTypeOfAdoptionMember" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TypeOfAdoptionMember" xlink:label="loc_us-gaapTypeOfAdoptionMember_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_us-gaapAdjustmentsForNewAccountingPronouncementsAxis" xlink:to="loc_us-gaapTypeOfAdoptionMember_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BalanceSheetLocationAxis" xlink:label="loc_us-gaapBalanceSheetLocationAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapBalanceSheetLocationAxis" xlink:type="arc" order="3" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BalanceSheetLocationDomain" xlink:label="loc_us-gaapBalanceSheetLocationDomain" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaapBalanceSheetLocationAxis" xlink:to="loc_us-gaapBalanceSheetLocationDomain" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BalanceSheetLocationDomain" xlink:label="loc_us-gaapBalanceSheetLocationDomain_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_us-gaapBalanceSheetLocationAxis" xlink:to="loc_us-gaapBalanceSheetLocationDomain_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TypeOfArrangementAxis" xlink:label="loc_us-gaapTypeOfArrangementAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapTypeOfArrangementAxis" xlink:type="arc" order="4" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ArrangementsAndNonarrangementTransactionsMember" xlink:label="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaapTypeOfArrangementAxis" xlink:to="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ArrangementsAndNonarrangementTransactionsMember" xlink:label="loc_us-gaapArrangementsAndNonarrangementTransactionsMember_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_us-gaapTypeOfArrangementAxis" xlink:to="loc_us-gaapArrangementsAndNonarrangementTransactionsMember_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SecuredLoanSeventhoneCorpMember" xlink:label="loc_PXSSecuredLoanSeventhoneCorpMember_100" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" xlink:to="loc_PXSSecuredLoanSeventhoneCorpMember_100" xlink:type="arc" order="101" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SeventhonePreviousSecuredLoanMember" xlink:label="loc_PXSSeventhonePreviousSecuredLoanMember_110" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" xlink:to="loc_PXSSeventhonePreviousSecuredLoanMember_110" xlink:type="arc" order="111" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" xlink:type="arc" order="5" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" xlink:to="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="loc_us-gaapPropertyPlantAndEquipmentTypeDomain_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" xlink:to="loc_us-gaapPropertyPlantAndEquipmentTypeDomain_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_TradeAccountsReceivableNet" xlink:label="loc_PXSTradeAccountsReceivableNet_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSTradeAccountsReceivableNet_130" xlink:type="arc" order="0" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xlink:label="loc_us-gaapAllowanceForDoubtfulAccountsReceivableCurrent_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapAllowanceForDoubtfulAccountsReceivableCurrent_130" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ContractWithCustomerLiabilityCurrent" xlink:label="loc_us-gaapContractWithCustomerLiabilityCurrent_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapContractWithCustomerLiabilityCurrent_130" xlink:type="arc" order="2" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ResidualValuePerLightweightTon" xlink:label="loc_PXSResidualValuePerLightweightTon_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSResidualValuePerLightweightTon_130" xlink:type="arc" order="3" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:label="loc_us-gaapPropertyPlantAndEquipmentUsefulLife_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapPropertyPlantAndEquipmentUsefulLife_130" xlink:type="arc" order="4" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_EstimatedFleetUtilizationRateDependingOnTypeOfVesselMinimumRate" xlink:label="loc_PXSEstimatedFleetUtilizationRateDependingOnTypeOfVesselMinimumRate_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSEstimatedFleetUtilizationRateDependingOnTypeOfVesselMinimumRate_130" xlink:type="arc" order="5" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_EstimatedFleetUtilizationRateDependingOnTypeOfVesselMaximumRate" xlink:label="loc_PXSEstimatedFleetUtilizationRateDependingOnTypeOfVesselMaximumRate_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSEstimatedFleetUtilizationRateDependingOnTypeOfVesselMaximumRate_130" xlink:type="arc" order="6" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_EstimatedFleetUtilizationRateIncludingScheduledOffhireDaysForPlannedDryDockingsAndVesselSurveysMinimumRate" xlink:label="loc_PXSEstimatedFleetUtilizationRateIncludingScheduledOffhireDaysForPlannedDryDockingsAndVesselSurveysMinimumRate_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSEstimatedFleetUtilizationRateIncludingScheduledOffhireDaysForPlannedDryDockingsAndVesselSurveysMinimumRate_130" xlink:type="arc" order="7" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_EstimatedFleetUtilizationRateIncludingScheduledOffhireDaysForPlannedDryDockingsAndVesselSurveysMaximumRate" xlink:label="loc_PXSEstimatedFleetUtilizationRateIncludingScheduledOffhireDaysForPlannedDryDockingsAndVesselSurveysMaximumRate_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSEstimatedFleetUtilizationRateIncludingScheduledOffhireDaysForPlannedDryDockingsAndVesselSurveysMaximumRate_130" xlink:type="arc" order="8" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ImpairmentOfLongLivedAssetsHeldForUse" xlink:label="loc_us-gaapImpairmentOfLongLivedAssetsHeldForUse_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapImpairmentOfLongLivedAssetsHeldForUse_130" xlink:type="arc" order="9" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NumberOfReportableSegments" xlink:label="loc_us-gaapNumberOfReportableSegments_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapNumberOfReportableSegments_130" xlink:type="arc" order="10" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_WorkingCapitalDeficit" xlink:label="loc_PXSWorkingCapitalDeficit_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSWorkingCapitalDeficit_130" xlink:type="arc" order="11" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeaseLiability" xlink:label="loc_us-gaapOperatingLeaseLiability_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapOperatingLeaseLiability_130" xlink:type="arc" order="12" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RestrictedCash" xlink:label="loc_us-gaapRestrictedCash_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapRestrictedCash_130" xlink:type="arc" order="13" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_CreditLossDescription" xlink:label="loc_PXSCreditLossDescription_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSCreditLossDescription_130" xlink:type="arc" order="14" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_DebtCurrent1" xlink:label="loc_PXSDebtCurrent1_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSDebtCurrent1_130" xlink:type="arc" order="15" />
    </link:definitionLink>
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/SignificantAccountingPolicies-ScheduleOfRevenueDisaggregatedByRevenueSourceDetails" xlink:title="00000035 - Disclosure - Significant Accounting Policies - Schedule of Revenue Disaggregated by Revenue Source (Details)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaapStatementLineItems" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaapStatementTable" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xbrldt:contextElement="segment" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapStatementTable" xlink:type="arc" order="10" xbrldt:closed="true" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ProductOrServiceAxis" xlink:label="loc_srtProductOrServiceAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_srtProductOrServiceAxis" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ProductsAndServicesDomain" xlink:label="loc_srtProductsAndServicesDomain" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_srtProductOrServiceAxis" xlink:to="loc_srtProductsAndServicesDomain" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ProductsAndServicesDomain" xlink:label="loc_srtProductsAndServicesDomain_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_srtProductOrServiceAxis" xlink:to="loc_srtProductsAndServicesDomain_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_RevenuesDerivedFromSpotChartersMember" xlink:label="loc_PXSRevenuesDerivedFromSpotChartersMember_0" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_srtProductsAndServicesDomain" xlink:to="loc_PXSRevenuesDerivedFromSpotChartersMember_0" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_RevenuesDerivedFromTimeChartersMember" xlink:label="loc_PXSRevenuesDerivedFromTimeChartersMember_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_srtProductsAndServicesDomain" xlink:to="loc_PXSRevenuesDerivedFromTimeChartersMember_10" xlink:type="arc" order="11" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_VoyageRevenues" xlink:label="loc_PXSVoyageRevenues_100" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSVoyageRevenues_100" xlink:type="arc" order="0" />
    </link:definitionLink>
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/SignificantAccountingPolicies-SummaryOfRevenueFromSignificantCharterersFor10OrMoreOfRevenueDetails" xlink:title="00000036 - Disclosure - Significant Accounting Policies - Summary of Revenue from Significant Charterers for 10% or More of Revenue (Details)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaapStatementLineItems" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaapStatementTable" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xbrldt:contextElement="segment" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapStatementTable" xlink:type="arc" order="10" xbrldt:closed="true" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConcentrationRiskByTypeAxis" xlink:label="loc_us-gaapConcentrationRiskByTypeAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapConcentrationRiskByTypeAxis" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConcentrationRiskTypeDomain" xlink:label="loc_us-gaapConcentrationRiskTypeDomain" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaapConcentrationRiskByTypeAxis" xlink:to="loc_us-gaapConcentrationRiskTypeDomain" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConcentrationRiskTypeDomain" xlink:label="loc_us-gaapConcentrationRiskTypeDomain_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_us-gaapConcentrationRiskByTypeAxis" xlink:to="loc_us-gaapConcentrationRiskTypeDomain_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ChartererAMember" xlink:label="loc_PXSChartererAMember_0" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapConcentrationRiskTypeDomain" xlink:to="loc_PXSChartererAMember_0" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ChartererBMember" xlink:label="loc_PXSChartererBMember_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapConcentrationRiskTypeDomain" xlink:to="loc_PXSChartererBMember_10" xlink:type="arc" order="11" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ChartererCMember" xlink:label="loc_PXSChartererCMember_20" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapConcentrationRiskTypeDomain" xlink:to="loc_PXSChartererCMember_20" xlink:type="arc" order="21" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConcentrationRiskPercentage1" xlink:label="loc_us-gaapConcentrationRiskPercentage1_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapConcentrationRiskPercentage1_130" xlink:type="arc" order="0" />
    </link:definitionLink>
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/SignificantAccountingPolicies-ScheduleOfReconciliationOfCashAndCashEquivalentsAndRestrictedCashDetails" xlink:title="00000037 - Disclosure - Significant Accounting Policies - Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash (Details)" />
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/TransactionsWithRelatedPartiesDetailsNarrative" xlink:title="00000038 - Disclosure - Transactions with Related Parties (Details Narrative)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaapStatementLineItems" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaapStatementTable" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xbrldt:contextElement="segment" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapStatementTable" xlink:type="arc" order="10" xbrldt:closed="true" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="loc_us-gaapRelatedPartyTransactionsByRelatedPartyAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapRelatedPartyTransactionsByRelatedPartyAxis" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaapRelatedPartyDomain" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaapRelatedPartyTransactionsByRelatedPartyAxis" xlink:to="loc_us-gaapRelatedPartyDomain" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaapRelatedPartyDomain_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_us-gaapRelatedPartyTransactionsByRelatedPartyAxis" xlink:to="loc_us-gaapRelatedPartyDomain_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PyxisMaritimeMember" xlink:label="loc_PXSPyxisMaritimeMember_0" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapRelatedPartyDomain" xlink:to="loc_PXSPyxisMaritimeMember_0" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionAxis" xlink:label="loc_us-gaapRelatedPartyTransactionAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapRelatedPartyTransactionAxis" xlink:type="arc" order="2" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionDomain" xlink:label="loc_us-gaapRelatedPartyTransactionDomain" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaapRelatedPartyTransactionAxis" xlink:to="loc_us-gaapRelatedPartyTransactionDomain" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionDomain" xlink:label="loc_us-gaapRelatedPartyTransactionDomain_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_us-gaapRelatedPartyTransactionAxis" xlink:to="loc_us-gaapRelatedPartyTransactionDomain_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_WhileVesselIsUnderConstructionMember" xlink:label="loc_PXSWhileVesselIsUnderConstructionMember_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapRelatedPartyTransactionDomain" xlink:to="loc_PXSWhileVesselIsUnderConstructionMember_10" xlink:type="arc" order="12" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" xlink:type="arc" order="3" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" xlink:to="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="loc_us-gaapPropertyPlantAndEquipmentTypeDomain_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" xlink:to="loc_us-gaapPropertyPlantAndEquipmentTypeDomain_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NorthseaAlphaVesselMember" xlink:label="loc_PXSNorthseaAlphaVesselMember_20" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:to="loc_PXSNorthseaAlphaVesselMember_20" xlink:type="arc" order="22" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NorthseaBetaVesselMember" xlink:label="loc_PXSNorthseaBetaVesselMember_30" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:to="loc_PXSNorthseaBetaVesselMember_30" xlink:type="arc" order="32" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PyxisThetaVesselMember" xlink:label="loc_PXSPyxisThetaVesselMember_40" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:to="loc_PXSPyxisThetaVesselMember_40" xlink:type="arc" order="42" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PyxisEpsilonVesselMember" xlink:label="loc_PXSPyxisEpsilonVesselMember_50" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:to="loc_PXSPyxisEpsilonVesselMember_50" xlink:type="arc" order="52" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PyxisMalouVesselMember" xlink:label="loc_PXSPyxisMalouVesselMember_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:to="loc_PXSPyxisMalouVesselMember_60" xlink:type="arc" order="62" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongtermDebtTypeAxis" xlink:label="loc_us-gaapLongtermDebtTypeAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapLongtermDebtTypeAxis" xlink:type="arc" order="4" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongtermDebtTypeDomain" xlink:label="loc_us-gaapLongtermDebtTypeDomain" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaapLongtermDebtTypeAxis" xlink:to="loc_us-gaapLongtermDebtTypeDomain" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongtermDebtTypeDomain" xlink:label="loc_us-gaapLongtermDebtTypeDomain_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_us-gaapLongtermDebtTypeAxis" xlink:to="loc_us-gaapLongtermDebtTypeDomain_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_MaritimeInvestorsPromissoryNoteMember" xlink:label="loc_PXSMaritimeInvestorsPromissoryNoteMember_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapLongtermDebtTypeDomain" xlink:to="loc_PXSMaritimeInvestorsPromissoryNoteMember_70" xlink:type="arc" order="71" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_DailyShipManagementFeesPayableToRelatedParty" xlink:label="loc_PXSDailyShipManagementFeesPayableToRelatedParty_170" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSDailyShipManagementFeesPayableToRelatedParty_170" xlink:type="arc" order="0" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_CharterHireAgreementCommissionRate" xlink:label="loc_PXSCharterHireAgreementCommissionRate_170" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSCharterHireAgreementCommissionRate_170" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ManagementAgreementsInitialTerm" xlink:label="loc_PXSManagementAgreementsInitialTerm_170" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSManagementAgreementsInitialTerm_170" xlink:type="arc" order="2" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ManagementAgreementExpirationDate" xlink:label="loc_PXSManagementAgreementExpirationDate_170" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSManagementAgreementExpirationDate_170" xlink:type="arc" order="3" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ManagementAgreementsRenewalPeriod" xlink:label="loc_PXSManagementAgreementsRenewalPeriod_170" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSManagementAgreementsRenewalPeriod_170" xlink:type="arc" order="4" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_HeadManagementAgreementWithRelatedPartyCommencementDate" xlink:label="loc_PXSHeadManagementAgreementWithRelatedPartyCommencementDate_170" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSHeadManagementAgreementWithRelatedPartyCommencementDate_170" xlink:type="arc" order="5" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_AdministrationFees" xlink:label="loc_PXSAdministrationFees_170" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSAdministrationFees_170" xlink:type="arc" order="6" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionTermsAndMannerOfSettlement" xlink:label="loc_us-gaapRelatedPartyTransactionTermsAndMannerOfSettlement_170" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapRelatedPartyTransactionTermsAndMannerOfSettlement_170" xlink:type="arc" order="7" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ShipmanagementAndAdministrationFeesPercentageIncrease" xlink:label="loc_PXSShipmanagementAndAdministrationFeesPercentageIncrease_170" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSShipmanagementAndAdministrationFeesPercentageIncrease_170" xlink:type="arc" order="8" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PromissoryNoteIssued" xlink:label="loc_PXSPromissoryNoteIssued_170" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSPromissoryNoteIssued_170" xlink:type="arc" order="9" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:label="loc_us-gaapDebtInstrumentInterestRateStatedPercentage_170" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapDebtInstrumentInterestRateStatedPercentage_170" xlink:type="arc" order="10" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentMaturityDate" xlink:label="loc_us-gaapDebtInstrumentMaturityDate_170" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapDebtInstrumentMaturityDate_170" xlink:type="arc" order="11" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentMaturityDateDescription" xlink:label="loc_us-gaapDebtInstrumentMaturityDateDescription_170" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapDebtInstrumentMaturityDateDescription_170" xlink:type="arc" order="12" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_InterestRatePaidInCash" xlink:label="loc_PXSInterestRatePaidInCash_170" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSInterestRatePaidInCash_170" xlink:type="arc" order="13" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_InterestRatePaidInRestrictedShares" xlink:label="loc_PXSInterestRatePaidInRestrictedShares_170" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSInterestRatePaidInRestrictedShares_170" xlink:type="arc" order="14" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_InterestExpenseOnPromissoryNote" xlink:label="loc_PXSInterestExpenseOnPromissoryNote_170" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSInterestExpenseOnPromissoryNote_170" xlink:type="arc" order="15" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_FuturePaymentsOfInterestOnPromissoryNoteInCash" xlink:label="loc_PXSFuturePaymentsOfInterestOnPromissoryNoteInCash_170" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSFuturePaymentsOfInterestOnPromissoryNoteInCash_170" xlink:type="arc" order="16" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_InterestOnPromissoryNoteToBeSettledInCommonShares" xlink:label="loc_PXSInterestOnPromissoryNoteToBeSettledInCommonShares_170" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSInterestOnPromissoryNoteToBeSettledInCommonShares_170" xlink:type="arc" order="17" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_InterestOnPromissoryNoteSettledInCommonSharesDuringPriorPeriod" xlink:label="loc_PXSInterestOnPromissoryNoteSettledInCommonSharesDuringPriorPeriod_170" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSInterestOnPromissoryNoteSettledInCommonSharesDuringPriorPeriod_170" xlink:type="arc" order="18" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_InterestOnPromissoryNoteSettledInCommonSharesInJanuaryTwoThousandTwenty" xlink:label="loc_PXSInterestOnPromissoryNoteSettledInCommonSharesInJanuaryTwoThousandTwenty_170" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSInterestOnPromissoryNoteSettledInCommonSharesInJanuaryTwoThousandTwenty_170" xlink:type="arc" order="19" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_InterestOnPromissoryNoteSettledInCommonSharesDuringPeriod" xlink:label="loc_PXSInterestOnPromissoryNoteSettledInCommonSharesDuringPeriod_170" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSInterestOnPromissoryNoteSettledInCommonSharesDuringPeriod_170" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_InterestOnPromissoryNoteSettledInCommonSharesInJanuaryTwoThousandTwentyOne" xlink:label="loc_PXSInterestOnPromissoryNoteSettledInCommonSharesInJanuaryTwoThousandTwentyOne_170" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSInterestOnPromissoryNoteSettledInCommonSharesInJanuaryTwoThousandTwentyOne_170" xlink:type="arc" order="21" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermNotesPayable" xlink:label="loc_us-gaapLongTermNotesPayable_170" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapLongTermNotesPayable_170" xlink:type="arc" order="22" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DueToRelatedPartiesCurrent" xlink:label="loc_us-gaapDueToRelatedPartiesCurrent_170" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapDueToRelatedPartiesCurrent_170" xlink:type="arc" order="23" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DueFromRelatedPartiesCurrent" xlink:label="loc_us-gaapDueFromRelatedPartiesCurrent_170" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapDueFromRelatedPartiesCurrent_170" xlink:type="arc" order="24" />
    </link:definitionLink>
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/TransactionsWithRelatedParties-ScheduleOfAmountsChargedByMaritimeIncludedInAccompanyingConsolidatedStatementsOfComprehensiveLossDetails" xlink:title="00000039 - Disclosure - Transactions with Related Parties - Schedule of Amounts Charged by Maritime Included in the Accompanying Consolidated Statements of Comprehensive Loss (Details)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionLineItems" xlink:label="loc_us-gaapRelatedPartyTransactionLineItems" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:label="loc_us-gaapScheduleOfRelatedPartyTransactionsByRelatedPartyTable" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xbrldt:contextElement="segment" xlink:from="loc_us-gaapRelatedPartyTransactionLineItems" xlink:to="loc_us-gaapScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:type="arc" order="10" xbrldt:closed="true" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="loc_us-gaapRelatedPartyTransactionsByRelatedPartyAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:to="loc_us-gaapRelatedPartyTransactionsByRelatedPartyAxis" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaapRelatedPartyDomain" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaapRelatedPartyTransactionsByRelatedPartyAxis" xlink:to="loc_us-gaapRelatedPartyDomain" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaapRelatedPartyDomain_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_us-gaapRelatedPartyTransactionsByRelatedPartyAxis" xlink:to="loc_us-gaapRelatedPartyDomain_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PyxisMaritimeMember" xlink:label="loc_PXSPyxisMaritimeMember_0" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapRelatedPartyDomain" xlink:to="loc_PXSPyxisMaritimeMember_0" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_CharterHireCommissions" xlink:label="loc_PXSCharterHireCommissions_40" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapRelatedPartyTransactionLineItems" xlink:to="loc_PXSCharterHireCommissions_40" xlink:type="arc" order="0" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ManagementFeesRelatedParties" xlink:label="loc_PXSManagementFeesRelatedParties_40" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapRelatedPartyTransactionLineItems" xlink:to="loc_PXSManagementFeesRelatedParties_40" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_AdministrationFees" xlink:label="loc_PXSAdministrationFees_40" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapRelatedPartyTransactionLineItems" xlink:to="loc_PXSAdministrationFees_40" xlink:type="arc" order="2" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty" xlink:label="loc_us-gaapRelatedPartyTransactionExpensesFromTransactionsWithRelatedParty_40" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapRelatedPartyTransactionLineItems" xlink:to="loc_us-gaapRelatedPartyTransactionExpensesFromTransactionsWithRelatedParty_40" xlink:type="arc" order="3" />
    </link:definitionLink>
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/Inventories-ScheduleOfInventoriesDetails" xlink:title="00000040 - Disclosure - Inventories - Schedule of Inventories (Details)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InventoryLineItems" xlink:label="loc_us-gaapInventoryLineItems" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InventoryCurrentTable" xlink:label="loc_us-gaapInventoryCurrentTable" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xbrldt:contextElement="segment" xlink:from="loc_us-gaapInventoryLineItems" xlink:to="loc_us-gaapInventoryCurrentTable" xlink:type="arc" order="10" xbrldt:closed="true" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PublicUtilitiesInventoryAxis" xlink:label="loc_us-gaapPublicUtilitiesInventoryAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapInventoryCurrentTable" xlink:to="loc_us-gaapPublicUtilitiesInventoryAxis" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PublicUtilitiesInventoryTypeDomain" xlink:label="loc_us-gaapPublicUtilitiesInventoryTypeDomain" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaapPublicUtilitiesInventoryAxis" xlink:to="loc_us-gaapPublicUtilitiesInventoryTypeDomain" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PublicUtilitiesInventoryTypeDomain" xlink:label="loc_us-gaapPublicUtilitiesInventoryTypeDomain_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_us-gaapPublicUtilitiesInventoryAxis" xlink:to="loc_us-gaapPublicUtilitiesInventoryTypeDomain_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LubricantsMember" xlink:label="loc_PXSLubricantsMember_0" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapPublicUtilitiesInventoryTypeDomain" xlink:to="loc_PXSLubricantsMember_0" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_BunkersMember" xlink:label="loc_PXSBunkersMember_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapPublicUtilitiesInventoryTypeDomain" xlink:to="loc_PXSBunkersMember_10" xlink:type="arc" order="11" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InventoryNet" xlink:label="loc_us-gaapInventoryNet_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapInventoryLineItems" xlink:to="loc_us-gaapInventoryNet_70" xlink:type="arc" order="0" />
    </link:definitionLink>
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/VesselsNetDetailsNarrative" xlink:title="00000041 - Disclosure - Vessels, Net (Details Narrative)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaapStatementLineItems" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaapStatementTable" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xbrldt:contextElement="segment" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapStatementTable" xlink:type="arc" order="10" xbrldt:closed="true" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" xlink:to="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="loc_us-gaapPropertyPlantAndEquipmentTypeDomain_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" xlink:to="loc_us-gaapPropertyPlantAndEquipmentTypeDomain_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_VesselsMember" xlink:label="loc_PXSVesselsMember_0" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:to="loc_PXSVesselsMember_0" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SaleOfPyxisDeltaMember" xlink:label="loc_PXSSaleOfPyxisDeltaMember_40" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:to="loc_PXSSaleOfPyxisDeltaMember_40" xlink:type="arc" order="41" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentGross" xlink:label="loc_us-gaapPropertyPlantAndEquipmentGross_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapPropertyPlantAndEquipmentGross_70" xlink:type="arc" order="0" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ImpairmentOfLongLivedAssetsHeldForUse" xlink:label="loc_us-gaapImpairmentOfLongLivedAssetsHeldForUse_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapImpairmentOfLongLivedAssetsHeldForUse_70" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetsHeldForSaleNotPartOfDisposalGroupCurrent" xlink:label="loc_us-gaapAssetsHeldForSaleNotPartOfDisposalGroupCurrent_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapAssetsHeldForSaleNotPartOfDisposalGroupCurrent_70" xlink:type="arc" order="2" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LossOnVesselHeldForSale" xlink:label="loc_PXSLossOnVesselHeldForSale_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSLossOnVesselHeldForSale_70" xlink:type="arc" order="3" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NetProceedsFromSaleOfVessel" xlink:label="loc_PXSNetProceedsFromSaleOfVessel_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSNetProceedsFromSaleOfVessel_70" xlink:type="arc" order="4" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentAdditions" xlink:label="loc_us-gaapPropertyPlantAndEquipmentAdditions_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapPropertyPlantAndEquipmentAdditions_70" xlink:type="arc" order="5" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PropertyPlantAndEquipmentAdditionsNet" xlink:label="loc_PXSPropertyPlantAndEquipmentAdditionsNet_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSPropertyPlantAndEquipmentAdditionsNet_70" xlink:type="arc" order="6" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:label="loc_us-gaapPaymentsToAcquirePropertyPlantAndEquipment_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapPaymentsToAcquirePropertyPlantAndEquipment_70" xlink:type="arc" order="7" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_AccruedAndRemainsUnpaidAmountOfBallastWaterTreatmentSystemInstallation" xlink:label="loc_PXSAccruedAndRemainsUnpaidAmountOfBallastWaterTreatmentSystemInstallation_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSAccruedAndRemainsUnpaidAmountOfBallastWaterTreatmentSystemInstallation_70" xlink:type="arc" order="8" />
    </link:definitionLink>
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/VesselsNet-ScheduleOfVesselsDetails" xlink:title="00000042 - Disclosure - Vessels, Net - Schedule of Vessels (Details)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentLineItems" xlink:label="loc_us-gaapPropertyPlantAndEquipmentLineItems" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:label="loc_us-gaapScheduleOfPropertyPlantAndEquipmentTable" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xbrldt:contextElement="segment" xlink:from="loc_us-gaapPropertyPlantAndEquipmentLineItems" xlink:to="loc_us-gaapScheduleOfPropertyPlantAndEquipmentTable" xlink:type="arc" order="10" xbrldt:closed="true" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapScheduleOfPropertyPlantAndEquipmentTable" xlink:to="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" xlink:to="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="loc_us-gaapPropertyPlantAndEquipmentTypeDomain_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" xlink:to="loc_us-gaapPropertyPlantAndEquipmentTypeDomain_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_VesselCostMember" xlink:label="loc_PXSVesselCostMember_0" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:to="loc_PXSVesselCostMember_0" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_AccumulatedDepreciationMember" xlink:label="loc_PXSAccumulatedDepreciationMember_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:to="loc_PXSAccumulatedDepreciationMember_10" xlink:type="arc" order="11" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NetBookValueMember" xlink:label="loc_PXSNetBookValueMember_20" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:to="loc_PXSNetBookValueMember_20" xlink:type="arc" order="21" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentGross" xlink:label="loc_us-gaapPropertyPlantAndEquipmentGross_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapPropertyPlantAndEquipmentLineItems" xlink:to="loc_us-gaapPropertyPlantAndEquipmentGross_70" xlink:type="arc" order="0" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:label="loc_us-gaapAccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapPropertyPlantAndEquipmentLineItems" xlink:to="loc_us-gaapAccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_70" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="loc_us-gaapPropertyPlantAndEquipmentNet_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapPropertyPlantAndEquipmentLineItems" xlink:to="loc_us-gaapPropertyPlantAndEquipmentNet_70" xlink:type="arc" order="2" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_Depreciation" xlink:label="loc_us-gaapDepreciation_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapPropertyPlantAndEquipmentLineItems" xlink:to="loc_us-gaapDepreciation_70" xlink:type="arc" order="3" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentAdditions" xlink:label="loc_us-gaapPropertyPlantAndEquipmentAdditions_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapPropertyPlantAndEquipmentLineItems" xlink:to="loc_us-gaapPropertyPlantAndEquipmentAdditions_70" xlink:type="arc" order="4" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTransfersAndChanges" xlink:label="loc_us-gaapPropertyPlantAndEquipmentTransfersAndChanges_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapPropertyPlantAndEquipmentLineItems" xlink:to="loc_us-gaapPropertyPlantAndEquipmentTransfersAndChanges_70" xlink:type="arc" order="5" />
    </link:definitionLink>
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/DeferredChargesNet-ScheduleOfDeferredChargesDetails" xlink:title="00000043 - Disclosure - Deferred Charges, Net - Schedule of Deferred Charges (Details)" />
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/Long-termDebt-ScheduleOfLong-termDebtDetails" xlink:title="00000044 - Disclosure - Long-Term Debt - Schedule of Long-Term Debt (Details)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentLineItems" xlink:label="loc_us-gaapDebtInstrumentLineItems" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentTable" xlink:label="loc_us-gaapDebtInstrumentTable" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xbrldt:contextElement="segment" xlink:from="loc_us-gaapDebtInstrumentLineItems" xlink:to="loc_us-gaapDebtInstrumentTable" xlink:type="arc" order="10" xbrldt:closed="true" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapDebtInstrumentTable" xlink:to="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" xlink:to="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="loc_us-gaapPropertyPlantAndEquipmentTypeDomain_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" xlink:to="loc_us-gaapPropertyPlantAndEquipmentTypeDomain_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NorthseaAlphaVesselMember" xlink:label="loc_PXSNorthseaAlphaVesselMember_0" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:to="loc_PXSNorthseaAlphaVesselMember_0" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NorthseaBetaVesselMember" xlink:label="loc_PXSNorthseaBetaVesselMember_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:to="loc_PXSNorthseaBetaVesselMember_10" xlink:type="arc" order="11" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PyxisMalouVesselMember" xlink:label="loc_PXSPyxisMalouVesselMember_20" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:to="loc_PXSPyxisMalouVesselMember_20" xlink:type="arc" order="21" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PyxisDeltaVesselMember" xlink:label="loc_PXSPyxisDeltaVesselMember_30" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:to="loc_PXSPyxisDeltaVesselMember_30" xlink:type="arc" order="31" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PyxisThetaVesselMember" xlink:label="loc_PXSPyxisThetaVesselMember_40" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:to="loc_PXSPyxisThetaVesselMember_40" xlink:type="arc" order="41" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PyxisEpsilonVesselMember" xlink:label="loc_PXSPyxisEpsilonVesselMember_50" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:to="loc_PXSPyxisEpsilonVesselMember_50" xlink:type="arc" order="51" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_LegalEntityAxis" xlink:label="loc_deiLegalEntityAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapDebtInstrumentTable" xlink:to="loc_deiLegalEntityAxis" xlink:type="arc" order="2" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityDomain" xlink:label="loc_deiEntityDomain" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_deiLegalEntityAxis" xlink:to="loc_deiEntityDomain" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityDomain" xlink:label="loc_deiEntityDomain_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_deiLegalEntityAxis" xlink:to="loc_deiEntityDomain_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SecondoneMember" xlink:label="loc_PXSSecondoneMember_0" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiEntityDomain" xlink:to="loc_PXSSecondoneMember_0" xlink:type="arc" order="2" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ThirdoneMember" xlink:label="loc_PXSThirdoneMember_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiEntityDomain" xlink:to="loc_PXSThirdoneMember_10" xlink:type="arc" order="12" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_FourthoneMember" xlink:label="loc_PXSFourthoneMember_20" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiEntityDomain" xlink:to="loc_PXSFourthoneMember_20" xlink:type="arc" order="22" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SixthoneMember" xlink:label="loc_PXSSixthoneMember_30" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiEntityDomain" xlink:to="loc_PXSSixthoneMember_30" xlink:type="arc" order="32" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SeventhoneMember" xlink:label="loc_PXSSeventhoneMember_40" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiEntityDomain" xlink:to="loc_PXSSeventhoneMember_40" xlink:type="arc" order="42" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_EighthoneMember" xlink:label="loc_PXSEighthoneMember_50" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiEntityDomain" xlink:to="loc_PXSEighthoneMember_50" xlink:type="arc" order="52" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentCarryingAmount" xlink:label="loc_us-gaapDebtInstrumentCarryingAmount_150" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapDebtInstrumentLineItems" xlink:to="loc_us-gaapDebtInstrumentCarryingAmount_150" xlink:type="arc" order="0" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LongTermDebtCurrentBeforeDeferredFinancingCost" xlink:label="loc_PXSLongTermDebtCurrentBeforeDeferredFinancingCost_150" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapDebtInstrumentLineItems" xlink:to="loc_PXSLongTermDebtCurrentBeforeDeferredFinancingCost_150" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredFinanceCostsCurrentNet" xlink:label="loc_us-gaapDeferredFinanceCostsCurrentNet_150" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapDebtInstrumentLineItems" xlink:to="loc_us-gaapDeferredFinanceCostsCurrentNet_150" xlink:type="arc" order="2" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtCurrent" xlink:label="loc_us-gaapLongTermDebtCurrent_150" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapDebtInstrumentLineItems" xlink:to="loc_us-gaapLongTermDebtCurrent_150" xlink:type="arc" order="3" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LongTermDebtNoncurrentBeforeDeferredFinancingCost" xlink:label="loc_PXSLongTermDebtNoncurrentBeforeDeferredFinancingCost_150" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapDebtInstrumentLineItems" xlink:to="loc_PXSLongTermDebtNoncurrentBeforeDeferredFinancingCost_150" xlink:type="arc" order="4" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredFinanceCostsNoncurrentNet" xlink:label="loc_us-gaapDeferredFinanceCostsNoncurrentNet_150" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapDebtInstrumentLineItems" xlink:to="loc_us-gaapDeferredFinanceCostsNoncurrentNet_150" xlink:type="arc" order="5" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtNoncurrent" xlink:label="loc_us-gaapLongTermDebtNoncurrent_150" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapDebtInstrumentLineItems" xlink:to="loc_us-gaapLongTermDebtNoncurrent_150" xlink:type="arc" order="6" />
    </link:definitionLink>
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/Long-termDebt-ScheduleOfLong-termDebtDetailsParenthetical" xlink:title="00000045 - Disclosure - Long-Term Debt - Schedule of Long-Term Debt (Details) (Parenthetical)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaapStatementLineItems" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaapStatementTable" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xbrldt:contextElement="segment" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapStatementTable" xlink:type="arc" order="10" xbrldt:closed="true" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TypeOfArrangementAxis" xlink:label="loc_us-gaapTypeOfArrangementAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapTypeOfArrangementAxis" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ArrangementsAndNonarrangementTransactionsMember" xlink:label="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaapTypeOfArrangementAxis" xlink:to="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ArrangementsAndNonarrangementTransactionsMember" xlink:label="loc_us-gaapArrangementsAndNonarrangementTransactionsMember_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_us-gaapTypeOfArrangementAxis" xlink:to="loc_us-gaapArrangementsAndNonarrangementTransactionsMember_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PreviousSecuredLoanSecondoneThirdoneAndFourthoneMember" xlink:label="loc_PXSPreviousSecuredLoanSecondoneThirdoneAndFourthoneMember_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" xlink:to="loc_PXSPreviousSecuredLoanSecondoneThirdoneAndFourthoneMember_10" xlink:type="arc" order="11" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SecondoneThirdoneAndFourthoneNewSecuredLoanMember" xlink:label="loc_PXSSecondoneThirdoneAndFourthoneNewSecuredLoanMember_20" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" xlink:to="loc_PXSSecondoneThirdoneAndFourthoneNewSecuredLoanMember_20" xlink:type="arc" order="21" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NewSecuredLoanSecondoneThirdoneMember" xlink:label="loc_PXSNewSecuredLoanSecondoneThirdoneMember_40" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" xlink:to="loc_PXSNewSecuredLoanSecondoneThirdoneMember_40" xlink:type="arc" order="41" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NewSecuredLoanFourthoneMember" xlink:label="loc_PXSNewSecuredLoanFourthoneMember_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" xlink:to="loc_PXSNewSecuredLoanFourthoneMember_60" xlink:type="arc" order="61" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NewSecuredLoanSecondoneThirdoneAndFourthoneMember" xlink:label="loc_PXSNewSecuredLoanSecondoneThirdoneAndFourthoneMember_80" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" xlink:to="loc_PXSNewSecuredLoanSecondoneThirdoneAndFourthoneMember_80" xlink:type="arc" order="81" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LoanAgreementDatedOctoberTwelveTwoThousandTwelveMember" xlink:label="loc_PXSLoanAgreementDatedOctoberTwelveTwoThousandTwelveMember_100" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" xlink:to="loc_PXSLoanAgreementDatedOctoberTwelveTwoThousandTwelveMember_100" xlink:type="arc" order="101" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SecuredLoanSeventhoneCorpMember" xlink:label="loc_PXSSecuredLoanSeventhoneCorpMember_160" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" xlink:to="loc_PXSSecuredLoanSeventhoneCorpMember_160" xlink:type="arc" order="161" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SeventhonePreviousSecuredLoanMember" xlink:label="loc_PXSSeventhonePreviousSecuredLoanMember_170" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" xlink:to="loc_PXSSeventhonePreviousSecuredLoanMember_170" xlink:type="arc" order="171" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_EighthoneNewSecuredLoanMember" xlink:label="loc_PXSEighthoneNewSecuredLoanMember_210" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" xlink:to="loc_PXSEighthoneNewSecuredLoanMember_210" xlink:type="arc" order="211" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_EighthonePreviousSecuredLoanMember" xlink:label="loc_PXSEighthonePreviousSecuredLoanMember_220" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" xlink:to="loc_PXSEighthonePreviousSecuredLoanMember_220" xlink:type="arc" order="221" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" xlink:type="arc" order="2" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" xlink:to="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="loc_us-gaapPropertyPlantAndEquipmentTypeDomain_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" xlink:to="loc_us-gaapPropertyPlantAndEquipmentTypeDomain_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PyxisMalouVesselMember" xlink:label="loc_PXSPyxisMalouVesselMember_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:to="loc_PXSPyxisMalouVesselMember_60" xlink:type="arc" order="62" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PyxisDeltaVesselMember" xlink:label="loc_PXSPyxisDeltaVesselMember_100" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:to="loc_PXSPyxisDeltaVesselMember_100" xlink:type="arc" order="102" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PyxisThetaVesselMember" xlink:label="loc_PXSPyxisThetaVesselMember_110" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:to="loc_PXSPyxisThetaVesselMember_110" xlink:type="arc" order="112" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SaleOfPyxisDeltaMember" xlink:label="loc_PXSSaleOfPyxisDeltaMember_140" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:to="loc_PXSSaleOfPyxisDeltaMember_140" xlink:type="arc" order="141" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_UseOfProceedsFromSaleOfPyxisDeltaMember" xlink:label="loc_PXSUseOfProceedsFromSaleOfPyxisDeltaMember_150" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:to="loc_PXSUseOfProceedsFromSaleOfPyxisDeltaMember_150" xlink:type="arc" order="151" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_VestingAxis" xlink:label="loc_us-gaapVestingAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapVestingAxis" xlink:type="arc" order="3" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_VestingDomain" xlink:label="loc_us-gaapVestingDomain" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaapVestingAxis" xlink:to="loc_us-gaapVestingDomain" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_VestingDomain" xlink:label="loc_us-gaapVestingDomain_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_us-gaapVestingAxis" xlink:to="loc_us-gaapVestingDomain_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationAwardTrancheOneMember" xlink:label="loc_us-gaapShareBasedCompensationAwardTrancheOneMember_100" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapVestingDomain" xlink:to="loc_us-gaapShareBasedCompensationAwardTrancheOneMember_100" xlink:type="arc" order="103" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationAwardTrancheTwoMember" xlink:label="loc_us-gaapShareBasedCompensationAwardTrancheTwoMember_110" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapVestingDomain" xlink:to="loc_us-gaapShareBasedCompensationAwardTrancheTwoMember_110" xlink:type="arc" order="113" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SubsequentEventTypeAxis" xlink:label="loc_us-gaapSubsequentEventTypeAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapSubsequentEventTypeAxis" xlink:type="arc" order="4" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="loc_us-gaapSubsequentEventTypeDomain" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaapSubsequentEventTypeAxis" xlink:to="loc_us-gaapSubsequentEventTypeDomain" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="loc_us-gaapSubsequentEventTypeDomain_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_us-gaapSubsequentEventTypeAxis" xlink:to="loc_us-gaapSubsequentEventTypeDomain_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SubsequentEventMember" xlink:label="loc_us-gaapSubsequentEventMember_250" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapSubsequentEventTypeDomain" xlink:to="loc_us-gaapSubsequentEventMember_250" xlink:type="arc" order="251" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AwardDateAxis" xlink:label="loc_us-gaapAwardDateAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapAwardDateAxis" xlink:type="arc" order="5" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AwardDateDomain" xlink:label="loc_us-gaapAwardDateDomain" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaapAwardDateAxis" xlink:to="loc_us-gaapAwardDateDomain" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AwardDateDomain" xlink:label="loc_us-gaapAwardDateDomain_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_us-gaapAwardDateAxis" xlink:to="loc_us-gaapAwardDateDomain_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_UntilDecemberTwoThousandAndTwentyMember" xlink:label="loc_PXSUntilDecemberTwoThousandAndTwentyMember_260" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapAwardDateDomain" xlink:to="loc_PXSUntilDecemberTwoThousandAndTwentyMember_260" xlink:type="arc" order="262" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ThereafterOnSeptemberTwentyFiveTwoThousandTwentyMember" xlink:label="loc_PXSThereafterOnSeptemberTwentyFiveTwoThousandTwentyMember_270" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapAwardDateDomain" xlink:to="loc_PXSThereafterOnSeptemberTwentyFiveTwoThousandTwentyMember_270" xlink:type="arc" order="272" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentAxis" xlink:label="loc_us-gaapDebtInstrumentAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapDebtInstrumentAxis" xlink:type="arc" order="6" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentNameDomain" xlink:label="loc_us-gaapDebtInstrumentNameDomain" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaapDebtInstrumentAxis" xlink:to="loc_us-gaapDebtInstrumentNameDomain" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentNameDomain" xlink:label="loc_us-gaapDebtInstrumentNameDomain_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_us-gaapDebtInstrumentAxis" xlink:to="loc_us-gaapDebtInstrumentNameDomain_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LongTermDebtAndPromissoryNoteMember" xlink:label="loc_PXSLongTermDebtAndPromissoryNoteMember_280" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapDebtInstrumentNameDomain" xlink:to="loc_PXSLongTermDebtAndPromissoryNoteMember_280" xlink:type="arc" order="281" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:label="loc_us-gaapLineOfCreditFacilityMaximumBorrowingCapacity_350" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapLineOfCreditFacilityMaximumBorrowingCapacity_350" xlink:type="arc" order="0" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentFaceAmount" xlink:label="loc_us-gaapDebtInstrumentFaceAmount_350" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapDebtInstrumentFaceAmount_350" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentCarryingAmount" xlink:label="loc_us-gaapDebtInstrumentCarryingAmount_350" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapDebtInstrumentCarryingAmount_350" xlink:type="arc" order="2" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtTerm" xlink:label="loc_us-gaapLongTermDebtTerm_350" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapLongTermDebtTerm_350" xlink:type="arc" order="3" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_CashUsedForRefinanceOfExistingIndebtedness" xlink:label="loc_PXSCashUsedForRefinanceOfExistingIndebtedness_350" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSCashUsedForRefinanceOfExistingIndebtedness_350" xlink:type="arc" order="4" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GainsLossesOnExtinguishmentOfDebt" xlink:label="loc_us-gaapGainsLossesOnExtinguishmentOfDebt_350" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapGainsLossesOnExtinguishmentOfDebt_350" xlink:type="arc" order="5" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_DebtInstrumentCarryingAmountPerFacility" xlink:label="loc_PXSDebtInstrumentCarryingAmountPerFacility_350" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSDebtInstrumentCarryingAmountPerFacility_350" xlink:type="arc" order="6" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_DebtInstrumentBasisSpreadOnVariableRatePercentage" xlink:label="loc_PXSDebtInstrumentBasisSpreadOnVariableRatePercentage_350" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSDebtInstrumentBasisSpreadOnVariableRatePercentage_350" xlink:type="arc" order="7" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LoanAmortizationProfile" xlink:label="loc_PXSLoanAmortizationProfile_350" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSLoanAmortizationProfile_350" xlink:type="arc" order="8" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_QuarterlyInstallmentsPayableInAggregatePerFacility" xlink:label="loc_PXSQuarterlyInstallmentsPayableInAggregatePerFacility_350" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSQuarterlyInstallmentsPayableInAggregatePerFacility_350" xlink:type="arc" order="9" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LongTermDebtFirstPeriodicPayment" xlink:label="loc_PXSLongTermDebtFirstPeriodicPayment_350" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSLongTermDebtFirstPeriodicPayment_350" xlink:type="arc" order="10" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LongTermDebtBalloonPaymentYear" xlink:label="loc_PXSLongTermDebtBalloonPaymentYear_350" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSLongTermDebtBalloonPaymentYear_350" xlink:type="arc" order="11" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LongtermDebtBalloonPaymentPerFacility" xlink:label="loc_PXSLongtermDebtBalloonPaymentPerFacility_350" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSLongtermDebtBalloonPaymentPerFacility_350" xlink:type="arc" order="12" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_QuarterlyInstallmentsPayable" xlink:label="loc_PXSQuarterlyInstallmentsPayable_350" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSQuarterlyInstallmentsPayable_350" xlink:type="arc" order="13" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid" xlink:label="loc_us-gaapDebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid_350" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapDebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid_350" xlink:type="arc" order="14" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_MinimumCashDeposits" xlink:label="loc_PXSMinimumCashDeposits_350" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSMinimumCashDeposits_350" xlink:type="arc" order="15" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_MinimumSecurityCollateralCoverRequiredTrancheTwoPercentOfOutstandingLoan" xlink:label="loc_PXSMinimumSecurityCollateralCoverRequiredTrancheTwoPercentOfOutstandingLoan_350" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSMinimumSecurityCollateralCoverRequiredTrancheTwoPercentOfOutstandingLoan_350" xlink:type="arc" order="16" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_MinimumSecurityCollateralCoverRequiredTrancheThreePercentOfOutstandingLoan" xlink:label="loc_PXSMinimumSecurityCollateralCoverRequiredTrancheThreePercentOfOutstandingLoan_350" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSMinimumSecurityCollateralCoverRequiredTrancheThreePercentOfOutstandingLoan_350" xlink:type="arc" order="17" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentMaturityDateDescription" xlink:label="loc_us-gaapDebtInstrumentMaturityDateDescription_350" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapDebtInstrumentMaturityDateDescription_350" xlink:type="arc" order="18" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebt" xlink:label="loc_us-gaapLongTermDebt_350" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapLongTermDebt_350" xlink:type="arc" order="19" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_EarlyDebtPrepaymentFollowingSaleOfPyxisDelta" xlink:label="loc_PXSEarlyDebtPrepaymentFollowingSaleOfPyxisDelta_350" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSEarlyDebtPrepaymentFollowingSaleOfPyxisDelta_350" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_DebtPrepaymentAmount" xlink:label="loc_PXSDebtPrepaymentAmount_350" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSDebtPrepaymentAmount_350" xlink:type="arc" order="21" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_DebtToMarketValueOfAdjustedAssetsMaximumRequiredRatio" xlink:label="loc_PXSDebtToMarketValueOfAdjustedAssetsMaximumRequiredRatio_350" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSDebtToMarketValueOfAdjustedAssetsMaximumRequiredRatio_350" xlink:type="arc" order="22" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_QuarterlyInstallmentsPayableInAggregate" xlink:label="loc_PXSQuarterlyInstallmentsPayableInAggregate_350" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSQuarterlyInstallmentsPayableInAggregate_350" xlink:type="arc" order="23" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_DebtToMarketValueOfAdjustedAssetsRatioActual" xlink:label="loc_PXSDebtToMarketValueOfAdjustedAssetsRatioActual_350" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSDebtToMarketValueOfAdjustedAssetsRatioActual_350" xlink:type="arc" order="24" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_RatioDifferenceByWhichActualExceedsRequiredDebtToAssetsRatioThreshold" xlink:label="loc_PXSRatioDifferenceByWhichActualExceedsRequiredDebtToAssetsRatioThreshold_350" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSRatioDifferenceByWhichActualExceedsRequiredDebtToAssetsRatioThreshold_350" xlink:type="arc" order="25" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_MinimumSecurityCollateralCoverRequired" xlink:label="loc_PXSMinimumSecurityCollateralCoverRequired_350" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSMinimumSecurityCollateralCoverRequired_350" xlink:type="arc" order="26" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NetProceedsFromSaleOfVessel" xlink:label="loc_PXSNetProceedsFromSaleOfVessel_350" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSNetProceedsFromSaleOfVessel_350" xlink:type="arc" order="27" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment" xlink:label="loc_us-gaapProceedsFromSaleOfPropertyPlantAndEquipment_350" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapProceedsFromSaleOfPropertyPlantAndEquipment_350" xlink:type="arc" order="28" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_RepaymentsOfAssetCreditFacility" xlink:label="loc_PXSRepaymentsOfAssetCreditFacility_350" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSRepaymentsOfAssetCreditFacility_350" xlink:type="arc" order="29" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PrepaymentFee" xlink:label="loc_PXSPrepaymentFee_350" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSPrepaymentFee_350" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_DebtCurrent1" xlink:label="loc_PXSDebtCurrent1_350" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSDebtCurrent1_350" xlink:type="arc" order="31" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:label="loc_us-gaapDebtInstrumentBasisSpreadOnVariableRate1_350" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapDebtInstrumentBasisSpreadOnVariableRate1_350" xlink:type="arc" order="32" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RepaymentsOfRelatedPartyDebt" xlink:label="loc_us-gaapRepaymentsOfRelatedPartyDebt_350" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapRepaymentsOfRelatedPartyDebt_350" xlink:type="arc" order="33" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_QuarterlyInstallmentsPayableNineteenInstallments" xlink:label="loc_PXSQuarterlyInstallmentsPayableNineteenInstallments_350" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSQuarterlyInstallmentsPayableNineteenInstallments_350" xlink:type="arc" order="34" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentCovenantDescription" xlink:label="loc_us-gaapDebtInstrumentCovenantDescription_350" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapDebtInstrumentCovenantDescription_350" xlink:type="arc" order="35" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_FacilityMaturityPeriod" xlink:label="loc_PXSFacilityMaturityPeriod_350" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSFacilityMaturityPeriod_350" xlink:type="arc" order="36" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_QuarterlyInstallmentsPayableTenInstallments" xlink:label="loc_PXSQuarterlyInstallmentsPayableTenInstallments_350" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSQuarterlyInstallmentsPayableTenInstallments_350" xlink:type="arc" order="37" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_DeferredFeeDescription" xlink:label="loc_PXSDeferredFeeDescription_350" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSDeferredFeeDescription_350" xlink:type="arc" order="38" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_MinimumLiquidityAmount" xlink:label="loc_PXSMinimumLiquidityAmount_350" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSMinimumLiquidityAmount_350" xlink:type="arc" order="39" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_MinimumLiquidityAmountDescription" xlink:label="loc_PXSMinimumLiquidityAmountDescription_350" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSMinimumLiquidityAmountDescription_350" xlink:type="arc" order="40" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_InterestExpenseOnLongtermDebtAndPromissoryNote" xlink:label="loc_PXSInterestExpenseOnLongtermDebtAndPromissoryNote_350" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSInterestExpenseOnLongtermDebtAndPromissoryNote_350" xlink:type="arc" order="41" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongtermDebtWeightedAverageInterestRate" xlink:label="loc_us-gaapLongtermDebtWeightedAverageInterestRate_350" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapLongtermDebtWeightedAverageInterestRate_350" xlink:type="arc" order="42" />
    </link:definitionLink>
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/Long-termDebt-ScheduleOfPrincipalPaymentsDetails" xlink:title="00000046 - Disclosure - Long-Term Debt - Schedule of Principal Payments (Details)" />
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/EquityCapitalStructureAndEquityIncentivePlanDetailsNarrative" xlink:title="00000047 - Disclosure - Equity Capital Structure and Equity Incentive Plan (Details Narrative)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaapStatementLineItems" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaapStatementTable" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xbrldt:contextElement="segment" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapStatementTable" xlink:type="arc" order="10" xbrldt:closed="true" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaapStatementClassOfStockAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapStatementClassOfStockAxis" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaapClassOfStockDomain" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaapStatementClassOfStockAxis" xlink:to="loc_us-gaapClassOfStockDomain" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaapClassOfStockDomain_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_us-gaapStatementClassOfStockAxis" xlink:to="loc_us-gaapClassOfStockDomain_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SeriesAConvertiblePreferredSharesMember" xlink:label="loc_PXSSeriesAConvertiblePreferredSharesMember_20" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_PXSSeriesAConvertiblePreferredSharesMember_20" xlink:type="arc" order="21" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SeriesAConvertiblePreferredSharesAndDetachableWarrantsMember" xlink:label="loc_PXSSeriesAConvertiblePreferredSharesAndDetachableWarrantsMember_140" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_PXSSeriesAConvertiblePreferredSharesAndDetachableWarrantsMember_140" xlink:type="arc" order="141" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AwardTypeAxis" xlink:label="loc_us-gaapAwardTypeAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapAwardTypeAxis" xlink:type="arc" order="2" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:label="loc_us-gaapShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaapAwardTypeAxis" xlink:to="loc_us-gaapShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:label="loc_us-gaapShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_us-gaapAwardTypeAxis" xlink:to="loc_us-gaapShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TypeOfArrangementAxis" xlink:label="loc_us-gaapTypeOfArrangementAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapTypeOfArrangementAxis" xlink:type="arc" order="3" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ArrangementsAndNonarrangementTransactionsMember" xlink:label="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaapTypeOfArrangementAxis" xlink:to="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ArrangementsAndNonarrangementTransactionsMember" xlink:label="loc_us-gaapArrangementsAndNonarrangementTransactionsMember_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_us-gaapTypeOfArrangementAxis" xlink:to="loc_us-gaapArrangementsAndNonarrangementTransactionsMember_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_FThreeRegistrationStatementMember" xlink:label="loc_PXSFThreeRegistrationStatementMember_40" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" xlink:to="loc_PXSFThreeRegistrationStatementMember_40" xlink:type="arc" order="41" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ProspectusSupplementFiledForShelfRegistrationStatementRelatedToAtTheMarketProgramMember" xlink:label="loc_PXSProspectusSupplementFiledForShelfRegistrationStatementRelatedToAtTheMarketProgramMember_50" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" xlink:to="loc_PXSProspectusSupplementFiledForShelfRegistrationStatementRelatedToAtTheMarketProgramMember_50" xlink:type="arc" order="51" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ProspectusSupplementAmendedForShelfRegistrationStatementRelatedToAtTheMarketProgramMember" xlink:label="loc_PXSProspectusSupplementAmendedForShelfRegistrationStatementRelatedToAtTheMarketProgramMember_60" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" xlink:to="loc_PXSProspectusSupplementAmendedForShelfRegistrationStatementRelatedToAtTheMarketProgramMember_60" xlink:type="arc" order="61" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ATMProgramMember" xlink:label="loc_PXSATMProgramMember_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" xlink:to="loc_PXSATMProgramMember_70" xlink:type="arc" order="71" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_RangeAxis" xlink:label="loc_srtRangeAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_srtRangeAxis" xlink:type="arc" order="4" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_RangeMember" xlink:label="loc_srtRangeMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_srtRangeAxis" xlink:to="loc_srtRangeMember" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_RangeMember" xlink:label="loc_srtRangeMember_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_srtRangeAxis" xlink:to="loc_srtRangeMember_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentAxis" xlink:label="loc_us-gaapDebtInstrumentAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapDebtInstrumentAxis" xlink:type="arc" order="5" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentNameDomain" xlink:label="loc_us-gaapDebtInstrumentNameDomain" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaapDebtInstrumentAxis" xlink:to="loc_us-gaapDebtInstrumentNameDomain" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentNameDomain" xlink:label="loc_us-gaapDebtInstrumentNameDomain_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_us-gaapDebtInstrumentAxis" xlink:to="loc_us-gaapDebtInstrumentNameDomain_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="loc_us-gaapStatementEquityComponentsAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapStatementEquityComponentsAxis" xlink:type="arc" order="6" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_us-gaapEquityComponentDomain" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaapStatementEquityComponentsAxis" xlink:to="loc_us-gaapEquityComponentDomain" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_us-gaapEquityComponentDomain_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_us-gaapStatementEquityComponentsAxis" xlink:to="loc_us-gaapEquityComponentDomain_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_UnderwritersWarrantsMember" xlink:label="loc_PXSUnderwritersWarrantsMember_220" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapEquityComponentDomain" xlink:to="loc_PXSUnderwritersWarrantsMember_220" xlink:type="arc" order="221" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockMember" xlink:label="loc_us-gaapCommonStockMember_270" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapEquityComponentDomain" xlink:to="loc_us-gaapCommonStockMember_270" xlink:type="arc" order="271" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SubsidiarySaleOfStockAxis" xlink:label="loc_us-gaapSubsidiarySaleOfStockAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapSubsidiarySaleOfStockAxis" xlink:type="arc" order="7" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SaleOfStockNameOfTransactionDomain" xlink:label="loc_us-gaapSaleOfStockNameOfTransactionDomain" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaapSubsidiarySaleOfStockAxis" xlink:to="loc_us-gaapSaleOfStockNameOfTransactionDomain" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SaleOfStockNameOfTransactionDomain" xlink:label="loc_us-gaapSaleOfStockNameOfTransactionDomain_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_us-gaapSubsidiarySaleOfStockAxis" xlink:to="loc_us-gaapSaleOfStockNameOfTransactionDomain_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OverAllotmentOptionMember" xlink:label="loc_us-gaapOverAllotmentOptionMember_120" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapSaleOfStockNameOfTransactionDomain" xlink:to="loc_us-gaapOverAllotmentOptionMember_120" xlink:type="arc" order="121" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_TitleOfIndividualAxis" xlink:label="loc_srtTitleOfIndividualAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_srtTitleOfIndividualAxis" xlink:type="arc" order="8" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_TitleOfIndividualWithRelationshipToEntityDomain" xlink:label="loc_srtTitleOfIndividualWithRelationshipToEntityDomain" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_srtTitleOfIndividualAxis" xlink:to="loc_srtTitleOfIndividualWithRelationshipToEntityDomain" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_TitleOfIndividualWithRelationshipToEntityDomain" xlink:label="loc_srtTitleOfIndividualWithRelationshipToEntityDomain_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_srtTitleOfIndividualAxis" xlink:to="loc_srtTitleOfIndividualWithRelationshipToEntityDomain_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_HolderMember" xlink:label="loc_PXSHolderMember_110" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_srtTitleOfIndividualWithRelationshipToEntityDomain" xlink:to="loc_PXSHolderMember_110" xlink:type="arc" order="111" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="loc_us-gaapCommonStockSharesAuthorized_300" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapCommonStockSharesAuthorized_300" xlink:type="arc" order="0" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockSharesAuthorized" xlink:label="loc_us-gaapPreferredStockSharesAuthorized_300" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapPreferredStockSharesAuthorized_300" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockSharesIssued" xlink:label="loc_us-gaapPreferredStockSharesIssued_300" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapPreferredStockSharesIssued_300" xlink:type="arc" order="2" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockSharesOutstanding" xlink:label="loc_us-gaapPreferredStockSharesOutstanding_300" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapPreferredStockSharesOutstanding_300" xlink:type="arc" order="3" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="loc_us-gaapCommonStockParOrStatedValuePerShare_300" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapCommonStockParOrStatedValuePerShare_300" xlink:type="arc" order="4" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockParOrStatedValuePerShare" xlink:label="loc_us-gaapPreferredStockParOrStatedValuePerShare_300" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapPreferredStockParOrStatedValuePerShare_300" xlink:type="arc" order="5" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_MaximumOfferingAmountUnderRegistrationStatement" xlink:label="loc_PXSMaximumOfferingAmountUnderRegistrationStatement_300" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSMaximumOfferingAmountUnderRegistrationStatement_300" xlink:type="arc" order="6" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_MaximumNumberOfSharesForSaleUnderRegistrationStatement" xlink:label="loc_PXSMaximumNumberOfSharesForSaleUnderRegistrationStatement_300" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSMaximumNumberOfSharesForSaleUnderRegistrationStatement_300" xlink:type="arc" order="7" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_StockIssuedDuringPeriodShares" xlink:label="loc_PXSStockIssuedDuringPeriodShares_300" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSStockIssuedDuringPeriodShares_300" xlink:type="arc" order="8" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_OfferingUnits" xlink:label="loc_PXSOfferingUnits_300" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSOfferingUnits_300" xlink:type="arc" order="9" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_OfferingPrice" xlink:label="loc_PXSOfferingPrice_300" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSOfferingPrice_300" xlink:type="arc" order="10" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PercentageOfPreferredShares" xlink:label="loc_PXSPercentageOfPreferredShares_300" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSPercentageOfPreferredShares_300" xlink:type="arc" order="11" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" xlink:label="loc_us-gaapShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_300" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_300" xlink:type="arc" order="12" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ClassOfWarrantOrRightOutstanding" xlink:label="loc_us-gaapClassOfWarrantOrRightOutstanding_300" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapClassOfWarrantOrRightOutstanding_300" xlink:type="arc" order="13" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_WarrantAggregatePurchasePrice" xlink:label="loc_PXSWarrantAggregatePurchasePrice_300" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSWarrantAggregatePurchasePrice_300" xlink:type="arc" order="14" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_TerminationDate" xlink:label="loc_PXSTerminationDate_300" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSTerminationDate_300" xlink:type="arc" order="15" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_FirstTypeWarrantForPurchaseOfAggregateSeriesConvertiblePreferredShares" xlink:label="loc_PXSFirstTypeWarrantForPurchaseOfAggregateSeriesConvertiblePreferredShares_300" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSFirstTypeWarrantForPurchaseOfAggregateSeriesConvertiblePreferredShares_300" xlink:type="arc" order="16" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_FirstTypeWarrantsExercisePrice" xlink:label="loc_PXSFirstTypeWarrantsExercisePrice_300" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSFirstTypeWarrantsExercisePrice_300" xlink:type="arc" order="17" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SecondTypeWarrantForPurchaseOfAggregateSeriesConvertiblePreferredShares" xlink:label="loc_PXSSecondTypeWarrantForPurchaseOfAggregateSeriesConvertiblePreferredShares_300" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSSecondTypeWarrantForPurchaseOfAggregateSeriesConvertiblePreferredShares_300" xlink:type="arc" order="18" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SecondTypeWarrantsExercisePrice" xlink:label="loc_PXSSecondTypeWarrantsExercisePrice_300" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSSecondTypeWarrantsExercisePrice_300" xlink:type="arc" order="19" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_AdditionalNumberOfSeriesConvertiblePreferredSharesOptionalPreferredShares" xlink:label="loc_PXSAdditionalNumberOfSeriesConvertiblePreferredSharesOptionalPreferredShares_300" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSAdditionalNumberOfSeriesConvertiblePreferredSharesOptionalPreferredShares_300" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PurchasePricePerOptionalPreferredShare" xlink:label="loc_PXSPurchasePricePerOptionalPreferredShare_300" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSPurchasePricePerOptionalPreferredShare_300" xlink:type="arc" order="21" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_AdditionalNumberOfWarrantsOptionalWarrants" xlink:label="loc_PXSAdditionalNumberOfWarrantsOptionalWarrants_300" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSAdditionalNumberOfWarrantsOptionalWarrants_300" xlink:type="arc" order="22" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PurchasePricePerOptionalWarrant" xlink:label="loc_PXSPurchasePricePerOptionalWarrant_300" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSPurchasePricePerOptionalWarrant_300" xlink:type="arc" order="23" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PartialOverallotmentOfWarrantsExercisedByUnderwriter" xlink:label="loc_PXSPartialOverallotmentOfWarrantsExercisedByUnderwriter_300" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSPartialOverallotmentOfWarrantsExercisedByUnderwriter_300" xlink:type="arc" order="24" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_GrossProceedsFromOverallotmentOptionGranted" xlink:label="loc_PXSGrossProceedsFromOverallotmentOptionGranted_300" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSGrossProceedsFromOverallotmentOptionGranted_300" xlink:type="arc" order="25" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NumberOfDetachableWarrantsPerSeriesConvertiblePreferredShare" xlink:label="loc_PXSNumberOfDetachableWarrantsPerSeriesConvertiblePreferredShare_300" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSNumberOfDetachableWarrantsPerSeriesConvertiblePreferredShare_300" xlink:type="arc" order="26" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NumberOfCommonSharesFromExerciseOfDetachableWarrants" xlink:label="loc_PXSNumberOfCommonSharesFromExerciseOfDetachableWarrants_300" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSNumberOfCommonSharesFromExerciseOfDetachableWarrants_300" xlink:type="arc" order="27" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_GrossProceedsFromOffering" xlink:label="loc_PXSGrossProceedsFromOffering_300" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSGrossProceedsFromOffering_300" xlink:type="arc" order="28" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NetProceedsFromPublicOffering" xlink:label="loc_PXSNetProceedsFromPublicOffering_300" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSNetProceedsFromPublicOffering_300" xlink:type="arc" order="29" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_InitialConversionPricePerCommonShare" xlink:label="loc_PXSInitialConversionPricePerCommonShare_300" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSInitialConversionPricePerCommonShare_300" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ConvertiblePreferredStockConversionDescription" xlink:label="loc_PXSConvertiblePreferredStockConversionDescription_300" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSConvertiblePreferredStockConversionDescription_300" xlink:type="arc" order="31" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConvertiblePreferredStockTermsOfConversion" xlink:label="loc_us-gaapConvertiblePreferredStockTermsOfConversion_300" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapConvertiblePreferredStockTermsOfConversion_300" xlink:type="arc" order="32" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" xlink:label="loc_us-gaapClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_300" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_300" xlink:type="arc" order="33" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_WarrantExercisableDate" xlink:label="loc_PXSWarrantExercisableDate_300" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSWarrantExercisableDate_300" xlink:type="arc" order="34" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ChangeOfControlTerms" xlink:label="loc_PXSChangeOfControlTerms_300" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSChangeOfControlTerms_300" xlink:type="arc" order="35" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_CashDividendPerShare" xlink:label="loc_PXSCashDividendPerShare_300" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSCashDividendPerShare_300" xlink:type="arc" order="36" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_AnnualCashDividendPerShare" xlink:label="loc_PXSAnnualCashDividendPerShare_300" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSAnnualCashDividendPerShare_300" xlink:type="arc" order="37" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockDividendRatePercentage" xlink:label="loc_us-gaapPreferredStockDividendRatePercentage_300" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapPreferredStockDividendRatePercentage_300" xlink:type="arc" order="38" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConversionOfStockSharesConverted1" xlink:label="loc_us-gaapConversionOfStockSharesConverted1_300" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapConversionOfStockSharesConverted1_300" xlink:type="arc" order="39" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xlink:label="loc_us-gaapStockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_300" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapStockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_300" xlink:type="arc" order="40" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="loc_us-gaapCommonStockSharesOutstanding_300" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapCommonStockSharesOutstanding_300" xlink:type="arc" order="41" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_AverageGrossAmountUnderProgram" xlink:label="loc_PXSAverageGrossAmountUnderProgram_300" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSAverageGrossAmountUnderProgram_300" xlink:type="arc" order="42" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_AverageGrossPricePerShareUnderProgram" xlink:label="loc_PXSAverageGrossPricePerShareUnderProgram_300" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSAverageGrossPricePerShareUnderProgram_300" xlink:type="arc" order="43" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_IssuanceOfCommonStockUnderPromissoryNoteShares" xlink:label="loc_PXSIssuanceOfCommonStockUnderPromissoryNoteShares_300" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSIssuanceOfCommonStockUnderPromissoryNoteShares_300" xlink:type="arc" order="44" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="loc_us-gaapCommonStockSharesIssued_300" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapCommonStockSharesIssued_300" xlink:type="arc" order="45" />
    </link:definitionLink>
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/LossPerCommonShare-ScheduleOfLossPerCommonShareDetails" xlink:title="00000048 - Disclosure - Loss Per Common Share - Schedule of Loss Per Common Share (Details)" />
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurementsDetailsNarrative" xlink:title="00000049 - Disclosure - Risk Management and Fair Value Measurements (Details Narrative)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaapStatementLineItems" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaapStatementTable" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xbrldt:contextElement="segment" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapStatementTable" xlink:type="arc" order="10" xbrldt:closed="true" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TypeOfArrangementAxis" xlink:label="loc_us-gaapTypeOfArrangementAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapTypeOfArrangementAxis" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ArrangementsAndNonarrangementTransactionsMember" xlink:label="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaapTypeOfArrangementAxis" xlink:to="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ArrangementsAndNonarrangementTransactionsMember" xlink:label="loc_us-gaapArrangementsAndNonarrangementTransactionsMember_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_us-gaapTypeOfArrangementAxis" xlink:to="loc_us-gaapArrangementsAndNonarrangementTransactionsMember_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestRateCapMember" xlink:label="loc_us-gaapInterestRateCapMember_0" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" xlink:to="loc_us-gaapInterestRateCapMember_0" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongtermDebtTypeAxis" xlink:label="loc_us-gaapLongtermDebtTypeAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapLongtermDebtTypeAxis" xlink:type="arc" order="2" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongtermDebtTypeDomain" xlink:label="loc_us-gaapLongtermDebtTypeDomain" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaapLongtermDebtTypeAxis" xlink:to="loc_us-gaapLongtermDebtTypeDomain" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongtermDebtTypeDomain" xlink:label="loc_us-gaapLongtermDebtTypeDomain_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_us-gaapLongtermDebtTypeAxis" xlink:to="loc_us-gaapLongtermDebtTypeDomain_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_DerivativesNotionalAmount" xlink:label="loc_PXSDerivativesNotionalAmount_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSDerivativesNotionalAmount_70" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeCapInterestRate" xlink:label="loc_us-gaapDerivativeCapInterestRate_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapDerivativeCapInterestRate_70" xlink:type="arc" order="2" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_InterestRateCapTerminationDate" xlink:label="loc_PXSInterestRateCapTerminationDate_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSInterestRateCapTerminationDate_70" xlink:type="arc" order="3" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ImpairmentOfLongLivedAssetsHeldForUse" xlink:label="loc_us-gaapImpairmentOfLongLivedAssetsHeldForUse_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapImpairmentOfLongLivedAssetsHeldForUse_70" xlink:type="arc" order="4" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetsHeldForSaleNotPartOfDisposalGroupCurrent" xlink:label="loc_us-gaapAssetsHeldForSaleNotPartOfDisposalGroupCurrent_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapAssetsHeldForSaleNotPartOfDisposalGroupCurrent_70" xlink:type="arc" order="5" />
    </link:definitionLink>
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurements-ScheduleOfFairValueOfAssetsAndLiabilitiesDetails" xlink:title="00000050 - Disclosure - Risk Management and Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities (Details)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaapStatementLineItems" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaapStatementTable" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xbrldt:contextElement="segment" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapStatementTable" xlink:type="arc" order="10" xbrldt:closed="true" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ConsolidatedEntitiesAxis" xlink:label="loc_srtConsolidatedEntitiesAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_srtConsolidatedEntitiesAxis" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ConsolidatedEntitiesDomain" xlink:label="loc_srtConsolidatedEntitiesDomain" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_srtConsolidatedEntitiesAxis" xlink:to="loc_srtConsolidatedEntitiesDomain" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ConsolidatedEntitiesDomain" xlink:label="loc_srtConsolidatedEntitiesDomain_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_srtConsolidatedEntitiesAxis" xlink:to="loc_srtConsolidatedEntitiesDomain_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_CarryingValueMember" xlink:label="loc_PXSCarryingValueMember_0" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_srtConsolidatedEntitiesDomain" xlink:to="loc_PXSCarryingValueMember_0" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_FairValueMember" xlink:label="loc_PXSFairValueMember_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_srtConsolidatedEntitiesDomain" xlink:to="loc_PXSFairValueMember_10" xlink:type="arc" order="11" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_CashAndCashEquivalent" xlink:label="loc_PXSCashAndCashEquivalent_30" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSCashAndCashEquivalent_30" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_TradeAccountsReceivableNet" xlink:label="loc_PXSTradeAccountsReceivableNet_30" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSTradeAccountsReceivableNet_30" xlink:type="arc" order="2" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccountsPayableCurrent" xlink:label="loc_us-gaapAccountsPayableCurrent_30" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapAccountsPayableCurrent_30" xlink:type="arc" order="3" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LongtermDebtWithVariableInterestRatesNet" xlink:label="loc_PXSLongtermDebtWithVariableInterestRatesNet_30" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSLongtermDebtWithVariableInterestRatesNet_30" xlink:type="arc" order="4" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LongtermLoansAndPromissoryNoteWithNonvariableInterestRatesNet" xlink:label="loc_PXSLongtermLoansAndPromissoryNoteWithNonvariableInterestRatesNet_30" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSLongtermLoansAndPromissoryNoteWithNonvariableInterestRatesNet_30" xlink:type="arc" order="5" />
    </link:definitionLink>
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurements-ScheduleOfFairValueOfAssetsAndLiabilitiesDetailsParenthetical" xlink:title="00000051 - Disclosure - Risk Management and Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities (Details) (Parenthetical)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaapStatementLineItems" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaapStatementTable" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xbrldt:contextElement="segment" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapStatementTable" xlink:type="arc" order="10" xbrldt:closed="true" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TypeOfArrangementAxis" xlink:label="loc_us-gaapTypeOfArrangementAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapTypeOfArrangementAxis" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ArrangementsAndNonarrangementTransactionsMember" xlink:label="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaapTypeOfArrangementAxis" xlink:to="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ArrangementsAndNonarrangementTransactionsMember" xlink:label="loc_us-gaapArrangementsAndNonarrangementTransactionsMember_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_us-gaapTypeOfArrangementAxis" xlink:to="loc_us-gaapArrangementsAndNonarrangementTransactionsMember_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_EighthoneLoanAmendedAndRestatedPromissoryNoteMember" xlink:label="loc_PXSEighthoneLoanAmendedAndRestatedPromissoryNoteMember_0" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" xlink:to="loc_PXSEighthoneLoanAmendedAndRestatedPromissoryNoteMember_0" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentCarryingAmount" xlink:label="loc_us-gaapDebtInstrumentCarryingAmount_30" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapDebtInstrumentCarryingAmount_30" xlink:type="arc" order="0" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtFairValue" xlink:label="loc_us-gaapLongTermDebtFairValue_30" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapLongTermDebtFairValue_30" xlink:type="arc" order="1" />
    </link:definitionLink>
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurements-ScheduleOfFinancialDerivativeInstrumentLocationDetails" xlink:title="00000052 - Disclosure - Risk Management and Fair Value Measurements - Schedule of Financial Derivative Instrument Location (Details)" />
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurements-ScheduleOfGainsLossesOnDerivativeInstrumentsDetails" xlink:title="00000053 - Disclosure - Risk Management and Fair Value Measurements - Schedule of Gains Losses on Derivative Instruments (Details)" />
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurements-ScheduleOfAssetsMeasuredAtFairValueOnNon-recurringBasisLongLivedAssetsHeldAndUsedAndHeldForSaleDetails" xlink:title="00000054 - Disclosure - Risk Management and Fair Value Measurements - Schedule of Assets Measured at Fair Value on a Non-recurring Basis Long Lived Assets Held and Used and Held for Sale (Details)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ImpairedLongLivedAssetsHeldAndUsedLineItems" xlink:label="loc_us-gaapImpairedLongLivedAssetsHeldAndUsedLineItems" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfImpairedLongLivedAssetsHeldAndUsedTable" xlink:label="loc_us-gaapScheduleOfImpairedLongLivedAssetsHeldAndUsedTable" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xbrldt:contextElement="segment" xlink:from="loc_us-gaapImpairedLongLivedAssetsHeldAndUsedLineItems" xlink:to="loc_us-gaapScheduleOfImpairedLongLivedAssetsHeldAndUsedTable" xlink:type="arc" order="10" xbrldt:closed="true" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapScheduleOfImpairedLongLivedAssetsHeldAndUsedTable" xlink:to="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" xlink:to="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="loc_us-gaapPropertyPlantAndEquipmentTypeDomain_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" xlink:to="loc_us-gaapPropertyPlantAndEquipmentTypeDomain_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SignificantOtherObservableInputsLevel2NorthseaAlphaVesselMember" xlink:label="loc_PXSSignificantOtherObservableInputsLevel2NorthseaAlphaVesselMember_0" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:to="loc_PXSSignificantOtherObservableInputsLevel2NorthseaAlphaVesselMember_0" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SignificantOtherObservableInputsLevel2NorthseaBetaVesselMember" xlink:label="loc_PXSSignificantOtherObservableInputsLevel2NorthseaBetaVesselMember_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:to="loc_PXSSignificantOtherObservableInputsLevel2NorthseaBetaVesselMember_10" xlink:type="arc" order="11" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SignificantOtherObservableInputsLevel2NorthseaAlphaAndNorthseaBetaMember" xlink:label="loc_PXSSignificantOtherObservableInputsLevel2NorthseaAlphaAndNorthseaBetaMember_20" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:to="loc_PXSSignificantOtherObservableInputsLevel2NorthseaAlphaAndNorthseaBetaMember_20" xlink:type="arc" order="21" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:label="loc_us-gaapFairValueByFairValueHierarchyLevelAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapScheduleOfImpairedLongLivedAssetsHeldAndUsedTable" xlink:to="loc_us-gaapFairValueByFairValueHierarchyLevelAxis" xlink:type="arc" order="2" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:label="loc_us-gaapFairValueMeasurementsFairValueHierarchyDomain" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaapFairValueByFairValueHierarchyLevelAxis" xlink:to="loc_us-gaapFairValueMeasurementsFairValueHierarchyDomain" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:label="loc_us-gaapFairValueMeasurementsFairValueHierarchyDomain_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_us-gaapFairValueByFairValueHierarchyLevelAxis" xlink:to="loc_us-gaapFairValueMeasurementsFairValueHierarchyDomain_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetsFairValueDisclosure" xlink:label="loc_us-gaapAssetsFairValueDisclosure_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapImpairedLongLivedAssetsHeldAndUsedLineItems" xlink:to="loc_us-gaapAssetsFairValueDisclosure_70" xlink:type="arc" order="0" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ImpairmentChargesOnVesselsNet" xlink:label="loc_PXSImpairmentChargesOnVesselsNet_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapImpairedLongLivedAssetsHeldAndUsedLineItems" xlink:to="loc_PXSImpairmentChargesOnVesselsNet_70" xlink:type="arc" order="1" />
    </link:definitionLink>
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/CommitmentsAndContingencies-ScheduleOfFutureMinimumContractualCharterRevenuesDetails" xlink:title="00000055 - Disclosure - Commitments and Contingencies - Schedule of Future Minimum Contractual Charter Revenues (Details)" />
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/InterestAndFinanceCostsNet-ScheduleOfInterestAndFinanceCostsDetails" xlink:title="00000056 - Disclosure - Interest and Finance Costs, Net - Schedule of Interest and Finance Costs (Details)" />
    <link:definitionLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/SubsequentEventsDetailsNarrative" xlink:title="00000057 - Disclosure - Subsequent Events (Details Narrative)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaapStatementLineItems" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaapStatementTable" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xbrldt:contextElement="segment" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapStatementTable" xlink:type="arc" order="10" xbrldt:closed="true" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SubsequentEventTypeAxis" xlink:label="loc_us-gaapSubsequentEventTypeAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapSubsequentEventTypeAxis" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="loc_us-gaapSubsequentEventTypeDomain" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaapSubsequentEventTypeAxis" xlink:to="loc_us-gaapSubsequentEventTypeDomain" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="loc_us-gaapSubsequentEventTypeDomain_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_us-gaapSubsequentEventTypeAxis" xlink:to="loc_us-gaapSubsequentEventTypeDomain_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SubsequentEventMember" xlink:label="loc_us-gaapSubsequentEventMember_0" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapSubsequentEventTypeDomain" xlink:to="loc_us-gaapSubsequentEventMember_0" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentAxis" xlink:label="loc_us-gaapDebtInstrumentAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapDebtInstrumentAxis" xlink:type="arc" order="2" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentNameDomain" xlink:label="loc_us-gaapDebtInstrumentNameDomain" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaapDebtInstrumentAxis" xlink:to="loc_us-gaapDebtInstrumentNameDomain" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentNameDomain" xlink:label="loc_us-gaapDebtInstrumentNameDomain_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_us-gaapDebtInstrumentAxis" xlink:to="loc_us-gaapDebtInstrumentNameDomain_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_AmendedAndRestatedPromissoryNoteMember" xlink:label="loc_PXSAmendedAndRestatedPromissoryNoteMember_0" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapDebtInstrumentNameDomain" xlink:to="loc_PXSAmendedAndRestatedPromissoryNoteMember_0" xlink:type="arc" order="2" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SubsidiarySaleOfStockAxis" xlink:label="loc_us-gaapSubsidiarySaleOfStockAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapSubsidiarySaleOfStockAxis" xlink:type="arc" order="3" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SaleOfStockNameOfTransactionDomain" xlink:label="loc_us-gaapSaleOfStockNameOfTransactionDomain" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaapSubsidiarySaleOfStockAxis" xlink:to="loc_us-gaapSaleOfStockNameOfTransactionDomain" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SaleOfStockNameOfTransactionDomain" xlink:label="loc_us-gaapSaleOfStockNameOfTransactionDomain_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_us-gaapSubsidiarySaleOfStockAxis" xlink:to="loc_us-gaapSaleOfStockNameOfTransactionDomain_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PrivatePlacementMember" xlink:label="loc_us-gaapPrivatePlacementMember_30" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapSaleOfStockNameOfTransactionDomain" xlink:to="loc_us-gaapPrivatePlacementMember_30" xlink:type="arc" order="32" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="loc_us-gaapStatementEquityComponentsAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapStatementEquityComponentsAxis" xlink:type="arc" order="4" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_us-gaapEquityComponentDomain" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaapStatementEquityComponentsAxis" xlink:to="loc_us-gaapEquityComponentDomain" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_us-gaapEquityComponentDomain_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_us-gaapStatementEquityComponentsAxis" xlink:to="loc_us-gaapEquityComponentDomain_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SeriesAConvertiblePreferredSharesConversionsMember" xlink:label="loc_PXSSeriesAConvertiblePreferredSharesConversionsMember_50" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapEquityComponentDomain" xlink:to="loc_PXSSeriesAConvertiblePreferredSharesConversionsMember_50" xlink:type="arc" order="52" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TypeOfArrangementAxis" xlink:label="loc_us-gaapTypeOfArrangementAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapTypeOfArrangementAxis" xlink:type="arc" order="5" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ArrangementsAndNonarrangementTransactionsMember" xlink:label="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaapTypeOfArrangementAxis" xlink:to="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ArrangementsAndNonarrangementTransactionsMember" xlink:label="loc_us-gaapArrangementsAndNonarrangementTransactionsMember_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_us-gaapTypeOfArrangementAxis" xlink:to="loc_us-gaapArrangementsAndNonarrangementTransactionsMember_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_WarrantExercisesMember" xlink:label="loc_PXSWarrantExercisesMember_70" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" xlink:to="loc_PXSWarrantExercisesMember_70" xlink:type="arc" order="72" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_AmendmentToEighthoneLoanMember" xlink:label="loc_PXSAmendmentToEighthoneLoanMember_150" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" xlink:to="loc_PXSAmendmentToEighthoneLoanMember_150" xlink:type="arc" order="152" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_RefinanceOfEighthoneLoanMember" xlink:label="loc_PXSRefinanceOfEighthoneLoanMember_160" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" xlink:to="loc_PXSRefinanceOfEighthoneLoanMember_160" xlink:type="arc" order="163" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaapStatementClassOfStockAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapStatementClassOfStockAxis" xlink:type="arc" order="6" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaapClassOfStockDomain" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaapStatementClassOfStockAxis" xlink:to="loc_us-gaapClassOfStockDomain" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaapClassOfStockDomain_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_us-gaapStatementClassOfStockAxis" xlink:to="loc_us-gaapClassOfStockDomain_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SeriesAConvertiblePreferredSharesMember" xlink:label="loc_PXSSeriesAConvertiblePreferredSharesMember_90" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_PXSSeriesAConvertiblePreferredSharesMember_90" xlink:type="arc" order="92" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_TitleOfIndividualAxis" xlink:label="loc_srtTitleOfIndividualAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_srtTitleOfIndividualAxis" xlink:type="arc" order="7" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_TitleOfIndividualWithRelationshipToEntityDomain" xlink:label="loc_srtTitleOfIndividualWithRelationshipToEntityDomain" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_srtTitleOfIndividualAxis" xlink:to="loc_srtTitleOfIndividualWithRelationshipToEntityDomain" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_TitleOfIndividualWithRelationshipToEntityDomain" xlink:label="loc_srtTitleOfIndividualWithRelationshipToEntityDomain_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_srtTitleOfIndividualAxis" xlink:to="loc_srtTitleOfIndividualWithRelationshipToEntityDomain_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_MrValentisMember" xlink:label="loc_PXSMrValentisMember_130" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_srtTitleOfIndividualWithRelationshipToEntityDomain" xlink:to="loc_PXSMrValentisMember_130" xlink:type="arc" order="132" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_LegalEntityAxis" xlink:label="loc_deiLegalEntityAxis" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_deiLegalEntityAxis" xlink:type="arc" order="8" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityDomain" xlink:label="loc_deiEntityDomain" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_deiLegalEntityAxis" xlink:to="loc_deiEntityDomain" xlink:type="arc" order="20" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityDomain" xlink:label="loc_deiEntityDomain_10" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xbrldt:contextElement="segment" xlink:from="loc_deiLegalEntityAxis" xlink:to="loc_deiEntityDomain_10" xlink:type="arc" order="30" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_EighthoneCorpMember" xlink:label="loc_PXSEighthoneCorpMember_140" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_deiEntityDomain" xlink:to="loc_PXSEighthoneCorpMember_140" xlink:type="arc" order="142" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_StockIssuedDuringPeriodSharesNewIssue" xlink:label="loc_PXSStockIssuedDuringPeriodSharesNewIssue_190" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSStockIssuedDuringPeriodSharesNewIssue_190" xlink:type="arc" order="0" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_BidPriceRule" xlink:label="loc_PXSBidPriceRule_190" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSBidPriceRule_190" xlink:type="arc" order="1" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromIssuanceOfPrivatePlacement" xlink:label="loc_us-gaapProceedsFromIssuanceOfPrivatePlacement_190" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapProceedsFromIssuanceOfPrivatePlacement_190" xlink:type="arc" order="2" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NumberOfCommonStockIssued" xlink:label="loc_PXSNumberOfCommonStockIssued_190" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSNumberOfCommonStockIssued_190" xlink:type="arc" order="3" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SaleOfStockPricePerShare" xlink:label="loc_us-gaapSaleOfStockPricePerShare_190" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapSaleOfStockPricePerShare_190" xlink:type="arc" order="4" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ConversionOfPreferredShares" xlink:label="loc_PXSConversionOfPreferredShares_190" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSConversionOfPreferredShares_190" xlink:type="arc" order="5" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConvertiblePreferredStockSharesIssuedUponConversion" xlink:label="loc_us-gaapConvertiblePreferredStockSharesIssuedUponConversion_190" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapConvertiblePreferredStockSharesIssuedUponConversion_190" xlink:type="arc" order="6" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NumberOfWarrantsExercisedDuringPeriod" xlink:label="loc_PXSNumberOfWarrantsExercisedDuringPeriod_190" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSNumberOfWarrantsExercisedDuringPeriod_190" xlink:type="arc" order="7" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:label="loc_us-gaapStockIssuedDuringPeriodSharesStockOptionsExercised_190" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapStockIssuedDuringPeriodSharesStockOptionsExercised_190" xlink:type="arc" order="8" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromWarrantExercises" xlink:label="loc_us-gaapProceedsFromWarrantExercises_190" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapProceedsFromWarrantExercises_190" xlink:type="arc" order="9" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="loc_us-gaapCommonStockSharesIssued_190" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapCommonStockSharesIssued_190" xlink:type="arc" order="10" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="loc_us-gaapCommonStockSharesOutstanding_190" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapCommonStockSharesOutstanding_190" xlink:type="arc" order="11" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PercentageOfCommonStockBeneficiallyOwned" xlink:label="loc_PXSPercentageOfCommonStockBeneficiallyOwned_190" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSPercentageOfCommonStockBeneficiallyOwned_190" xlink:type="arc" order="12" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ConvertiblePreferredSharesDividendPerShare" xlink:label="loc_PXSConvertiblePreferredSharesDividendPerShare_190" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSConvertiblePreferredSharesDividendPerShare_190" xlink:type="arc" order="13" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock" xlink:label="loc_us-gaapPaymentsOfDividendsPreferredStockAndPreferenceStock_190" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapPaymentsOfDividendsPreferredStockAndPreferenceStock_190" xlink:type="arc" order="14" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_MinimumLiquidityAmountRequired" xlink:label="loc_PXSMinimumLiquidityAmountRequired_190" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSMinimumLiquidityAmountRequired_190" xlink:type="arc" order="15" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_DescriptionOfMinimumLiquidityAmountAndMinimumSecurityCover" xlink:label="loc_PXSDescriptionOfMinimumLiquidityAmountAndMinimumSecurityCover_190" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSDescriptionOfMinimumLiquidityAmountAndMinimumSecurityCover_190" xlink:type="arc" order="16" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentCarryingAmount" xlink:label="loc_us-gaapDebtInstrumentCarryingAmount_190" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapDebtInstrumentCarryingAmount_190" xlink:type="arc" order="17" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RepaymentsOfDebt" xlink:label="loc_us-gaapRepaymentsOfDebt_190" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapRepaymentsOfDebt_190" xlink:type="arc" order="18" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LoanAmortizationProfile" xlink:label="loc_PXSLoanAmortizationProfile_190" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSLoanAmortizationProfile_190" xlink:type="arc" order="19" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LongTermDebtBalloonPayment" xlink:label="loc_PXSLongTermDebtBalloonPayment_190" />
      <link:definitionArc xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSLongTermDebtBalloonPayment_190" xlink:type="arc" order="20" />
    </link:definitionLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>33
<FILENAME>pxs-20201231_lab.xml
<DESCRIPTION>XBRL LABEL FILE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.7a -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: http://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Source; Value: PXS %2D20201231 20%2DF DFN.xfr; Date: 2021%2D04%2D12T11:27:06Z -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" roleURI="http://www.xbrl.org/2009/role/negatedLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel" roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel" roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" roleURI="http://www.xbrl.org/2009/role/netLabel" />
    <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="us-gaap_StatementEquityComponentsAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementEquityComponentsAxis" xlink:to="us-gaap_StatementEquityComponentsAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementEquityComponentsAxis_lbl" xml:lang="en-US">Equity Components [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockMember" xlink:label="us-gaap_CommonStockMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockMember" xlink:to="us-gaap_CommonStockMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockMember_lbl" xml:lang="en-US">Common Stock [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="us-gaap_AdditionalPaidInCapitalMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalPaidInCapitalMember" xlink:to="us-gaap_AdditionalPaidInCapitalMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdditionalPaidInCapitalMember_lbl" xml:lang="en-US">Additional Paid-in Capital [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="us-gaap_RetainedEarningsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsMember" xlink:to="us-gaap_RetainedEarningsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RetainedEarningsMember_lbl" xml:lang="en-US">Accumulated Deficit [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="us-gaap_PropertyPlantAndEquipmentByTypeAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:to="us-gaap_PropertyPlantAndEquipmentByTypeAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentByTypeAxis_lbl" xml:lang="en-US">Property Plant And Equipment By Type [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NorthseaAlphaVesselMember" xlink:label="PXS_NorthseaAlphaVesselMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_NorthseaAlphaVesselMember" xlink:to="PXS_NorthseaAlphaVesselMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_NorthseaAlphaVesselMember_lbl" xml:lang="en-US">Vessel Northsea Alpha [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_LegalEntityAxis" xlink:label="dei_LegalEntityAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LegalEntityAxis" xlink:to="dei_LegalEntityAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LegalEntityAxis_lbl" xml:lang="en-US">Legal Entity [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SecondoneMember" xlink:label="PXS_SecondoneMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_SecondoneMember" xlink:to="PXS_SecondoneMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_SecondoneMember_lbl" xml:lang="en-US">Secondone [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NorthseaBetaVesselMember" xlink:label="PXS_NorthseaBetaVesselMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_NorthseaBetaVesselMember" xlink:to="PXS_NorthseaBetaVesselMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_NorthseaBetaVesselMember_lbl" xml:lang="en-US">Vessel Northsea Beta [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ThirdoneMember" xlink:label="PXS_ThirdoneMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ThirdoneMember" xlink:to="PXS_ThirdoneMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_ThirdoneMember_lbl" xml:lang="en-US">Thirdone [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PyxisMalouVesselMember" xlink:label="PXS_PyxisMalouVesselMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_PyxisMalouVesselMember" xlink:to="PXS_PyxisMalouVesselMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_PyxisMalouVesselMember_lbl" xml:lang="en-US">Pyxis Malou Vessel [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_FourthoneMember" xlink:label="PXS_FourthoneMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_FourthoneMember" xlink:to="PXS_FourthoneMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_FourthoneMember_lbl" xml:lang="en-US">Fourthone [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PyxisDeltaVesselMember" xlink:label="PXS_PyxisDeltaVesselMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_PyxisDeltaVesselMember" xlink:to="PXS_PyxisDeltaVesselMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_PyxisDeltaVesselMember_lbl" xml:lang="en-US">Pyxis Delta Vessel [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SixthoneMember" xlink:label="PXS_SixthoneMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_SixthoneMember" xlink:to="PXS_SixthoneMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_SixthoneMember_lbl" xml:lang="en-US">Sixthone [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PyxisThetaVesselMember" xlink:label="PXS_PyxisThetaVesselMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_PyxisThetaVesselMember" xlink:to="PXS_PyxisThetaVesselMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_PyxisThetaVesselMember_lbl" xml:lang="en-US">Pyxis Theta Vessel [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SeventhoneMember" xlink:label="PXS_SeventhoneMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_SeventhoneMember" xlink:to="PXS_SeventhoneMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_SeventhoneMember_lbl" xml:lang="en-US">Seventhone [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PyxisEpsilonVesselMember" xlink:label="PXS_PyxisEpsilonVesselMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_PyxisEpsilonVesselMember" xlink:to="PXS_PyxisEpsilonVesselMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_PyxisEpsilonVesselMember_lbl" xml:lang="en-US">Pyxis Epsilon Vessel [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_EighthoneMember" xlink:label="PXS_EighthoneMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_EighthoneMember" xlink:to="PXS_EighthoneMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_EighthoneMember_lbl" xml:lang="en-US">Eighthone [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_TitleOfIndividualAxis" xlink:label="srt_TitleOfIndividualAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_TitleOfIndividualAxis" xlink:to="srt_TitleOfIndividualAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_TitleOfIndividualAxis_lbl" xml:lang="en-US">Title of Individual [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_MrValentisMember" xlink:label="PXS_MrValentisMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_MrValentisMember" xlink:to="PXS_MrValentisMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_MrValentisMember_lbl" xml:lang="en-US">Mr. Valentis [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_VesselsMember" xlink:label="PXS_VesselsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_VesselsMember" xlink:to="PXS_VesselsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_VesselsMember_lbl" xml:lang="en-US">Vessels [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SecondoneCorporationLtdMember" xlink:label="PXS_SecondoneCorporationLtdMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_SecondoneCorporationLtdMember" xlink:to="PXS_SecondoneCorporationLtdMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_SecondoneCorporationLtdMember_lbl" xml:lang="en-US">Secondone Corporation Ltd [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ThirdoneCorporationLtdMember" xlink:label="PXS_ThirdoneCorporationLtdMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ThirdoneCorporationLtdMember" xlink:to="PXS_ThirdoneCorporationLtdMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_ThirdoneCorporationLtdMember_lbl" xml:lang="en-US">Thirdone Corporation Ltd [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_FourthoneCorporationLtdMember" xlink:label="PXS_FourthoneCorporationLtdMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_FourthoneCorporationLtdMember" xlink:to="PXS_FourthoneCorporationLtdMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_FourthoneCorporationLtdMember_lbl" xml:lang="en-US">Fourthone Corporation Ltd [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SixthoneCorpMember" xlink:label="PXS_SixthoneCorpMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_SixthoneCorpMember" xlink:to="PXS_SixthoneCorpMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_SixthoneCorpMember_lbl" xml:lang="en-US">Sixthone Corp [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SeventhoneCorpMember" xlink:label="PXS_SeventhoneCorpMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_SeventhoneCorpMember" xlink:to="PXS_SeventhoneCorpMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_SeventhoneCorpMember_lbl" xml:lang="en-US">Seventhone Corp [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_EighthoneCorpMember" xlink:label="PXS_EighthoneCorpMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_EighthoneCorpMember" xlink:to="PXS_EighthoneCorpMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_EighthoneCorpMember_lbl" xml:lang="en-US">Eighthone Corp [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PublicUtilitiesInventoryAxis" xlink:label="us-gaap_PublicUtilitiesInventoryAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PublicUtilitiesInventoryAxis" xlink:to="us-gaap_PublicUtilitiesInventoryAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PublicUtilitiesInventoryAxis_lbl" xml:lang="en-US">Public Utilities Inventory [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LubricantsMember" xlink:label="PXS_LubricantsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_LubricantsMember" xlink:to="PXS_LubricantsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_LubricantsMember_lbl" xml:lang="en-US">Lubricants [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_BunkersMember" xlink:label="PXS_BunkersMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_BunkersMember" xlink:to="PXS_BunkersMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_BunkersMember_lbl" xml:lang="en-US">Bunkers [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_VesselCostMember" xlink:label="PXS_VesselCostMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_VesselCostMember" xlink:to="PXS_VesselCostMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_VesselCostMember_lbl" xml:lang="en-US">Vessel Cost [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_AccumulatedDepreciationMember" xlink:label="PXS_AccumulatedDepreciationMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_AccumulatedDepreciationMember" xlink:to="PXS_AccumulatedDepreciationMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_AccumulatedDepreciationMember_lbl" xml:lang="en-US">Accumulated Depreciation [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NetBookValueMember" xlink:label="PXS_NetBookValueMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_NetBookValueMember" xlink:to="PXS_NetBookValueMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_NetBookValueMember_lbl" xml:lang="en-US">Net Book Value [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ProductOrServiceAxis" xlink:label="srt_ProductOrServiceAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_ProductOrServiceAxis" xlink:to="srt_ProductOrServiceAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_ProductOrServiceAxis_lbl" xml:lang="en-US">Product and Service [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SpotChartersMember" xlink:label="PXS_SpotChartersMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_SpotChartersMember" xlink:to="PXS_SpotChartersMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_SpotChartersMember_lbl" xml:lang="en-US">Spot Charters [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_TimeChartersMember" xlink:label="PXS_TimeChartersMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_TimeChartersMember" xlink:to="PXS_TimeChartersMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_TimeChartersMember_lbl" xml:lang="en-US">Time Charters [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_RevenuesDerivedFromSpotChartersMember" xlink:label="PXS_RevenuesDerivedFromSpotChartersMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_RevenuesDerivedFromSpotChartersMember" xlink:to="PXS_RevenuesDerivedFromSpotChartersMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_RevenuesDerivedFromSpotChartersMember_lbl" xml:lang="en-US">Revenues Derived from Spot Charters, Net [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_RevenuesDerivedFromTimeChartersMember" xlink:label="PXS_RevenuesDerivedFromTimeChartersMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_RevenuesDerivedFromTimeChartersMember" xlink:to="PXS_RevenuesDerivedFromTimeChartersMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_RevenuesDerivedFromTimeChartersMember_lbl" xml:lang="en-US">Revenues Derived from Time Charters, Net [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SignificantOtherObservableInputsLevel2NorthseaAlphaAndNorthseaBetaMember" xlink:label="PXS_SignificantOtherObservableInputsLevel2NorthseaAlphaAndNorthseaBetaMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_SignificantOtherObservableInputsLevel2NorthseaAlphaAndNorthseaBetaMember" xlink:to="PXS_SignificantOtherObservableInputsLevel2NorthseaAlphaAndNorthseaBetaMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_SignificantOtherObservableInputsLevel2NorthseaAlphaAndNorthseaBetaMember_lbl" xml:lang="en-US">Significant Other Observable Inputs (Level 2) Northsea Alpha and Northsea Beta [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SignificantOtherObservableInputsLevel2NorthseaAlphaVesselMember" xlink:label="PXS_SignificantOtherObservableInputsLevel2NorthseaAlphaVesselMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_SignificantOtherObservableInputsLevel2NorthseaAlphaVesselMember" xlink:to="PXS_SignificantOtherObservableInputsLevel2NorthseaAlphaVesselMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_SignificantOtherObservableInputsLevel2NorthseaAlphaVesselMember_lbl" xml:lang="en-US">Significant Other Observable Inputs (Level 2) Northsea Alpha [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SignificantOtherObservableInputsLevel2NorthseaBetaVesselMember" xlink:label="PXS_SignificantOtherObservableInputsLevel2NorthseaBetaVesselMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_SignificantOtherObservableInputsLevel2NorthseaBetaVesselMember" xlink:to="PXS_SignificantOtherObservableInputsLevel2NorthseaBetaVesselMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_SignificantOtherObservableInputsLevel2NorthseaBetaVesselMember_lbl" xml:lang="en-US">Significant Other Observable Inputs (Level 2) Northsea Beta [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TypeOfArrangementAxis" xlink:label="us-gaap_TypeOfArrangementAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TypeOfArrangementAxis" xlink:to="us-gaap_TypeOfArrangementAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TypeOfArrangementAxis_lbl" xml:lang="en-US">Type of Arrangement and Non-arrangement Transactions [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PreviousSecuredLoanSecondoneThirdoneAndFourthoneMember" xlink:label="PXS_PreviousSecuredLoanSecondoneThirdoneAndFourthoneMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_PreviousSecuredLoanSecondoneThirdoneAndFourthoneMember" xlink:to="PXS_PreviousSecuredLoanSecondoneThirdoneAndFourthoneMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_PreviousSecuredLoanSecondoneThirdoneAndFourthoneMember_lbl" xml:lang="en-US">Previous Secured Loan - Secondone, Thirdone and Fourthone [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SecondoneThirdoneAndFourthoneNewSecuredLoanMember" xlink:label="PXS_SecondoneThirdoneAndFourthoneNewSecuredLoanMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_SecondoneThirdoneAndFourthoneNewSecuredLoanMember" xlink:to="PXS_SecondoneThirdoneAndFourthoneNewSecuredLoanMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_SecondoneThirdoneAndFourthoneNewSecuredLoanMember_lbl" xml:lang="en-US">New Secured Loan - Secondone, Thirdone and Fourthone [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_FThreeRegistrationStatementMember" xlink:label="PXS_FThreeRegistrationStatementMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_FThreeRegistrationStatementMember" xlink:to="PXS_FThreeRegistrationStatementMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_FThreeRegistrationStatementMember_lbl" xml:lang="en-US">F-3 Registration Statement [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestRateCapMember" xlink:label="us-gaap_InterestRateCapMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestRateCapMember" xlink:to="us-gaap_InterestRateCapMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestRateCapMember_lbl" xml:lang="en-US">Interest Rate Cap [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongtermDebtTypeAxis" xlink:label="us-gaap_LongtermDebtTypeAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongtermDebtTypeAxis" xlink:to="us-gaap_LongtermDebtTypeAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_LongtermDebtTypeAxis_lbl" xml:lang="en-US">Legal Entity [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_MaritimeInvestorsPromissoryNoteMember" xlink:label="PXS_MaritimeInvestorsPromissoryNoteMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_MaritimeInvestorsPromissoryNoteMember" xlink:to="PXS_MaritimeInvestorsPromissoryNoteMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_MaritimeInvestorsPromissoryNoteMember_lbl" xml:lang="en-US">Maritime Investors Promissory Note [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_EighthoneLoanAmendedAndRestatedPromissoryNoteMember" xlink:label="PXS_EighthoneLoanAmendedAndRestatedPromissoryNoteMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_EighthoneLoanAmendedAndRestatedPromissoryNoteMember" xlink:to="PXS_EighthoneLoanAmendedAndRestatedPromissoryNoteMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_EighthoneLoanAmendedAndRestatedPromissoryNoteMember_lbl" xml:lang="en-US">Eighthone Loan and Amended and Restated Promissory Note [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_EighthoneNewSecuredLoanMember" xlink:label="PXS_EighthoneNewSecuredLoanMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_EighthoneNewSecuredLoanMember" xlink:to="PXS_EighthoneNewSecuredLoanMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_EighthoneNewSecuredLoanMember_lbl" xml:lang="en-US">Secured Loan - Eighthone Corp [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AwardDateAxis" xlink:label="us-gaap_AwardDateAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AwardDateAxis" xlink:to="us-gaap_AwardDateAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AwardDateAxis_lbl" xml:lang="en-US">Award Date [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_UntilDecemberTwoThousandAndTwentyMember" xlink:label="PXS_UntilDecemberTwoThousandAndTwentyMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_UntilDecemberTwoThousandAndTwentyMember" xlink:to="PXS_UntilDecemberTwoThousandAndTwentyMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_UntilDecemberTwoThousandAndTwentyMember_lbl" xml:lang="en-US">Until December 2020 (Following the Second Supplemental Letter signed on September 25, 2020) [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ThereafterOnSeptemberTwentyFiveTwoThousandTwentyMember" xlink:label="PXS_ThereafterOnSeptemberTwentyFiveTwoThousandTwentyMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ThereafterOnSeptemberTwentyFiveTwoThousandTwentyMember" xlink:to="PXS_ThereafterOnSeptemberTwentyFiveTwoThousandTwentyMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_ThereafterOnSeptemberTwentyFiveTwoThousandTwentyMember_lbl" xml:lang="en-US">Thereafter (Following the Second Supplemental Letter signed on September 25, 2020) [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ATMProgramMember" xlink:label="PXS_ATMProgramMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ATMProgramMember" xlink:to="PXS_ATMProgramMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_ATMProgramMember_lbl" xml:lang="en-US">ATM Program [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LOOKSMARTLTDMember" xlink:label="PXS_LOOKSMARTLTDMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_LOOKSMARTLTDMember" xlink:to="PXS_LOOKSMARTLTDMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_LOOKSMARTLTDMember_lbl" xml:lang="en-US">LOOKSMART LTD [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConcentrationRiskByTypeAxis" xlink:label="us-gaap_ConcentrationRiskByTypeAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskByTypeAxis" xlink:to="us-gaap_ConcentrationRiskByTypeAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConcentrationRiskByTypeAxis_lbl" xml:lang="en-US">Concentration Risk Type [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ChartererAMember" xlink:label="PXS_ChartererAMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ChartererAMember" xlink:to="PXS_ChartererAMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_ChartererAMember_lbl" xml:lang="en-US">Charterer A [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ChartererBMember" xlink:label="PXS_ChartererBMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ChartererBMember" xlink:to="PXS_ChartererBMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_ChartererBMember_lbl" xml:lang="en-US">Charterer B [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ChartererCMember" xlink:label="PXS_ChartererCMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ChartererCMember" xlink:to="PXS_ChartererCMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_ChartererCMember_lbl" xml:lang="en-US">Charterer C [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:to="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_lbl" xml:lang="en-US">Related Party [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PyxisMaritimeMember" xlink:label="PXS_PyxisMaritimeMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_PyxisMaritimeMember" xlink:to="PXS_PyxisMaritimeMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_PyxisMaritimeMember_lbl" xml:lang="en-US">Pyxis Maritime Corporation [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionAxis" xlink:label="us-gaap_RelatedPartyTransactionAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionAxis" xlink:to="us-gaap_RelatedPartyTransactionAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionAxis_lbl" xml:lang="en-US">Related Party Transaction [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_WhileVesselIsUnderConstructionMember" xlink:label="PXS_WhileVesselIsUnderConstructionMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_WhileVesselIsUnderConstructionMember" xlink:to="PXS_WhileVesselIsUnderConstructionMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_WhileVesselIsUnderConstructionMember_lbl" xml:lang="en-US">While Vessel is Under Construction [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NewSecuredLoanSecondoneThirdoneMember" xlink:label="PXS_NewSecuredLoanSecondoneThirdoneMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_NewSecuredLoanSecondoneThirdoneMember" xlink:to="PXS_NewSecuredLoanSecondoneThirdoneMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_NewSecuredLoanSecondoneThirdoneMember_lbl" xml:lang="en-US">New Secured Loan - Secondone and Thirdone [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NewSecuredLoanFourthoneMember" xlink:label="PXS_NewSecuredLoanFourthoneMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_NewSecuredLoanFourthoneMember" xlink:to="PXS_NewSecuredLoanFourthoneMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_NewSecuredLoanFourthoneMember_lbl" xml:lang="en-US">New Secured Loan - Fourthone [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NewSecuredLoanSecondoneThirdoneAndFourthoneMember" xlink:label="PXS_NewSecuredLoanSecondoneThirdoneAndFourthoneMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_NewSecuredLoanSecondoneThirdoneAndFourthoneMember" xlink:to="PXS_NewSecuredLoanSecondoneThirdoneAndFourthoneMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="PXS_NewSecuredLoanSecondoneThirdoneAndFourthoneMember_lbl" xml:lang="en-US">New Secured Loan - Secondone, Thirdone and Fourthone [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ProspectusSupplementFiledForShelfRegistrationStatementRelatedToAtTheMarketProgramMember" xlink:label="PXS_ProspectusSupplementFiledForShelfRegistrationStatementRelatedToAtTheMarketProgramMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ProspectusSupplementFiledForShelfRegistrationStatementRelatedToAtTheMarketProgramMember" xlink:to="PXS_ProspectusSupplementFiledForShelfRegistrationStatementRelatedToAtTheMarketProgramMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_ProspectusSupplementFiledForShelfRegistrationStatementRelatedToAtTheMarketProgramMember_lbl" xml:lang="en-US">Prospectus Supplement Filed for Shelf Registration Statement Related to ATM Program [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ProspectusSupplementAmendedForShelfRegistrationStatementRelatedToAtTheMarketProgramMember" xlink:label="PXS_ProspectusSupplementAmendedForShelfRegistrationStatementRelatedToAtTheMarketProgramMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ProspectusSupplementAmendedForShelfRegistrationStatementRelatedToAtTheMarketProgramMember" xlink:to="PXS_ProspectusSupplementAmendedForShelfRegistrationStatementRelatedToAtTheMarketProgramMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_ProspectusSupplementAmendedForShelfRegistrationStatementRelatedToAtTheMarketProgramMember_lbl" xml:lang="en-US">Prospectus Supplement Amended for Shelf Registration Statement Related to ATM Program [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ConsolidatedEntitiesAxis" xlink:label="srt_ConsolidatedEntitiesAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_ConsolidatedEntitiesAxis" xlink:to="srt_ConsolidatedEntitiesAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_ConsolidatedEntitiesAxis_lbl" xml:lang="en-US">Consolidated Entities [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_CarryingValueMember" xlink:label="PXS_CarryingValueMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_CarryingValueMember" xlink:to="PXS_CarryingValueMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_CarryingValueMember_lbl" xml:lang="en-US">Carrying Value [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_FairValueMember" xlink:label="PXS_FairValueMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_FairValueMember" xlink:to="PXS_FairValueMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_FairValueMember_lbl" xml:lang="en-US">Fair Value [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LoanAgreementDatedOctoberTwelveTwoThousandTwelveMember" xlink:label="PXS_LoanAgreementDatedOctoberTwelveTwoThousandTwelveMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_LoanAgreementDatedOctoberTwelveTwoThousandTwelveMember" xlink:to="PXS_LoanAgreementDatedOctoberTwelveTwoThousandTwelveMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_LoanAgreementDatedOctoberTwelveTwoThousandTwelveMember_lbl" xml:lang="en-US">Loan Agreement Dated October 12, 2012 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_VestingAxis" xlink:label="us-gaap_VestingAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VestingAxis" xlink:to="us-gaap_VestingAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_VestingAxis_lbl" xml:lang="en-US">Vesting [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationAwardTrancheOneMember" xlink:label="us-gaap_ShareBasedCompensationAwardTrancheOneMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationAwardTrancheOneMember" xlink:to="us-gaap_ShareBasedCompensationAwardTrancheOneMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationAwardTrancheOneMember_lbl" xml:lang="en-US">Tranche A [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationAwardTrancheTwoMember" xlink:label="us-gaap_ShareBasedCompensationAwardTrancheTwoMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationAwardTrancheTwoMember" xlink:to="us-gaap_ShareBasedCompensationAwardTrancheTwoMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationAwardTrancheTwoMember_lbl" xml:lang="en-US">Tranche B [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SaleOfPyxisDeltaMember" xlink:label="PXS_SaleOfPyxisDeltaMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_SaleOfPyxisDeltaMember" xlink:to="PXS_SaleOfPyxisDeltaMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_SaleOfPyxisDeltaMember_lbl" xml:lang="en-US">Sale of Pyxis Delta [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SeriesAConvertiblePreferredStockMember" xlink:label="PXS_SeriesAConvertiblePreferredStockMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_SeriesAConvertiblePreferredStockMember" xlink:to="PXS_SeriesAConvertiblePreferredStockMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_SeriesAConvertiblePreferredStockMember_lbl" xml:lang="en-US">Series A Convertible Preferred Shares [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SecuredLoanSeventhoneCorpMember" xlink:label="PXS_SecuredLoanSeventhoneCorpMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_SecuredLoanSeventhoneCorpMember" xlink:to="PXS_SecuredLoanSeventhoneCorpMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_SecuredLoanSeventhoneCorpMember_lbl" xml:lang="en-US">Secured Loan - Seventhone Corp. [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SeventhonePreviousSecuredLoanMember" xlink:label="PXS_SeventhonePreviousSecuredLoanMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_SeventhonePreviousSecuredLoanMember" xlink:to="PXS_SeventhonePreviousSecuredLoanMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_SeventhonePreviousSecuredLoanMember_lbl" xml:lang="en-US">Previous Secured Loan - Seventhone Corp [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="us-gaap_StatementClassOfStockAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementClassOfStockAxis" xlink:to="us-gaap_StatementClassOfStockAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementClassOfStockAxis_lbl" xml:lang="en-US">Class of Stock [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SeriesAConvertiblePreferredSharesAndDetachableWarrantsMember" xlink:label="PXS_SeriesAConvertiblePreferredSharesAndDetachableWarrantsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_SeriesAConvertiblePreferredSharesAndDetachableWarrantsMember" xlink:to="PXS_SeriesAConvertiblePreferredSharesAndDetachableWarrantsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_SeriesAConvertiblePreferredSharesAndDetachableWarrantsMember_lbl" xml:lang="en-US">Series A Convertible Preferred Shares and detachable Warrants [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SubsequentEventTypeAxis" xlink:label="us-gaap_SubsequentEventTypeAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventTypeAxis" xlink:to="us-gaap_SubsequentEventTypeAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsequentEventTypeAxis_lbl" xml:lang="en-US">Subsequent Event Type [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SubsequentEventMember" xlink:label="us-gaap_SubsequentEventMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventMember" xlink:to="us-gaap_SubsequentEventMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsequentEventMember_lbl" xml:lang="en-US">Subsequent Event [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SubsidiarySaleOfStockAxis" xlink:label="us-gaap_SubsidiarySaleOfStockAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsidiarySaleOfStockAxis" xlink:to="us-gaap_SubsidiarySaleOfStockAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsidiarySaleOfStockAxis_lbl" xml:lang="en-US">Sale of Stock [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PrivatePlacementMember" xlink:label="us-gaap_PrivatePlacementMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PrivatePlacementMember" xlink:to="us-gaap_PrivatePlacementMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PrivatePlacementMember_lbl" xml:lang="en-US">$25.0 Million Private Placement of Common Stock [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SeriesAConvertiblePreferredSharesConversionsMember" xlink:label="PXS_SeriesAConvertiblePreferredSharesConversionsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_SeriesAConvertiblePreferredSharesConversionsMember" xlink:to="PXS_SeriesAConvertiblePreferredSharesConversionsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_SeriesAConvertiblePreferredSharesConversionsMember_lbl" xml:lang="en-US">Series A Convertible Preferred Shares Conversions [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_WarrantExercisesMember" xlink:label="PXS_WarrantExercisesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_WarrantExercisesMember" xlink:to="PXS_WarrantExercisesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_WarrantExercisesMember_lbl" xml:lang="en-US">Warrant Exercises [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_AmendmentToEighthoneLoanMember" xlink:label="PXS_AmendmentToEighthoneLoanMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_AmendmentToEighthoneLoanMember" xlink:to="PXS_AmendmentToEighthoneLoanMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_AmendmentToEighthoneLoanMember_lbl" xml:lang="en-US">Amendment to Eighthone Loan [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_RefinanceOfEighthoneLoanMember" xlink:label="PXS_RefinanceOfEighthoneLoanMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_RefinanceOfEighthoneLoanMember" xlink:to="PXS_RefinanceOfEighthoneLoanMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_RefinanceOfEighthoneLoanMember_lbl" xml:lang="en-US">Refinance of Eighthone Loan [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_UseOfProceedsFromSaleOfPyxisDeltaMember" xlink:label="PXS_UseOfProceedsFromSaleOfPyxisDeltaMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_UseOfProceedsFromSaleOfPyxisDeltaMember" xlink:to="PXS_UseOfProceedsFromSaleOfPyxisDeltaMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_UseOfProceedsFromSaleOfPyxisDeltaMember_lbl" xml:lang="en-US">Use of Proceeds from the Sale of Pyxis Delta [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentAxis" xlink:label="us-gaap_DebtInstrumentAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentAxis" xlink:to="us-gaap_DebtInstrumentAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentAxis_lbl" xml:lang="en-US">Debt Instrument [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LongTermDebtAndPromissoryNoteMember" xlink:label="PXS_LongTermDebtAndPromissoryNoteMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_LongTermDebtAndPromissoryNoteMember" xlink:to="PXS_LongTermDebtAndPromissoryNoteMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_LongTermDebtAndPromissoryNoteMember_lbl" xml:lang="en-US">Long Term Debt and Promissory Note [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_EighthonePreviousSecuredLoanMember" xlink:label="PXS_EighthonePreviousSecuredLoanMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_EighthonePreviousSecuredLoanMember" xlink:to="PXS_EighthonePreviousSecuredLoanMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_EighthonePreviousSecuredLoanMember_lbl" xml:lang="en-US">Previous Secured Loan - Eighthone Corp [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SeriesAConvertiblePreferredSharesMember" xlink:label="PXS_SeriesAConvertiblePreferredSharesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_SeriesAConvertiblePreferredSharesMember" xlink:to="PXS_SeriesAConvertiblePreferredSharesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="PXS_SeriesAConvertiblePreferredSharesMember_lbl" xml:lang="en-US">Series A Convertible Preferred Shares [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_UnderwritersWarrantsMember" xlink:label="PXS_UnderwritersWarrantsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_UnderwritersWarrantsMember" xlink:to="PXS_UnderwritersWarrantsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_UnderwritersWarrantsMember_lbl" xml:lang="en-US">Underwriter's Warrants [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OverAllotmentOptionMember" xlink:label="us-gaap_OverAllotmentOptionMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OverAllotmentOptionMember" xlink:to="us-gaap_OverAllotmentOptionMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OverAllotmentOptionMember_lbl" xml:lang="en-US">Overallotment Option [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_AmendedAndRestatedPromissoryNoteMember" xlink:label="PXS_AmendedAndRestatedPromissoryNoteMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_AmendedAndRestatedPromissoryNoteMember" xlink:to="PXS_AmendedAndRestatedPromissoryNoteMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_AmendedAndRestatedPromissoryNoteMember_lbl" xml:lang="en-US">Amended &amp; Restated Promissory Note [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CoverAbstract" xlink:label="dei_CoverAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CoverAbstract" xlink:to="dei_CoverAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CoverAbstract_lbl" xml:lang="en-US">Cover [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentType" xlink:label="dei_DocumentType" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentType_lbl" xml:lang="en-US">Document Type</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US">Amendment Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity a Well-known Seasoned Issuer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityInteractiveDataCurrent" xlink:label="dei_EntityInteractiveDataCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xml:lang="en-US">Entity Interactive Data Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US">Entity Emerging Growth Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityShellCompany" xlink:label="dei_EntityShellCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityShellCompany" xlink:to="dei_EntityShellCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityShellCompany_lbl" xml:lang="en-US">Entity Shell Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentAnnualReport" xlink:label="dei_DocumentAnnualReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAnnualReport" xlink:to="dei_DocumentAnnualReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAnnualReport_lbl" xml:lang="en-US">Document Annual Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentTransitionReport" xlink:label="dei_DocumentTransitionReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentTransitionReport" xlink:to="dei_DocumentTransitionReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentTransitionReport_lbl" xml:lang="en-US">Document Transition Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentShellCompanyReport" xlink:label="dei_DocumentShellCompanyReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentShellCompanyReport" xlink:to="dei_DocumentShellCompanyReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentShellCompanyReport_lbl" xml:lang="en-US">Document Shell Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xml:lang="en-US">Entity Common Stock, Shares Outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="us-gaap_StatementOfFinancialPositionAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfFinancialPositionAbstract" xlink:to="us-gaap_StatementOfFinancialPositionAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfFinancialPositionAbstract_lbl" xml:lang="en-US">Statement of Financial Position [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="us-gaap_AssetsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsAbstract" xlink:to="us-gaap_AssetsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsAbstract_lbl" xml:lang="en-US">ASSETS</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetsCurrentAbstract" xlink:label="us-gaap_AssetsCurrentAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsCurrentAbstract" xlink:to="us-gaap_AssetsCurrentAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsCurrentAbstract_lbl" xml:lang="en-US">CURRENT ASSETS:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Cash and cash equivalents</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue" xlink:label="us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Restricted cash, current portion</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InventoryNet" xlink:label="us-gaap_InventoryNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryNet" xlink:to="us-gaap_InventoryNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InventoryNet_lbl" xml:lang="en-US">Inventories</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_TradeAccountsReceivable" xlink:label="PXS_TradeAccountsReceivable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_TradeAccountsReceivable" xlink:to="PXS_TradeAccountsReceivable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_TradeAccountsReceivable_lbl" xml:lang="en-US">Trade accounts receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xlink:label="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xlink:to="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent_lbl" xml:lang="en-US">Less: Allowance for credit losses</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_TradeAccountsReceivableNet" xlink:label="PXS_TradeAccountsReceivableNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_TradeAccountsReceivableNet" xlink:to="PXS_TradeAccountsReceivableNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="PXS_TradeAccountsReceivableNet_lbl" xml:lang="en-US">Trade accounts receivable, net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DueFromRelatedPartiesCurrent" xlink:label="us-gaap_DueFromRelatedPartiesCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DueFromRelatedPartiesCurrent" xlink:to="us-gaap_DueFromRelatedPartiesCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DueFromRelatedPartiesCurrent_lbl" xml:lang="en-US">Due from related parties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetsHeldForSaleNotPartOfDisposalGroupCurrent" xlink:label="us-gaap_AssetsHeldForSaleNotPartOfDisposalGroupCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsHeldForSaleNotPartOfDisposalGroupCurrent" xlink:to="us-gaap_AssetsHeldForSaleNotPartOfDisposalGroupCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsHeldForSaleNotPartOfDisposalGroupCurrent_lbl" xml:lang="en-US">Vessel held-for-sale</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:label="us-gaap_PrepaidExpenseAndOtherAssetsCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:to="us-gaap_PrepaidExpenseAndOtherAssetsCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PrepaidExpenseAndOtherAssetsCurrent_lbl" xml:lang="en-US">Prepayments and other assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="us-gaap_AssetsCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_AssetsCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_AssetsCurrent_lbl" xml:lang="en-US">Total current assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNetAbstract" xlink:label="us-gaap_PropertyPlantAndEquipmentNetAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentNetAbstract" xlink:to="us-gaap_PropertyPlantAndEquipmentNetAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentNetAbstract_lbl" xml:lang="en-US">FIXED ASSETS, NET:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CapitalLeasesBalanceSheetAssetsByMajorClassNet" xlink:label="us-gaap_CapitalLeasesBalanceSheetAssetsByMajorClassNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CapitalLeasesBalanceSheetAssetsByMajorClassNet" xlink:to="us-gaap_CapitalLeasesBalanceSheetAssetsByMajorClassNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CapitalLeasesBalanceSheetAssetsByMajorClassNet_lbl" xml:lang="en-US">Vessels, net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="us-gaap_PropertyPlantAndEquipmentNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentNet" xlink:to="us-gaap_PropertyPlantAndEquipmentNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_PropertyPlantAndEquipmentNet_lbl" xml:lang="en-US">Total fixed assets, net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherAssetsNoncurrentAbstract" xlink:label="us-gaap_OtherAssetsNoncurrentAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsNoncurrentAbstract" xlink:to="us-gaap_OtherAssetsNoncurrentAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherAssetsNoncurrentAbstract_lbl" xml:lang="en-US">OTHER NON-CURRENT ASSETS:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalentsNoncurrent" xlink:label="us-gaap_RestrictedCashAndCashEquivalentsNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RestrictedCashAndCashEquivalentsNoncurrent" xlink:to="us-gaap_RestrictedCashAndCashEquivalentsNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RestrictedCashAndCashEquivalentsNoncurrent_lbl" xml:lang="en-US">Restricted cash, net of current portion</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeInstrumentsAndHedgesNoncurrent" xlink:label="us-gaap_DerivativeInstrumentsAndHedgesNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeInstrumentsAndHedgesNoncurrent" xlink:to="us-gaap_DerivativeInstrumentsAndHedgesNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DerivativeInstrumentsAndHedgesNoncurrent_lbl" xml:lang="en-US">Financial derivative instrument</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredCosts" xlink:label="us-gaap_DeferredCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredCosts" xlink:to="us-gaap_DeferredCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredCosts_lbl" xml:lang="en-US">Deferred charges, net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PrepaidExpenseAndOtherAssetsNoncurrent" xlink:label="us-gaap_PrepaidExpenseAndOtherAssetsNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PrepaidExpenseAndOtherAssetsNoncurrent" xlink:to="us-gaap_PrepaidExpenseAndOtherAssetsNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_PrepaidExpenseAndOtherAssetsNoncurrent_lbl" xml:lang="en-US">Prepayments and other assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherAssetsNoncurrent" xlink:label="us-gaap_OtherAssetsNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsNoncurrent" xlink:to="us-gaap_OtherAssetsNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_OtherAssetsNoncurrent_lbl" xml:lang="en-US">Total other non-current assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_Assets" xlink:label="us-gaap_Assets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Assets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Assets_lbl" xml:lang="en-US">Total assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:to="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xml:lang="en-US">LIABILITIES AND STOCKHOLDERS' EQUITY</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LiabilitiesCurrentAbstract" xlink:label="us-gaap_LiabilitiesCurrentAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrentAbstract" xlink:to="us-gaap_LiabilitiesCurrentAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesCurrentAbstract_lbl" xml:lang="en-US">CURRENT LIABILITIES:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtCurrent" xlink:label="us-gaap_LongTermDebtCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtCurrent" xlink:to="us-gaap_LongTermDebtCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtCurrent_lbl" xml:lang="en-US">Current portion of long-term debt, net of deferred financing costs</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccountsPayableCurrent" xlink:label="us-gaap_AccountsPayableCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableCurrent" xlink:to="us-gaap_AccountsPayableCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsPayableCurrent_lbl" xml:lang="en-US">Trade accounts payable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DueToRelatedPartiesCurrent" xlink:label="us-gaap_DueToRelatedPartiesCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DueToRelatedPartiesCurrent" xlink:to="us-gaap_DueToRelatedPartiesCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DueToRelatedPartiesCurrent_lbl" xml:lang="en-US">Due to related parties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ContractWithCustomerLiabilityCurrent" xlink:label="us-gaap_ContractWithCustomerLiabilityCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ContractWithCustomerLiabilityCurrent" xlink:to="us-gaap_ContractWithCustomerLiabilityCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ContractWithCustomerLiabilityCurrent_lbl" xml:lang="en-US">Hire collected in advance</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_AccruedAndOtherLiabilitiesCurrent" xlink:label="PXS_AccruedAndOtherLiabilitiesCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_AccruedAndOtherLiabilitiesCurrent" xlink:to="PXS_AccruedAndOtherLiabilitiesCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_AccruedAndOtherLiabilitiesCurrent_lbl" xml:lang="en-US">Accrued and other liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="us-gaap_LiabilitiesCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_LiabilitiesCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LiabilitiesCurrent_lbl" xml:lang="en-US">Total current liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LiabilitiesNoncurrentAbstract" xlink:label="us-gaap_LiabilitiesNoncurrentAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesNoncurrentAbstract" xlink:to="us-gaap_LiabilitiesNoncurrentAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesNoncurrentAbstract_lbl" xml:lang="en-US">NON-CURRENT LIABILITIES:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtNoncurrent" xlink:label="us-gaap_LongTermDebtNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtNoncurrent" xlink:to="us-gaap_LongTermDebtNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtNoncurrent_lbl" xml:lang="en-US">Long-term debt, net of current portion and deferred financing costs, non-current</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LongTermDebtNoncurrentExcludingNotesPayable" xlink:label="PXS_LongTermDebtNoncurrentExcludingNotesPayable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_LongTermDebtNoncurrentExcludingNotesPayable" xlink:to="PXS_LongTermDebtNoncurrentExcludingNotesPayable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_LongTermDebtNoncurrentExcludingNotesPayable_lbl" xml:lang="en-US">Promissory note</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LiabilitiesNoncurrent" xlink:label="us-gaap_LiabilitiesNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesNoncurrent" xlink:to="us-gaap_LiabilitiesNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LiabilitiesNoncurrent_lbl" xml:lang="en-US">Total non-current liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommitmentsAndContingencies" xlink:label="us-gaap_CommitmentsAndContingencies" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingencies" xlink:to="us-gaap_CommitmentsAndContingencies_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingencies_lbl" xml:lang="en-US">COMMITMENTS AND CONTINGENCIES</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockholdersEquityAbstract" xlink:label="us-gaap_StockholdersEquityAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityAbstract" xlink:to="us-gaap_StockholdersEquityAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityAbstract_lbl" xml:lang="en-US">STOCKHOLDERS' EQUITY:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockValue" xlink:label="us-gaap_PreferredStockValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockValue" xlink:to="us-gaap_PreferredStockValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockValue_lbl" xml:lang="en-US">Preferred stock ($0.001 par value; 50,000,000 shares authorized of which 1,000,000 authorized Series A Convertible Preferred Shares; 0 and 181,475 Series A Convertible Preferred Shares issued and outstanding as at December 31, 2019 and 2020, respectively)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockValue" xlink:label="us-gaap_CommonStockValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockValue" xlink:to="us-gaap_CommonStockValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockValue_lbl" xml:lang="en-US">Common stock ($0.001 par value; 450,000,000 shares authorized; 21,370,280 and 21,962,881 shares issued and outstanding as at December 31, 2019 and 2020, respectively)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AdditionalPaidInCapital" xlink:label="us-gaap_AdditionalPaidInCapital" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalPaidInCapital" xlink:to="us-gaap_AdditionalPaidInCapital_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdditionalPaidInCapital_lbl" xml:lang="en-US">Additional paid-in capital</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsAccumulatedDeficit" xlink:to="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xml:lang="en-US">Accumulated deficit</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="us-gaap_StockholdersEquity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_StockholdersEquity_lbl" xml:lang="en-US">Total stockholders' equity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xml:lang="en-US">Total liabilities and stockholders' equity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementTable" xlink:label="us-gaap_StatementTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementTable_lbl" xml:lang="en-US">Statement [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementLineItems" xlink:label="us-gaap_StatementLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StatementLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementLineItems_lbl" xml:lang="en-US">Statement [Line Items]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockParOrStatedValuePerShare" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockParOrStatedValuePerShare" xlink:to="us-gaap_PreferredStockParOrStatedValuePerShare_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare_lbl" xml:lang="en-US">Preferred stock, par value</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockSharesAuthorized" xlink:label="us-gaap_PreferredStockSharesAuthorized" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesAuthorized" xlink:to="us-gaap_PreferredStockSharesAuthorized_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockSharesAuthorized_lbl" xml:lang="en-US">Preferred stock, shares authorized</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockSharesIssued" xlink:label="us-gaap_PreferredStockSharesIssued" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesIssued" xlink:to="us-gaap_PreferredStockSharesIssued_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockSharesIssued_lbl" xml:lang="en-US">Preferred stock, shares issued</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockSharesOutstanding" xlink:label="us-gaap_PreferredStockSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesOutstanding" xlink:to="us-gaap_PreferredStockSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockSharesOutstanding_lbl" xml:lang="en-US">Preferred stock, shares outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockParOrStatedValuePerShare" xlink:to="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xml:lang="en-US">Common stock, par value</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="us-gaap_CommonStockSharesAuthorized" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesAuthorized" xlink:to="us-gaap_CommonStockSharesAuthorized_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesAuthorized_lbl" xml:lang="en-US">Common stock, shares authorized</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="us-gaap_CommonStockSharesIssued" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesIssued" xlink:to="us-gaap_CommonStockSharesIssued_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xml:lang="en-US">Common stock, shares issued</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="us-gaap_CommonStockSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesOutstanding" xlink:to="us-gaap_CommonStockSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xml:lang="en-US">Common stock, shares outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeStatementAbstract" xlink:label="us-gaap_IncomeStatementAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeStatementAbstract" xlink:to="us-gaap_IncomeStatementAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeStatementAbstract_lbl" xml:lang="en-US">Income Statement [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_Revenues" xlink:label="us-gaap_Revenues" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Revenues" xlink:to="us-gaap_Revenues_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Revenues_lbl" xml:lang="en-US">Revenues, net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CostsAndExpensesAbstract" xlink:label="us-gaap_CostsAndExpensesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostsAndExpensesAbstract" xlink:to="us-gaap_CostsAndExpensesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CostsAndExpensesAbstract_lbl" xml:lang="en-US">Expenses:</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_VoyageRelatedCostsAndCommissions" xlink:label="PXS_VoyageRelatedCostsAndCommissions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_VoyageRelatedCostsAndCommissions" xlink:to="PXS_VoyageRelatedCostsAndCommissions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_VoyageRelatedCostsAndCommissions_lbl" xml:lang="en-US">Voyage related costs and commissions</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_VesselOperatingExpenses" xlink:label="PXS_VesselOperatingExpenses" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_VesselOperatingExpenses" xlink:to="PXS_VesselOperatingExpenses_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_VesselOperatingExpenses_lbl" xml:lang="en-US">Vessel operating expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GeneralAndAdministrativeExpense" xlink:label="us-gaap_GeneralAndAdministrativeExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GeneralAndAdministrativeExpense" xlink:to="us-gaap_GeneralAndAdministrativeExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_GeneralAndAdministrativeExpense_lbl" xml:lang="en-US">General and administrative expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ManagementFeesRelatedParties" xlink:label="PXS_ManagementFeesRelatedParties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ManagementFeesRelatedParties" xlink:to="PXS_ManagementFeesRelatedParties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_ManagementFeesRelatedParties_lbl" xml:lang="en-US">Management fees, related parties</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ManagementFeesOther" xlink:label="PXS_ManagementFeesOther" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ManagementFeesOther" xlink:to="PXS_ManagementFeesOther_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_ManagementFeesOther_lbl" xml:lang="en-US">Management fees, other</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AmortizationOfDeferredCharges" xlink:label="us-gaap_AmortizationOfDeferredCharges" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AmortizationOfDeferredCharges" xlink:to="us-gaap_AmortizationOfDeferredCharges_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_AmortizationOfDeferredCharges_lbl" xml:lang="en-US">Amortization of special survey costs</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_Depreciation" xlink:label="us-gaap_Depreciation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Depreciation" xlink:to="us-gaap_Depreciation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_Depreciation_lbl" xml:lang="en-US">Depreciation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ImpairmentOfLongLivedAssetsHeldForUse" xlink:label="us-gaap_ImpairmentOfLongLivedAssetsHeldForUse" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ImpairmentOfLongLivedAssetsHeldForUse" xlink:to="us-gaap_ImpairmentOfLongLivedAssetsHeldForUse_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_ImpairmentOfLongLivedAssetsHeldForUse_lbl" xml:lang="en-US">Vessel impairment charge</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LossOnVesselHeldForSale" xlink:label="PXS_LossOnVesselHeldForSale" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_LossOnVesselHeldForSale" xlink:to="PXS_LossOnVesselHeldForSale_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_LossOnVesselHeldForSale_lbl" xml:lang="en-US">Loss on vessel held-for-sale</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GainLossOnSaleOfPropertyPlantEquipment" xlink:label="us-gaap_GainLossOnSaleOfPropertyPlantEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnSaleOfPropertyPlantEquipment" xlink:to="us-gaap_GainLossOnSaleOfPropertyPlantEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GainLossOnSaleOfPropertyPlantEquipment_lbl" xml:lang="en-US">Gain from the sale of vessel, net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProvisionForDoubtfulAccounts" xlink:label="us-gaap_ProvisionForDoubtfulAccounts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProvisionForDoubtfulAccounts" xlink:to="us-gaap_ProvisionForDoubtfulAccounts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_ProvisionForDoubtfulAccounts_lbl" xml:lang="en-US">Bad debt provisions</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="us-gaap_OperatingIncomeLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="us-gaap_OperatingIncomeLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_OperatingIncomeLoss_lbl" xml:lang="en-US">Operating loss</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NonoperatingIncomeExpenseAbstract" xlink:label="us-gaap_NonoperatingIncomeExpenseAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NonoperatingIncomeExpenseAbstract" xlink:to="us-gaap_NonoperatingIncomeExpenseAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NonoperatingIncomeExpenseAbstract_lbl" xml:lang="en-US">Other income / (expenses):</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GainsLossesOnExtinguishmentOfDebt" xlink:label="us-gaap_GainsLossesOnExtinguishmentOfDebt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainsLossesOnExtinguishmentOfDebt" xlink:to="us-gaap_GainsLossesOnExtinguishmentOfDebt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GainsLossesOnExtinguishmentOfDebt_lbl" xml:lang="en-US">Gain from debt extinguishment</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GainLossOnDerivativeInstrumentsNetPretax" xlink:label="us-gaap_GainLossOnDerivativeInstrumentsNetPretax" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnDerivativeInstrumentsNetPretax" xlink:to="us-gaap_GainLossOnDerivativeInstrumentsNetPretax_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GainLossOnDerivativeInstrumentsNetPretax_lbl" xml:lang="en-US">Loss from financial derivative instrument</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestExpenseDebt" xlink:label="us-gaap_InterestExpenseDebt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpenseDebt" xlink:to="us-gaap_InterestExpenseDebt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_InterestExpenseDebt_lbl" xml:lang="en-US">Interest and finance costs, net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NonoperatingIncomeExpense" xlink:label="us-gaap_NonoperatingIncomeExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NonoperatingIncomeExpense" xlink:to="us-gaap_NonoperatingIncomeExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NonoperatingIncomeExpense_lbl" xml:lang="en-US">Total other expenses, net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="us-gaap_NetIncomeLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetIncomeLoss_lbl" xml:lang="en-US">Net loss</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockDividendsAndOtherAdjustments" xlink:label="us-gaap_PreferredStockDividendsAndOtherAdjustments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockDividendsAndOtherAdjustments" xlink:to="us-gaap_PreferredStockDividendsAndOtherAdjustments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockDividendsAndOtherAdjustments_lbl" xml:lang="en-US">Dividend Series A Convertible Preferred Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:to="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl" xml:lang="en-US">Net loss attributable to common shareholders</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EarningsPerShareBasicAndDiluted" xlink:label="us-gaap_EarningsPerShareBasicAndDiluted" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareBasicAndDiluted" xlink:to="us-gaap_EarningsPerShareBasicAndDiluted_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareBasicAndDiluted_lbl" xml:lang="en-US">Loss per common share, basic and diluted</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted" xlink:label="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted" xlink:to="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted_lbl" xml:lang="en-US">Weighted average number of shares, basic and diluted</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_StockholdersEquity_2_lbl" xml:lang="en-US">Balance</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SharesOutstanding" xlink:label="us-gaap_SharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesOutstanding" xlink:to="us-gaap_SharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_SharesOutstanding_lbl" xml:lang="en-US">Balance, shares</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NetProceedsFromIssuanceOfCommonShares" xlink:label="PXS_NetProceedsFromIssuanceOfCommonShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_NetProceedsFromIssuanceOfCommonShares" xlink:to="PXS_NetProceedsFromIssuanceOfCommonShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_NetProceedsFromIssuanceOfCommonShares_lbl" xml:lang="en-US">Net proceeds from the issuance of common stock</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_AdjustmentsToAdditionalPaidInCapitalSharesOther" xlink:label="PXS_AdjustmentsToAdditionalPaidInCapitalSharesOther" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_AdjustmentsToAdditionalPaidInCapitalSharesOther" xlink:to="PXS_AdjustmentsToAdditionalPaidInCapitalSharesOther_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_AdjustmentsToAdditionalPaidInCapitalSharesOther_lbl" xml:lang="en-US">Net proceeds from the issuance of common stock, shares</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_CumulativeEffectOfAccumulatedDeficitForImpactOfAdoptionOnNewAccountingStandardForCreditLosses" xlink:label="PXS_CumulativeEffectOfAccumulatedDeficitForImpactOfAdoptionOnNewAccountingStandardForCreditLosses" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_CumulativeEffectOfAccumulatedDeficitForImpactOfAdoptionOnNewAccountingStandardForCreditLosses" xlink:to="PXS_CumulativeEffectOfAccumulatedDeficitForImpactOfAdoptionOnNewAccountingStandardForCreditLosses_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_CumulativeEffectOfAccumulatedDeficitForImpactOfAdoptionOnNewAccountingStandardForCreditLosses_lbl" xml:lang="en-US">Impact of adoption of ASU 2016-13 new accounting standard for credit losses</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_IssuanceOfCommonStockUnderPromissoryNote" xlink:label="PXS_IssuanceOfCommonStockUnderPromissoryNote" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_IssuanceOfCommonStockUnderPromissoryNote" xlink:to="PXS_IssuanceOfCommonStockUnderPromissoryNote_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_IssuanceOfCommonStockUnderPromissoryNote_lbl" xml:lang="en-US">Issuance of common stock under the promissory note</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_IssuanceOfCommonStockUnderPromissoryNoteShares" xlink:label="PXS_IssuanceOfCommonStockUnderPromissoryNoteShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_IssuanceOfCommonStockUnderPromissoryNoteShares" xlink:to="PXS_IssuanceOfCommonStockUnderPromissoryNoteShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_IssuanceOfCommonStockUnderPromissoryNoteShares_lbl" xml:lang="en-US">Issuance of common stock under the promissory note, shares</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodValueNewIssues_lbl" xml:lang="en-US">Issuance of Series A Convertible Preferred shares &amp; Warrants</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:to="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesNewIssues_lbl" xml:lang="en-US">Issuance of Series A Convertible Preferred shares &amp; Warrants, shares</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:label="us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:to="us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities_lbl" xml:lang="en-US">Conversion of Series A Convertible Preferred shares to common stock</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xlink:label="us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xlink:to="us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_lbl" xml:lang="en-US">Conversion of Series A Convertible Preferred shares to common stock, shares</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings" xlink:to="us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings_lbl" xml:lang="en-US">Series A Convertible Preferred Shares dividends</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLoss_2_lbl" xml:lang="en-US">Net loss</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_StockholdersEquity_3_lbl" xml:lang="en-US">Balance</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesOutstanding" xlink:to="us-gaap_SharesOutstanding_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_SharesOutstanding_2_lbl" xml:lang="en-US">Balance, shares</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="us-gaap_StatementOfCashFlowsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfCashFlowsAbstract" xlink:to="us-gaap_StatementOfCashFlowsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfCashFlowsAbstract_lbl" xml:lang="en-US">Statement of Cash Flows [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Cash flows from operating activities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Adjustments to reconcile net loss to net cash from operating activities:</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Depreciation" xlink:to="us-gaap_Depreciation_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Depreciation_2_lbl" xml:lang="en-US">Depreciation</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AmortizationOfDeferredCharges" xlink:to="us-gaap_AmortizationOfDeferredCharges_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AmortizationOfDeferredCharges_2_lbl" xml:lang="en-US">Amortization of special survey costs</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AmortizationOfFinancingCosts" xlink:label="us-gaap_AmortizationOfFinancingCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AmortizationOfFinancingCosts" xlink:to="us-gaap_AmortizationOfFinancingCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AmortizationOfFinancingCosts_lbl" xml:lang="en-US">Amortization and write-off of financing costs</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ImpairmentOfLongLivedAssetsHeldForUse" xlink:to="us-gaap_ImpairmentOfLongLivedAssetsHeldForUse_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ImpairmentOfLongLivedAssetsHeldForUse_2_lbl" xml:lang="en-US">Vessel impairment charge</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainsLossesOnExtinguishmentOfDebt" xlink:to="us-gaap_GainsLossesOnExtinguishmentOfDebt_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_GainsLossesOnExtinguishmentOfDebt_2_lbl" xml:lang="en-US">Gain from debt extinguishment</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeGainLossOnDerivativeNet" xlink:label="us-gaap_DerivativeGainLossOnDerivativeNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeGainLossOnDerivativeNet" xlink:to="us-gaap_DerivativeGainLossOnDerivativeNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DerivativeGainLossOnDerivativeNet_lbl" xml:lang="en-US">Loss from financial derivative instrument</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_LossOnVesselHeldForSale" xlink:to="PXS_LossOnVesselHeldForSale_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="PXS_LossOnVesselHeldForSale_2_lbl" xml:lang="en-US">Loss on vessel held-for-sale</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnSaleOfPropertyPlantEquipment" xlink:to="us-gaap_GainLossOnSaleOfPropertyPlantEquipment_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_GainLossOnSaleOfPropertyPlantEquipment_2_lbl" xml:lang="en-US">Gain on sale of vessel, net</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProvisionForDoubtfulAccounts" xlink:to="us-gaap_ProvisionForDoubtfulAccounts_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProvisionForDoubtfulAccounts_2_lbl" xml:lang="en-US">Bad debt provisions</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_IssuanceOfCommonStockUnderPromissoryNotes" xlink:label="PXS_IssuanceOfCommonStockUnderPromissoryNotes" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_IssuanceOfCommonStockUnderPromissoryNotes" xlink:to="PXS_IssuanceOfCommonStockUnderPromissoryNotes_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="PXS_IssuanceOfCommonStockUnderPromissoryNotes_lbl" xml:lang="en-US">Issuance of common stock under the promissory note</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl" xml:lang="en-US">Changes in assets and liabilities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInInventories" xlink:label="us-gaap_IncreaseDecreaseInInventories" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInInventories" xlink:to="us-gaap_IncreaseDecreaseInInventories_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInInventories_lbl" xml:lang="en-US">Inventories</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:to="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" xml:lang="en-US">Trade accounts receivable, net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInDueFromRelatedParties" xlink:label="us-gaap_IncreaseDecreaseInDueFromRelatedParties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInDueFromRelatedParties" xlink:to="us-gaap_IncreaseDecreaseInDueFromRelatedParties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInDueFromRelatedParties_lbl" xml:lang="en-US">Due from related parties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:label="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:to="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_lbl" xml:lang="en-US">Prepayments and other assets</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_IncreaseDecreaseInSpecialSurveyCosts" xlink:label="PXS_IncreaseDecreaseInSpecialSurveyCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_IncreaseDecreaseInSpecialSurveyCosts" xlink:to="PXS_IncreaseDecreaseInSpecialSurveyCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="PXS_IncreaseDecreaseInSpecialSurveyCosts_lbl" xml:lang="en-US">Special surveys cost</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayable" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsPayable" xlink:to="us-gaap_IncreaseDecreaseInAccountsPayable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayable_lbl" xml:lang="en-US">Trade accounts payable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInDueToRelatedParties" xlink:label="us-gaap_IncreaseDecreaseInDueToRelatedParties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInDueToRelatedParties" xlink:to="us-gaap_IncreaseDecreaseInDueToRelatedParties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IncreaseDecreaseInDueToRelatedParties_lbl" xml:lang="en-US">Due to related parties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInContractWithCustomerLiability" xlink:label="us-gaap_IncreaseDecreaseInContractWithCustomerLiability" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInContractWithCustomerLiability" xlink:to="us-gaap_IncreaseDecreaseInContractWithCustomerLiability_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IncreaseDecreaseInContractWithCustomerLiability_lbl" xml:lang="en-US">Hire collected in advance</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities" xlink:label="us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities" xlink:to="us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities_lbl" xml:lang="en-US">Accrued and other liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xml:lang="en-US">Net cash (used in) / provided by operating activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xml:lang="en-US">Cash flows from investing activities:</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PaymentForAdvances" xlink:label="PXS_PaymentForAdvances" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_PaymentForAdvances" xlink:to="PXS_PaymentForAdvances_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="PXS_PaymentForAdvances_lbl" xml:lang="en-US">Advances for ballast water treatment system</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment" xlink:label="us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment" xlink:to="us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment_lbl" xml:lang="en-US">Proceeds from the sale of vessel, net</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PaymentsForVesselAdditions" xlink:label="PXS_PaymentsForVesselAdditions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_PaymentsForVesselAdditions" xlink:to="PXS_PaymentsForVesselAdditions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="PXS_PaymentsForVesselAdditions_lbl" xml:lang="en-US">Vessel additions</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PaymentsForInstallation" xlink:label="PXS_PaymentsForInstallation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_PaymentsForInstallation" xlink:to="PXS_PaymentsForInstallation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_PaymentsForInstallation_lbl" xml:lang="en-US">Ballast water treatment system installation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xml:lang="en-US">Net cash (used in) / provided by investing activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xml:lang="en-US">Cash flows from financing activities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:label="us-gaap_ProceedsFromIssuanceOfLongTermDebt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:to="us-gaap_ProceedsFromIssuanceOfLongTermDebt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromIssuanceOfLongTermDebt_lbl" xml:lang="en-US">Proceeds from long-term debt</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RepaymentsOfLongTermDebt" xlink:label="us-gaap_RepaymentsOfLongTermDebt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepaymentsOfLongTermDebt" xlink:to="us-gaap_RepaymentsOfLongTermDebt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_RepaymentsOfLongTermDebt_lbl" xml:lang="en-US">Repayment of long-term debt</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:to="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl" xml:lang="en-US">Gross proceeds from issuance of common stock</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsOfStockIssuanceCosts" xlink:label="us-gaap_PaymentsOfStockIssuanceCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfStockIssuanceCosts" xlink:to="us-gaap_PaymentsOfStockIssuanceCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsOfStockIssuanceCosts_lbl" xml:lang="en-US">Common stock offerings costs</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock" xlink:label="us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock" xlink:to="us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock_lbl" xml:lang="en-US">Gross proceeds from the issuance of Series A Convertible Preferred Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PreferredStockOfferingCosts" xlink:label="PXS_PreferredStockOfferingCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_PreferredStockOfferingCosts" xlink:to="PXS_PreferredStockOfferingCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="PXS_PreferredStockOfferingCosts_lbl" xml:lang="en-US">Series A Convertible Preferred Shares offering costs</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsOfDividends" xlink:label="us-gaap_PaymentsOfDividends" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfDividends" xlink:to="us-gaap_PaymentsOfDividends_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsOfDividends_lbl" xml:lang="en-US">Dividend distributions declared and paid</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PaymentForFinancialDerivativesInstrument" xlink:label="PXS_PaymentForFinancialDerivativesInstrument" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_PaymentForFinancialDerivativesInstrument" xlink:to="PXS_PaymentForFinancialDerivativesInstrument_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="PXS_PaymentForFinancialDerivativesInstrument_lbl" xml:lang="en-US">Payment for financial derivative instrument</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsOfFinancingCosts" xlink:label="us-gaap_PaymentsOfFinancingCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfFinancingCosts" xlink:to="us-gaap_PaymentsOfFinancingCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsOfFinancingCosts_lbl" xml:lang="en-US">Payment of financing costs</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities_lbl" xml:lang="en-US">Net cash used in financing activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:to="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_lbl" xml:lang="en-US">Net (decrease) / increase in cash and cash equivalents and restricted cash</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" xlink:to="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_lbl" xml:lang="en-US">Cash and cash equivalents and restricted cash at the beginning of the year</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" xlink:to="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_2_lbl" xml:lang="en-US">Cash and cash equivalents and restricted cash at end of the year</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SupplementalCashFlowInformationAbstract" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SupplementalCashFlowInformationAbstract" xlink:to="us-gaap_SupplementalCashFlowInformationAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract_lbl" xml:lang="en-US">SUPPLEMENTAL INFORMATION:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestPaidNet" xlink:label="us-gaap_InterestPaidNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestPaidNet" xlink:to="us-gaap_InterestPaidNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestPaidNet_lbl" xml:lang="en-US">Cash paid for interest</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NoncashFinancingActivitiesIssuanceOfCommonStockUnderPromissoryNote" xlink:label="PXS_NoncashFinancingActivitiesIssuanceOfCommonStockUnderPromissoryNote" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_NoncashFinancingActivitiesIssuanceOfCommonStockUnderPromissoryNote" xlink:to="PXS_NoncashFinancingActivitiesIssuanceOfCommonStockUnderPromissoryNote_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_NoncashFinancingActivitiesIssuanceOfCommonStockUnderPromissoryNote_lbl" xml:lang="en-US">Non-cash financing activities - issuance of common stock under the promissory note</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_UnpaidPortionOfBallastWaterTreatmentSystemInstallation" xlink:label="PXS_UnpaidPortionOfBallastWaterTreatmentSystemInstallation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_UnpaidPortionOfBallastWaterTreatmentSystemInstallation" xlink:to="PXS_UnpaidPortionOfBallastWaterTreatmentSystemInstallation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_UnpaidPortionOfBallastWaterTreatmentSystemInstallation_lbl" xml:lang="en-US">Unpaid portion of ballast water treatment system installation</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_UnpaidPortionForCommonStockOfferingCosts" xlink:label="PXS_UnpaidPortionForCommonStockOfferingCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_UnpaidPortionForCommonStockOfferingCosts" xlink:to="PXS_UnpaidPortionForCommonStockOfferingCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_UnpaidPortionForCommonStockOfferingCosts_lbl" xml:lang="en-US">Unpaid portion for common stock offering costs</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:to="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_lbl" xml:lang="en-US">Organization, Consolidation and Presentation of Financial Statements [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock" xlink:label="us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock" xlink:to="us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock_lbl" xml:lang="en-US">Basis of Presentation and General Information</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="us-gaap_AccountingPoliciesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountingPoliciesAbstract" xlink:to="us-gaap_AccountingPoliciesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountingPoliciesAbstract_lbl" xml:lang="en-US">Accounting Policies [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SignificantAccountingPoliciesTextBlock" xlink:to="us-gaap_SignificantAccountingPoliciesTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SignificantAccountingPoliciesTextBlock_lbl" xml:lang="en-US">Significant Accounting Policies</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionsAbstract" xlink:label="us-gaap_RelatedPartyTransactionsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsAbstract" xlink:to="us-gaap_RelatedPartyTransactionsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionsAbstract_lbl" xml:lang="en-US">Related Party Transactions [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:to="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xml:lang="en-US">Transactions with Related Parties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InventoryDisclosureAbstract" xlink:label="us-gaap_InventoryDisclosureAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryDisclosureAbstract" xlink:to="us-gaap_InventoryDisclosureAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InventoryDisclosureAbstract_lbl" xml:lang="en-US">Inventory Disclosure [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InventoryDisclosureTextBlock" xlink:label="us-gaap_InventoryDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryDisclosureTextBlock" xlink:to="us-gaap_InventoryDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_InventoryDisclosureTextBlock_lbl" xml:lang="en-US">Inventories</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentAbstract" xlink:label="us-gaap_PropertyPlantAndEquipmentAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentAbstract" xlink:to="us-gaap_PropertyPlantAndEquipmentAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentAbstract_lbl" xml:lang="en-US">Property, Plant and Equipment [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xlink:label="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xlink:to="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock_lbl" xml:lang="en-US">Vessels, Net</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_DeferredChargesNetAbstract" xlink:label="PXS_DeferredChargesNetAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_DeferredChargesNetAbstract" xlink:to="PXS_DeferredChargesNetAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="PXS_DeferredChargesNetAbstract_lbl" xml:lang="en-US">Vessels [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_DeferredChargesTextBlock" xlink:label="PXS_DeferredChargesTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_DeferredChargesTextBlock" xlink:to="PXS_DeferredChargesTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_DeferredChargesTextBlock_lbl" xml:lang="en-US">Deferred Charges, Net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtDisclosureAbstract" xlink:label="us-gaap_DebtDisclosureAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtDisclosureAbstract" xlink:to="us-gaap_DebtDisclosureAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtDisclosureAbstract_lbl" xml:lang="en-US">Debt Disclosure [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtTextBlock" xlink:label="us-gaap_LongTermDebtTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtTextBlock" xlink:to="us-gaap_LongTermDebtTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtTextBlock_lbl" xml:lang="en-US">Long-term Debt</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CompensationAndRetirementDisclosureAbstract" xlink:label="us-gaap_CompensationAndRetirementDisclosureAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CompensationAndRetirementDisclosureAbstract" xlink:to="us-gaap_CompensationAndRetirementDisclosureAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CompensationAndRetirementDisclosureAbstract_lbl" xml:lang="en-US">Retirement Benefits [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CompensationAndEmployeeBenefitPlansTextBlock" xlink:label="us-gaap_CompensationAndEmployeeBenefitPlansTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CompensationAndEmployeeBenefitPlansTextBlock" xlink:to="us-gaap_CompensationAndEmployeeBenefitPlansTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CompensationAndEmployeeBenefitPlansTextBlock_lbl" xml:lang="en-US">Equity Capital Structure and Equity Incentive Plan</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EarningsPerShareAbstract" xlink:label="us-gaap_EarningsPerShareAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareAbstract" xlink:to="us-gaap_EarningsPerShareAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareAbstract_lbl" xml:lang="en-US">Earnings Per Share [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LossPerCommonShare" xlink:label="PXS_LossPerCommonShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_LossPerCommonShare" xlink:to="PXS_LossPerCommonShare_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_LossPerCommonShare_lbl" xml:lang="en-US">Loss Per Common Share</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_RiskManagementAndFairValueMeasurementsAbstract" xlink:label="PXS_RiskManagementAndFairValueMeasurementsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_RiskManagementAndFairValueMeasurementsAbstract" xlink:to="PXS_RiskManagementAndFairValueMeasurementsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_RiskManagementAndFairValueMeasurementsAbstract_lbl" xml:lang="en-US">Vessel Name</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_RiskManagementAndFairValueMeasurementsTextBlock" xlink:label="PXS_RiskManagementAndFairValueMeasurementsTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_RiskManagementAndFairValueMeasurementsTextBlock" xlink:to="PXS_RiskManagementAndFairValueMeasurementsTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_RiskManagementAndFairValueMeasurementsTextBlock_lbl" xml:lang="en-US">Risk Management and Fair Value Measurements</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:to="us-gaap_CommitmentsAndContingenciesDisclosureAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureAbstract_lbl" xml:lang="en-US">Commitments and Contingencies Disclosure [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:to="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_lbl" xml:lang="en-US">Commitments and Contingencies</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_InterestAndFinanceCostsNetAbstract" xlink:label="PXS_InterestAndFinanceCostsNetAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_InterestAndFinanceCostsNetAbstract" xlink:to="PXS_InterestAndFinanceCostsNetAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_InterestAndFinanceCostsNetAbstract_lbl" xml:lang="en-US">Pyxis Maritime Corporation</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_InterestAndFinanceCostTextBlock" xlink:label="PXS_InterestAndFinanceCostTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_InterestAndFinanceCostTextBlock" xlink:to="PXS_InterestAndFinanceCostTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_InterestAndFinanceCostTextBlock_lbl" xml:lang="en-US">Interest and Finance Costs, Net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SubsequentEventsAbstract" xlink:label="us-gaap_SubsequentEventsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventsAbstract" xlink:to="us-gaap_SubsequentEventsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsequentEventsAbstract_lbl" xml:lang="en-US">Subsequent Events [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SubsequentEventsTextBlock" xlink:label="us-gaap_SubsequentEventsTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventsTextBlock" xlink:to="us-gaap_SubsequentEventsTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsequentEventsTextBlock_lbl" xml:lang="en-US">Subsequent Events</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConsolidationPolicyTextBlock" xlink:label="us-gaap_ConsolidationPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConsolidationPolicyTextBlock" xlink:to="us-gaap_ConsolidationPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConsolidationPolicyTextBlock_lbl" xml:lang="en-US">Principles of Consolidation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_UseOfEstimates" xlink:label="us-gaap_UseOfEstimates" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UseOfEstimates" xlink:to="us-gaap_UseOfEstimates_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_UseOfEstimates_lbl" xml:lang="en-US">Use of Estimates</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ComprehensiveIncomeLoss" xlink:label="PXS_ComprehensiveIncomeLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ComprehensiveIncomeLoss" xlink:to="PXS_ComprehensiveIncomeLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_ComprehensiveIncomeLoss_lbl" xml:lang="en-US">Comprehensive Income / (Loss)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" xlink:label="us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" xlink:to="us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_lbl" xml:lang="en-US">Foreign Currency Translation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommitmentsAndContingenciesPolicyTextBlock" xlink:label="us-gaap_CommitmentsAndContingenciesPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingenciesPolicyTextBlock" xlink:to="us-gaap_CommitmentsAndContingenciesPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_CommitmentsAndContingenciesPolicyTextBlock_lbl" xml:lang="en-US">Commitments and Contingencies</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_InsuranceClaimReceivablesPolicyTextBlock" xlink:label="PXS_InsuranceClaimReceivablesPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_InsuranceClaimReceivablesPolicyTextBlock" xlink:to="PXS_InsuranceClaimReceivablesPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_InsuranceClaimReceivablesPolicyTextBlock_lbl" xml:lang="en-US">Insurance Claims Receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConcentrationRiskCreditRisk" xlink:label="us-gaap_ConcentrationRiskCreditRisk" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskCreditRisk" xlink:to="us-gaap_ConcentrationRiskCreditRisk_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConcentrationRiskCreditRisk_lbl" xml:lang="en-US">Concentration of Credit Risk</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:label="us-gaap_CashAndCashEquivalentsPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:to="us-gaap_CashAndCashEquivalentsPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsPolicyTextBlock_lbl" xml:lang="en-US">Cash and Cash Equivalents and Restricted Cash</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeTaxPolicyTextBlock" xlink:label="us-gaap_IncomeTaxPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxPolicyTextBlock" xlink:to="us-gaap_IncomeTaxPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxPolicyTextBlock_lbl" xml:lang="en-US">Income Taxation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InventoryPolicyTextBlock" xlink:label="us-gaap_InventoryPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryPolicyTextBlock" xlink:to="us-gaap_InventoryPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_InventoryPolicyTextBlock_lbl" xml:lang="en-US">Inventories</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TradeAndOtherAccountsReceivablePolicy" xlink:label="us-gaap_TradeAndOtherAccountsReceivablePolicy" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TradeAndOtherAccountsReceivablePolicy" xlink:to="us-gaap_TradeAndOtherAccountsReceivablePolicy_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TradeAndOtherAccountsReceivablePolicy_lbl" xml:lang="en-US">Trade Accounts Receivable, Net</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_VesselsPolicyTextBlock" xlink:label="PXS_VesselsPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_VesselsPolicyTextBlock" xlink:to="PXS_VesselsPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="PXS_VesselsPolicyTextBlock_lbl" xml:lang="en-US">Vessels, Net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock" xlink:label="us-gaap_ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock" xlink:to="us-gaap_ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock_lbl" xml:lang="en-US">Impairment of Long Lived Assets</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LonglivedAssetsClassifiedAsHeldForSalePolicyTextBlock" xlink:label="PXS_LonglivedAssetsClassifiedAsHeldForSalePolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_LonglivedAssetsClassifiedAsHeldForSalePolicyTextBlock" xlink:to="PXS_LonglivedAssetsClassifiedAsHeldForSalePolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_LonglivedAssetsClassifiedAsHeldForSalePolicyTextBlock_lbl" xml:lang="en-US">Long-lived Assets Classified as Held for Sale</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativesPolicyTextBlock" xlink:label="us-gaap_DerivativesPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativesPolicyTextBlock" xlink:to="us-gaap_DerivativesPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DerivativesPolicyTextBlock_lbl" xml:lang="en-US">Financial Derivative Instruments</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_AccountingForSpecialSurveyAndDrydockingCostsPolicyTextBlock" xlink:label="PXS_AccountingForSpecialSurveyAndDrydockingCostsPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_AccountingForSpecialSurveyAndDrydockingCostsPolicyTextBlock" xlink:to="PXS_AccountingForSpecialSurveyAndDrydockingCostsPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_AccountingForSpecialSurveyAndDrydockingCostsPolicyTextBlock_lbl" xml:lang="en-US">Accounting for Special Survey and Dry-docking Costs</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtPolicyTextBlock" xlink:label="us-gaap_DebtPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtPolicyTextBlock" xlink:to="us-gaap_DebtPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtPolicyTextBlock_lbl" xml:lang="en-US">Financing Costs</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xlink:label="us-gaap_FairValueMeasurementPolicyPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xlink:to="us-gaap_FairValueMeasurementPolicyPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueMeasurementPolicyPolicyTextBlock_lbl" xml:lang="en-US">Fair Value Measurements</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SegmentReportingPolicyPolicyTextBlock" xlink:label="us-gaap_SegmentReportingPolicyPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SegmentReportingPolicyPolicyTextBlock" xlink:to="us-gaap_SegmentReportingPolicyPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SegmentReportingPolicyPolicyTextBlock_lbl" xml:lang="en-US">Segment Reporting</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EarningsPerSharePolicyTextBlock" xlink:label="us-gaap_EarningsPerSharePolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerSharePolicyTextBlock" xlink:to="us-gaap_EarningsPerSharePolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerSharePolicyTextBlock_lbl" xml:lang="en-US">Income/(Loss) per Share</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_GoingConcernPolicyTextBlock" xlink:label="PXS_GoingConcernPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_GoingConcernPolicyTextBlock" xlink:to="PXS_GoingConcernPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_GoingConcernPolicyTextBlock_lbl" xml:lang="en-US">Going Concern</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RevenueRecognitionPolicyTextBlock" xlink:label="us-gaap_RevenueRecognitionPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RevenueRecognitionPolicyTextBlock" xlink:to="us-gaap_RevenueRecognitionPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RevenueRecognitionPolicyTextBlock_lbl" xml:lang="en-US">Revenues, Net</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_RestrictedCashPolicyTextBlock" xlink:label="PXS_RestrictedCashPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_RestrictedCashPolicyTextBlock" xlink:to="PXS_RestrictedCashPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_RestrictedCashPolicyTextBlock_lbl" xml:lang="en-US">Restricted Cash</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessCombinationsPolicy" xlink:label="us-gaap_BusinessCombinationsPolicy" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessCombinationsPolicy" xlink:to="us-gaap_BusinessCombinationsPolicy_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessCombinationsPolicy_lbl" xml:lang="en-US">Business Combinations</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_DebtModificationsAndExtinguishmentsPolicyTextBlock" xlink:label="PXS_DebtModificationsAndExtinguishmentsPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_DebtModificationsAndExtinguishmentsPolicyTextBlock" xlink:to="PXS_DebtModificationsAndExtinguishmentsPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_DebtModificationsAndExtinguishmentsPolicyTextBlock_lbl" xml:lang="en-US">Debt Modifications and Extinguishments</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_DistinguishingLiabilitiesFromEquityPolicyTextBlock" xlink:label="PXS_DistinguishingLiabilitiesFromEquityPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_DistinguishingLiabilitiesFromEquityPolicyTextBlock" xlink:to="PXS_DistinguishingLiabilitiesFromEquityPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_DistinguishingLiabilitiesFromEquityPolicyTextBlock_lbl" xml:lang="en-US">Distinguishing Liabilities from Equity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:label="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:to="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_lbl" xml:lang="en-US">New Accounting Pronouncements - Adopted</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NewAccountingPronouncementsNotYetAdoptedPolicyTextBlock" xlink:label="PXS_NewAccountingPronouncementsNotYetAdoptedPolicyTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_NewAccountingPronouncementsNotYetAdoptedPolicyTextBlock" xlink:to="PXS_NewAccountingPronouncementsNotYetAdoptedPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_NewAccountingPronouncementsNotYetAdoptedPolicyTextBlock_lbl" xml:lang="en-US">New Accounting Pronouncements - Not Yet Adopted</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ScheduleOfOwnershipAndOperationOfTankerVesselsTableTextBlock" xlink:label="PXS_ScheduleOfOwnershipAndOperationOfTankerVesselsTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ScheduleOfOwnershipAndOperationOfTankerVesselsTableTextBlock" xlink:to="PXS_ScheduleOfOwnershipAndOperationOfTankerVesselsTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_ScheduleOfOwnershipAndOperationOfTankerVesselsTableTextBlock_lbl" xml:lang="en-US">Schedule of Ownership and Operation of Tanker Vessels</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisaggregationOfRevenueTableTextBlock" xlink:label="us-gaap_DisaggregationOfRevenueTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisaggregationOfRevenueTableTextBlock" xlink:to="us-gaap_DisaggregationOfRevenueTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DisaggregationOfRevenueTableTextBlock_lbl" xml:lang="en-US">Schedule of Revenue Disaggregated by Revenue Source</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfRevenueByMajorCustomersByReportingSegmentsTableTextBlock" xlink:label="us-gaap_ScheduleOfRevenueByMajorCustomersByReportingSegmentsTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfRevenueByMajorCustomersByReportingSegmentsTableTextBlock" xlink:to="us-gaap_ScheduleOfRevenueByMajorCustomersByReportingSegmentsTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfRevenueByMajorCustomersByReportingSegmentsTableTextBlock_lbl" xml:lang="en-US">Summary of Revenue from Significant Charterers for 10% or More of Revenue</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ReconciliationOfCashAndCashEquivalentsAndRestrictedCashTableTextBlock" xlink:label="PXS_ReconciliationOfCashAndCashEquivalentsAndRestrictedCashTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ReconciliationOfCashAndCashEquivalentsAndRestrictedCashTableTextBlock" xlink:to="PXS_ReconciliationOfCashAndCashEquivalentsAndRestrictedCashTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_ReconciliationOfCashAndCashEquivalentsAndRestrictedCashTableTextBlock_lbl" xml:lang="en-US">Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock" xlink:label="us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock" xlink:to="us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock_lbl" xml:lang="en-US">Schedule of Amounts Charged by Maritime Included in the Accompanying Consolidated Statements of Comprehensive Loss</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfInventoryCurrentTableTextBlock" xlink:label="us-gaap_ScheduleOfInventoryCurrentTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfInventoryCurrentTableTextBlock" xlink:to="us-gaap_ScheduleOfInventoryCurrentTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfInventoryCurrentTableTextBlock_lbl" xml:lang="en-US">Schedule of Inventories</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTextBlock" xlink:label="us-gaap_PropertyPlantAndEquipmentTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentTextBlock" xlink:to="us-gaap_PropertyPlantAndEquipmentTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentTextBlock_lbl" xml:lang="en-US">Schedule of Vessels</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ScheduleOfDeferredChargesTableTextBlock" xlink:label="PXS_ScheduleOfDeferredChargesTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ScheduleOfDeferredChargesTableTextBlock" xlink:to="PXS_ScheduleOfDeferredChargesTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_ScheduleOfDeferredChargesTableTextBlock_lbl" xml:lang="en-US">Schedule of Deferred Charges</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfDebtInstrumentsTextBlock" xlink:label="us-gaap_ScheduleOfDebtInstrumentsTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfDebtInstrumentsTextBlock" xlink:to="us-gaap_ScheduleOfDebtInstrumentsTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfDebtInstrumentsTextBlock_lbl" xml:lang="en-US">Schedule of Long-Term Debt</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock" xlink:label="us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock" xlink:to="us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock_lbl" xml:lang="en-US">Schedule of Principal Payments</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:label="us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:to="us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_lbl" xml:lang="en-US">Schedule of Loss Per Common Share</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock" xlink:label="us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock" xlink:to="us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock_lbl" xml:lang="en-US">Schedule of Fair Value of Assets and Liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_TabularDisclosureOfDerivativeInstrumentsAndLocation" xlink:label="PXS_TabularDisclosureOfDerivativeInstrumentsAndLocation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_TabularDisclosureOfDerivativeInstrumentsAndLocation" xlink:to="PXS_TabularDisclosureOfDerivativeInstrumentsAndLocation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_TabularDisclosureOfDerivativeInstrumentsAndLocation_lbl" xml:lang="en-US">Schedule of Financial Derivative Instrument Location</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_TabularDisclosureOfGainsLossesOnDerivativeInstruments" xlink:label="PXS_TabularDisclosureOfGainsLossesOnDerivativeInstruments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_TabularDisclosureOfGainsLossesOnDerivativeInstruments" xlink:to="PXS_TabularDisclosureOfGainsLossesOnDerivativeInstruments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_TabularDisclosureOfGainsLossesOnDerivativeInstruments_lbl" xml:lang="en-US">Schedule of Gains Losses on Derivative Instruments</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock" xlink:label="us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock" xlink:to="us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock_lbl" xml:lang="en-US">Schedule of Assets Measured at Fair Value on a Non-recurring Basis Long Lived Assets Held and Used and Held for Sale</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ScheduleOfFutureMinimumContractualCharterRevenueTableTextBlock" xlink:label="PXS_ScheduleOfFutureMinimumContractualCharterRevenueTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ScheduleOfFutureMinimumContractualCharterRevenueTableTextBlock" xlink:to="PXS_ScheduleOfFutureMinimumContractualCharterRevenueTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_ScheduleOfFutureMinimumContractualCharterRevenueTableTextBlock_lbl" xml:lang="en-US">Schedule of Future Minimum Contractual Charter Revenues</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ScheduleOfInterestAndFinanceCostsTableTextBlock" xlink:label="PXS_ScheduleOfInterestAndFinanceCostsTableTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ScheduleOfInterestAndFinanceCostsTableTextBlock" xlink:to="PXS_ScheduleOfInterestAndFinanceCostsTableTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_ScheduleOfInterestAndFinanceCostsTableTextBlock_lbl" xml:lang="en-US">Schedule of Interest and Finance Costs</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:label="us-gaap_EquityMethodInvestmentOwnershipPercentage" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:to="us-gaap_EquityMethodInvestmentOwnershipPercentage_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityMethodInvestmentOwnershipPercentage_lbl" xml:lang="en-US">Entity ownership interest</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NumberOfVesselOwnershipsInterestEntities" xlink:label="PXS_NumberOfVesselOwnershipsInterestEntities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_NumberOfVesselOwnershipsInterestEntities" xlink:to="PXS_NumberOfVesselOwnershipsInterestEntities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_NumberOfVesselOwnershipsInterestEntities_lbl" xml:lang="en-US">Number of ownership interest entities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsForMergerRelatedCosts" xlink:label="us-gaap_PaymentsForMergerRelatedCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsForMergerRelatedCosts" xlink:to="us-gaap_PaymentsForMergerRelatedCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsForMergerRelatedCosts_lbl" xml:lang="en-US">Expenses of merger</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PercentageOfCommonStockBeneficiallyOwned" xlink:label="PXS_PercentageOfCommonStockBeneficiallyOwned" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_PercentageOfCommonStockBeneficiallyOwned" xlink:to="PXS_PercentageOfCommonStockBeneficiallyOwned_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_PercentageOfCommonStockBeneficiallyOwned_lbl" xml:lang="en-US">Percentage of beneficially owned common stock</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:label="us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:to="us-gaap_ScheduleOfPropertyPlantAndEquipmentTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfPropertyPlantAndEquipmentTable_lbl" xml:lang="en-US">Property, Plant and Equipment [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentLineItems" xlink:label="us-gaap_PropertyPlantAndEquipmentLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentLineItems" xlink:to="us-gaap_PropertyPlantAndEquipmentLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentLineItems_lbl" xml:lang="en-US">Property, Plant and Equipment [Line Items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:to="us-gaap_PropertyPlantAndEquipmentByTypeAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_PropertyPlantAndEquipmentByTypeAxis_2_lbl" xml:lang="en-US">Long-Lived Tangible Asset [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityIncorporationDateOfIncorporation" xlink:label="dei_EntityIncorporationDateOfIncorporation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationDateOfIncorporation" xlink:to="dei_EntityIncorporationDateOfIncorporation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationDateOfIncorporation_lbl" xml:lang="en-US">Entity incorporation date of incorporation</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_VesselName" xlink:label="PXS_VesselName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_VesselName" xlink:to="PXS_VesselName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_VesselName_lbl" xml:lang="en-US">Vessel</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_VesselCapacity" xlink:label="PXS_VesselCapacity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_VesselCapacity" xlink:to="PXS_VesselCapacity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_VesselCapacity_lbl" xml:lang="en-US">DWT</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_VesselBuiltYear" xlink:label="PXS_VesselBuiltYear" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_VesselBuiltYear" xlink:to="PXS_VesselBuiltYear_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_VesselBuiltYear_lbl" xml:lang="en-US">Year built</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_VesselAcquisitionDate" xlink:label="PXS_VesselAcquisitionDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_VesselAcquisitionDate" xlink:to="PXS_VesselAcquisitionDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_VesselAcquisitionDate_lbl" xml:lang="en-US">Acquisition date</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AdjustmentsForNewAccountingPronouncementsAxis" xlink:label="us-gaap_AdjustmentsForNewAccountingPronouncementsAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsForNewAccountingPronouncementsAxis" xlink:to="us-gaap_AdjustmentsForNewAccountingPronouncementsAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdjustmentsForNewAccountingPronouncementsAxis_lbl" xml:lang="en-US">Accounting Standards Update [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BalanceSheetLocationAxis" xlink:label="us-gaap_BalanceSheetLocationAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BalanceSheetLocationAxis" xlink:to="us-gaap_BalanceSheetLocationAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BalanceSheetLocationAxis_lbl" xml:lang="en-US">Balance Sheet Location [Axis]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TypeOfArrangementAxis" xlink:to="us-gaap_TypeOfArrangementAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_TypeOfArrangementAxis_2_lbl" xml:lang="en-US">Collaborative Arrangement and Arrangement Other than Collaborative [Axis]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_TradeAccountsReceivableNet" xlink:to="PXS_TradeAccountsReceivableNet_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_TradeAccountsReceivableNet_2_lbl" xml:lang="en-US">Trade accounts receivable, net</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xlink:to="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent_2_lbl" xml:lang="en-US">Allowance for credit losses</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ResidualValuePerLightweightTon" xlink:label="PXS_ResidualValuePerLightweightTon" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ResidualValuePerLightweightTon" xlink:to="PXS_ResidualValuePerLightweightTon_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_ResidualValuePerLightweightTon_lbl" xml:lang="en-US">Residual value per lightweight ton</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:label="us-gaap_PropertyPlantAndEquipmentUsefulLife" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:to="us-gaap_PropertyPlantAndEquipmentUsefulLife_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentUsefulLife_lbl" xml:lang="en-US">Estimated useful life</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_EstimatedFleetUtilizationRateDependingOnTypeOfVesselMinimumRate" xlink:label="PXS_EstimatedFleetUtilizationRateDependingOnTypeOfVesselMinimumRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_EstimatedFleetUtilizationRateDependingOnTypeOfVesselMinimumRate" xlink:to="PXS_EstimatedFleetUtilizationRateDependingOnTypeOfVesselMinimumRate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_EstimatedFleetUtilizationRateDependingOnTypeOfVesselMinimumRate_lbl" xml:lang="en-US">Estimated fleet utilization rate depending on the type of the vessel, minimum rate</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_EstimatedFleetUtilizationRateDependingOnTypeOfVesselMaximumRate" xlink:label="PXS_EstimatedFleetUtilizationRateDependingOnTypeOfVesselMaximumRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_EstimatedFleetUtilizationRateDependingOnTypeOfVesselMaximumRate" xlink:to="PXS_EstimatedFleetUtilizationRateDependingOnTypeOfVesselMaximumRate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_EstimatedFleetUtilizationRateDependingOnTypeOfVesselMaximumRate_lbl" xml:lang="en-US">Estimated fleet utilization rate depending on the type of the vessel, maximum rate</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_EstimatedFleetUtilizationRateIncludingScheduledOffhireDaysForPlannedDryDockingsAndVesselSurveysMinimumRate" xlink:label="PXS_EstimatedFleetUtilizationRateIncludingScheduledOffhireDaysForPlannedDryDockingsAndVesselSurveysMinimumRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_EstimatedFleetUtilizationRateIncludingScheduledOffhireDaysForPlannedDryDockingsAndVesselSurveysMinimumRate" xlink:to="PXS_EstimatedFleetUtilizationRateIncludingScheduledOffhireDaysForPlannedDryDockingsAndVesselSurveysMinimumRate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_EstimatedFleetUtilizationRateIncludingScheduledOffhireDaysForPlannedDryDockingsAndVesselSurveysMinimumRate_lbl" xml:lang="en-US">Estimated fleet utilization rate including scheduled off-hire days for planned dry dockings and vessel surveys minimum rate</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_EstimatedFleetUtilizationRateIncludingScheduledOffhireDaysForPlannedDryDockingsAndVesselSurveysMaximumRate" xlink:label="PXS_EstimatedFleetUtilizationRateIncludingScheduledOffhireDaysForPlannedDryDockingsAndVesselSurveysMaximumRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_EstimatedFleetUtilizationRateIncludingScheduledOffhireDaysForPlannedDryDockingsAndVesselSurveysMaximumRate" xlink:to="PXS_EstimatedFleetUtilizationRateIncludingScheduledOffhireDaysForPlannedDryDockingsAndVesselSurveysMaximumRate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_EstimatedFleetUtilizationRateIncludingScheduledOffhireDaysForPlannedDryDockingsAndVesselSurveysMaximumRate_lbl" xml:lang="en-US">Estimated fleet utilization rate including scheduled off-hire days for planned dry dockings and vessel surveys maximum rate</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NumberOfReportableSegments" xlink:label="us-gaap_NumberOfReportableSegments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NumberOfReportableSegments" xlink:to="us-gaap_NumberOfReportableSegments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NumberOfReportableSegments_lbl" xml:lang="en-US">Number of reportable segments</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_WorkingCapitalDeficit" xlink:label="PXS_WorkingCapitalDeficit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_WorkingCapitalDeficit" xlink:to="PXS_WorkingCapitalDeficit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_WorkingCapitalDeficit_lbl" xml:lang="en-US">Working capital deficit</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeaseLiability" xlink:label="us-gaap_OperatingLeaseLiability" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeaseLiability" xlink:to="us-gaap_OperatingLeaseLiability_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingLeaseLiability_lbl" xml:lang="en-US">Lease modification effect</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RestrictedCash" xlink:label="us-gaap_RestrictedCash" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RestrictedCash" xlink:to="us-gaap_RestrictedCash_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RestrictedCash_lbl" xml:lang="en-US">Restricted cash</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_CreditLossDescription" xlink:label="PXS_CreditLossDescription" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_CreditLossDescription" xlink:to="PXS_CreditLossDescription_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_CreditLossDescription_lbl" xml:lang="en-US">Credit loss description</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_DebtCurrent1" xlink:label="PXS_DebtCurrent1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_DebtCurrent1" xlink:to="PXS_DebtCurrent1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_DebtCurrent1_lbl" xml:lang="en-US">Total long-term debt outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_VoyageRevenues" xlink:label="PXS_VoyageRevenues" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_VoyageRevenues" xlink:to="PXS_VoyageRevenues_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="PXS_VoyageRevenues_lbl" xml:lang="en-US">Revenues, net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConcentrationRiskPercentage1" xlink:label="us-gaap_ConcentrationRiskPercentage1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskPercentage1" xlink:to="us-gaap_ConcentrationRiskPercentage1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConcentrationRiskPercentage1_lbl" xml:lang="en-US">Concentration risk percentage</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:to="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_lbl" xml:lang="en-US">Total cash and cash equivalents and restricted cash</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongtermDebtTypeAxis" xlink:to="us-gaap_LongtermDebtTypeAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongtermDebtTypeAxis_2_lbl" xml:lang="en-US">Long-term Debt, Type [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_DailyShipManagementFeesPayableToRelatedParty" xlink:label="PXS_DailyShipManagementFeesPayableToRelatedParty" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_DailyShipManagementFeesPayableToRelatedParty" xlink:to="PXS_DailyShipManagementFeesPayableToRelatedParty_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_DailyShipManagementFeesPayableToRelatedParty_lbl" xml:lang="en-US">Ship management services per day per vessel</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_CharterHireAgreementCommissionRate" xlink:label="PXS_CharterHireAgreementCommissionRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_CharterHireAgreementCommissionRate" xlink:to="PXS_CharterHireAgreementCommissionRate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_CharterHireAgreementCommissionRate_lbl" xml:lang="en-US">Charter hire agreement commission rate</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ManagementAgreementsInitialTerm" xlink:label="PXS_ManagementAgreementsInitialTerm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ManagementAgreementsInitialTerm" xlink:to="PXS_ManagementAgreementsInitialTerm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_ManagementAgreementsInitialTerm_lbl" xml:lang="en-US">Management agreements initial term</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ManagementAgreementExpirationDate" xlink:label="PXS_ManagementAgreementExpirationDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ManagementAgreementExpirationDate" xlink:to="PXS_ManagementAgreementExpirationDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_ManagementAgreementExpirationDate_lbl" xml:lang="en-US">Management agreement expiration date</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ManagementAgreementsRenewalPeriod" xlink:label="PXS_ManagementAgreementsRenewalPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ManagementAgreementsRenewalPeriod" xlink:to="PXS_ManagementAgreementsRenewalPeriod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_ManagementAgreementsRenewalPeriod_lbl" xml:lang="en-US">Management agreements renewal period</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_HeadManagementAgreementWithRelatedPartyCommencementDate" xlink:label="PXS_HeadManagementAgreementWithRelatedPartyCommencementDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_HeadManagementAgreementWithRelatedPartyCommencementDate" xlink:to="PXS_HeadManagementAgreementWithRelatedPartyCommencementDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_HeadManagementAgreementWithRelatedPartyCommencementDate_lbl" xml:lang="en-US">Head management agreement commencement date</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_AdministrationFees" xlink:label="PXS_AdministrationFees" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_AdministrationFees" xlink:to="PXS_AdministrationFees_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_AdministrationFees_lbl" xml:lang="en-US">Administration fees payable to related party</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionTermsAndMannerOfSettlement" xlink:label="us-gaap_RelatedPartyTransactionTermsAndMannerOfSettlement" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionTermsAndMannerOfSettlement" xlink:to="us-gaap_RelatedPartyTransactionTermsAndMannerOfSettlement_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionTermsAndMannerOfSettlement_lbl" xml:lang="en-US">Head management agreement, terms and manner of settlement</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ShipmanagementAndAdministrationFeesPercentageIncrease" xlink:label="PXS_ShipmanagementAndAdministrationFeesPercentageIncrease" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ShipmanagementAndAdministrationFeesPercentageIncrease" xlink:to="PXS_ShipmanagementAndAdministrationFeesPercentageIncrease_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_ShipmanagementAndAdministrationFeesPercentageIncrease_lbl" xml:lang="en-US">Ship-management and administration fees percentage increase</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PromissoryNoteIssued" xlink:label="PXS_PromissoryNoteIssued" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_PromissoryNoteIssued" xlink:to="PXS_PromissoryNoteIssued_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_PromissoryNoteIssued_lbl" xml:lang="en-US">Promissory note issued</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:label="us-gaap_DebtInstrumentInterestRateStatedPercentage" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:to="us-gaap_DebtInstrumentInterestRateStatedPercentage_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentInterestRateStatedPercentage_lbl" xml:lang="en-US">Promissory note interest rate</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentMaturityDate" xlink:label="us-gaap_DebtInstrumentMaturityDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentMaturityDate" xlink:to="us-gaap_DebtInstrumentMaturityDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentMaturityDate_lbl" xml:lang="en-US">Promissory note maturity date</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentMaturityDateDescription" xlink:label="us-gaap_DebtInstrumentMaturityDateDescription" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentMaturityDateDescription" xlink:to="us-gaap_DebtInstrumentMaturityDateDescription_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentMaturityDateDescription_lbl" xml:lang="en-US">Promissory note maturity date description</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_InterestRatePaidInCash" xlink:label="PXS_InterestRatePaidInCash" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_InterestRatePaidInCash" xlink:to="PXS_InterestRatePaidInCash_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_InterestRatePaidInCash_lbl" xml:lang="en-US">Interest rate paid in cash</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_InterestRatePaidInRestrictedShares" xlink:label="PXS_InterestRatePaidInRestrictedShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_InterestRatePaidInRestrictedShares" xlink:to="PXS_InterestRatePaidInRestrictedShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_InterestRatePaidInRestrictedShares_lbl" xml:lang="en-US">Interest rate paid in common shares - effective from April 1, 2019</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_InterestExpenseOnPromissoryNote" xlink:label="PXS_InterestExpenseOnPromissoryNote" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_InterestExpenseOnPromissoryNote" xlink:to="PXS_InterestExpenseOnPromissoryNote_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_InterestExpenseOnPromissoryNote_lbl" xml:lang="en-US">Interest expense on promissory note</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_FuturePaymentsOfInterestOnPromissoryNoteInCash" xlink:label="PXS_FuturePaymentsOfInterestOnPromissoryNoteInCash" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_FuturePaymentsOfInterestOnPromissoryNoteInCash" xlink:to="PXS_FuturePaymentsOfInterestOnPromissoryNoteInCash_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_FuturePaymentsOfInterestOnPromissoryNoteInCash_lbl" xml:lang="en-US">Interest on promissory note to be paid in cash</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_InterestOnPromissoryNoteToBeSettledInCommonShares" xlink:label="PXS_InterestOnPromissoryNoteToBeSettledInCommonShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_InterestOnPromissoryNoteToBeSettledInCommonShares" xlink:to="PXS_InterestOnPromissoryNoteToBeSettledInCommonShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_InterestOnPromissoryNoteToBeSettledInCommonShares_lbl" xml:lang="en-US">Interest on promissory note to be settled in common shares</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_InterestOnPromissoryNoteSettledInCommonSharesDuringPriorPeriod" xlink:label="PXS_InterestOnPromissoryNoteSettledInCommonSharesDuringPriorPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_InterestOnPromissoryNoteSettledInCommonSharesDuringPriorPeriod" xlink:to="PXS_InterestOnPromissoryNoteSettledInCommonSharesDuringPriorPeriod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_InterestOnPromissoryNoteSettledInCommonSharesDuringPriorPeriod_lbl" xml:lang="en-US">Interest on promissory note settled in common shares during 2019</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_InterestOnPromissoryNoteSettledInCommonSharesInJanuaryTwoThousandTwenty" xlink:label="PXS_InterestOnPromissoryNoteSettledInCommonSharesInJanuaryTwoThousandTwenty" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_InterestOnPromissoryNoteSettledInCommonSharesInJanuaryTwoThousandTwenty" xlink:to="PXS_InterestOnPromissoryNoteSettledInCommonSharesInJanuaryTwoThousandTwenty_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_InterestOnPromissoryNoteSettledInCommonSharesInJanuaryTwoThousandTwenty_lbl" xml:lang="en-US">Interest on promissory note settled in common shares in January 2020</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_InterestOnPromissoryNoteSettledInCommonSharesDuringPeriod" xlink:label="PXS_InterestOnPromissoryNoteSettledInCommonSharesDuringPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_InterestOnPromissoryNoteSettledInCommonSharesDuringPeriod" xlink:to="PXS_InterestOnPromissoryNoteSettledInCommonSharesDuringPeriod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_InterestOnPromissoryNoteSettledInCommonSharesDuringPeriod_lbl" xml:lang="en-US">Interest on promissory note settled in common shares during 2020</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_InterestOnPromissoryNoteSettledInCommonSharesInJanuaryTwoThousandTwentyOne" xlink:label="PXS_InterestOnPromissoryNoteSettledInCommonSharesInJanuaryTwoThousandTwentyOne" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_InterestOnPromissoryNoteSettledInCommonSharesInJanuaryTwoThousandTwentyOne" xlink:to="PXS_InterestOnPromissoryNoteSettledInCommonSharesInJanuaryTwoThousandTwentyOne_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_InterestOnPromissoryNoteSettledInCommonSharesInJanuaryTwoThousandTwentyOne_lbl" xml:lang="en-US">Interest on promissory note settled in common shares in January 2021</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermNotesPayable" xlink:label="us-gaap_LongTermNotesPayable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermNotesPayable" xlink:to="us-gaap_LongTermNotesPayable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_LongTermNotesPayable_lbl" xml:lang="en-US">Promissory note</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:label="us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:to="us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_lbl" xml:lang="en-US">Schedule of Related Party Transactions, by Related Party [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionLineItems" xlink:label="us-gaap_RelatedPartyTransactionLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionLineItems" xlink:to="us-gaap_RelatedPartyTransactionLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionLineItems_lbl" xml:lang="en-US">Related Party Transaction [Line Items]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_CharterHireCommissions" xlink:label="PXS_CharterHireCommissions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_CharterHireCommissions" xlink:to="PXS_CharterHireCommissions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_CharterHireCommissions_lbl" xml:lang="en-US">Charter hire commissions</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ManagementFeesRelatedParties" xlink:to="PXS_ManagementFeesRelatedParties_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="PXS_ManagementFeesRelatedParties_2_lbl" xml:lang="en-US">Ship-management fees</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_AdministrationFees" xlink:to="PXS_AdministrationFees_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="PXS_AdministrationFees_2_lbl" xml:lang="en-US">Administration fees</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty" xlink:label="us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty" xlink:to="us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty_lbl" xml:lang="en-US">Related party transaction expenses, total</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InventoryCurrentTable" xlink:label="us-gaap_InventoryCurrentTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryCurrentTable" xlink:to="us-gaap_InventoryCurrentTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InventoryCurrentTable_lbl" xml:lang="en-US">Inventory, Current [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InventoryLineItems" xlink:label="us-gaap_InventoryLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryLineItems" xlink:to="us-gaap_InventoryLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InventoryLineItems_lbl" xml:lang="en-US">Inventory [Line Items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PublicUtilitiesInventoryAxis" xlink:to="us-gaap_PublicUtilitiesInventoryAxis_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_PublicUtilitiesInventoryAxis_2_lbl" xml:lang="en-US">Inventory [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentGross" xlink:label="us-gaap_PropertyPlantAndEquipmentGross" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentGross" xlink:to="us-gaap_PropertyPlantAndEquipmentGross_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentGross_lbl" xml:lang="en-US">Vessel including unamortized dry-dock and survey balance</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NetProceedsFromSaleOfVessel" xlink:label="PXS_NetProceedsFromSaleOfVessel" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_NetProceedsFromSaleOfVessel" xlink:to="PXS_NetProceedsFromSaleOfVessel_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_NetProceedsFromSaleOfVessel_lbl" xml:lang="en-US">Net proceeds from sale of vessel</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentAdditions" xlink:label="us-gaap_PropertyPlantAndEquipmentAdditions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentAdditions" xlink:to="us-gaap_PropertyPlantAndEquipmentAdditions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentAdditions_lbl" xml:lang="en-US">Vessel additions</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PropertyPlantAndEquipmentAdditionsNet" xlink:label="PXS_PropertyPlantAndEquipmentAdditionsNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_PropertyPlantAndEquipmentAdditionsNet" xlink:to="PXS_PropertyPlantAndEquipmentAdditionsNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_PropertyPlantAndEquipmentAdditionsNet_lbl" xml:lang="en-US">Vessels cost ballast water treatment system installation (BWTS)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:to="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl" xml:lang="en-US">Paid amount of ballast water treatment system installation (BWTS)</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_AccruedAndRemainsUnpaidAmountOfBallastWaterTreatmentSystemInstallation" xlink:label="PXS_AccruedAndRemainsUnpaidAmountOfBallastWaterTreatmentSystemInstallation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_AccruedAndRemainsUnpaidAmountOfBallastWaterTreatmentSystemInstallation" xlink:to="PXS_AccruedAndRemainsUnpaidAmountOfBallastWaterTreatmentSystemInstallation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_AccruedAndRemainsUnpaidAmountOfBallastWaterTreatmentSystemInstallation_lbl" xml:lang="en-US">Accrued and remains unpaid amount of ballast water treatment system installation (BWTS)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentGross" xlink:to="us-gaap_PropertyPlantAndEquipmentGross_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_PropertyPlantAndEquipmentGross_2_lbl" xml:lang="en-US">Beginning balance</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:label="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:to="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" xlink:label="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_lbl" xml:lang="en-US">Beginning balance</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentNet" xlink:to="us-gaap_PropertyPlantAndEquipmentNet_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_PropertyPlantAndEquipmentNet_2_lbl" xml:lang="en-US">Beginning balance</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentAdditions" xlink:to="us-gaap_PropertyPlantAndEquipmentAdditions_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_PropertyPlantAndEquipmentAdditions_2_lbl" xml:lang="en-US">Additions</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTransfersAndChanges" xlink:label="us-gaap_PropertyPlantAndEquipmentTransfersAndChanges" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentTransfersAndChanges" xlink:to="us-gaap_PropertyPlantAndEquipmentTransfersAndChanges_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentTransfersAndChanges_lbl" xml:lang="en-US">Reclassification of vessel as held-for-sale</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentGross" xlink:to="us-gaap_PropertyPlantAndEquipmentGross_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_PropertyPlantAndEquipmentGross_3_lbl" xml:lang="en-US">Ending balance</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:to="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:label="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_2_lbl" xml:lang="en-US">Ending balance</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentNet" xlink:to="us-gaap_PropertyPlantAndEquipmentNet_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_PropertyPlantAndEquipmentNet_3_lbl" xml:lang="en-US">Ending balance</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredCosts" xlink:to="us-gaap_DeferredCosts_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_DeferredCosts_2_lbl" xml:lang="en-US">Deferred charges, beginning balance</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_AdditionsToDeferredChargesAmount" xlink:label="PXS_AdditionsToDeferredChargesAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_AdditionsToDeferredChargesAmount" xlink:to="PXS_AdditionsToDeferredChargesAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_AdditionsToDeferredChargesAmount_lbl" xml:lang="en-US">Additions</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AmortizationOfDeferredCharges" xlink:to="us-gaap_AmortizationOfDeferredCharges_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="us-gaap_AmortizationOfDeferredCharges_3_lbl" xml:lang="en-US">Amortization</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_DeferredChargesTransferToVesselHeldforsale" xlink:label="PXS_DeferredChargesTransferToVesselHeldforsale" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_DeferredChargesTransferToVesselHeldforsale" xlink:to="PXS_DeferredChargesTransferToVesselHeldforsale_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_DeferredChargesTransferToVesselHeldforsale_lbl" xml:lang="en-US">Transfer to vessel held-for-sale</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredCosts" xlink:to="us-gaap_DeferredCosts_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_DeferredCosts_3_lbl" xml:lang="en-US">Deferred charges, ending balance</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentTable" xlink:label="us-gaap_DebtInstrumentTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentTable" xlink:to="us-gaap_DebtInstrumentTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentTable_lbl" xml:lang="en-US">Schedule of Long-term Debt Instruments [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentLineItems" xlink:label="us-gaap_DebtInstrumentLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentLineItems" xlink:to="us-gaap_DebtInstrumentLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentLineItems_lbl" xml:lang="en-US">Debt Instrument [Line Items]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentCarryingAmount" xlink:label="us-gaap_DebtInstrumentCarryingAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentCarryingAmount" xlink:to="us-gaap_DebtInstrumentCarryingAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentCarryingAmount_lbl" xml:lang="en-US">Total</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LongTermDebtCurrentBeforeDeferredFinancingCost" xlink:label="PXS_LongTermDebtCurrentBeforeDeferredFinancingCost" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_LongTermDebtCurrentBeforeDeferredFinancingCost" xlink:to="PXS_LongTermDebtCurrentBeforeDeferredFinancingCost_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_LongTermDebtCurrentBeforeDeferredFinancingCost_lbl" xml:lang="en-US">Current portion</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredFinanceCostsCurrentNet" xlink:label="us-gaap_DeferredFinanceCostsCurrentNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredFinanceCostsCurrentNet" xlink:to="us-gaap_DeferredFinanceCostsCurrentNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DeferredFinanceCostsCurrentNet_lbl" xml:lang="en-US">Less: Current portion of deferred financing costs</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtCurrent" xlink:to="us-gaap_LongTermDebtCurrent_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LongTermDebtCurrent_2_lbl" xml:lang="en-US">Current portion of long-term debt, net of deferred financing costs, current</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LongTermDebtNoncurrentBeforeDeferredFinancingCost" xlink:label="PXS_LongTermDebtNoncurrentBeforeDeferredFinancingCost" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_LongTermDebtNoncurrentBeforeDeferredFinancingCost" xlink:to="PXS_LongTermDebtNoncurrentBeforeDeferredFinancingCost_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_LongTermDebtNoncurrentBeforeDeferredFinancingCost_lbl" xml:lang="en-US">Long-term portion</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredFinanceCostsNoncurrentNet" xlink:label="us-gaap_DeferredFinanceCostsNoncurrentNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredFinanceCostsNoncurrentNet" xlink:to="us-gaap_DeferredFinanceCostsNoncurrentNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DeferredFinanceCostsNoncurrentNet_lbl" xml:lang="en-US">Less: Non-current portion of deferred financing costs</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtNoncurrent" xlink:to="us-gaap_LongTermDebtNoncurrent_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LongTermDebtNoncurrent_2_lbl" xml:lang="en-US">Long-term debt, net of current portion and deferred financing costs, non-current</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:label="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:to="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_lbl" xml:lang="en-US">Maximum borrowing capacity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentFaceAmount" xlink:label="us-gaap_DebtInstrumentFaceAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentFaceAmount" xlink:to="us-gaap_DebtInstrumentFaceAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentFaceAmount_lbl" xml:lang="en-US">Amount borrowed</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentCarryingAmount" xlink:to="us-gaap_DebtInstrumentCarryingAmount_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DebtInstrumentCarryingAmount_2_lbl" xml:lang="en-US">Total long-term debt outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtTerm" xlink:label="us-gaap_LongTermDebtTerm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtTerm" xlink:to="us-gaap_LongTermDebtTerm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtTerm_lbl" xml:lang="en-US">Secured loan term</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_CashUsedForRefinanceOfExistingIndebtedness" xlink:label="PXS_CashUsedForRefinanceOfExistingIndebtedness" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_CashUsedForRefinanceOfExistingIndebtedness" xlink:to="PXS_CashUsedForRefinanceOfExistingIndebtedness_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_CashUsedForRefinanceOfExistingIndebtedness_lbl" xml:lang="en-US">Cash used for refinance of existing indebtedness</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_DebtInstrumentCarryingAmountPerFacility" xlink:label="PXS_DebtInstrumentCarryingAmountPerFacility" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_DebtInstrumentCarryingAmountPerFacility" xlink:to="PXS_DebtInstrumentCarryingAmountPerFacility_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_DebtInstrumentCarryingAmountPerFacility_lbl" xml:lang="en-US">Total long-term debt outstanding per facility</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_DebtInstrumentBasisSpreadOnVariableRatePercentage" xlink:label="PXS_DebtInstrumentBasisSpreadOnVariableRatePercentage" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_DebtInstrumentBasisSpreadOnVariableRatePercentage" xlink:to="PXS_DebtInstrumentBasisSpreadOnVariableRatePercentage_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_DebtInstrumentBasisSpreadOnVariableRatePercentage_lbl" xml:lang="en-US">Interest rate margin</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LoanAmortizationProfile" xlink:label="PXS_LoanAmortizationProfile" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_LoanAmortizationProfile" xlink:to="PXS_LoanAmortizationProfile_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_LoanAmortizationProfile_lbl" xml:lang="en-US">Loan amortization profile</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_QuarterlyInstallmentsPayableInAggregatePerFacility" xlink:label="PXS_QuarterlyInstallmentsPayableInAggregatePerFacility" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_QuarterlyInstallmentsPayableInAggregatePerFacility" xlink:to="PXS_QuarterlyInstallmentsPayableInAggregatePerFacility_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_QuarterlyInstallmentsPayableInAggregatePerFacility_lbl" xml:lang="en-US">Quarterly installments payable in the aggregate, per facility</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LongTermDebtFirstPeriodicPayment" xlink:label="PXS_LongTermDebtFirstPeriodicPayment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_LongTermDebtFirstPeriodicPayment" xlink:to="PXS_LongTermDebtFirstPeriodicPayment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_LongTermDebtFirstPeriodicPayment_lbl" xml:lang="en-US">Long-term debt first periodic payment</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LongTermDebtBalloonPaymentYear" xlink:label="PXS_LongTermDebtBalloonPaymentYear" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_LongTermDebtBalloonPaymentYear" xlink:to="PXS_LongTermDebtBalloonPaymentYear_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_LongTermDebtBalloonPaymentYear_lbl" xml:lang="en-US">Long-term debt balloon payment year</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LongtermDebtBalloonPaymentPerFacility" xlink:label="PXS_LongtermDebtBalloonPaymentPerFacility" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_LongtermDebtBalloonPaymentPerFacility" xlink:to="PXS_LongtermDebtBalloonPaymentPerFacility_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_LongtermDebtBalloonPaymentPerFacility_lbl" xml:lang="en-US">Long-term debt balloon payment, per facility</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_QuarterlyInstallmentsPayable" xlink:label="PXS_QuarterlyInstallmentsPayable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_QuarterlyInstallmentsPayable" xlink:to="PXS_QuarterlyInstallmentsPayable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_QuarterlyInstallmentsPayable_lbl" xml:lang="en-US">Quarterly installments payable (9 installments)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid" xlink:label="us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid" xlink:to="us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid_lbl" xml:lang="en-US">Long term debt balloon payment</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_MinimumCashDeposits" xlink:label="PXS_MinimumCashDeposits" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_MinimumCashDeposits" xlink:to="PXS_MinimumCashDeposits_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_MinimumCashDeposits_lbl" xml:lang="en-US">Minimum cash deposits</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_MinimumSecurityCollateralCoverRequiredTrancheTwoPercentOfOutstandingLoan" xlink:label="PXS_MinimumSecurityCollateralCoverRequiredTrancheTwoPercentOfOutstandingLoan" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_MinimumSecurityCollateralCoverRequiredTrancheTwoPercentOfOutstandingLoan" xlink:to="PXS_MinimumSecurityCollateralCoverRequiredTrancheTwoPercentOfOutstandingLoan_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_MinimumSecurityCollateralCoverRequiredTrancheTwoPercentOfOutstandingLoan_lbl" xml:lang="en-US">Minimum security collateral cover required | Until February 2022</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_MinimumSecurityCollateralCoverRequiredTrancheThreePercentOfOutstandingLoan" xlink:label="PXS_MinimumSecurityCollateralCoverRequiredTrancheThreePercentOfOutstandingLoan" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_MinimumSecurityCollateralCoverRequiredTrancheThreePercentOfOutstandingLoan" xlink:to="PXS_MinimumSecurityCollateralCoverRequiredTrancheThreePercentOfOutstandingLoan_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_MinimumSecurityCollateralCoverRequiredTrancheThreePercentOfOutstandingLoan_lbl" xml:lang="en-US">Minimum security collateral cover required | Thereafter 155%</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentMaturityDateDescription" xlink:to="us-gaap_DebtInstrumentMaturityDateDescription_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DebtInstrumentMaturityDateDescription_2_lbl" xml:lang="en-US">Long term debt maturity, description</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebt" xlink:label="us-gaap_LongTermDebt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebt" xlink:to="us-gaap_LongTermDebt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_LongTermDebt_lbl" xml:lang="en-US">Total long-term debt outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_EarlyDebtPrepaymentFollowingSaleOfPyxisDelta" xlink:label="PXS_EarlyDebtPrepaymentFollowingSaleOfPyxisDelta" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_EarlyDebtPrepaymentFollowingSaleOfPyxisDelta" xlink:to="PXS_EarlyDebtPrepaymentFollowingSaleOfPyxisDelta_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_EarlyDebtPrepaymentFollowingSaleOfPyxisDelta_lbl" xml:lang="en-US">Early debt prepayment following the sale of Pyxis Delta</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_DebtPrepaymentAmount" xlink:label="PXS_DebtPrepaymentAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_DebtPrepaymentAmount" xlink:to="PXS_DebtPrepaymentAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_DebtPrepaymentAmount_lbl" xml:lang="en-US">Early debt prepayment following sale of Pyxis Delta</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_DebtToMarketValueOfAdjustedAssetsMaximumRequiredRatio" xlink:label="PXS_DebtToMarketValueOfAdjustedAssetsMaximumRequiredRatio" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_DebtToMarketValueOfAdjustedAssetsMaximumRequiredRatio" xlink:to="PXS_DebtToMarketValueOfAdjustedAssetsMaximumRequiredRatio_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_DebtToMarketValueOfAdjustedAssetsMaximumRequiredRatio_lbl" xml:lang="en-US">Maximum required leverage ratio</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_QuarterlyInstallmentsPayableInAggregate" xlink:label="PXS_QuarterlyInstallmentsPayableInAggregate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_QuarterlyInstallmentsPayableInAggregate" xlink:to="PXS_QuarterlyInstallmentsPayableInAggregate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_QuarterlyInstallmentsPayableInAggregate_lbl" xml:lang="en-US">Quarterly installments payable in the aggregate</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_DebtToMarketValueOfAdjustedAssetsRatioActual" xlink:label="PXS_DebtToMarketValueOfAdjustedAssetsRatioActual" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_DebtToMarketValueOfAdjustedAssetsRatioActual" xlink:to="PXS_DebtToMarketValueOfAdjustedAssetsRatioActual_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_DebtToMarketValueOfAdjustedAssetsRatioActual_lbl" xml:lang="en-US">Actual leverage ratio</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_RatioDifferenceByWhichActualExceedsRequiredDebtToAssetsRatioThreshold" xlink:label="PXS_RatioDifferenceByWhichActualExceedsRequiredDebtToAssetsRatioThreshold" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_RatioDifferenceByWhichActualExceedsRequiredDebtToAssetsRatioThreshold" xlink:to="PXS_RatioDifferenceByWhichActualExceedsRequiredDebtToAssetsRatioThreshold_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_RatioDifferenceByWhichActualExceedsRequiredDebtToAssetsRatioThreshold_lbl" xml:lang="en-US">Difference between actual ratio and required threshold</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_MinimumSecurityCollateralCoverRequired" xlink:label="PXS_MinimumSecurityCollateralCoverRequired" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_MinimumSecurityCollateralCoverRequired" xlink:to="PXS_MinimumSecurityCollateralCoverRequired_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_MinimumSecurityCollateralCoverRequired_lbl" xml:lang="en-US">Minimum security collateral cover required</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_RepaymentsOfAssetCreditFacility" xlink:label="PXS_RepaymentsOfAssetCreditFacility" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_RepaymentsOfAssetCreditFacility" xlink:to="PXS_RepaymentsOfAssetCreditFacility_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_RepaymentsOfAssetCreditFacility_lbl" xml:lang="en-US">Prepayment of Pyxis Delta and Pyxis Theta loan facility</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PrepaymentFee" xlink:label="PXS_PrepaymentFee" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_PrepaymentFee" xlink:to="PXS_PrepaymentFee_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_PrepaymentFee_lbl" xml:lang="en-US">Prepayment fee paid</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:label="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:to="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_lbl" xml:lang="en-US">Interest rate margin</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RepaymentsOfRelatedPartyDebt" xlink:label="us-gaap_RepaymentsOfRelatedPartyDebt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepaymentsOfRelatedPartyDebt" xlink:to="us-gaap_RepaymentsOfRelatedPartyDebt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RepaymentsOfRelatedPartyDebt_lbl" xml:lang="en-US">Repayment of liabilities to Maritime and trade creditors</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_QuarterlyInstallmentsPayableNineteenInstallments" xlink:label="PXS_QuarterlyInstallmentsPayableNineteenInstallments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_QuarterlyInstallmentsPayableNineteenInstallments" xlink:to="PXS_QuarterlyInstallmentsPayableNineteenInstallments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_QuarterlyInstallmentsPayableNineteenInstallments_lbl" xml:lang="en-US">Quarterly installments payable (19 installments)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentCovenantDescription" xlink:label="us-gaap_DebtInstrumentCovenantDescription" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentCovenantDescription" xlink:to="us-gaap_DebtInstrumentCovenantDescription_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentCovenantDescription_lbl" xml:lang="en-US">Covenant description</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_FacilityMaturityPeriod" xlink:label="PXS_FacilityMaturityPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_FacilityMaturityPeriod" xlink:to="PXS_FacilityMaturityPeriod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_FacilityMaturityPeriod_lbl" xml:lang="en-US">Facility maturity period</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_QuarterlyInstallmentsPayableTenInstallments" xlink:label="PXS_QuarterlyInstallmentsPayableTenInstallments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_QuarterlyInstallmentsPayableTenInstallments" xlink:to="PXS_QuarterlyInstallmentsPayableTenInstallments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_QuarterlyInstallmentsPayableTenInstallments_lbl" xml:lang="en-US">Quarterly installments payable (10 installments)</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_DeferredFeeDescription" xlink:label="PXS_DeferredFeeDescription" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_DeferredFeeDescription" xlink:to="PXS_DeferredFeeDescription_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_DeferredFeeDescription_lbl" xml:lang="en-US">Deferred fee</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_MinimumLiquidityAmount" xlink:label="PXS_MinimumLiquidityAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_MinimumLiquidityAmount" xlink:to="PXS_MinimumLiquidityAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_MinimumLiquidityAmount_lbl" xml:lang="en-US">Minimum liquidity amount</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_MinimumLiquidityAmountDescription" xlink:label="PXS_MinimumLiquidityAmountDescription" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_MinimumLiquidityAmountDescription" xlink:to="PXS_MinimumLiquidityAmountDescription_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_MinimumLiquidityAmountDescription_lbl" xml:lang="en-US">Minimum liquidity amount following the first supplemental letter dated 9, July 2020</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_InterestExpenseOnLongtermDebtAndPromissoryNote" xlink:label="PXS_InterestExpenseOnLongtermDebtAndPromissoryNote" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_InterestExpenseOnLongtermDebtAndPromissoryNote" xlink:to="PXS_InterestExpenseOnLongtermDebtAndPromissoryNote_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_InterestExpenseOnLongtermDebtAndPromissoryNote_lbl" xml:lang="en-US">Interest expense on long-term debt and promissory note</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongtermDebtWeightedAverageInterestRate" xlink:label="us-gaap_LongtermDebtWeightedAverageInterestRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongtermDebtWeightedAverageInterestRate" xlink:to="us-gaap_LongtermDebtWeightedAverageInterestRate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongtermDebtWeightedAverageInterestRate_lbl" xml:lang="en-US">Long-term debt, weighted average interest rate</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentsAbstract" xlink:label="us-gaap_DebtInstrumentsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentsAbstract" xlink:to="us-gaap_DebtInstrumentsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentsAbstract_lbl" xml:lang="en-US">Debt Instruments [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:to="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths_lbl" xml:lang="en-US">2021</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:to="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo_lbl" xml:lang="en-US">2022</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:to="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree_lbl" xml:lang="en-US">2023</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xlink:to="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour_lbl" xml:lang="en-US">2024</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:to="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive_lbl" xml:lang="en-US">2025 and thereafter</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebt" xlink:to="us-gaap_LongTermDebt_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LongTermDebt_2_lbl" xml:lang="en-US">Total</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AwardTypeAxis" xlink:label="us-gaap_AwardTypeAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AwardTypeAxis" xlink:to="us-gaap_AwardTypeAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AwardTypeAxis_lbl" xml:lang="en-US">Award Type [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_RangeAxis" xlink:label="srt_RangeAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="srt_RangeAxis" xlink:to="srt_RangeAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="srt_RangeAxis_lbl" xml:lang="en-US">Statistical Measurement [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_HolderMember" xlink:label="PXS_HolderMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_HolderMember" xlink:to="PXS_HolderMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_HolderMember_lbl" xml:lang="en-US">Holder [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesAuthorized" xlink:to="us-gaap_PreferredStockSharesAuthorized_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_PreferredStockSharesAuthorized_2_lbl" xml:lang="en-US">Series A Convertible Preferred Shares authorized</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesIssued" xlink:to="us-gaap_PreferredStockSharesIssued_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_PreferredStockSharesIssued_2_lbl" xml:lang="en-US">Series A Convertible Preferred Shares issued</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesOutstanding" xlink:to="us-gaap_PreferredStockSharesOutstanding_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_PreferredStockSharesOutstanding_2_lbl" xml:lang="en-US">Series A Convertible Preferred Shares outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_MaximumOfferingAmountUnderRegistrationStatement" xlink:label="PXS_MaximumOfferingAmountUnderRegistrationStatement" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_MaximumOfferingAmountUnderRegistrationStatement" xlink:to="PXS_MaximumOfferingAmountUnderRegistrationStatement_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_MaximumOfferingAmountUnderRegistrationStatement_lbl" xml:lang="en-US">Maximum offering amount under registration statement</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_MaximumNumberOfSharesForSaleUnderRegistrationStatement" xlink:label="PXS_MaximumNumberOfSharesForSaleUnderRegistrationStatement" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_MaximumNumberOfSharesForSaleUnderRegistrationStatement" xlink:to="PXS_MaximumNumberOfSharesForSaleUnderRegistrationStatement_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_MaximumNumberOfSharesForSaleUnderRegistrationStatement_lbl" xml:lang="en-US">Maximum number of shares for sale under registration statement</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_StockIssuedDuringPeriodShares" xlink:label="PXS_StockIssuedDuringPeriodShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_StockIssuedDuringPeriodShares" xlink:to="PXS_StockIssuedDuringPeriodShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_StockIssuedDuringPeriodShares_lbl" xml:lang="en-US">Number of common stock offered and sold under the atm</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_OfferingUnits" xlink:label="PXS_OfferingUnits" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_OfferingUnits" xlink:to="PXS_OfferingUnits_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_OfferingUnits_lbl" xml:lang="en-US">Offering units</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_OfferingPrice" xlink:label="PXS_OfferingPrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_OfferingPrice" xlink:to="PXS_OfferingPrice_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_OfferingPrice_lbl" xml:lang="en-US">Offering price</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PercentageOfPreferredShares" xlink:label="PXS_PercentageOfPreferredShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_PercentageOfPreferredShares" xlink:to="PXS_PercentageOfPreferredShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_PercentageOfPreferredShares_lbl" xml:lang="en-US">Percentage of preferred shares</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_lbl" xml:lang="en-US">Warrant exercisable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ClassOfWarrantOrRightOutstanding" xlink:label="us-gaap_ClassOfWarrantOrRightOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ClassOfWarrantOrRightOutstanding" xlink:to="us-gaap_ClassOfWarrantOrRightOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ClassOfWarrantOrRightOutstanding_lbl" xml:lang="en-US">Outstanding number of Warrants</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_WarrantAggregatePurchasePrice" xlink:label="PXS_WarrantAggregatePurchasePrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_WarrantAggregatePurchasePrice" xlink:to="PXS_WarrantAggregatePurchasePrice_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_WarrantAggregatePurchasePrice_lbl" xml:lang="en-US">Warrant aggregate purchase price</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_TerminationDate" xlink:label="PXS_TerminationDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_TerminationDate" xlink:to="PXS_TerminationDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_TerminationDate_lbl" xml:lang="en-US">Termination date</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_FirstTypeWarrantForPurchaseOfAggregateSeriesConvertiblePreferredShares" xlink:label="PXS_FirstTypeWarrantForPurchaseOfAggregateSeriesConvertiblePreferredShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_FirstTypeWarrantForPurchaseOfAggregateSeriesConvertiblePreferredShares" xlink:to="PXS_FirstTypeWarrantForPurchaseOfAggregateSeriesConvertiblePreferredShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_FirstTypeWarrantForPurchaseOfAggregateSeriesConvertiblePreferredShares_lbl" xml:lang="en-US">First type - Warrant for the purchase of an aggregate Series A Convertible Preferred Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_FirstTypeWarrantsExercisePrice" xlink:label="PXS_FirstTypeWarrantsExercisePrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_FirstTypeWarrantsExercisePrice" xlink:to="PXS_FirstTypeWarrantsExercisePrice_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_FirstTypeWarrantsExercisePrice_lbl" xml:lang="en-US">First type - Exercise price</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SecondTypeWarrantForPurchaseOfAggregateSeriesConvertiblePreferredShares" xlink:label="PXS_SecondTypeWarrantForPurchaseOfAggregateSeriesConvertiblePreferredShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_SecondTypeWarrantForPurchaseOfAggregateSeriesConvertiblePreferredShares" xlink:to="PXS_SecondTypeWarrantForPurchaseOfAggregateSeriesConvertiblePreferredShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_SecondTypeWarrantForPurchaseOfAggregateSeriesConvertiblePreferredShares_lbl" xml:lang="en-US">Second type - Warrant for the purchase of an aggregate Series A Convertible Preferred Shares</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SecondTypeWarrantsExercisePrice" xlink:label="PXS_SecondTypeWarrantsExercisePrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_SecondTypeWarrantsExercisePrice" xlink:to="PXS_SecondTypeWarrantsExercisePrice_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_SecondTypeWarrantsExercisePrice_lbl" xml:lang="en-US">Second type - Exercise price</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_AdditionalNumberOfSeriesConvertiblePreferredSharesOptionalPreferredShares" xlink:label="PXS_AdditionalNumberOfSeriesConvertiblePreferredSharesOptionalPreferredShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_AdditionalNumberOfSeriesConvertiblePreferredSharesOptionalPreferredShares" xlink:to="PXS_AdditionalNumberOfSeriesConvertiblePreferredSharesOptionalPreferredShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_AdditionalNumberOfSeriesConvertiblePreferredSharesOptionalPreferredShares_lbl" xml:lang="en-US">Additional number of Series A Convertible Preferred Shares (optional preferred shares)</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PurchasePricePerOptionalPreferredShare" xlink:label="PXS_PurchasePricePerOptionalPreferredShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_PurchasePricePerOptionalPreferredShare" xlink:to="PXS_PurchasePricePerOptionalPreferredShare_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_PurchasePricePerOptionalPreferredShare_lbl" xml:lang="en-US">Purchase price per optional preferred share</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_AdditionalNumberOfWarrantsOptionalWarrants" xlink:label="PXS_AdditionalNumberOfWarrantsOptionalWarrants" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_AdditionalNumberOfWarrantsOptionalWarrants" xlink:to="PXS_AdditionalNumberOfWarrantsOptionalWarrants_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_AdditionalNumberOfWarrantsOptionalWarrants_lbl" xml:lang="en-US">Additional number of warrants (optional warrants)</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PurchasePricePerOptionalWarrant" xlink:label="PXS_PurchasePricePerOptionalWarrant" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_PurchasePricePerOptionalWarrant" xlink:to="PXS_PurchasePricePerOptionalWarrant_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_PurchasePricePerOptionalWarrant_lbl" xml:lang="en-US">Purchase price per optional warrant</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PartialOverallotmentOfWarrantsExercisedByUnderwriter" xlink:label="PXS_PartialOverallotmentOfWarrantsExercisedByUnderwriter" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_PartialOverallotmentOfWarrantsExercisedByUnderwriter" xlink:to="PXS_PartialOverallotmentOfWarrantsExercisedByUnderwriter_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_PartialOverallotmentOfWarrantsExercisedByUnderwriter_lbl" xml:lang="en-US">Partial overallotment of warrants exercised by the underwriter</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_GrossProceedsFromOverallotmentOptionGranted" xlink:label="PXS_GrossProceedsFromOverallotmentOptionGranted" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_GrossProceedsFromOverallotmentOptionGranted" xlink:to="PXS_GrossProceedsFromOverallotmentOptionGranted_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_GrossProceedsFromOverallotmentOptionGranted_lbl" xml:lang="en-US">Gross proceeds</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NumberOfDetachableWarrantsPerSeriesConvertiblePreferredShare" xlink:label="PXS_NumberOfDetachableWarrantsPerSeriesConvertiblePreferredShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_NumberOfDetachableWarrantsPerSeriesConvertiblePreferredShare" xlink:to="PXS_NumberOfDetachableWarrantsPerSeriesConvertiblePreferredShare_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_NumberOfDetachableWarrantsPerSeriesConvertiblePreferredShare_lbl" xml:lang="en-US">Number of detachable Warrants per Series A Convertible Preferred Share</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NumberOfCommonSharesFromExerciseOfDetachableWarrants" xlink:label="PXS_NumberOfCommonSharesFromExerciseOfDetachableWarrants" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_NumberOfCommonSharesFromExerciseOfDetachableWarrants" xlink:to="PXS_NumberOfCommonSharesFromExerciseOfDetachableWarrants_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_NumberOfCommonSharesFromExerciseOfDetachableWarrants_lbl" xml:lang="en-US">Number of common shares from the exercise of detachable warrants</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_GrossProceedsFromOffering" xlink:label="PXS_GrossProceedsFromOffering" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_GrossProceedsFromOffering" xlink:to="PXS_GrossProceedsFromOffering_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_GrossProceedsFromOffering_lbl" xml:lang="en-US">Gross proceeds from the Offering</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NetProceedsFromPublicOffering" xlink:label="PXS_NetProceedsFromPublicOffering" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_NetProceedsFromPublicOffering" xlink:to="PXS_NetProceedsFromPublicOffering_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_NetProceedsFromPublicOffering_lbl" xml:lang="en-US">Net proceeds from the Offering</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_InitialConversionPricePerCommonShare" xlink:label="PXS_InitialConversionPricePerCommonShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_InitialConversionPricePerCommonShare" xlink:to="PXS_InitialConversionPricePerCommonShare_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_InitialConversionPricePerCommonShare_lbl" xml:lang="en-US">Initial conversion price per common share</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ConvertiblePreferredStockConversionDescription" xlink:label="PXS_ConvertiblePreferredStockConversionDescription" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ConvertiblePreferredStockConversionDescription" xlink:to="PXS_ConvertiblePreferredStockConversionDescription_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_ConvertiblePreferredStockConversionDescription_lbl" xml:lang="en-US">Series A Convertible Preferred Share, description</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConvertiblePreferredStockTermsOfConversion" xlink:label="us-gaap_ConvertiblePreferredStockTermsOfConversion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConvertiblePreferredStockTermsOfConversion" xlink:to="us-gaap_ConvertiblePreferredStockTermsOfConversion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConvertiblePreferredStockTermsOfConversion_lbl" xml:lang="en-US">Series A Convertible Preferred Shares - automatic conversion upon market trigger</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" xlink:label="us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" xlink:to="us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_lbl" xml:lang="en-US">Warrant exercise price</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_WarrantExercisableDate" xlink:label="PXS_WarrantExercisableDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_WarrantExercisableDate" xlink:to="PXS_WarrantExercisableDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_WarrantExercisableDate_lbl" xml:lang="en-US">Warrant exercisable date</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ChangeOfControlTerms" xlink:label="PXS_ChangeOfControlTerms" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ChangeOfControlTerms" xlink:to="PXS_ChangeOfControlTerms_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_ChangeOfControlTerms_lbl" xml:lang="en-US">Change of control terms line item</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_CashDividendPerShare" xlink:label="PXS_CashDividendPerShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_CashDividendPerShare" xlink:to="PXS_CashDividendPerShare_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_CashDividendPerShare_lbl" xml:lang="en-US">Cash dividend per share</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_AnnualCashDividendPerShare" xlink:label="PXS_AnnualCashDividendPerShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_AnnualCashDividendPerShare" xlink:to="PXS_AnnualCashDividendPerShare_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_AnnualCashDividendPerShare_lbl" xml:lang="en-US">Annual cash dividend per share</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockDividendRatePercentage" xlink:label="us-gaap_PreferredStockDividendRatePercentage" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockDividendRatePercentage" xlink:to="us-gaap_PreferredStockDividendRatePercentage_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockDividendRatePercentage_lbl" xml:lang="en-US">Preferred dividend percentage</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConversionOfStockSharesConverted1" xlink:label="us-gaap_ConversionOfStockSharesConverted1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConversionOfStockSharesConverted1" xlink:to="us-gaap_ConversionOfStockSharesConverted1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConversionOfStockSharesConverted1_lbl" xml:lang="en-US">Conversion of stock, shares converted</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xlink:to="us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_2_lbl" xml:lang="en-US">Conversion of Series A convertible preferred shares to common stock, shares</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_AverageGrossAmountUnderProgram" xlink:label="PXS_AverageGrossAmountUnderProgram" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_AverageGrossAmountUnderProgram" xlink:to="PXS_AverageGrossAmountUnderProgram_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_AverageGrossAmountUnderProgram_lbl" xml:lang="en-US">Gross proceeds under the atm</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_AverageGrossPricePerShareUnderProgram" xlink:label="PXS_AverageGrossPricePerShareUnderProgram" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_AverageGrossPricePerShareUnderProgram" xlink:to="PXS_AverageGrossPricePerShareUnderProgram_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_AverageGrossPricePerShareUnderProgram_lbl" xml:lang="en-US">Average (gross) price / share offered and sold under the atm</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:to="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_2_lbl" xml:lang="en-US">Net loss available to common stockholders</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted" xlink:to="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted_2_lbl" xml:lang="en-US">Weighted average number of common shares, basic and diluted</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_DerivativesNotionalAmount" xlink:label="PXS_DerivativesNotionalAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_DerivativesNotionalAmount" xlink:to="PXS_DerivativesNotionalAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_DerivativesNotionalAmount_lbl" xml:lang="en-US">Notional amount</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeCapInterestRate" xlink:label="us-gaap_DerivativeCapInterestRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeCapInterestRate" xlink:to="us-gaap_DerivativeCapInterestRate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DerivativeCapInterestRate_lbl" xml:lang="en-US">Interest rate cap percentage</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_InterestRateCapTerminationDate" xlink:label="PXS_InterestRateCapTerminationDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_InterestRateCapTerminationDate" xlink:to="PXS_InterestRateCapTerminationDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_InterestRateCapTerminationDate_lbl" xml:lang="en-US">Interest rate cap termination date</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_CashAndCashEquivalent" xlink:label="PXS_CashAndCashEquivalent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_CashAndCashEquivalent" xlink:to="PXS_CashAndCashEquivalent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="PXS_CashAndCashEquivalent_lbl" xml:lang="en-US">Cash and cash equivalents</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LongtermDebtWithVariableInterestRatesNet" xlink:label="PXS_LongtermDebtWithVariableInterestRatesNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_LongtermDebtWithVariableInterestRatesNet" xlink:to="PXS_LongtermDebtWithVariableInterestRatesNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_LongtermDebtWithVariableInterestRatesNet_lbl" xml:lang="en-US">Long-term debt with variable interest rates, net</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LongtermLoansAndPromissoryNoteWithNonvariableInterestRatesNet" xlink:label="PXS_LongtermLoansAndPromissoryNoteWithNonvariableInterestRatesNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_LongtermLoansAndPromissoryNoteWithNonvariableInterestRatesNet" xlink:to="PXS_LongtermLoansAndPromissoryNoteWithNonvariableInterestRatesNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_LongtermLoansAndPromissoryNoteWithNonvariableInterestRatesNet_lbl" xml:lang="en-US">Long-term loans and promissory note with non-variable interest rates, net</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentCarryingAmount" xlink:to="us-gaap_DebtInstrumentCarryingAmount_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DebtInstrumentCarryingAmount_3_lbl" xml:lang="en-US">Long-term debt, carrying value</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtFairValue" xlink:label="us-gaap_LongTermDebtFairValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtFairValue" xlink:to="us-gaap_LongTermDebtFairValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtFairValue_lbl" xml:lang="en-US">Long term debt, fair value</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeInstrumentsAndHedgesNoncurrent" xlink:to="us-gaap_DerivativeInstrumentsAndHedgesNoncurrent_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DerivativeInstrumentsAndHedgesNoncurrent_2_lbl" xml:lang="en-US">Financial derivative instrument - Other non-current assets</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_InitialCostOfDerivativeInstrument" xlink:label="PXS_InitialCostOfDerivativeInstrument" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_InitialCostOfDerivativeInstrument" xlink:to="PXS_InitialCostOfDerivativeInstrument_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_InitialCostOfDerivativeInstrument_lbl" xml:lang="en-US">Financial derivative instrument - Fair value at the beginning of the period</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeInstrumentsAndHedgesNoncurrent" xlink:to="us-gaap_DerivativeInstrumentsAndHedgesNoncurrent_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DerivativeInstrumentsAndHedgesNoncurrent_3_lbl" xml:lang="en-US">Financial derivative instrument - Fair value as at period end</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfImpairedLongLivedAssetsHeldAndUsedTable" xlink:label="us-gaap_ScheduleOfImpairedLongLivedAssetsHeldAndUsedTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfImpairedLongLivedAssetsHeldAndUsedTable" xlink:to="us-gaap_ScheduleOfImpairedLongLivedAssetsHeldAndUsedTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfImpairedLongLivedAssetsHeldAndUsedTable_lbl" xml:lang="en-US">Schedule of Impaired Long-Lived Assets Held and Used [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ImpairedLongLivedAssetsHeldAndUsedLineItems" xlink:label="us-gaap_ImpairedLongLivedAssetsHeldAndUsedLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ImpairedLongLivedAssetsHeldAndUsedLineItems" xlink:to="us-gaap_ImpairedLongLivedAssetsHeldAndUsedLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ImpairedLongLivedAssetsHeldAndUsedLineItems_lbl" xml:lang="en-US">Impaired Long-Lived Assets Held and Used [Line Items]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:label="us-gaap_FairValueByFairValueHierarchyLevelAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:to="us-gaap_FairValueByFairValueHierarchyLevelAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueByFairValueHierarchyLevelAxis_lbl" xml:lang="en-US">Fair Value Hierarchy and NAV [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetsFairValueDisclosure" xlink:label="us-gaap_AssetsFairValueDisclosure" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsFairValueDisclosure" xlink:to="us-gaap_AssetsFairValueDisclosure_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsFairValueDisclosure_lbl" xml:lang="en-US">Fair value of vessel</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ImpairmentChargesOnVesselsNet" xlink:label="PXS_ImpairmentChargesOnVesselsNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ImpairmentChargesOnVesselsNet" xlink:to="PXS_ImpairmentChargesOnVesselsNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_ImpairmentChargesOnVesselsNet_lbl" xml:lang="en-US">Impairment Loss charged against Vessels, net</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableCurrent" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableCurrent" xlink:to="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableCurrent_lbl" xml:lang="en-US">2021</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivable" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivable" xlink:to="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivable_lbl" xml:lang="en-US">Total</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestExpenseLongTermDebt" xlink:label="us-gaap_InterestExpenseLongTermDebt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpenseLongTermDebt" xlink:to="us-gaap_InterestExpenseLongTermDebt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestExpenseLongTermDebt_lbl" xml:lang="en-US">Interest on long-term debt</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_InterestOnPromissoryNote" xlink:label="PXS_InterestOnPromissoryNote" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_InterestOnPromissoryNote" xlink:to="PXS_InterestOnPromissoryNote_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_InterestOnPromissoryNote_lbl" xml:lang="en-US">Interest on promissory note</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LongtermDebtPrepaymentFees" xlink:label="PXS_LongtermDebtPrepaymentFees" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_LongtermDebtPrepaymentFees" xlink:to="PXS_LongtermDebtPrepaymentFees_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_LongtermDebtPrepaymentFees_lbl" xml:lang="en-US">Long-term debt prepayment fees</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestAndDebtExpense" xlink:label="us-gaap_InterestAndDebtExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestAndDebtExpense" xlink:to="us-gaap_InterestAndDebtExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_InterestAndDebtExpense_lbl" xml:lang="en-US">Total</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_StockIssuedDuringPeriodSharesNewIssue" xlink:label="PXS_StockIssuedDuringPeriodSharesNewIssue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_StockIssuedDuringPeriodSharesNewIssue" xlink:to="PXS_StockIssuedDuringPeriodSharesNewIssue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_StockIssuedDuringPeriodSharesNewIssue_lbl" xml:lang="en-US">Number of common shares issued</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_BidPriceRule" xlink:label="PXS_BidPriceRule" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_BidPriceRule" xlink:to="PXS_BidPriceRule_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_BidPriceRule_lbl" xml:lang="en-US">Bid price rule</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromIssuanceOfPrivatePlacement" xlink:label="us-gaap_ProceedsFromIssuanceOfPrivatePlacement" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromIssuanceOfPrivatePlacement" xlink:to="us-gaap_ProceedsFromIssuanceOfPrivatePlacement_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromIssuanceOfPrivatePlacement_lbl" xml:lang="en-US">Gross proceeds from private placement</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NumberOfCommonStockIssued" xlink:label="PXS_NumberOfCommonStockIssued" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_NumberOfCommonStockIssued" xlink:to="PXS_NumberOfCommonStockIssued_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_NumberOfCommonStockIssued_lbl" xml:lang="en-US">Number of common stock issued</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SaleOfStockPricePerShare" xlink:label="us-gaap_SaleOfStockPricePerShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SaleOfStockPricePerShare" xlink:to="us-gaap_SaleOfStockPricePerShare_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SaleOfStockPricePerShare_lbl" xml:lang="en-US">Price per share of common stock</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ConversionOfPreferredShares" xlink:label="PXS_ConversionOfPreferredShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ConversionOfPreferredShares" xlink:to="PXS_ConversionOfPreferredShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_ConversionOfPreferredShares_lbl" xml:lang="en-US">Conversion of preferred shares</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConvertiblePreferredStockSharesIssuedUponConversion" xlink:label="us-gaap_ConvertiblePreferredStockSharesIssuedUponConversion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConvertiblePreferredStockSharesIssuedUponConversion" xlink:to="us-gaap_ConvertiblePreferredStockSharesIssuedUponConversion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConvertiblePreferredStockSharesIssuedUponConversion_lbl" xml:lang="en-US">Shares issued upon conversion</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NumberOfWarrantsExercisedDuringPeriod" xlink:label="PXS_NumberOfWarrantsExercisedDuringPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_NumberOfWarrantsExercisedDuringPeriod" xlink:to="PXS_NumberOfWarrantsExercisedDuringPeriod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_NumberOfWarrantsExercisedDuringPeriod_lbl" xml:lang="en-US">Exercised warrants</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:label="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:to="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_lbl" xml:lang="en-US">Shares issued upon exercised</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromWarrantExercises" xlink:label="us-gaap_ProceedsFromWarrantExercises" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromWarrantExercises" xlink:to="us-gaap_ProceedsFromWarrantExercises_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromWarrantExercises_lbl" xml:lang="en-US">Proceeds from warrants exercised</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ConvertiblePreferredSharesDividendPerShare" xlink:label="PXS_ConvertiblePreferredSharesDividendPerShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ConvertiblePreferredSharesDividendPerShare" xlink:to="PXS_ConvertiblePreferredSharesDividendPerShare_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_ConvertiblePreferredSharesDividendPerShare_lbl" xml:lang="en-US">Convertible preferred shares, dividend per share</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock" xlink:label="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock" xlink:to="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock_lbl" xml:lang="en-US">Convertible preferred stock dividends paid</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_MinimumLiquidityAmountRequired" xlink:label="PXS_MinimumLiquidityAmountRequired" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_MinimumLiquidityAmountRequired" xlink:to="PXS_MinimumLiquidityAmountRequired_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_MinimumLiquidityAmountRequired_lbl" xml:lang="en-US">Minimum liquidity amount required</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_DescriptionOfMinimumLiquidityAmountAndMinimumSecurityCover" xlink:label="PXS_DescriptionOfMinimumLiquidityAmountAndMinimumSecurityCover" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_DescriptionOfMinimumLiquidityAmountAndMinimumSecurityCover" xlink:to="PXS_DescriptionOfMinimumLiquidityAmountAndMinimumSecurityCover_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_DescriptionOfMinimumLiquidityAmountAndMinimumSecurityCover_lbl" xml:lang="en-US">Minimum Liquidity amount &amp; Minimum Security Cover description</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RepaymentsOfDebt" xlink:label="us-gaap_RepaymentsOfDebt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepaymentsOfDebt" xlink:to="us-gaap_RepaymentsOfDebt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RepaymentsOfDebt_lbl" xml:lang="en-US">Cash used to repay the existing loan</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LongTermDebtBalloonPayment" xlink:label="PXS_LongTermDebtBalloonPayment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_LongTermDebtBalloonPayment" xlink:to="PXS_LongTermDebtBalloonPayment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="PXS_LongTermDebtBalloonPayment_lbl" xml:lang="en-US">Long term debt balloon payment</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ATMProgramMember" xlink:to="PXS_ATMProgramMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_ATMProgramMember_doc" xml:lang="en-US">ATM Program [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ATMProgramOneMember" xlink:label="PXS_ATMProgramOneMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ATMProgramOneMember" xlink:to="PXS_ATMProgramOneMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_ATMProgramOneMember_doc" xml:lang="en-US">ATM Program [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_AccountingForSpecialSurveyAndDrydockingCostsPolicyTextBlock" xlink:to="PXS_AccountingForSpecialSurveyAndDrydockingCostsPolicyTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_AccountingForSpecialSurveyAndDrydockingCostsPolicyTextBlock_doc" xml:lang="en-US">Disclosure of accounting method for special survey and dry-docking costs.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_AccruedAndOtherLiabilitiesCurrent" xlink:to="PXS_AccruedAndOtherLiabilitiesCurrent_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_AccruedAndOtherLiabilitiesCurrent_doc" xml:lang="en-US">Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_AccruedAndRemainsUnpaidAmountOfBallastWaterTreatmentSystemInstallation" xlink:to="PXS_AccruedAndRemainsUnpaidAmountOfBallastWaterTreatmentSystemInstallation_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_AccruedAndRemainsUnpaidAmountOfBallastWaterTreatmentSystemInstallation_doc" xml:lang="en-US">Accrued and remains unpaid amount of ballast water treatment system installation (BWTS).</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_AccumulatedDepreciationMember" xlink:to="PXS_AccumulatedDepreciationMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_AccumulatedDepreciationMember_doc" xml:lang="en-US">Accumulated depreciation.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_AdditionalNumberOfSeriesConvertiblePreferredSharesOptionalPreferredShares" xlink:to="PXS_AdditionalNumberOfSeriesConvertiblePreferredSharesOptionalPreferredShares_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_AdditionalNumberOfSeriesConvertiblePreferredSharesOptionalPreferredShares_doc" xml:lang="en-US">Additional number of Series A Convertible Preferred Shares (optional preferred shares).</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_AdditionalNumberOfWarrantsOptionalWarrants" xlink:to="PXS_AdditionalNumberOfWarrantsOptionalWarrants_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_AdditionalNumberOfWarrantsOptionalWarrants_doc" xml:lang="en-US">Additional number of Warrants (optional warrants).</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_AdditionsToDeferredChargesAmount" xlink:to="PXS_AdditionsToDeferredChargesAmount_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_AdditionsToDeferredChargesAmount_doc" xml:lang="en-US">Amount of additions to deferred charges during the period.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_AdjustmentsToAdditionalPaidInCapitalSharesOther" xlink:to="PXS_AdjustmentsToAdditionalPaidInCapitalSharesOther_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_AdjustmentsToAdditionalPaidInCapitalSharesOther_doc" xml:lang="en-US">Net proceeds from the issuance of common stock, shares.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_AdministrationFees" xlink:to="PXS_AdministrationFees_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_AdministrationFees_doc" xml:lang="en-US">Administration fees.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_AmendedAndRestatedPromissoryNoteMember" xlink:to="PXS_AmendedAndRestatedPromissoryNoteMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_AmendedAndRestatedPromissoryNoteMember_doc" xml:lang="en-US">Amended &amp;amp;amp;amp;amp;amp;amp;amp;amp;amp; Restated Promissory Note [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_AmendmentToEighthoneLoanMember" xlink:to="PXS_AmendmentToEighthoneLoanMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_AmendmentToEighthoneLoanMember_doc" xml:lang="en-US">Amendment to Eighthone Loan [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_AnnualCashDividendPerShare" xlink:to="PXS_AnnualCashDividendPerShare_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_AnnualCashDividendPerShare_doc" xml:lang="en-US">Annual cash dividend per share.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_AverageGrossAmountUnderProgram" xlink:to="PXS_AverageGrossAmountUnderProgram_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_AverageGrossAmountUnderProgram_doc" xml:lang="en-US">Gross proceeds under the At-The-Market (ATM) Program.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_AverageGrossPricePerShareUnderProgram" xlink:to="PXS_AverageGrossPricePerShareUnderProgram_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_AverageGrossPricePerShareUnderProgram_doc" xml:lang="en-US">Average (gross) price / share offered and sold under At-The-Market (ATM) Program.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_BidPriceRule" xlink:to="PXS_BidPriceRule_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_BidPriceRule_doc" xml:lang="en-US">Bid price rule.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_BunkersMember" xlink:to="PXS_BunkersMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_BunkersMember_doc" xml:lang="en-US">Bunkers.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_CarryingValueMember" xlink:to="PXS_CarryingValueMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_CarryingValueMember_doc" xml:lang="en-US">Carrying Value [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_CashAndCashEquivalent" xlink:to="PXS_CashAndCashEquivalent_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_CashAndCashEquivalent_doc" xml:lang="en-US">Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Also includes amount of cash and cash equivalents restricted as to withdrawal or usage, classified as current and con-current.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_CashUsedForRefinanceOfExistingIndebtedness" xlink:to="PXS_CashUsedForRefinanceOfExistingIndebtedness_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_CashUsedForRefinanceOfExistingIndebtedness_doc" xml:lang="en-US">Cash used for refinance of existing Indebtedness.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ChangeOfControlTerms" xlink:to="PXS_ChangeOfControlTerms_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_ChangeOfControlTerms_doc" xml:lang="en-US">Change of control terms.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_CharterHireAgreementCommissionRate" xlink:to="PXS_CharterHireAgreementCommissionRate_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_CharterHireAgreementCommissionRate_doc" xml:lang="en-US">Charter hire commission percentage.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_CharterHireCommissions" xlink:to="PXS_CharterHireCommissions_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_CharterHireCommissions_doc" xml:lang="en-US">Charter hire commissions,</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ChartererAMember" xlink:to="PXS_ChartererAMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_ChartererAMember_doc" xml:lang="en-US">Charterer A [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ChartererBMember" xlink:to="PXS_ChartererBMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_ChartererBMember_doc" xml:lang="en-US">Charterer B [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ChartererCMember" xlink:to="PXS_ChartererCMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_ChartererCMember_doc" xml:lang="en-US">Charterer C [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ComprehensiveIncomeLoss" xlink:to="PXS_ComprehensiveIncomeLoss_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_ComprehensiveIncomeLoss_doc" xml:lang="en-US">Disclosure of accounting policy for comprehensive income / (loss).</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ConversionOfPreferredShares" xlink:to="PXS_ConversionOfPreferredShares_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_ConversionOfPreferredShares_doc" xml:lang="en-US">Conversion of preferred shares.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ConvertiblePreferredSharesDividendPerShare" xlink:to="PXS_ConvertiblePreferredSharesDividendPerShare_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_ConvertiblePreferredSharesDividendPerShare_doc" xml:lang="en-US">The amount per share used to calculate dividend payments on preferred stock.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ConvertiblePreferredStockConversionDescription" xlink:to="PXS_ConvertiblePreferredStockConversionDescription_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_ConvertiblePreferredStockConversionDescription_doc" xml:lang="en-US">Convertible preferred stock conversion description.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_CreditLossDescription" xlink:to="PXS_CreditLossDescription_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_CreditLossDescription_doc" xml:lang="en-US">Expected credit loss rate on total outstanding receivables from voyage charters.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_CumulativeEffectOfAccumulatedDeficitForImpactOfAdoptionOnNewAccountingStandardForCreditLosses" xlink:to="PXS_CumulativeEffectOfAccumulatedDeficitForImpactOfAdoptionOnNewAccountingStandardForCreditLosses_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_CumulativeEffectOfAccumulatedDeficitForImpactOfAdoptionOnNewAccountingStandardForCreditLosses_doc" xml:lang="en-US">Impact of adoption of new accounting standard for credit losses.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_DailyShipManagementFeesPayableToRelatedParty" xlink:to="PXS_DailyShipManagementFeesPayableToRelatedParty_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_DailyShipManagementFeesPayableToRelatedParty_doc" xml:lang="en-US">Daily ship management fees payable to related party.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_DebtCurrent1" xlink:to="PXS_DebtCurrent1_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_DebtCurrent1_doc" xml:lang="en-US">Amount, before unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_DebtInstrumentBasisSpreadOnVariableRatePercentage" xlink:to="PXS_DebtInstrumentBasisSpreadOnVariableRatePercentage_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_DebtInstrumentBasisSpreadOnVariableRatePercentage_doc" xml:lang="en-US">Percentage points added to the reference rate to compute the variable rate on the debt instrument.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_DebtInstrumentCarryingAmountPerFacility" xlink:to="PXS_DebtInstrumentCarryingAmountPerFacility_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_DebtInstrumentCarryingAmountPerFacility_doc" xml:lang="en-US">Total long-term debt outstanding per facility.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_DebtModificationsAndExtinguishmentsPolicyTextBlock" xlink:to="PXS_DebtModificationsAndExtinguishmentsPolicyTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_DebtModificationsAndExtinguishmentsPolicyTextBlock_doc" xml:lang="en-US">Debt Modifications and Extinguishments [Policy Text Block]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_DebtPrepaymentAmount" xlink:to="PXS_DebtPrepaymentAmount_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_DebtPrepaymentAmount_doc" xml:lang="en-US">Early debt prepayment following the sale of Pyxis Delta</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_DebtToMarketValueOfAdjustedAssetsMaximumRequiredRatio" xlink:to="PXS_DebtToMarketValueOfAdjustedAssetsMaximumRequiredRatio_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_DebtToMarketValueOfAdjustedAssetsMaximumRequiredRatio_doc" xml:lang="en-US">Maximum required ratio of total liabilities to market value adjusted total assets.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_DebtToMarketValueOfAdjustedAssetsRatioActual" xlink:to="PXS_DebtToMarketValueOfAdjustedAssetsRatioActual_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_DebtToMarketValueOfAdjustedAssetsRatioActual_doc" xml:lang="en-US">Ratio of total liabilities to market value adjusted total assets - actual.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_DeferredChargesTextBlock" xlink:to="PXS_DeferredChargesTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_DeferredChargesTextBlock_doc" xml:lang="en-US">The entire disclosure for deferred charges.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_DeferredChargesTransferToVesselHeldforsale" xlink:to="PXS_DeferredChargesTransferToVesselHeldforsale_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_DeferredChargesTransferToVesselHeldforsale_doc" xml:lang="en-US">Amount of Deferred Charges transferred to vessel held-for-sale account.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_DeferredFeeDescription" xlink:to="PXS_DeferredFeeDescription_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_DeferredFeeDescription_doc" xml:lang="en-US">Deferred fee, description.</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_DefinitiveSecuritiesPurchaseAgreementsMember" xlink:label="PXS_DefinitiveSecuritiesPurchaseAgreementsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_DefinitiveSecuritiesPurchaseAgreementsMember" xlink:to="PXS_DefinitiveSecuritiesPurchaseAgreementsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_DefinitiveSecuritiesPurchaseAgreementsMember_doc" xml:lang="en-US">Definitive Securities Purchase Agreements [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_DerivativesNotionalAmount" xlink:to="PXS_DerivativesNotionalAmount_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_DerivativesNotionalAmount_doc" xml:lang="en-US">Aggregate notional amount specified by the derivative(s). Expressed as an absolute value.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_DescriptionOfMinimumLiquidityAmountAndMinimumSecurityCover" xlink:to="PXS_DescriptionOfMinimumLiquidityAmountAndMinimumSecurityCover_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_DescriptionOfMinimumLiquidityAmountAndMinimumSecurityCover_doc" xml:lang="en-US">Description of Minimum Liquidity amount and Minimum Security Cover.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_DistinguishingLiabilitiesFromEquityPolicyTextBlock" xlink:to="PXS_DistinguishingLiabilitiesFromEquityPolicyTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_DistinguishingLiabilitiesFromEquityPolicyTextBlock_doc" xml:lang="en-US">Distinguishing Liabilities from Equity [Policy Text Block]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_EarlyDebtPrepaymentFollowingSaleOfPyxisDelta" xlink:to="PXS_EarlyDebtPrepaymentFollowingSaleOfPyxisDelta_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_EarlyDebtPrepaymentFollowingSaleOfPyxisDelta_doc" xml:lang="en-US">Early debt prepayment following the sale of Pyxis Delta.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_EighthoneCorpMember" xlink:to="PXS_EighthoneCorpMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_EighthoneCorpMember_doc" xml:lang="en-US">Eighthone Corp.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_EighthoneLoanAmendedAndRestatedPromissoryNoteMember" xlink:to="PXS_EighthoneLoanAmendedAndRestatedPromissoryNoteMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_EighthoneLoanAmendedAndRestatedPromissoryNoteMember_doc" xml:lang="en-US">Eighthone Loan and Amended and Restated Promissory Note [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_EighthoneMember" xlink:to="PXS_EighthoneMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_EighthoneMember_doc" xml:lang="en-US">Eighthone [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_EighthoneNewSecuredLoanMember" xlink:to="PXS_EighthoneNewSecuredLoanMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_EighthoneNewSecuredLoanMember_doc" xml:lang="en-US">Secured Loan - Eighthone Corp [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_EighthonePreviousSecuredLoanMember" xlink:to="PXS_EighthonePreviousSecuredLoanMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_EighthonePreviousSecuredLoanMember_doc" xml:lang="en-US">Use of Proceeds from the Sale of Pyxis Delta [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_EighthoneSecuredLoanMember" xlink:label="PXS_EighthoneSecuredLoanMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_EighthoneSecuredLoanMember" xlink:to="PXS_EighthoneSecuredLoanMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_EighthoneSecuredLoanMember_doc" xml:lang="en-US">Secured Loan - Eighthone Corp [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_EstimatedFleetUtilizationRateDependingOnTypeOfVesselMaximumRate" xlink:to="PXS_EstimatedFleetUtilizationRateDependingOnTypeOfVesselMaximumRate_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_EstimatedFleetUtilizationRateDependingOnTypeOfVesselMaximumRate_doc" xml:lang="en-US">Estimated fleet utilization rate depending on the type of the vessel, maximum rate.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_EstimatedFleetUtilizationRateDependingOnTypeOfVesselMinimumRate" xlink:to="PXS_EstimatedFleetUtilizationRateDependingOnTypeOfVesselMinimumRate_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_EstimatedFleetUtilizationRateDependingOnTypeOfVesselMinimumRate_doc" xml:lang="en-US">Estimated fleet utilization rate depending on the type of the vessel, minimum rate.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_EstimatedFleetUtilizationRateIncludingScheduledOffhireDaysForPlannedDryDockingsAndVesselSurveysMaximumRate" xlink:to="PXS_EstimatedFleetUtilizationRateIncludingScheduledOffhireDaysForPlannedDryDockingsAndVesselSurveysMaximumRate_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_EstimatedFleetUtilizationRateIncludingScheduledOffhireDaysForPlannedDryDockingsAndVesselSurveysMaximumRate_doc" xml:lang="en-US">Estimated fleet utilization rate including scheduled off-hire days for planned dry dockings and vessel surveys maximum rate.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_EstimatedFleetUtilizationRateIncludingScheduledOffhireDaysForPlannedDryDockingsAndVesselSurveysMinimumRate" xlink:to="PXS_EstimatedFleetUtilizationRateIncludingScheduledOffhireDaysForPlannedDryDockingsAndVesselSurveysMinimumRate_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_EstimatedFleetUtilizationRateIncludingScheduledOffhireDaysForPlannedDryDockingsAndVesselSurveysMinimumRate_doc" xml:lang="en-US">Estimated fleet utilization rate including scheduled off-hire days for planned dry dockings and vessel surveys minimum rate.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_FThreeRegistrationStatementMember" xlink:to="PXS_FThreeRegistrationStatementMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_FThreeRegistrationStatementMember_doc" xml:lang="en-US">F-3 Registration Statement [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_FacilityMaturityPeriod" xlink:to="PXS_FacilityMaturityPeriod_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_FacilityMaturityPeriod_doc" xml:lang="en-US">Facility maturity period.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_FairValueMember" xlink:to="PXS_FairValueMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_FairValueMember_doc" xml:lang="en-US">Fair Value [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_FirstTypeWarrantForPurchaseOfAggregateSeriesConvertiblePreferredShares" xlink:to="PXS_FirstTypeWarrantForPurchaseOfAggregateSeriesConvertiblePreferredShares_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_FirstTypeWarrantForPurchaseOfAggregateSeriesConvertiblePreferredShares_doc" xml:lang="en-US">First type - Warrant for the purchase of an aggregate Series A Convertible Preferred Shares</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_FirstTypeWarrantsExercisePrice" xlink:to="PXS_FirstTypeWarrantsExercisePrice_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_FirstTypeWarrantsExercisePrice_doc" xml:lang="en-US">First type - warrants exercise price.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_FourthoneCorporationLtdMember" xlink:to="PXS_FourthoneCorporationLtdMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_FourthoneCorporationLtdMember_doc" xml:lang="en-US">Fourthone Corporation Ltd [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_FourthoneMember" xlink:to="PXS_FourthoneMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_FourthoneMember_doc" xml:lang="en-US">Fourthone [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_FuturePaymentsOfInterestOnPromissoryNoteInCash" xlink:to="PXS_FuturePaymentsOfInterestOnPromissoryNoteInCash_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_FuturePaymentsOfInterestOnPromissoryNoteInCash_doc" xml:lang="en-US">Interest on promissory note to be paid in cash.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_GoingConcernPolicyTextBlock" xlink:to="PXS_GoingConcernPolicyTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_GoingConcernPolicyTextBlock_doc" xml:lang="en-US">Disclosure of accounting policy for the entity's ability to continue as a going concern.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_GrossProceedsFromOffering" xlink:to="PXS_GrossProceedsFromOffering_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_GrossProceedsFromOffering_doc" xml:lang="en-US">Gross proceeds from the Offering.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_GrossProceedsFromOverallotmentOptionGranted" xlink:to="PXS_GrossProceedsFromOverallotmentOptionGranted_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_GrossProceedsFromOverallotmentOptionGranted_doc" xml:lang="en-US">Gross proceeds from the over-allotment option granted.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_HeadManagementAgreementWithRelatedPartyCommencementDate" xlink:to="PXS_HeadManagementAgreementWithRelatedPartyCommencementDate_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_HeadManagementAgreementWithRelatedPartyCommencementDate_doc" xml:lang="en-US">Head management agreement with related party commencement date.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_HolderMember" xlink:to="PXS_HolderMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_HolderMember_doc" xml:lang="en-US">Holder [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ImpairmentChargesOnVesselsNet" xlink:to="PXS_ImpairmentChargesOnVesselsNet_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_ImpairmentChargesOnVesselsNet_doc" xml:lang="en-US">Portion of impairment loss charged against vessels, net.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_IncreaseDecreaseInSpecialSurveyCosts" xlink:to="PXS_IncreaseDecreaseInSpecialSurveyCosts_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_IncreaseDecreaseInSpecialSurveyCosts_doc" xml:lang="en-US">The increase (decrease) during the reporting period in special survey costs.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_InitialConversionPricePerCommonShare" xlink:to="PXS_InitialConversionPricePerCommonShare_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_InitialConversionPricePerCommonShare_doc" xml:lang="en-US">Initial conversion price per common share.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_InitialCostOfDerivativeInstrument" xlink:to="PXS_InitialCostOfDerivativeInstrument_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_InitialCostOfDerivativeInstrument_doc" xml:lang="en-US">Carrying amount as of the balance sheet date of the assets arising from derivative contracts and hedging activities, which are expected to be converted into cash or otherwise disposed of after a year or beyond the normal operating cycle, if longer.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_InsuranceClaimReceivablesPolicyTextBlock" xlink:to="PXS_InsuranceClaimReceivablesPolicyTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_InsuranceClaimReceivablesPolicyTextBlock_doc" xml:lang="en-US">Disclosure of accounting policy for recognizing and recording insurance claim recoveries.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_InterestAndFinanceCostTextBlock" xlink:to="PXS_InterestAndFinanceCostTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_InterestAndFinanceCostTextBlock_doc" xml:lang="en-US">The entire disclosure of interest expense and finance costs.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_InterestExpenseOnLongtermDebtAndPromissoryNote" xlink:to="PXS_InterestExpenseOnLongtermDebtAndPromissoryNote_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_InterestExpenseOnLongtermDebtAndPromissoryNote_doc" xml:lang="en-US">Interest expense on long-term debt and promissory note.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_InterestExpenseOnPromissoryNote" xlink:to="PXS_InterestExpenseOnPromissoryNote_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_InterestExpenseOnPromissoryNote_doc" xml:lang="en-US">Interest expense on promissory note.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_InterestOnPromissoryNote" xlink:to="PXS_InterestOnPromissoryNote_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_InterestOnPromissoryNote_doc" xml:lang="en-US">Interest expense on promissory note.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_InterestOnPromissoryNoteSettledInCommonSharesDuringPeriod" xlink:to="PXS_InterestOnPromissoryNoteSettledInCommonSharesDuringPeriod_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_InterestOnPromissoryNoteSettledInCommonSharesDuringPeriod_doc" xml:lang="en-US">Interest on promissory note settled in common shares during 2020.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_InterestOnPromissoryNoteSettledInCommonSharesDuringPriorPeriod" xlink:to="PXS_InterestOnPromissoryNoteSettledInCommonSharesDuringPriorPeriod_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_InterestOnPromissoryNoteSettledInCommonSharesDuringPriorPeriod_doc" xml:lang="en-US">Interest on promissory note settled in common shares during 2019.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_InterestOnPromissoryNoteSettledInCommonSharesInJanuaryTwoThousandTwenty" xlink:to="PXS_InterestOnPromissoryNoteSettledInCommonSharesInJanuaryTwoThousandTwenty_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_InterestOnPromissoryNoteSettledInCommonSharesInJanuaryTwoThousandTwenty_doc" xml:lang="en-US">Interest on promissory note settled in common shares in January 2020.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_InterestOnPromissoryNoteSettledInCommonSharesInJanuaryTwoThousandTwentyOne" xlink:to="PXS_InterestOnPromissoryNoteSettledInCommonSharesInJanuaryTwoThousandTwentyOne_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_InterestOnPromissoryNoteSettledInCommonSharesInJanuaryTwoThousandTwentyOne_doc" xml:lang="en-US">Interest on promissory note settled in common shares in January 2021.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_InterestOnPromissoryNoteToBeSettledInCommonShares" xlink:to="PXS_InterestOnPromissoryNoteToBeSettledInCommonShares_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_InterestOnPromissoryNoteToBeSettledInCommonShares_doc" xml:lang="en-US">Interest on promissory note to be settled in common shares.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_InterestRateCapTerminationDate" xlink:to="PXS_InterestRateCapTerminationDate_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_InterestRateCapTerminationDate_doc" xml:lang="en-US">Interest rate cap termination date.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_InterestRatePaidInCash" xlink:to="PXS_InterestRatePaidInCash_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_InterestRatePaidInCash_doc" xml:lang="en-US">Interest rate paid in cash.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_InterestRatePaidInRestrictedShares" xlink:to="PXS_InterestRatePaidInRestrictedShares_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_InterestRatePaidInRestrictedShares_doc" xml:lang="en-US">4.5% shall be paid in common shares of the Company calculated on the volume weighted average closing share price for the 10 day period immediately prior to each quarter end.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_IssuanceOfCommonStockUnderPromissoryNote" xlink:to="PXS_IssuanceOfCommonStockUnderPromissoryNote_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_IssuanceOfCommonStockUnderPromissoryNote_doc" xml:lang="en-US">Issuance of common stock under the promissory note.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_IssuanceOfCommonStockUnderPromissoryNoteShares" xlink:to="PXS_IssuanceOfCommonStockUnderPromissoryNoteShares_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_IssuanceOfCommonStockUnderPromissoryNoteShares_doc" xml:lang="en-US">Issuance of common stock under the promissory note, shares.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_IssuanceOfCommonStockUnderPromissoryNotes" xlink:to="PXS_IssuanceOfCommonStockUnderPromissoryNotes_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_IssuanceOfCommonStockUnderPromissoryNotes_doc" xml:lang="en-US">Issuance of common stock under promissory notes.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_LOOKSMARTLTDMember" xlink:to="PXS_LOOKSMARTLTDMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_LOOKSMARTLTDMember_doc" xml:lang="en-US">LOOKSMART LTD [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_LoanAgreementDatedOctoberTwelveTwoThousandTwelveMember" xlink:to="PXS_LoanAgreementDatedOctoberTwelveTwoThousandTwelveMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_LoanAgreementDatedOctoberTwelveTwoThousandTwelveMember_doc" xml:lang="en-US">Loan agreement dated October twelve two thousand twelve.</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LoanAgreementMember" xlink:label="PXS_LoanAgreementMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_LoanAgreementMember" xlink:to="PXS_LoanAgreementMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_LoanAgreementMember_doc" xml:lang="en-US">Loan Agreement [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_LoanAmortizationProfile" xlink:to="PXS_LoanAmortizationProfile_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_LoanAmortizationProfile_doc" xml:lang="en-US">Loan amortization profile.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_LongTermDebtAndPromissoryNoteMember" xlink:to="PXS_LongTermDebtAndPromissoryNoteMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_LongTermDebtAndPromissoryNoteMember_doc" xml:lang="en-US">Long Term Debt and Promissory Note [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_LongTermDebtBalloonPayment" xlink:to="PXS_LongTermDebtBalloonPayment_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_LongTermDebtBalloonPayment_doc" xml:lang="en-US">Long-term debt balloon payment.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_LongTermDebtBalloonPaymentYear" xlink:to="PXS_LongTermDebtBalloonPaymentYear_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_LongTermDebtBalloonPaymentYear_doc" xml:lang="en-US">Long-term debt balloon payment year.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_LongTermDebtCurrentBeforeDeferredFinancingCost" xlink:to="PXS_LongTermDebtCurrentBeforeDeferredFinancingCost_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_LongTermDebtCurrentBeforeDeferredFinancingCost_doc" xml:lang="en-US">Long-term debt current before deferred financing cost.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_LongTermDebtFirstPeriodicPayment" xlink:to="PXS_LongTermDebtFirstPeriodicPayment_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_LongTermDebtFirstPeriodicPayment_doc" xml:lang="en-US">Long-term debt first periodic payment.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_LongTermDebtNoncurrentBeforeDeferredFinancingCost" xlink:to="PXS_LongTermDebtNoncurrentBeforeDeferredFinancingCost_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_LongTermDebtNoncurrentBeforeDeferredFinancingCost_doc" xml:lang="en-US">Long-term debt noncurrent before deferred financing cost.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_LongTermDebtNoncurrentExcludingNotesPayable" xlink:to="PXS_LongTermDebtNoncurrentExcludingNotesPayable_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_LongTermDebtNoncurrentExcludingNotesPayable_doc" xml:lang="en-US">Amount after unamortized (discount) premium and debt issuance costs of long-term debt classified as noncurrent. Excluding notes payable and amounts to be repaid within one year or the normal operating cycle, if longer. Includes, but not limited to, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_LonglivedAssetsClassifiedAsHeldForSalePolicyTextBlock" xlink:to="PXS_LonglivedAssetsClassifiedAsHeldForSalePolicyTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_LonglivedAssetsClassifiedAsHeldForSalePolicyTextBlock_doc" xml:lang="en-US">Long-lived Assets Classified as Held for Sale [Policy Text Block]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_LongtermDebtBalloonPaymentPerFacility" xlink:to="PXS_LongtermDebtBalloonPaymentPerFacility_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_LongtermDebtBalloonPaymentPerFacility_doc" xml:lang="en-US">Long-term debt balloon payment, per facility.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_LongtermDebtPrepaymentFees" xlink:to="PXS_LongtermDebtPrepaymentFees_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_LongtermDebtPrepaymentFees_doc" xml:lang="en-US">Long-term debt prepayment fees.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_LongtermDebtWithVariableInterestRatesNet" xlink:to="PXS_LongtermDebtWithVariableInterestRatesNet_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_LongtermDebtWithVariableInterestRatesNet_doc" xml:lang="en-US">Amount after unamortized (discount) premium and debt issuance costs of long-term debt classified as noncurrent and excluding amounts to be repaid within one year or the normal operating cycle, if longer. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_LongtermLoansAndPromissoryNoteWithNonvariableInterestRatesNet" xlink:to="PXS_LongtermLoansAndPromissoryNoteWithNonvariableInterestRatesNet_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_LongtermLoansAndPromissoryNoteWithNonvariableInterestRatesNet_doc" xml:lang="en-US">Amount after unamortized (discount) premium and debt issuance costs of long-term debt classified as noncurrent and excluding amounts to be repaid within one year or the normal operating cycle, if longer. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Also includes carrying value as of the balance sheet date of notes payable (with maturities initially due after one year or beyond the operating cycle if longer), excluding current portion.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_LossOnVesselHeldForSale" xlink:to="PXS_LossOnVesselHeldForSale_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_LossOnVesselHeldForSale_doc" xml:lang="en-US">Loss on vessel held for sale.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_LossPerCommonShare" xlink:to="PXS_LossPerCommonShare_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_LossPerCommonShare_doc" xml:lang="en-US">The entire disclosure for loss per share.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_LubricantsMember" xlink:to="PXS_LubricantsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_LubricantsMember_doc" xml:lang="en-US">Lubricants.</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_MARITIMETECHNOLOGIESCORPMember" xlink:label="PXS_MARITIMETECHNOLOGIESCORPMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_MARITIMETECHNOLOGIESCORPMember" xlink:to="PXS_MARITIMETECHNOLOGIESCORPMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_MARITIMETECHNOLOGIESCORPMember_doc" xml:lang="en-US">MARITIME TECHNOLOGIES CORP. [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ManagementAgreementExpirationDate" xlink:to="PXS_ManagementAgreementExpirationDate_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_ManagementAgreementExpirationDate_doc" xml:lang="en-US">Management agreement expiration date.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ManagementAgreementsInitialTerm" xlink:to="PXS_ManagementAgreementsInitialTerm_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_ManagementAgreementsInitialTerm_doc" xml:lang="en-US">Management agreements initial term.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ManagementAgreementsRenewalPeriod" xlink:to="PXS_ManagementAgreementsRenewalPeriod_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_ManagementAgreementsRenewalPeriod_doc" xml:lang="en-US">Management agreements renewal period.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ManagementFeesOther" xlink:to="PXS_ManagementFeesOther_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_ManagementFeesOther_doc" xml:lang="en-US">Fees paid to third parties for providing the company with technical, crewing, bunkering, accounting, provisions, sale &amp;amp;amp;amp;amp;amp;amp;amp;amp;amp;amp; purchase services, as well as general administrative, certain commercial services, director and officer related insurance services.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ManagementFeesRelatedParties" xlink:to="PXS_ManagementFeesRelatedParties_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_ManagementFeesRelatedParties_doc" xml:lang="en-US">Fees paid to related parties for providing the company with technical, crewing, bunkering, accounting, provisions, sale &amp;amp;amp;amp;amp;amp;amp;amp;amp;amp;amp; purchase services, as well as general administrative, certain commercial services, director and officer related insurance services.</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_MaritimeInvestorsMember" xlink:label="PXS_MaritimeInvestorsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_MaritimeInvestorsMember" xlink:to="PXS_MaritimeInvestorsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_MaritimeInvestorsMember_doc" xml:lang="en-US">Maritime Investors [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_MaritimeInvestorsPromissoryNoteMember" xlink:to="PXS_MaritimeInvestorsPromissoryNoteMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_MaritimeInvestorsPromissoryNoteMember_doc" xml:lang="en-US">Maritime Investors / Promissory Note [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_MaximumNumberOfSharesForSaleUnderRegistrationStatement" xlink:to="PXS_MaximumNumberOfSharesForSaleUnderRegistrationStatement_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_MaximumNumberOfSharesForSaleUnderRegistrationStatement_doc" xml:lang="en-US">Maximum number of shares for sale under registration statement.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_MaximumOfferingAmountUnderRegistrationStatement" xlink:to="PXS_MaximumOfferingAmountUnderRegistrationStatement_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_MaximumOfferingAmountUnderRegistrationStatement_doc" xml:lang="en-US">Maximum offering amount under registration statement.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_MinimumCashDeposits" xlink:to="PXS_MinimumCashDeposits_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_MinimumCashDeposits_doc" xml:lang="en-US">Minimum cash deposits.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_MinimumLiquidityAmount" xlink:to="PXS_MinimumLiquidityAmount_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_MinimumLiquidityAmount_doc" xml:lang="en-US">Minimum liquidity amount.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_MinimumLiquidityAmountDescription" xlink:to="PXS_MinimumLiquidityAmountDescription_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_MinimumLiquidityAmountDescription_doc" xml:lang="en-US">Minimum liquidity amount following the first supplemental letter dated 9, July 2020.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_MinimumLiquidityAmountRequired" xlink:to="PXS_MinimumLiquidityAmountRequired_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_MinimumLiquidityAmountRequired_doc" xml:lang="en-US">Minimum liquidity amount required.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_MinimumSecurityCollateralCoverRequired" xlink:to="PXS_MinimumSecurityCollateralCoverRequired_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_MinimumSecurityCollateralCoverRequired_doc" xml:lang="en-US">Minimum security collateral cover required.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_MinimumSecurityCollateralCoverRequiredTrancheThreePercentOfOutstandingLoan" xlink:to="PXS_MinimumSecurityCollateralCoverRequiredTrancheThreePercentOfOutstandingLoan_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_MinimumSecurityCollateralCoverRequiredTrancheThreePercentOfOutstandingLoan_doc" xml:lang="en-US">Minimum security collateral cover required.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_MinimumSecurityCollateralCoverRequiredTrancheTwoPercentOfOutstandingLoan" xlink:to="PXS_MinimumSecurityCollateralCoverRequiredTrancheTwoPercentOfOutstandingLoan_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_MinimumSecurityCollateralCoverRequiredTrancheTwoPercentOfOutstandingLoan_doc" xml:lang="en-US">Minimum security collateral cover required.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_MrValentisMember" xlink:to="PXS_MrValentisMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_MrValentisMember_doc" xml:lang="en-US">Mr. Valentis [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_NetBookValueMember" xlink:to="PXS_NetBookValueMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_NetBookValueMember_doc" xml:lang="en-US">Net book value.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_NetProceedsFromIssuanceOfCommonShares" xlink:to="PXS_NetProceedsFromIssuanceOfCommonShares_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_NetProceedsFromIssuanceOfCommonShares_doc" xml:lang="en-US">Net proceeds from the issuance of common shares.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_NetProceedsFromPublicOffering" xlink:to="PXS_NetProceedsFromPublicOffering_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_NetProceedsFromPublicOffering_doc" xml:lang="en-US">Net proceeds from public offering.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_NetProceedsFromSaleOfVessel" xlink:to="PXS_NetProceedsFromSaleOfVessel_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_NetProceedsFromSaleOfVessel_doc" xml:lang="en-US">The cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_NewAccountingPronouncementsNotYetAdoptedPolicyTextBlock" xlink:to="PXS_NewAccountingPronouncementsNotYetAdoptedPolicyTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_NewAccountingPronouncementsNotYetAdoptedPolicyTextBlock_doc" xml:lang="en-US">New Accounting Pronouncements - Not Yet Adopted [Policy Text Block]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_NewSecuredLoanFourthoneMember" xlink:to="PXS_NewSecuredLoanFourthoneMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_NewSecuredLoanFourthoneMember_doc" xml:lang="en-US">New Secured Loan - Fourthone [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_NewSecuredLoanSecondoneThirdoneAndFourthoneMember" xlink:to="PXS_NewSecuredLoanSecondoneThirdoneAndFourthoneMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_NewSecuredLoanSecondoneThirdoneAndFourthoneMember_doc" xml:lang="en-US">New Secured Loan - Secondone, Thirdone and Fourthone [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_NewSecuredLoanSecondoneThirdoneMember" xlink:to="PXS_NewSecuredLoanSecondoneThirdoneMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_NewSecuredLoanSecondoneThirdoneMember_doc" xml:lang="en-US">New Secured Loan - Secondone, and Thirdone [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_NoncashFinancingActivitiesIssuanceOfCommonStockUnderPromissoryNote" xlink:to="PXS_NoncashFinancingActivitiesIssuanceOfCommonStockUnderPromissoryNote_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_NoncashFinancingActivitiesIssuanceOfCommonStockUnderPromissoryNote_doc" xml:lang="en-US">Non-cash financing activities - issuance of common stock under the promissory note.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_NorthseaAlphaVesselMember" xlink:to="PXS_NorthseaAlphaVesselMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_NorthseaAlphaVesselMember_doc" xml:lang="en-US">Information pertaining to Northsea Alpha vessel.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_NorthseaBetaVesselMember" xlink:to="PXS_NorthseaBetaVesselMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_NorthseaBetaVesselMember_doc" xml:lang="en-US">Information pertaining to Northsea Beta vessel.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_NumberOfCommonSharesFromExerciseOfDetachableWarrants" xlink:to="PXS_NumberOfCommonSharesFromExerciseOfDetachableWarrants_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_NumberOfCommonSharesFromExerciseOfDetachableWarrants_doc" xml:lang="en-US">Number of common shares from exercise of detachable warrants.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_NumberOfCommonStockIssued" xlink:to="PXS_NumberOfCommonStockIssued_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_NumberOfCommonStockIssued_doc" xml:lang="en-US">Number of common stock issued.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_NumberOfDetachableWarrantsPerSeriesConvertiblePreferredShare" xlink:to="PXS_NumberOfDetachableWarrantsPerSeriesConvertiblePreferredShare_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_NumberOfDetachableWarrantsPerSeriesConvertiblePreferredShare_doc" xml:lang="en-US">Number of detachable Warrants per Series A Convertible Preferred Share.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_NumberOfVesselOwnershipsInterestEntities" xlink:to="PXS_NumberOfVesselOwnershipsInterestEntities_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_NumberOfVesselOwnershipsInterestEntities_doc" xml:lang="en-US">Number of ownership interest entities.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_NumberOfWarrantsExercisedDuringPeriod" xlink:to="PXS_NumberOfWarrantsExercisedDuringPeriod_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_NumberOfWarrantsExercisedDuringPeriod_doc" xml:lang="en-US">Number of warrants exercised during the period.</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_OfferingMember" xlink:label="PXS_OfferingMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_OfferingMember" xlink:to="PXS_OfferingMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_OfferingMember_doc" xml:lang="en-US">Offering [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_OfferingPrice" xlink:to="PXS_OfferingPrice_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_OfferingPrice_doc" xml:lang="en-US">Offering price per unit.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_OfferingUnits" xlink:to="PXS_OfferingUnits_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_OfferingUnits_doc" xml:lang="en-US">Number of units offered.</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_OneLenderMember" xlink:label="PXS_OneLenderMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_OneLenderMember" xlink:to="PXS_OneLenderMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_OneLenderMember_doc" xml:lang="en-US">One Lender [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_PartialOverallotmentOfWarrantsExercisedByUnderwriter" xlink:to="PXS_PartialOverallotmentOfWarrantsExercisedByUnderwriter_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_PartialOverallotmentOfWarrantsExercisedByUnderwriter_doc" xml:lang="en-US">Partial overallotment of warrants exercised by underwriter.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_PaymentsForInstallation" xlink:to="PXS_PaymentsForInstallation_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_PaymentsForInstallation_doc" xml:lang="en-US">Amounts paid for the installation of the ballast water treatment system.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_PaymentsForVesselAdditions" xlink:to="PXS_PaymentsForVesselAdditions_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_PaymentsForVesselAdditions_doc" xml:lang="en-US">Vessel additions.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_PercentageOfCommonStockBeneficiallyOwned" xlink:to="PXS_PercentageOfCommonStockBeneficiallyOwned_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_PercentageOfCommonStockBeneficiallyOwned_doc" xml:lang="en-US">Percentage of common stock beneficially owned.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_PercentageOfPreferredShares" xlink:to="PXS_PercentageOfPreferredShares_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_PercentageOfPreferredShares_doc" xml:lang="en-US">Percentage of preferred shares.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_PreferredStockOfferingCosts" xlink:to="PXS_PreferredStockOfferingCosts_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_PreferredStockOfferingCosts_doc" xml:lang="en-US">Preferred stock offering costs.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_PrepaymentFee" xlink:to="PXS_PrepaymentFee_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_PrepaymentFee_doc" xml:lang="en-US">Prepayment fee paid.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_PreviousSecuredLoanSecondoneThirdoneAndFourthoneMember" xlink:to="PXS_PreviousSecuredLoanSecondoneThirdoneAndFourthoneMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_PreviousSecuredLoanSecondoneThirdoneAndFourthoneMember_doc" xml:lang="en-US">Previous Secured Loan - Secondone, Thirdone and Fourthone [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_PromissoryNoteIssued" xlink:to="PXS_PromissoryNoteIssued_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_PromissoryNoteIssued_doc" xml:lang="en-US">Value as of the issuance date of notes payable (with maturities initially due after one year or beyond the operating cycle if longer), excluding current portion.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_PropertyPlantAndEquipmentAdditionsNet" xlink:to="PXS_PropertyPlantAndEquipmentAdditionsNet_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_PropertyPlantAndEquipmentAdditionsNet_doc" xml:lang="en-US">Vessels cost ballast water treatment system installation (BWTS).</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ProspectusSupplementAmendedForShelfRegistrationStatementRelatedToAtTheMarketProgramMember" xlink:to="PXS_ProspectusSupplementAmendedForShelfRegistrationStatementRelatedToAtTheMarketProgramMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_ProspectusSupplementAmendedForShelfRegistrationStatementRelatedToAtTheMarketProgramMember_doc" xml:lang="en-US">Prospectus Supplement Amended for Shelf Registration Statement Related to ATM Program [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ProspectusSupplementFiledForShelfRegistrationStatementRelatedToAtTheMarketProgramMember" xlink:to="PXS_ProspectusSupplementFiledForShelfRegistrationStatementRelatedToAtTheMarketProgramMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_ProspectusSupplementFiledForShelfRegistrationStatementRelatedToAtTheMarketProgramMember_doc" xml:lang="en-US">Prospectus Supplement Filed for Shelf Registration Statement Related to ATM Program [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_PurchasePricePerOptionalPreferredShare" xlink:to="PXS_PurchasePricePerOptionalPreferredShare_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_PurchasePricePerOptionalPreferredShare_doc" xml:lang="en-US">Purchase price per optional preferred share.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_PurchasePricePerOptionalWarrant" xlink:to="PXS_PurchasePricePerOptionalWarrant_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_PurchasePricePerOptionalWarrant_doc" xml:lang="en-US">Purchase price per optional warrant.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_PyxisDeltaVesselMember" xlink:to="PXS_PyxisDeltaVesselMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_PyxisDeltaVesselMember_doc" xml:lang="en-US">Information pertaining to Pyxis Delta vessel.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_PyxisEpsilonVesselMember" xlink:to="PXS_PyxisEpsilonVesselMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_PyxisEpsilonVesselMember_doc" xml:lang="en-US">Information pertaining to Pyxis Epsilon vessel.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_PyxisMalouVesselMember" xlink:to="PXS_PyxisMalouVesselMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_PyxisMalouVesselMember_doc" xml:lang="en-US">Information pertaining to Pyxis Malou Vessel.</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PyxisMaritimeCorporationMember" xlink:label="PXS_PyxisMaritimeCorporationMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_PyxisMaritimeCorporationMember" xlink:to="PXS_PyxisMaritimeCorporationMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_PyxisMaritimeCorporationMember_doc" xml:lang="en-US">Pyxis Maritime Corporation.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_PyxisMaritimeMember" xlink:to="PXS_PyxisMaritimeMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_PyxisMaritimeMember_doc" xml:lang="en-US">Pyxis Maritime [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_PyxisThetaVesselMember" xlink:to="PXS_PyxisThetaVesselMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_PyxisThetaVesselMember_doc" xml:lang="en-US">Information pertaining to Pyxis Theta vessel.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_QuarterlyInstallmentsPayable" xlink:to="PXS_QuarterlyInstallmentsPayable_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_QuarterlyInstallmentsPayable_doc" xml:lang="en-US">Quarterly installments payable (9 installments).</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_QuarterlyInstallmentsPayableInAggregate" xlink:to="PXS_QuarterlyInstallmentsPayableInAggregate_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_QuarterlyInstallmentsPayableInAggregate_doc" xml:lang="en-US">Quarterly installments payable in the aggregate.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_QuarterlyInstallmentsPayableInAggregatePerFacility" xlink:to="PXS_QuarterlyInstallmentsPayableInAggregatePerFacility_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_QuarterlyInstallmentsPayableInAggregatePerFacility_doc" xml:lang="en-US">Quarterly installments payable in the aggregate, per facility.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_QuarterlyInstallmentsPayableNineteenInstallments" xlink:to="PXS_QuarterlyInstallmentsPayableNineteenInstallments_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_QuarterlyInstallmentsPayableNineteenInstallments_doc" xml:lang="en-US">Quarterly installments payable (19 installments).</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_QuarterlyInstallmentsPayableTenInstallments" xlink:to="PXS_QuarterlyInstallmentsPayableTenInstallments_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_QuarterlyInstallmentsPayableTenInstallments_doc" xml:lang="en-US">Quarterly installments payable (10 installments).</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_RatioDifferenceByWhichActualExceedsRequiredDebtToAssetsRatioThreshold" xlink:to="PXS_RatioDifferenceByWhichActualExceedsRequiredDebtToAssetsRatioThreshold_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_RatioDifferenceByWhichActualExceedsRequiredDebtToAssetsRatioThreshold_doc" xml:lang="en-US">Difference between actual ratio and required threshold.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ReconciliationOfCashAndCashEquivalentsAndRestrictedCashTableTextBlock" xlink:to="PXS_ReconciliationOfCashAndCashEquivalentsAndRestrictedCashTableTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_ReconciliationOfCashAndCashEquivalentsAndRestrictedCashTableTextBlock_doc" xml:lang="en-US">Reconciliation of cash and cash equivalents and restricted cash.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_RefinanceOfEighthoneLoanMember" xlink:to="PXS_RefinanceOfEighthoneLoanMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_RefinanceOfEighthoneLoanMember_doc" xml:lang="en-US">Refinance of Eighthone Loan [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_RepaymentsOfAssetCreditFacility" xlink:to="PXS_RepaymentsOfAssetCreditFacility_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_RepaymentsOfAssetCreditFacility_doc" xml:lang="en-US">Prepayment of Pyxis Delta and Pyxis Theta loan facility.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ResidualValuePerLightweightTon" xlink:to="PXS_ResidualValuePerLightweightTon_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_ResidualValuePerLightweightTon_doc" xml:lang="en-US">Estimated residual value per lightweight ton.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_RestrictedCashPolicyTextBlock" xlink:to="PXS_RestrictedCashPolicyTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_RestrictedCashPolicyTextBlock_doc" xml:lang="en-US">Restricted Cash [Policy Text Block]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_RevenuesDerivedFromSpotChartersMember" xlink:to="PXS_RevenuesDerivedFromSpotChartersMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_RevenuesDerivedFromSpotChartersMember_doc" xml:lang="en-US">Revenues Derived from Spot Charters, Net [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_RevenuesDerivedFromTimeChartersMember" xlink:to="PXS_RevenuesDerivedFromTimeChartersMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_RevenuesDerivedFromTimeChartersMember_doc" xml:lang="en-US">Revenues Derived from Time Charters, Net [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_RiskManagementAndFairValueMeasurementsTextBlock" xlink:to="PXS_RiskManagementAndFairValueMeasurementsTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_RiskManagementAndFairValueMeasurementsTextBlock_doc" xml:lang="en-US">The entire disclosure of risk management and fair value measurements.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_SaleOfPyxisDeltaMember" xlink:to="PXS_SaleOfPyxisDeltaMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_SaleOfPyxisDeltaMember_doc" xml:lang="en-US">Sale of Pyxis Delta [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ScheduleOfDeferredChargesTableTextBlock" xlink:to="PXS_ScheduleOfDeferredChargesTableTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_ScheduleOfDeferredChargesTableTextBlock_doc" xml:lang="en-US">Schedule of deferred charges.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ScheduleOfFutureMinimumContractualCharterRevenueTableTextBlock" xlink:to="PXS_ScheduleOfFutureMinimumContractualCharterRevenueTableTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_ScheduleOfFutureMinimumContractualCharterRevenueTableTextBlock_doc" xml:lang="en-US">Schedule of future minimum contractual charter revenues.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ScheduleOfInterestAndFinanceCostsTableTextBlock" xlink:to="PXS_ScheduleOfInterestAndFinanceCostsTableTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_ScheduleOfInterestAndFinanceCostsTableTextBlock_doc" xml:lang="en-US">Schedule of interest and finance costs.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ScheduleOfOwnershipAndOperationOfTankerVesselsTableTextBlock" xlink:to="PXS_ScheduleOfOwnershipAndOperationOfTankerVesselsTableTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_ScheduleOfOwnershipAndOperationOfTankerVesselsTableTextBlock_doc" xml:lang="en-US">Schedule of ownership and operation of tanker vessels.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_SecondTypeWarrantForPurchaseOfAggregateSeriesConvertiblePreferredShares" xlink:to="PXS_SecondTypeWarrantForPurchaseOfAggregateSeriesConvertiblePreferredShares_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_SecondTypeWarrantForPurchaseOfAggregateSeriesConvertiblePreferredShares_doc" xml:lang="en-US">Second type - Warrant for the purchase of an aggregate Series A Convertible Preferred Shares.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_SecondTypeWarrantsExercisePrice" xlink:to="PXS_SecondTypeWarrantsExercisePrice_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_SecondTypeWarrantsExercisePrice_doc" xml:lang="en-US">Second type warrants exercise price.</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SecondWarrantMember" xlink:label="PXS_SecondWarrantMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_SecondWarrantMember" xlink:to="PXS_SecondWarrantMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_SecondWarrantMember_doc" xml:lang="en-US">Second Warrant [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_SecondoneCorporationLtdMember" xlink:to="PXS_SecondoneCorporationLtdMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_SecondoneCorporationLtdMember_doc" xml:lang="en-US">Secondone Corporation Ltd [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_SecondoneMember" xlink:to="PXS_SecondoneMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_SecondoneMember_doc" xml:lang="en-US">Secondone [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_SecondoneThirdoneAndFourthoneNewSecuredLoanMember" xlink:to="PXS_SecondoneThirdoneAndFourthoneNewSecuredLoanMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_SecondoneThirdoneAndFourthoneNewSecuredLoanMember_doc" xml:lang="en-US">New Secured Loan - Secondone, Thirdone and Fourthone [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_SecuredLoanSeventhoneCorpMember" xlink:to="PXS_SecuredLoanSeventhoneCorpMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_SecuredLoanSeventhoneCorpMember_doc" xml:lang="en-US">Secured Loan - Seventhone Corp. [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_SeriesAConvertiblePreferredSharesAndDetachableWarrantsMember" xlink:to="PXS_SeriesAConvertiblePreferredSharesAndDetachableWarrantsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_SeriesAConvertiblePreferredSharesAndDetachableWarrantsMember_doc" xml:lang="en-US">Series A Convertible Preferred Shares and detachable Warrants [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_SeriesAConvertiblePreferredSharesConversionsMember" xlink:to="PXS_SeriesAConvertiblePreferredSharesConversionsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_SeriesAConvertiblePreferredSharesConversionsMember_doc" xml:lang="en-US">Series A Convertible Preferred Shares Conversions [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_SeriesAConvertiblePreferredSharesMember" xlink:to="PXS_SeriesAConvertiblePreferredSharesMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_SeriesAConvertiblePreferredSharesMember_doc" xml:lang="en-US">Series A Convertible Preferred Shares [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SeriesAConvertiblePreferredSharesOneMember" xlink:label="PXS_SeriesAConvertiblePreferredSharesOneMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_SeriesAConvertiblePreferredSharesOneMember" xlink:to="PXS_SeriesAConvertiblePreferredSharesOneMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_SeriesAConvertiblePreferredSharesOneMember_doc" xml:lang="en-US">Series A Convertible Preferred Shares [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_SeriesAConvertiblePreferredStockMember" xlink:to="PXS_SeriesAConvertiblePreferredStockMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_SeriesAConvertiblePreferredStockMember_doc" xml:lang="en-US">Series A Convertible Preferred Stock [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SevenPointSeventyFivePercenatgSeriesAConvertiblePreferredSharesMember" xlink:label="PXS_SevenPointSeventyFivePercenatgSeriesAConvertiblePreferredSharesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_SevenPointSeventyFivePercenatgSeriesAConvertiblePreferredSharesMember" xlink:to="PXS_SevenPointSeventyFivePercenatgSeriesAConvertiblePreferredSharesMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_SevenPointSeventyFivePercenatgSeriesAConvertiblePreferredSharesMember_doc" xml:lang="en-US">7.75% Series A Convertible Preferred Shares [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_SeventhoneCorpMember" xlink:to="PXS_SeventhoneCorpMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_SeventhoneCorpMember_doc" xml:lang="en-US">Seventhone Corp.</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SeventhoneLoanMember" xlink:label="PXS_SeventhoneLoanMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_SeventhoneLoanMember" xlink:to="PXS_SeventhoneLoanMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_SeventhoneLoanMember_doc" xml:lang="en-US">Seventhone Loan [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_SeventhoneMember" xlink:to="PXS_SeventhoneMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_SeventhoneMember_doc" xml:lang="en-US">Seventhone [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_SeventhonePreviousSecuredLoanMember" xlink:to="PXS_SeventhonePreviousSecuredLoanMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_SeventhonePreviousSecuredLoanMember_doc" xml:lang="en-US">Previous Secured Loan - Seventhone Corp [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ShipmanagementAndAdministrationFeesPercentageIncrease" xlink:to="PXS_ShipmanagementAndAdministrationFeesPercentageIncrease_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_ShipmanagementAndAdministrationFeesPercentageIncrease_doc" xml:lang="en-US">Ship-management and administration fees percentage increase description.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_SignificantOtherObservableInputsLevel2NorthseaAlphaAndNorthseaBetaMember" xlink:to="PXS_SignificantOtherObservableInputsLevel2NorthseaAlphaAndNorthseaBetaMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_SignificantOtherObservableInputsLevel2NorthseaAlphaAndNorthseaBetaMember_doc" xml:lang="en-US">Significant Other Observable Inputs (Level 2) Northsea Alpha and Northsea Beta [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_SignificantOtherObservableInputsLevel2NorthseaAlphaVesselMember" xlink:to="PXS_SignificantOtherObservableInputsLevel2NorthseaAlphaVesselMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_SignificantOtherObservableInputsLevel2NorthseaAlphaVesselMember_doc" xml:lang="en-US">Significant Other Observable Inputs (Level 2) Northsea Alpha [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_SignificantOtherObservableInputsLevel2NorthseaBetaVesselMember" xlink:to="PXS_SignificantOtherObservableInputsLevel2NorthseaBetaVesselMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_SignificantOtherObservableInputsLevel2NorthseaBetaVesselMember_doc" xml:lang="en-US">Significant Other Observable Inputs (Level 2) Northsea Beta [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_SixthoneCorpMember" xlink:to="PXS_SixthoneCorpMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_SixthoneCorpMember_doc" xml:lang="en-US">Sixthone Corp.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_SixthoneMember" xlink:to="PXS_SixthoneMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_SixthoneMember_doc" xml:lang="en-US">Sixthone [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_SpotChartersMember" xlink:to="PXS_SpotChartersMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_SpotChartersMember_doc" xml:lang="en-US">Spot Charters [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_StockIssuedDuringPeriodShares" xlink:to="PXS_StockIssuedDuringPeriodShares_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_StockIssuedDuringPeriodShares_doc" xml:lang="en-US">Number of common stock offered and sold under the At-The-Market (ATM) Program.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_StockIssuedDuringPeriodSharesNewIssue" xlink:to="PXS_StockIssuedDuringPeriodSharesNewIssue_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_StockIssuedDuringPeriodSharesNewIssue_doc" xml:lang="en-US">Number of new stock issued during the period.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_TabularDisclosureOfDerivativeInstrumentsAndLocation" xlink:to="PXS_TabularDisclosureOfDerivativeInstrumentsAndLocation_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_TabularDisclosureOfDerivativeInstrumentsAndLocation_doc" xml:lang="en-US">Tabular disclosure of derivative instruments and the location and fair value amount of the instruments reported in the statement of financial position.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_TabularDisclosureOfGainsLossesOnDerivativeInstruments" xlink:to="PXS_TabularDisclosureOfGainsLossesOnDerivativeInstruments_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_TabularDisclosureOfGainsLossesOnDerivativeInstruments_doc" xml:lang="en-US">Tabular disclosure of the gains losses on derivative instruments recognized in income/(loss).</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_TerminationDate" xlink:to="PXS_TerminationDate_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_TerminationDate_doc" xml:lang="en-US">Termination date.</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ThereafterMember" xlink:label="PXS_ThereafterMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ThereafterMember" xlink:to="PXS_ThereafterMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_ThereafterMember_doc" xml:lang="en-US">Thereafter [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ThereafterOnSeptemberTwentyFiveTwoThousandTwentyMember" xlink:to="PXS_ThereafterOnSeptemberTwentyFiveTwoThousandTwentyMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_ThereafterOnSeptemberTwentyFiveTwoThousandTwentyMember_doc" xml:lang="en-US">Thereafter (Following the Second Supplemental Letter signed on September 25, 2020) [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ThirdoneCorporationLtdMember" xlink:to="PXS_ThirdoneCorporationLtdMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_ThirdoneCorporationLtdMember_doc" xml:lang="en-US">Thirdone Corporation Ltd [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_ThirdoneMember" xlink:to="PXS_ThirdoneMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_ThirdoneMember_doc" xml:lang="en-US">Thirdone [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_TimeChartersMember" xlink:to="PXS_TimeChartersMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_TimeChartersMember_doc" xml:lang="en-US">Time Charters [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_TradeAccountsReceivable" xlink:to="PXS_TradeAccountsReceivable_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_TradeAccountsReceivable_doc" xml:lang="en-US">Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_TradeAccountsReceivableNet" xlink:to="PXS_TradeAccountsReceivableNet_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_TradeAccountsReceivableNet_doc" xml:lang="en-US">Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_TwoSeparateUnderwritersWarrantsMember" xlink:label="PXS_TwoSeparateUnderwritersWarrantsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_TwoSeparateUnderwritersWarrantsMember" xlink:to="PXS_TwoSeparateUnderwritersWarrantsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_TwoSeparateUnderwritersWarrantsMember_doc" xml:lang="en-US">Two Separate Underwriters Warrants [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_UnderwriterMember" xlink:label="PXS_UnderwriterMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_UnderwriterMember" xlink:to="PXS_UnderwriterMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_UnderwriterMember_doc" xml:lang="en-US">Underwriter [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_UnderwritersWarrantsMember" xlink:to="PXS_UnderwritersWarrantsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_UnderwritersWarrantsMember_doc" xml:lang="en-US">Underwriter's Warrants [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_UnpaidPortionForCommonStockOfferingCosts" xlink:to="PXS_UnpaidPortionForCommonStockOfferingCosts_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_UnpaidPortionForCommonStockOfferingCosts_doc" xml:lang="en-US">Unpaid portion for Common stock offering costs.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_UnpaidPortionOfBallastWaterTreatmentSystemInstallation" xlink:to="PXS_UnpaidPortionOfBallastWaterTreatmentSystemInstallation_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_UnpaidPortionOfBallastWaterTreatmentSystemInstallation_doc" xml:lang="en-US">Unpaid portion of ballast water treatment system installation.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_UntilDecemberTwoThousandAndTwentyMember" xlink:to="PXS_UntilDecemberTwoThousandAndTwentyMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_UntilDecemberTwoThousandAndTwentyMember_doc" xml:lang="en-US">Until December 2020 [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_UseOfProceedsFromSaleOfPyxisDeltaMember" xlink:to="PXS_UseOfProceedsFromSaleOfPyxisDeltaMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_UseOfProceedsFromSaleOfPyxisDeltaMember_doc" xml:lang="en-US">Use of Proceeds from the Sale of Pyxis Delta [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_VesselAcquisitionDate" xlink:to="PXS_VesselAcquisitionDate_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_VesselAcquisitionDate_doc" xml:lang="en-US">Vessel acquisition date.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_VesselBuiltYear" xlink:to="PXS_VesselBuiltYear_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_VesselBuiltYear_doc" xml:lang="en-US">Vessel built year.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_VesselCapacity" xlink:to="PXS_VesselCapacity_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_VesselCapacity_doc" xml:lang="en-US">Vessel capacity in dead weight tonnage ("DWT").</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_VesselCostMember" xlink:to="PXS_VesselCostMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_VesselCostMember_doc" xml:lang="en-US">Vessel cost.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_VesselName" xlink:to="PXS_VesselName_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_VesselName_doc" xml:lang="en-US">Identifies the name of vessel.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_VesselOperatingExpenses" xlink:to="PXS_VesselOperatingExpenses_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_VesselOperatingExpenses_doc" xml:lang="en-US">Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Excludes Selling, General and Administrative Expense, Management Fees, related parties and Management Fees, other.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_VesselsMember" xlink:to="PXS_VesselsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_VesselsMember_doc" xml:lang="en-US">Vessels.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_VesselsPolicyTextBlock" xlink:to="PXS_VesselsPolicyTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_VesselsPolicyTextBlock_doc" xml:lang="en-US">Disclosure of accounting policy for measuring vessel cost including directly attributable expenses.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_VoyageRelatedCostsAndCommissions" xlink:to="PXS_VoyageRelatedCostsAndCommissions_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_VoyageRelatedCostsAndCommissions_doc" xml:lang="en-US">Expenses paid to third parties primarily consisting of port, canal and bunker expenses, commissions that are unique to a particular charter and are paid for by the charterer under time charter arrangements or by the company under voyage charter arrangements, and commissions that are paid directly to brokers by the company.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_VoyageRevenues" xlink:to="PXS_VoyageRevenues_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_VoyageRevenues_doc" xml:lang="en-US">Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_WarrantAggregatePurchasePrice" xlink:to="PXS_WarrantAggregatePurchasePrice_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_WarrantAggregatePurchasePrice_doc" xml:lang="en-US">Warrant aggregate purchase price.</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_WarrantEightMember" xlink:label="PXS_WarrantEightMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_WarrantEightMember" xlink:to="PXS_WarrantEightMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_WarrantEightMember_doc" xml:lang="en-US">Warrants Eight [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_WarrantExercisableDate" xlink:to="PXS_WarrantExercisableDate_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_WarrantExercisableDate_doc" xml:lang="en-US">Warrant exercisable date.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_WarrantExercisesMember" xlink:to="PXS_WarrantExercisesMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_WarrantExercisesMember_doc" xml:lang="en-US">Warrant Exercises [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_WarrantFiveMember" xlink:label="PXS_WarrantFiveMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_WarrantFiveMember" xlink:to="PXS_WarrantFiveMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_WarrantFiveMember_doc" xml:lang="en-US">Warrants Five [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_WarrantFourMember" xlink:label="PXS_WarrantFourMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_WarrantFourMember" xlink:to="PXS_WarrantFourMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_WarrantFourMember_doc" xml:lang="en-US">Warrants Four [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_WarrantOneMember" xlink:label="PXS_WarrantOneMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_WarrantOneMember" xlink:to="PXS_WarrantOneMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_WarrantOneMember_doc" xml:lang="en-US">Warrants One [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_WarrantSevenMember" xlink:label="PXS_WarrantSevenMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_WarrantSevenMember" xlink:to="PXS_WarrantSevenMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_WarrantSevenMember_doc" xml:lang="en-US">Warrants Seven [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_WarrantSixMember" xlink:label="PXS_WarrantSixMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_WarrantSixMember" xlink:to="PXS_WarrantSixMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_WarrantSixMember_doc" xml:lang="en-US">Warrants Six [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_WarrantThreeMember" xlink:label="PXS_WarrantThreeMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_WarrantThreeMember" xlink:to="PXS_WarrantThreeMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_WarrantThreeMember_doc" xml:lang="en-US">Warrants Three [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_WarrantTwoMember" xlink:label="PXS_WarrantTwoMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_WarrantTwoMember" xlink:to="PXS_WarrantTwoMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_WarrantTwoMember_doc" xml:lang="en-US">Warrants Two [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_WhileVesselIsUnderConstructionMember" xlink:to="PXS_WhileVesselIsUnderConstructionMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_WhileVesselIsUnderConstructionMember_doc" xml:lang="en-US">While Vessel is Under Construction [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_WorkingCapitalDeficit" xlink:to="PXS_WorkingCapitalDeficit_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_WorkingCapitalDeficit_doc" xml:lang="en-US">Working capital deficit.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_PaymentForFinancialDerivativesInstrument" xlink:to="PXS_PaymentForFinancialDerivativesInstrument_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_PaymentForFinancialDerivativesInstrument_doc" xml:lang="en-US">Payment for financial derivative instrument.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_PaymentForAdvances" xlink:to="PXS_PaymentForAdvances_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_PaymentForAdvances_doc" xml:lang="en-US">Advances for ballast water treatment system.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_CashDividendPerShare" xlink:to="PXS_CashDividendPerShare_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="PXS_CashDividendPerShare_doc" xml:lang="en-US">The amount per share used to calculate dividend payments on preferred stock.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_NewSecuredLoanSecondoneThirdoneAndFourthoneMember" xlink:to="PXS_NewSecuredLoanSecondoneThirdoneAndFourthoneMember_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_NewSecuredLoanSecondoneThirdoneAndFourthoneMember_3_lbl" xml:lang="en-US">NewSecuredLoanSecondoneThirdoneAndFourthoneMember</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_SeriesAConvertiblePreferredSharesMember" xlink:to="PXS_SeriesAConvertiblePreferredSharesMember_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_SeriesAConvertiblePreferredSharesMember_3_lbl" xml:lang="en-US">Fourthone Corp [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xlink:to="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent_3_lbl" xml:lang="en-US">Accounts Receivable, Allowance for Credit Loss, Current</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_AssetsCurrent_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsCurrent_2_lbl" xml:lang="en-US">Assets, Current</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentNet" xlink:to="us-gaap_PropertyPlantAndEquipmentNet_4_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentNet_4_lbl" xml:lang="en-US">Property, Plant and Equipment, Net</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PrepaidExpenseAndOtherAssetsNoncurrent" xlink:to="us-gaap_PrepaidExpenseAndOtherAssetsNoncurrent_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PrepaidExpenseAndOtherAssetsNoncurrent_2_lbl" xml:lang="en-US">Prepaid Expense and Other Assets, Noncurrent</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsNoncurrent" xlink:to="us-gaap_OtherAssetsNoncurrent_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherAssetsNoncurrent_2_lbl" xml:lang="en-US">Other Assets, Noncurrent</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Assets_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Assets_2_lbl" xml:lang="en-US">Assets</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_LiabilitiesCurrent_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesCurrent_2_lbl" xml:lang="en-US">Liabilities, Current</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesNoncurrent" xlink:to="us-gaap_LiabilitiesNoncurrent_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesNoncurrent_2_lbl" xml:lang="en-US">Liabilities, Noncurrent</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_4_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquity_4_lbl" xml:lang="en-US">Stockholders' Equity Attributable to Parent</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_2_lbl" xml:lang="en-US">Liabilities and Equity</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GeneralAndAdministrativeExpense" xlink:to="us-gaap_GeneralAndAdministrativeExpense_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GeneralAndAdministrativeExpense_2_lbl" xml:lang="en-US">General and Administrative Expense</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="us-gaap_OperatingIncomeLoss_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingIncomeLoss_2_lbl" xml:lang="en-US">Operating Income (Loss)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpenseDebt" xlink:to="us-gaap_InterestExpenseDebt_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestExpenseDebt_2_lbl" xml:lang="en-US">Interest Expense, Debt</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NonoperatingIncomeExpense" xlink:to="us-gaap_NonoperatingIncomeExpense_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NonoperatingIncomeExpense_2_lbl" xml:lang="en-US">Nonoperating Income (Expense)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesOutstanding" xlink:to="us-gaap_SharesOutstanding_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SharesOutstanding_3_lbl" xml:lang="en-US">Shares, Outstanding</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeGainLossOnDerivativeNet" xlink:to="us-gaap_DerivativeGainLossOnDerivativeNet_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DerivativeGainLossOnDerivativeNet_2_lbl" xml:lang="en-US">Derivative, Gain (Loss) on Derivative, Net</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_IssuanceOfCommonStockUnderPromissoryNotes" xlink:to="PXS_IssuanceOfCommonStockUnderPromissoryNotes_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_IssuanceOfCommonStockUnderPromissoryNotes_3_lbl" xml:lang="en-US">Additional Cost Incurred On Extension Of Maturity</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInInventories" xlink:to="us-gaap_IncreaseDecreaseInInventories_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInInventories_2_lbl" xml:lang="en-US">Increase (Decrease) in Inventories</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:to="us-gaap_IncreaseDecreaseInAccountsReceivable_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable_2_lbl" xml:lang="en-US">Increase (Decrease) in Accounts Receivable</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInDueFromRelatedParties" xlink:to="us-gaap_IncreaseDecreaseInDueFromRelatedParties_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInDueFromRelatedParties_2_lbl" xml:lang="en-US">Increase (Decrease) in Due from Related Parties</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:to="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_2_lbl" xml:lang="en-US">Increase (Decrease) in Prepaid Expense and Other Assets</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_IncreaseDecreaseInSpecialSurveyCosts" xlink:to="PXS_IncreaseDecreaseInSpecialSurveyCosts_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_IncreaseDecreaseInSpecialSurveyCosts_3_lbl" xml:lang="en-US">Long Term Debt Balloon Payment Year</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsPayable" xlink:to="us-gaap_IncreaseDecreaseInAccountsPayable_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayable_2_lbl" xml:lang="en-US">Increase (Decrease) in Accounts Payable</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInDueToRelatedParties" xlink:to="us-gaap_IncreaseDecreaseInDueToRelatedParties_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInDueToRelatedParties_2_lbl" xml:lang="en-US">Increase (Decrease) in Due to Related Parties</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInContractWithCustomerLiability" xlink:to="us-gaap_IncreaseDecreaseInContractWithCustomerLiability_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInContractWithCustomerLiability_2_lbl" xml:lang="en-US">Increase (Decrease) in Contract with Customer, Liability</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities" xlink:to="us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities_2_lbl" xml:lang="en-US">Increase (Decrease) in Accrued Liabilities and Other Operating Liabilities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_2_lbl" xml:lang="en-US">Net Cash Provided by (Used in) Operating Activities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_PaymentForAdvances" xlink:to="PXS_PaymentForAdvances_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_PaymentForAdvances_3_lbl" xml:lang="en-US">PaymentForAdvances</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_PaymentsForVesselAdditions" xlink:to="PXS_PaymentsForVesselAdditions_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_PaymentsForVesselAdditions_3_lbl" xml:lang="en-US">Interest rate paid in cash [Default Label]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_2_lbl" xml:lang="en-US">Net Cash Provided by (Used in) Investing Activities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepaymentsOfLongTermDebt" xlink:to="us-gaap_RepaymentsOfLongTermDebt_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RepaymentsOfLongTermDebt_2_lbl" xml:lang="en-US">Repayments of Long-term Debt</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfStockIssuanceCosts" xlink:to="us-gaap_PaymentsOfStockIssuanceCosts_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsOfStockIssuanceCosts_2_lbl" xml:lang="en-US">Payments of Stock Issuance Costs</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_PreferredStockOfferingCosts" xlink:to="PXS_PreferredStockOfferingCosts_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_PreferredStockOfferingCosts_3_lbl" xml:lang="en-US">Interest on promissory note to be paid in cash [Default Label]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfDividends" xlink:to="us-gaap_PaymentsOfDividends_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsOfDividends_2_lbl" xml:lang="en-US">Payments of Dividends</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_PaymentForFinancialDerivativesInstrument" xlink:to="PXS_PaymentForFinancialDerivativesInstrument_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_PaymentForFinancialDerivativesInstrument_3_lbl" xml:lang="en-US">PaymentForFinancialDerivativesInstrument</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfFinancingCosts" xlink:to="us-gaap_PaymentsOfFinancingCosts_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsOfFinancingCosts_2_lbl" xml:lang="en-US">Payments of Financing Costs</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivities_2_lbl" xml:lang="en-US">Net Cash Provided by (Used in) Financing Activities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:to="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect_2_lbl" xml:lang="en-US">Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" xlink:to="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_3_lbl" xml:lang="en-US">Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Including Disposal Group and Discontinued Operations</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryDisclosureTextBlock" xlink:to="us-gaap_InventoryDisclosureTextBlock_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InventoryDisclosureTextBlock_2_lbl" xml:lang="en-US">Inventory Disclosure [Text Block]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingenciesPolicyTextBlock" xlink:to="us-gaap_CommitmentsAndContingenciesPolicyTextBlock_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingenciesPolicyTextBlock_2_lbl" xml:lang="en-US">Commitments and Contingencies, Policy [Policy Text Block]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryPolicyTextBlock" xlink:to="us-gaap_InventoryPolicyTextBlock_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InventoryPolicyTextBlock_2_lbl" xml:lang="en-US">Inventory, Policy [Policy Text Block]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_VesselsPolicyTextBlock" xlink:to="PXS_VesselsPolicyTextBlock_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_VesselsPolicyTextBlock_3_lbl" xml:lang="en-US">VesselsPolicyTextBlock</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_VoyageRevenues" xlink:to="PXS_VoyageRevenues_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_VoyageRevenues_3_lbl" xml:lang="en-US">VoyageRevenues</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:to="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_2_lbl" xml:lang="en-US">Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermNotesPayable" xlink:to="us-gaap_LongTermNotesPayable_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermNotesPayable_2_lbl" xml:lang="en-US">Notes Payable, Noncurrent</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty" xlink:to="us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty_2_lbl" xml:lang="en-US">Related Party Transaction, Expenses from Transactions with Related Party</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:to="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_3_lbl" xml:lang="en-US">Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredFinanceCostsCurrentNet" xlink:to="us-gaap_DeferredFinanceCostsCurrentNet_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredFinanceCostsCurrentNet_2_lbl" xml:lang="en-US">Debt Issuance Costs, Current, Net</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredFinanceCostsNoncurrentNet" xlink:to="us-gaap_DeferredFinanceCostsNoncurrentNet_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredFinanceCostsNoncurrentNet_2_lbl" xml:lang="en-US">Debt Issuance Costs, Noncurrent, Net</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebt" xlink:to="us-gaap_LongTermDebt_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebt_3_lbl" xml:lang="en-US">Long-term Debt [Default Label]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:to="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_2_lbl" xml:lang="en-US">Debt Instrument, Basis Spread on Variable Rate</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_CashAndCashEquivalent" xlink:to="PXS_CashAndCashEquivalent_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_CashAndCashEquivalent_3_lbl" xml:lang="en-US">Debt To Market Value Of Adjusted Assets Ratio Actual</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableCurrent" xlink:to="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableCurrent_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableCurrent_2_lbl" xml:lang="en-US">Operating Leases, Future Minimum Payments Receivable, Current</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivable" xlink:to="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivable_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsReceivable_2_lbl" xml:lang="en-US">Operating Leases, Future Minimum Payments Receivable</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestAndDebtExpense" xlink:to="us-gaap_InterestAndDebtExpense_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestAndDebtExpense_2_lbl" xml:lang="en-US">Interest and Debt Expense</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="PXS_LongTermDebtBalloonPayment" xlink:to="PXS_LongTermDebtBalloonPayment_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="PXS_LongTermDebtBalloonPayment_3_lbl" xml:lang="en-US">LongTermDebtBalloonPayment</link:label>
    </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>34
<FILENAME>pxs-20201231_pre.xml
<DESCRIPTION>XBRL PRESENTATION FILE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.7a -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: http://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Source; Value: PXS %2D20201231 20%2DF DFN.xfr; Date: 2021%2D04%2D12T11:27:06Z -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
    <link:roleRef roleURI="http://pyxistankers.com/role/DocumentAndEntityInformation" xlink:href="pxs-20201231.xsd#DocumentAndEntityInformation" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/BalanceSheets" xlink:href="pxs-20201231.xsd#BalanceSheets" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/BalanceSheetsParenthetical" xlink:href="pxs-20201231.xsd#BalanceSheetsParenthetical" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/StatementsOfComprehensiveLoss" xlink:href="pxs-20201231.xsd#StatementsOfComprehensiveLoss" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/StatementsOfStockholdersEquity" xlink:href="pxs-20201231.xsd#StatementsOfStockholdersEquity" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/StatementsOfCashFlows" xlink:href="pxs-20201231.xsd#StatementsOfCashFlows" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/BasisOfPresentationAndGeneralInformation" xlink:href="pxs-20201231.xsd#BasisOfPresentationAndGeneralInformation" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/SignificantAccountingPolicies" xlink:href="pxs-20201231.xsd#SignificantAccountingPolicies" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/TransactionsWithRelatedParties" xlink:href="pxs-20201231.xsd#TransactionsWithRelatedParties" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/Inventories" xlink:href="pxs-20201231.xsd#Inventories" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/VesselsNet" xlink:href="pxs-20201231.xsd#VesselsNet" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/DeferredChargesNet" xlink:href="pxs-20201231.xsd#DeferredChargesNet" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/Long-termDebt" xlink:href="pxs-20201231.xsd#Long-termDebt" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/EquityCapitalStructureAndEquityIncentivePlan" xlink:href="pxs-20201231.xsd#EquityCapitalStructureAndEquityIncentivePlan" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/LossPerCommonShare" xlink:href="pxs-20201231.xsd#LossPerCommonShare" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurements" xlink:href="pxs-20201231.xsd#RiskManagementAndFairValueMeasurements" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/CommitmentsAndContingencies" xlink:href="pxs-20201231.xsd#CommitmentsAndContingencies" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/InterestAndFinanceCostsNet" xlink:href="pxs-20201231.xsd#InterestAndFinanceCostsNet" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/SubsequentEvents" xlink:href="pxs-20201231.xsd#SubsequentEvents" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/SignificantAccountingPoliciesPolicies" xlink:href="pxs-20201231.xsd#SignificantAccountingPoliciesPolicies" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/BasisOfPresentationAndGeneralInformationTables" xlink:href="pxs-20201231.xsd#BasisOfPresentationAndGeneralInformationTables" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/SignificantAccountingPoliciesTables" xlink:href="pxs-20201231.xsd#SignificantAccountingPoliciesTables" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/TransactionsWithRelatedPartiesTables" xlink:href="pxs-20201231.xsd#TransactionsWithRelatedPartiesTables" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/InventoriesTables" xlink:href="pxs-20201231.xsd#InventoriesTables" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/VesselsNetTables" xlink:href="pxs-20201231.xsd#VesselsNetTables" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/DeferredChargesNetTables" xlink:href="pxs-20201231.xsd#DeferredChargesNetTables" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/Long-termDebtTables" xlink:href="pxs-20201231.xsd#Long-termDebtTables" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/LossPerCommonShareTables" xlink:href="pxs-20201231.xsd#LossPerCommonShareTables" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurementsTables" xlink:href="pxs-20201231.xsd#RiskManagementAndFairValueMeasurementsTables" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/CommitmentsAndContingenciesTables" xlink:href="pxs-20201231.xsd#CommitmentsAndContingenciesTables" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/InterestAndFinanceCostsNetTables" xlink:href="pxs-20201231.xsd#InterestAndFinanceCostsNetTables" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/BasisOfPresentationAndGeneralInformationDetailsNarrative" xlink:href="pxs-20201231.xsd#BasisOfPresentationAndGeneralInformationDetailsNarrative" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/BasisOfPresentationAndGeneralInformation-ScheduleOfOwnershipAndOperationOfTankerVesselsDetails" xlink:href="pxs-20201231.xsd#BasisOfPresentationAndGeneralInformation-ScheduleOfOwnershipAndOperationOfTankerVesselsDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/SignificantAccountingPoliciesDetailsNarrative" xlink:href="pxs-20201231.xsd#SignificantAccountingPoliciesDetailsNarrative" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/SignificantAccountingPolicies-ScheduleOfRevenueDisaggregatedByRevenueSourceDetails" xlink:href="pxs-20201231.xsd#SignificantAccountingPolicies-ScheduleOfRevenueDisaggregatedByRevenueSourceDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/SignificantAccountingPolicies-SummaryOfRevenueFromSignificantCharterersFor10OrMoreOfRevenueDetails" xlink:href="pxs-20201231.xsd#SignificantAccountingPolicies-SummaryOfRevenueFromSignificantCharterersFor10OrMoreOfRevenueDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/SignificantAccountingPolicies-ScheduleOfReconciliationOfCashAndCashEquivalentsAndRestrictedCashDetails" xlink:href="pxs-20201231.xsd#SignificantAccountingPolicies-ScheduleOfReconciliationOfCashAndCashEquivalentsAndRestrictedCashDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/TransactionsWithRelatedPartiesDetailsNarrative" xlink:href="pxs-20201231.xsd#TransactionsWithRelatedPartiesDetailsNarrative" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/TransactionsWithRelatedParties-ScheduleOfAmountsChargedByMaritimeIncludedInAccompanyingConsolidatedStatementsOfComprehensiveLossDetails" xlink:href="pxs-20201231.xsd#TransactionsWithRelatedParties-ScheduleOfAmountsChargedByMaritimeIncludedInAccompanyingConsolidatedStatementsOfComprehensiveLossDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/Inventories-ScheduleOfInventoriesDetails" xlink:href="pxs-20201231.xsd#Inventories-ScheduleOfInventoriesDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/VesselsNetDetailsNarrative" xlink:href="pxs-20201231.xsd#VesselsNetDetailsNarrative" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/VesselsNet-ScheduleOfVesselsDetails" xlink:href="pxs-20201231.xsd#VesselsNet-ScheduleOfVesselsDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/DeferredChargesNet-ScheduleOfDeferredChargesDetails" xlink:href="pxs-20201231.xsd#DeferredChargesNet-ScheduleOfDeferredChargesDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/Long-termDebt-ScheduleOfLong-termDebtDetails" xlink:href="pxs-20201231.xsd#Long-termDebt-ScheduleOfLong-termDebtDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/Long-termDebt-ScheduleOfLong-termDebtDetailsParenthetical" xlink:href="pxs-20201231.xsd#Long-termDebt-ScheduleOfLong-termDebtDetailsParenthetical" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/Long-termDebt-ScheduleOfPrincipalPaymentsDetails" xlink:href="pxs-20201231.xsd#Long-termDebt-ScheduleOfPrincipalPaymentsDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/EquityCapitalStructureAndEquityIncentivePlanDetailsNarrative" xlink:href="pxs-20201231.xsd#EquityCapitalStructureAndEquityIncentivePlanDetailsNarrative" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/LossPerCommonShare-ScheduleOfLossPerCommonShareDetails" xlink:href="pxs-20201231.xsd#LossPerCommonShare-ScheduleOfLossPerCommonShareDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurementsDetailsNarrative" xlink:href="pxs-20201231.xsd#RiskManagementAndFairValueMeasurementsDetailsNarrative" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurements-ScheduleOfFairValueOfAssetsAndLiabilitiesDetails" xlink:href="pxs-20201231.xsd#RiskManagementAndFairValueMeasurements-ScheduleOfFairValueOfAssetsAndLiabilitiesDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurements-ScheduleOfFairValueOfAssetsAndLiabilitiesDetailsParenthetical" xlink:href="pxs-20201231.xsd#RiskManagementAndFairValueMeasurements-ScheduleOfFairValueOfAssetsAndLiabilitiesDetailsParenthetical" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurements-ScheduleOfFinancialDerivativeInstrumentLocationDetails" xlink:href="pxs-20201231.xsd#RiskManagementAndFairValueMeasurements-ScheduleOfFinancialDerivativeInstrumentLocationDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurements-ScheduleOfGainsLossesOnDerivativeInstrumentsDetails" xlink:href="pxs-20201231.xsd#RiskManagementAndFairValueMeasurements-ScheduleOfGainsLossesOnDerivativeInstrumentsDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurements-ScheduleOfAssetsMeasuredAtFairValueOnNon-recurringBasisLongLivedAssetsHeldAndUsedAndHeldForSaleDetails" xlink:href="pxs-20201231.xsd#RiskManagementAndFairValueMeasurements-ScheduleOfAssetsMeasuredAtFairValueOnNon-recurringBasisLongLivedAssetsHeldAndUsedAndHeldForSaleDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/CommitmentsAndContingencies-ScheduleOfFutureMinimumContractualCharterRevenuesDetails" xlink:href="pxs-20201231.xsd#CommitmentsAndContingencies-ScheduleOfFutureMinimumContractualCharterRevenuesDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/InterestAndFinanceCostsNet-ScheduleOfInterestAndFinanceCostsDetails" xlink:href="pxs-20201231.xsd#InterestAndFinanceCostsNet-ScheduleOfInterestAndFinanceCostsDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://pyxistankers.com/role/SubsequentEventsDetailsNarrative" xlink:href="pxs-20201231.xsd#SubsequentEventsDetailsNarrative" xlink:type="simple" />
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/DocumentAndEntityInformation" xlink:title="00000001 - Document - Document and Entity Information">
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CoverAbstract" xlink:label="loc_deiCoverAbstract" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityRegistrantName" xlink:label="loc_deiEntityRegistrantName" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityRegistrantName" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="loc_deiEntityCentralIndexKey" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityCentralIndexKey" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentType" xlink:label="loc_deiDocumentType" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentType" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="loc_deiDocumentPeriodEndDate" />
      <link:presentationArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentPeriodEndDate" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_AmendmentFlag" xlink:label="loc_deiAmendmentFlag" />
      <link:presentationArc order="40" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiAmendmentFlag" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="loc_deiCurrentFiscalYearEndDate" />
      <link:presentationArc order="50" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiCurrentFiscalYearEndDate" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="loc_deiEntityWellKnownSeasonedIssuer" />
      <link:presentationArc order="60" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityWellKnownSeasonedIssuer" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="loc_deiEntityVoluntaryFilers" />
      <link:presentationArc order="70" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityVoluntaryFilers" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="loc_deiEntityCurrentReportingStatus" />
      <link:presentationArc order="80" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityCurrentReportingStatus" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityInteractiveDataCurrent" xlink:label="loc_deiEntityInteractiveDataCurrent" />
      <link:presentationArc order="90" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityInteractiveDataCurrent" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityFilerCategory" xlink:label="loc_deiEntityFilerCategory" />
      <link:presentationArc order="100" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityFilerCategory" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityEmergingGrowthCompany" xlink:label="loc_deiEntityEmergingGrowthCompany" />
      <link:presentationArc order="110" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityEmergingGrowthCompany" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityShellCompany" xlink:label="loc_deiEntityShellCompany" />
      <link:presentationArc order="120" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityShellCompany" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentAnnualReport" xlink:label="loc_deiDocumentAnnualReport" />
      <link:presentationArc order="130" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentAnnualReport" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentTransitionReport" xlink:label="loc_deiDocumentTransitionReport" />
      <link:presentationArc order="140" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentTransitionReport" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentShellCompanyReport" xlink:label="loc_deiDocumentShellCompanyReport" />
      <link:presentationArc order="150" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentShellCompanyReport" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="loc_deiEntityCommonStockSharesOutstanding" />
      <link:presentationArc order="160" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiEntityCommonStockSharesOutstanding" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="loc_deiDocumentFiscalYearFocus" />
      <link:presentationArc order="170" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentFiscalYearFocus" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="loc_deiDocumentFiscalPeriodFocus" />
      <link:presentationArc order="180" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiCoverAbstract" xlink:to="loc_deiDocumentFiscalPeriodFocus" xlink:type="arc" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/BalanceSheets" xlink:title="00000002 - Statement - Consolidated Balance Sheets">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="loc_us-gaapStatementOfFinancialPositionAbstract" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="loc_us-gaapAssetsAbstract" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementOfFinancialPositionAbstract" xlink:to="loc_us-gaapAssetsAbstract" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetsCurrentAbstract" xlink:label="loc_us-gaapAssetsCurrentAbstract" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAssetsAbstract" xlink:to="loc_us-gaapAssetsCurrentAbstract" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="loc_us-gaapCashAndCashEquivalentsAtCarryingValue" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAssetsCurrentAbstract" xlink:to="loc_us-gaapCashAndCashEquivalentsAtCarryingValue" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue" xlink:label="loc_us-gaapRestrictedCashAndCashEquivalentsAtCarryingValue" />
      <link:presentationArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAssetsCurrentAbstract" xlink:to="loc_us-gaapRestrictedCashAndCashEquivalentsAtCarryingValue" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InventoryNet" xlink:label="loc_us-gaapInventoryNet" />
      <link:presentationArc order="40" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAssetsCurrentAbstract" xlink:to="loc_us-gaapInventoryNet" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_TradeAccountsReceivable" xlink:label="loc_PXSTradeAccountsReceivable" />
      <link:presentationArc order="50" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAssetsCurrentAbstract" xlink:to="loc_PXSTradeAccountsReceivable" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xlink:label="loc_us-gaapAllowanceForDoubtfulAccountsReceivableCurrent" />
      <link:presentationArc order="60" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAssetsCurrentAbstract" xlink:to="loc_us-gaapAllowanceForDoubtfulAccountsReceivableCurrent" xlink:type="arc" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_TradeAccountsReceivableNet" xlink:label="loc_PXSTradeAccountsReceivableNet" />
      <link:presentationArc order="70" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAssetsCurrentAbstract" xlink:to="loc_PXSTradeAccountsReceivableNet" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DueFromRelatedPartiesCurrent" xlink:label="loc_us-gaapDueFromRelatedPartiesCurrent" />
      <link:presentationArc order="80" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAssetsCurrentAbstract" xlink:to="loc_us-gaapDueFromRelatedPartiesCurrent" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetsHeldForSaleNotPartOfDisposalGroupCurrent" xlink:label="loc_us-gaapAssetsHeldForSaleNotPartOfDisposalGroupCurrent" />
      <link:presentationArc order="90" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAssetsCurrentAbstract" xlink:to="loc_us-gaapAssetsHeldForSaleNotPartOfDisposalGroupCurrent" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:label="loc_us-gaapPrepaidExpenseAndOtherAssetsCurrent" />
      <link:presentationArc order="100" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAssetsCurrentAbstract" xlink:to="loc_us-gaapPrepaidExpenseAndOtherAssetsCurrent" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="loc_us-gaapAssetsCurrent" />
      <link:presentationArc order="110" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAssetsCurrentAbstract" xlink:to="loc_us-gaapAssetsCurrent" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNetAbstract" xlink:label="loc_us-gaapPropertyPlantAndEquipmentNetAbstract" />
      <link:presentationArc order="120" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAssetsAbstract" xlink:to="loc_us-gaapPropertyPlantAndEquipmentNetAbstract" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CapitalLeasesBalanceSheetAssetsByMajorClassNet" xlink:label="loc_us-gaapCapitalLeasesBalanceSheetAssetsByMajorClassNet" />
      <link:presentationArc order="130" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentNetAbstract" xlink:to="loc_us-gaapCapitalLeasesBalanceSheetAssetsByMajorClassNet" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="loc_us-gaapPropertyPlantAndEquipmentNet" />
      <link:presentationArc order="140" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentNetAbstract" xlink:to="loc_us-gaapPropertyPlantAndEquipmentNet" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherAssetsNoncurrentAbstract" xlink:label="loc_us-gaapOtherAssetsNoncurrentAbstract" />
      <link:presentationArc order="160" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAssetsAbstract" xlink:to="loc_us-gaapOtherAssetsNoncurrentAbstract" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalentsNoncurrent" xlink:label="loc_us-gaapRestrictedCashAndCashEquivalentsNoncurrent" />
      <link:presentationArc order="170" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapOtherAssetsNoncurrentAbstract" xlink:to="loc_us-gaapRestrictedCashAndCashEquivalentsNoncurrent" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeInstrumentsAndHedgesNoncurrent" xlink:label="loc_us-gaapDerivativeInstrumentsAndHedgesNoncurrent" />
      <link:presentationArc order="180" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapOtherAssetsNoncurrentAbstract" xlink:to="loc_us-gaapDerivativeInstrumentsAndHedgesNoncurrent" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredCosts" xlink:label="loc_us-gaapDeferredCosts" />
      <link:presentationArc order="190" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapOtherAssetsNoncurrentAbstract" xlink:to="loc_us-gaapDeferredCosts" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PrepaidExpenseAndOtherAssetsNoncurrent" xlink:label="loc_us-gaapPrepaidExpenseAndOtherAssetsNoncurrent" />
      <link:presentationArc order="200" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapOtherAssetsNoncurrentAbstract" xlink:to="loc_us-gaapPrepaidExpenseAndOtherAssetsNoncurrent" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OtherAssetsNoncurrent" xlink:label="loc_us-gaapOtherAssetsNoncurrent" />
      <link:presentationArc order="210" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapOtherAssetsNoncurrentAbstract" xlink:to="loc_us-gaapOtherAssetsNoncurrent" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_Assets" xlink:label="loc_us-gaapAssets" />
      <link:presentationArc order="220" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAssetsAbstract" xlink:to="loc_us-gaapAssets" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="loc_us-gaapLiabilitiesAndStockholdersEquityAbstract" />
      <link:presentationArc order="240" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementOfFinancialPositionAbstract" xlink:to="loc_us-gaapLiabilitiesAndStockholdersEquityAbstract" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LiabilitiesCurrentAbstract" xlink:label="loc_us-gaapLiabilitiesCurrentAbstract" />
      <link:presentationArc order="250" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapLiabilitiesAndStockholdersEquityAbstract" xlink:to="loc_us-gaapLiabilitiesCurrentAbstract" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtCurrent" xlink:label="loc_us-gaapLongTermDebtCurrent" />
      <link:presentationArc order="260" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapLiabilitiesCurrentAbstract" xlink:to="loc_us-gaapLongTermDebtCurrent" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccountsPayableCurrent" xlink:label="loc_us-gaapAccountsPayableCurrent" />
      <link:presentationArc order="270" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapLiabilitiesCurrentAbstract" xlink:to="loc_us-gaapAccountsPayableCurrent" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DueToRelatedPartiesCurrent" xlink:label="loc_us-gaapDueToRelatedPartiesCurrent" />
      <link:presentationArc order="280" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapLiabilitiesCurrentAbstract" xlink:to="loc_us-gaapDueToRelatedPartiesCurrent" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ContractWithCustomerLiabilityCurrent" xlink:label="loc_us-gaapContractWithCustomerLiabilityCurrent" />
      <link:presentationArc order="290" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapLiabilitiesCurrentAbstract" xlink:to="loc_us-gaapContractWithCustomerLiabilityCurrent" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_AccruedAndOtherLiabilitiesCurrent" xlink:label="loc_PXSAccruedAndOtherLiabilitiesCurrent" />
      <link:presentationArc order="300" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapLiabilitiesCurrentAbstract" xlink:to="loc_PXSAccruedAndOtherLiabilitiesCurrent" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="loc_us-gaapLiabilitiesCurrent" />
      <link:presentationArc order="310" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapLiabilitiesCurrentAbstract" xlink:to="loc_us-gaapLiabilitiesCurrent" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LiabilitiesNoncurrentAbstract" xlink:label="loc_us-gaapLiabilitiesNoncurrentAbstract" />
      <link:presentationArc order="330" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapLiabilitiesAndStockholdersEquityAbstract" xlink:to="loc_us-gaapLiabilitiesNoncurrentAbstract" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtNoncurrent" xlink:label="loc_us-gaapLongTermDebtNoncurrent" />
      <link:presentationArc order="340" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapLiabilitiesNoncurrentAbstract" xlink:to="loc_us-gaapLongTermDebtNoncurrent" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LongTermDebtNoncurrentExcludingNotesPayable" xlink:label="loc_PXSLongTermDebtNoncurrentExcludingNotesPayable" />
      <link:presentationArc order="350" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapLiabilitiesNoncurrentAbstract" xlink:to="loc_PXSLongTermDebtNoncurrentExcludingNotesPayable" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LiabilitiesNoncurrent" xlink:label="loc_us-gaapLiabilitiesNoncurrent" />
      <link:presentationArc order="360" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapLiabilitiesNoncurrentAbstract" xlink:to="loc_us-gaapLiabilitiesNoncurrent" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommitmentsAndContingencies" xlink:label="loc_us-gaapCommitmentsAndContingencies" />
      <link:presentationArc order="380" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapLiabilitiesAndStockholdersEquityAbstract" xlink:to="loc_us-gaapCommitmentsAndContingencies" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockholdersEquityAbstract" xlink:label="loc_us-gaapStockholdersEquityAbstract" />
      <link:presentationArc order="400" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapLiabilitiesAndStockholdersEquityAbstract" xlink:to="loc_us-gaapStockholdersEquityAbstract" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockValue" xlink:label="loc_us-gaapPreferredStockValue" />
      <link:presentationArc order="410" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStockholdersEquityAbstract" xlink:to="loc_us-gaapPreferredStockValue" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockValue" xlink:label="loc_us-gaapCommonStockValue" />
      <link:presentationArc order="420" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStockholdersEquityAbstract" xlink:to="loc_us-gaapCommonStockValue" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AdditionalPaidInCapital" xlink:label="loc_us-gaapAdditionalPaidInCapital" />
      <link:presentationArc order="430" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStockholdersEquityAbstract" xlink:to="loc_us-gaapAdditionalPaidInCapital" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="loc_us-gaapRetainedEarningsAccumulatedDeficit" />
      <link:presentationArc order="440" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStockholdersEquityAbstract" xlink:to="loc_us-gaapRetainedEarningsAccumulatedDeficit" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="loc_us-gaapStockholdersEquity" />
      <link:presentationArc order="450" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStockholdersEquityAbstract" xlink:to="loc_us-gaapStockholdersEquity" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="loc_us-gaapLiabilitiesAndStockholdersEquity" />
      <link:presentationArc order="460" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapLiabilitiesAndStockholdersEquityAbstract" xlink:to="loc_us-gaapLiabilitiesAndStockholdersEquity" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/BalanceSheetsParenthetical" xlink:title="00000003 - Statement - Consolidated Balance Sheets (Parenthetical)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="loc_us-gaapStatementOfFinancialPositionAbstract" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaapStatementTable" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementOfFinancialPositionAbstract" xlink:to="loc_us-gaapStatementTable" order="100" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaapStatementLineItems" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapStatementLineItems" order="200" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaapStatementClassOfStockAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapStatementClassOfStockAxis" order="10" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaapClassOfStockDomain" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementClassOfStockAxis" xlink:to="loc_us-gaapClassOfStockDomain" order="0" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SeriesAConvertiblePreferredSharesMember" xlink:label="loc_PXSSeriesAConvertiblePreferredSharesMember" />
      <link:presentationArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_PXSSeriesAConvertiblePreferredSharesMember" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockParOrStatedValuePerShare" xlink:label="loc_us-gaapPreferredStockParOrStatedValuePerShare" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapPreferredStockParOrStatedValuePerShare" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockSharesAuthorized" xlink:label="loc_us-gaapPreferredStockSharesAuthorized" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapPreferredStockSharesAuthorized" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockSharesIssued" xlink:label="loc_us-gaapPreferredStockSharesIssued" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapPreferredStockSharesIssued" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockSharesOutstanding" xlink:label="loc_us-gaapPreferredStockSharesOutstanding" />
      <link:presentationArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapPreferredStockSharesOutstanding" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="loc_us-gaapCommonStockParOrStatedValuePerShare" />
      <link:presentationArc order="40" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapCommonStockParOrStatedValuePerShare" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="loc_us-gaapCommonStockSharesAuthorized" />
      <link:presentationArc order="50" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapCommonStockSharesAuthorized" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="loc_us-gaapCommonStockSharesIssued" />
      <link:presentationArc order="60" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapCommonStockSharesIssued" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="loc_us-gaapCommonStockSharesOutstanding" />
      <link:presentationArc order="70" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapCommonStockSharesOutstanding" xlink:type="arc" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/StatementsOfComprehensiveLoss" xlink:title="00000004 - Statement - Consolidated Statements of Comprehensive Loss">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeStatementAbstract" xlink:label="loc_us-gaapIncomeStatementAbstract" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_Revenues" xlink:label="loc_us-gaapRevenues" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapIncomeStatementAbstract" xlink:to="loc_us-gaapRevenues" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CostsAndExpensesAbstract" xlink:label="loc_us-gaapCostsAndExpensesAbstract" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapIncomeStatementAbstract" xlink:to="loc_us-gaapCostsAndExpensesAbstract" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_VoyageRelatedCostsAndCommissions" xlink:label="loc_PXSVoyageRelatedCostsAndCommissions" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapCostsAndExpensesAbstract" xlink:to="loc_PXSVoyageRelatedCostsAndCommissions" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_VesselOperatingExpenses" xlink:label="loc_PXSVesselOperatingExpenses" />
      <link:presentationArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapCostsAndExpensesAbstract" xlink:to="loc_PXSVesselOperatingExpenses" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GeneralAndAdministrativeExpense" xlink:label="loc_us-gaapGeneralAndAdministrativeExpense" />
      <link:presentationArc order="40" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapCostsAndExpensesAbstract" xlink:to="loc_us-gaapGeneralAndAdministrativeExpense" xlink:type="arc" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ManagementFeesRelatedParties" xlink:label="loc_PXSManagementFeesRelatedParties" />
      <link:presentationArc order="50" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapCostsAndExpensesAbstract" xlink:to="loc_PXSManagementFeesRelatedParties" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ManagementFeesOther" xlink:label="loc_PXSManagementFeesOther" />
      <link:presentationArc order="60" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapCostsAndExpensesAbstract" xlink:to="loc_PXSManagementFeesOther" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AmortizationOfDeferredCharges" xlink:label="loc_us-gaapAmortizationOfDeferredCharges" />
      <link:presentationArc order="70" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapCostsAndExpensesAbstract" xlink:to="loc_us-gaapAmortizationOfDeferredCharges" xlink:type="arc" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_Depreciation" xlink:label="loc_us-gaapDepreciation" />
      <link:presentationArc order="80" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapCostsAndExpensesAbstract" xlink:to="loc_us-gaapDepreciation" xlink:type="arc" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ImpairmentOfLongLivedAssetsHeldForUse" xlink:label="loc_us-gaapImpairmentOfLongLivedAssetsHeldForUse" />
      <link:presentationArc order="90" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapCostsAndExpensesAbstract" xlink:to="loc_us-gaapImpairmentOfLongLivedAssetsHeldForUse" xlink:type="arc" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LossOnVesselHeldForSale" xlink:label="loc_PXSLossOnVesselHeldForSale" />
      <link:presentationArc order="100" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapCostsAndExpensesAbstract" xlink:to="loc_PXSLossOnVesselHeldForSale" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GainLossOnSaleOfPropertyPlantEquipment" xlink:label="loc_us-gaapGainLossOnSaleOfPropertyPlantEquipment" />
      <link:presentationArc order="110" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapCostsAndExpensesAbstract" xlink:to="loc_us-gaapGainLossOnSaleOfPropertyPlantEquipment" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProvisionForDoubtfulAccounts" xlink:label="loc_us-gaapProvisionForDoubtfulAccounts" />
      <link:presentationArc order="120" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapCostsAndExpensesAbstract" xlink:to="loc_us-gaapProvisionForDoubtfulAccounts" xlink:type="arc" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="loc_us-gaapOperatingIncomeLoss" />
      <link:presentationArc order="130" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapIncomeStatementAbstract" xlink:to="loc_us-gaapOperatingIncomeLoss" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NonoperatingIncomeExpenseAbstract" xlink:label="loc_us-gaapNonoperatingIncomeExpenseAbstract" />
      <link:presentationArc order="140" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapIncomeStatementAbstract" xlink:to="loc_us-gaapNonoperatingIncomeExpenseAbstract" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GainsLossesOnExtinguishmentOfDebt" xlink:label="loc_us-gaapGainsLossesOnExtinguishmentOfDebt" />
      <link:presentationArc order="150" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapNonoperatingIncomeExpenseAbstract" xlink:to="loc_us-gaapGainsLossesOnExtinguishmentOfDebt" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GainLossOnDerivativeInstrumentsNetPretax" xlink:label="loc_us-gaapGainLossOnDerivativeInstrumentsNetPretax" />
      <link:presentationArc order="160" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapNonoperatingIncomeExpenseAbstract" xlink:to="loc_us-gaapGainLossOnDerivativeInstrumentsNetPretax" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestExpenseDebt" xlink:label="loc_us-gaapInterestExpenseDebt" />
      <link:presentationArc order="170" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapNonoperatingIncomeExpenseAbstract" xlink:to="loc_us-gaapInterestExpenseDebt" xlink:type="arc" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NonoperatingIncomeExpense" xlink:label="loc_us-gaapNonoperatingIncomeExpense" />
      <link:presentationArc order="180" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapNonoperatingIncomeExpenseAbstract" xlink:to="loc_us-gaapNonoperatingIncomeExpense" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="loc_us-gaapNetIncomeLoss" />
      <link:presentationArc order="190" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapIncomeStatementAbstract" xlink:to="loc_us-gaapNetIncomeLoss" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockDividendsAndOtherAdjustments" xlink:label="loc_us-gaapPreferredStockDividendsAndOtherAdjustments" />
      <link:presentationArc order="200" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapIncomeStatementAbstract" xlink:to="loc_us-gaapPreferredStockDividendsAndOtherAdjustments" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:label="loc_us-gaapNetIncomeLossAvailableToCommonStockholdersBasic" />
      <link:presentationArc order="210" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapIncomeStatementAbstract" xlink:to="loc_us-gaapNetIncomeLossAvailableToCommonStockholdersBasic" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EarningsPerShareBasicAndDiluted" xlink:label="loc_us-gaapEarningsPerShareBasicAndDiluted" />
      <link:presentationArc order="220" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapIncomeStatementAbstract" xlink:to="loc_us-gaapEarningsPerShareBasicAndDiluted" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted" xlink:label="loc_us-gaapWeightedAverageNumberOfShareOutstandingBasicAndDiluted" />
      <link:presentationArc order="230" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapIncomeStatementAbstract" xlink:to="loc_us-gaapWeightedAverageNumberOfShareOutstandingBasicAndDiluted" xlink:type="arc" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/StatementsOfStockholdersEquity" xlink:title="00000005 - Statement - Consolidated Statements of Stockholders&apos; Equity">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementOfStockholdersEquityAbstract" xlink:label="loc_us-gaapStatementOfStockholdersEquityAbstract" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaapStatementTable" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementOfStockholdersEquityAbstract" xlink:to="loc_us-gaapStatementTable" order="100" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaapStatementLineItems" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapStatementLineItems" order="200" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="loc_us-gaapStatementEquityComponentsAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapStatementEquityComponentsAxis" order="10" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_us-gaapEquityComponentDomain" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementEquityComponentsAxis" xlink:to="loc_us-gaapEquityComponentDomain" order="50" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SeriesAConvertiblePreferredStockMember" xlink:label="loc_PXSSeriesAConvertiblePreferredStockMember" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementEquityComponentsAxis" xlink:to="loc_PXSSeriesAConvertiblePreferredStockMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockMember" xlink:label="loc_us-gaapCommonStockMember" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementEquityComponentsAxis" xlink:to="loc_us-gaapCommonStockMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="loc_us-gaapAdditionalPaidInCapitalMember" />
      <link:presentationArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementEquityComponentsAxis" xlink:to="loc_us-gaapAdditionalPaidInCapitalMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="loc_us-gaapRetainedEarningsMember" />
      <link:presentationArc order="40" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementEquityComponentsAxis" xlink:to="loc_us-gaapRetainedEarningsMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="loc_us-gaapStockholdersEquity" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapStockholdersEquity" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SharesOutstanding" xlink:label="loc_us-gaapSharesOutstanding" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapSharesOutstanding" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NetProceedsFromIssuanceOfCommonShares" xlink:label="loc_PXSNetProceedsFromIssuanceOfCommonShares" />
      <link:presentationArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSNetProceedsFromIssuanceOfCommonShares" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_AdjustmentsToAdditionalPaidInCapitalSharesOther" xlink:label="loc_PXSAdjustmentsToAdditionalPaidInCapitalSharesOther" />
      <link:presentationArc order="40" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSAdjustmentsToAdditionalPaidInCapitalSharesOther" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_CumulativeEffectOfAccumulatedDeficitForImpactOfAdoptionOnNewAccountingStandardForCreditLosses" xlink:label="loc_PXSCumulativeEffectOfAccumulatedDeficitForImpactOfAdoptionOnNewAccountingStandardForCreditLosses" />
      <link:presentationArc order="50" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSCumulativeEffectOfAccumulatedDeficitForImpactOfAdoptionOnNewAccountingStandardForCreditLosses" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_IssuanceOfCommonStockUnderPromissoryNote" xlink:label="loc_PXSIssuanceOfCommonStockUnderPromissoryNote" />
      <link:presentationArc order="60" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSIssuanceOfCommonStockUnderPromissoryNote" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_IssuanceOfCommonStockUnderPromissoryNoteShares" xlink:label="loc_PXSIssuanceOfCommonStockUnderPromissoryNoteShares" />
      <link:presentationArc order="70" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSIssuanceOfCommonStockUnderPromissoryNoteShares" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="loc_us-gaapStockIssuedDuringPeriodValueNewIssues" />
      <link:presentationArc order="80" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapStockIssuedDuringPeriodValueNewIssues" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="loc_us-gaapStockIssuedDuringPeriodSharesNewIssues" />
      <link:presentationArc order="90" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapStockIssuedDuringPeriodSharesNewIssues" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:label="loc_us-gaapStockIssuedDuringPeriodValueConversionOfConvertibleSecurities" />
      <link:presentationArc order="100" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapStockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xlink:label="loc_us-gaapStockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" />
      <link:presentationArc order="110" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapStockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings" xlink:label="loc_us-gaapAdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings" />
      <link:presentationArc order="120" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapAdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="loc_us-gaapNetIncomeLoss" />
      <link:presentationArc order="130" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapNetIncomeLoss" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="loc_us-gaapStockholdersEquity_2" />
      <link:presentationArc order="140" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapStockholdersEquity_2" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SharesOutstanding" xlink:label="loc_us-gaapSharesOutstanding_2" />
      <link:presentationArc order="150" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapSharesOutstanding_2" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/StatementsOfCashFlows" xlink:title="00000006 - Statement - Consolidated Statements of Cash Flows">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="loc_us-gaapStatementOfCashFlowsAbstract" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="loc_us-gaapNetCashProvidedByUsedInOperatingActivitiesAbstract" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementOfCashFlowsAbstract" xlink:to="loc_us-gaapNetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="loc_us-gaapNetIncomeLoss" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapNetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="loc_us-gaapNetIncomeLoss" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="loc_us-gaapAdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapNetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="loc_us-gaapAdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_Depreciation" xlink:label="loc_us-gaapDepreciation" />
      <link:presentationArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="loc_us-gaapDepreciation" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AmortizationOfDeferredCharges" xlink:label="loc_us-gaapAmortizationOfDeferredCharges" />
      <link:presentationArc order="40" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="loc_us-gaapAmortizationOfDeferredCharges" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AmortizationOfFinancingCosts" xlink:label="loc_us-gaapAmortizationOfFinancingCosts" />
      <link:presentationArc order="50" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="loc_us-gaapAmortizationOfFinancingCosts" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ImpairmentOfLongLivedAssetsHeldForUse" xlink:label="loc_us-gaapImpairmentOfLongLivedAssetsHeldForUse" />
      <link:presentationArc order="60" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="loc_us-gaapImpairmentOfLongLivedAssetsHeldForUse" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GainsLossesOnExtinguishmentOfDebt" xlink:label="loc_us-gaapGainsLossesOnExtinguishmentOfDebt" />
      <link:presentationArc order="70" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="loc_us-gaapGainsLossesOnExtinguishmentOfDebt" xlink:type="arc" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeGainLossOnDerivativeNet" xlink:label="loc_us-gaapDerivativeGainLossOnDerivativeNet" />
      <link:presentationArc order="80" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="loc_us-gaapDerivativeGainLossOnDerivativeNet" xlink:type="arc" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LossOnVesselHeldForSale" xlink:label="loc_PXSLossOnVesselHeldForSale" />
      <link:presentationArc order="90" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="loc_PXSLossOnVesselHeldForSale" xlink:type="arc" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GainLossOnSaleOfPropertyPlantEquipment" xlink:label="loc_us-gaapGainLossOnSaleOfPropertyPlantEquipment" />
      <link:presentationArc order="100" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="loc_us-gaapGainLossOnSaleOfPropertyPlantEquipment" xlink:type="arc" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProvisionForDoubtfulAccounts" xlink:label="loc_us-gaapProvisionForDoubtfulAccounts" />
      <link:presentationArc order="110" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="loc_us-gaapProvisionForDoubtfulAccounts" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_IssuanceOfCommonStockUnderPromissoryNotes" xlink:label="loc_PXSIssuanceOfCommonStockUnderPromissoryNotes" />
      <link:presentationArc order="120" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="loc_PXSIssuanceOfCommonStockUnderPromissoryNotes" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:label="loc_us-gaapIncreaseDecreaseInOperatingCapitalAbstract" />
      <link:presentationArc order="130" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapNetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="loc_us-gaapIncreaseDecreaseInOperatingCapitalAbstract" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInInventories" xlink:label="loc_us-gaapIncreaseDecreaseInInventories" />
      <link:presentationArc order="140" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapIncreaseDecreaseInOperatingCapitalAbstract" xlink:to="loc_us-gaapIncreaseDecreaseInInventories" xlink:type="arc" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:label="loc_us-gaapIncreaseDecreaseInAccountsReceivable" />
      <link:presentationArc order="150" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapIncreaseDecreaseInOperatingCapitalAbstract" xlink:to="loc_us-gaapIncreaseDecreaseInAccountsReceivable" xlink:type="arc" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInDueFromRelatedParties" xlink:label="loc_us-gaapIncreaseDecreaseInDueFromRelatedParties" />
      <link:presentationArc order="160" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapIncreaseDecreaseInOperatingCapitalAbstract" xlink:to="loc_us-gaapIncreaseDecreaseInDueFromRelatedParties" xlink:type="arc" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:label="loc_us-gaapIncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" />
      <link:presentationArc order="170" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapIncreaseDecreaseInOperatingCapitalAbstract" xlink:to="loc_us-gaapIncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:type="arc" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_IncreaseDecreaseInSpecialSurveyCosts" xlink:label="loc_PXSIncreaseDecreaseInSpecialSurveyCosts" />
      <link:presentationArc order="180" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapIncreaseDecreaseInOperatingCapitalAbstract" xlink:to="loc_PXSIncreaseDecreaseInSpecialSurveyCosts" xlink:type="arc" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayable" xlink:label="loc_us-gaapIncreaseDecreaseInAccountsPayable" />
      <link:presentationArc order="190" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapIncreaseDecreaseInOperatingCapitalAbstract" xlink:to="loc_us-gaapIncreaseDecreaseInAccountsPayable" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInDueToRelatedParties" xlink:label="loc_us-gaapIncreaseDecreaseInDueToRelatedParties" />
      <link:presentationArc order="200" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapIncreaseDecreaseInOperatingCapitalAbstract" xlink:to="loc_us-gaapIncreaseDecreaseInDueToRelatedParties" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInContractWithCustomerLiability" xlink:label="loc_us-gaapIncreaseDecreaseInContractWithCustomerLiability" />
      <link:presentationArc order="210" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapIncreaseDecreaseInOperatingCapitalAbstract" xlink:to="loc_us-gaapIncreaseDecreaseInContractWithCustomerLiability" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities" xlink:label="loc_us-gaapIncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities" />
      <link:presentationArc order="220" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapIncreaseDecreaseInOperatingCapitalAbstract" xlink:to="loc_us-gaapIncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="loc_us-gaapNetCashProvidedByUsedInOperatingActivities" />
      <link:presentationArc order="230" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapNetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="loc_us-gaapNetCashProvidedByUsedInOperatingActivities" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="loc_us-gaapNetCashProvidedByUsedInInvestingActivitiesAbstract" />
      <link:presentationArc order="250" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementOfCashFlowsAbstract" xlink:to="loc_us-gaapNetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PaymentForAdvances" xlink:label="loc_PXSPaymentForAdvances" />
      <link:presentationArc order="260" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapNetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="loc_PXSPaymentForAdvances" xlink:type="arc" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment" xlink:label="loc_us-gaapProceedsFromSaleOfPropertyPlantAndEquipment" />
      <link:presentationArc order="270" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapNetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="loc_us-gaapProceedsFromSaleOfPropertyPlantAndEquipment" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PaymentsForVesselAdditions" xlink:label="loc_PXSPaymentsForVesselAdditions" />
      <link:presentationArc order="280" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapNetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="loc_PXSPaymentsForVesselAdditions" xlink:type="arc" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PaymentsForInstallation" xlink:label="loc_PXSPaymentsForInstallation" />
      <link:presentationArc order="290" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapNetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="loc_PXSPaymentsForInstallation" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="loc_us-gaapNetCashProvidedByUsedInInvestingActivities" />
      <link:presentationArc order="300" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapNetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="loc_us-gaapNetCashProvidedByUsedInInvestingActivities" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="loc_us-gaapNetCashProvidedByUsedInFinancingActivitiesAbstract" />
      <link:presentationArc order="320" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementOfCashFlowsAbstract" xlink:to="loc_us-gaapNetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:label="loc_us-gaapProceedsFromIssuanceOfLongTermDebt" />
      <link:presentationArc order="330" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapNetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="loc_us-gaapProceedsFromIssuanceOfLongTermDebt" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RepaymentsOfLongTermDebt" xlink:label="loc_us-gaapRepaymentsOfLongTermDebt" />
      <link:presentationArc order="340" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapNetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="loc_us-gaapRepaymentsOfLongTermDebt" xlink:type="arc" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:label="loc_us-gaapProceedsFromIssuanceOfCommonStock" />
      <link:presentationArc order="350" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapNetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="loc_us-gaapProceedsFromIssuanceOfCommonStock" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsOfStockIssuanceCosts" xlink:label="loc_us-gaapPaymentsOfStockIssuanceCosts" />
      <link:presentationArc order="360" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapNetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="loc_us-gaapPaymentsOfStockIssuanceCosts" xlink:type="arc" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock" xlink:label="loc_us-gaapProceedsFromIssuanceOfPreferredStockAndPreferenceStock" />
      <link:presentationArc order="370" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapNetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="loc_us-gaapProceedsFromIssuanceOfPreferredStockAndPreferenceStock" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PreferredStockOfferingCosts" xlink:label="loc_PXSPreferredStockOfferingCosts" />
      <link:presentationArc order="380" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapNetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="loc_PXSPreferredStockOfferingCosts" xlink:type="arc" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsOfDividends" xlink:label="loc_us-gaapPaymentsOfDividends" />
      <link:presentationArc order="390" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapNetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="loc_us-gaapPaymentsOfDividends" xlink:type="arc" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PaymentForFinancialDerivativesInstrument" xlink:label="loc_PXSPaymentForFinancialDerivativesInstrument" />
      <link:presentationArc order="400" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapNetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="loc_PXSPaymentForFinancialDerivativesInstrument" xlink:type="arc" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsOfFinancingCosts" xlink:label="loc_us-gaapPaymentsOfFinancingCosts" />
      <link:presentationArc order="410" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapNetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="loc_us-gaapPaymentsOfFinancingCosts" xlink:type="arc" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivities" xlink:label="loc_us-gaapNetCashProvidedByUsedInFinancingActivities" />
      <link:presentationArc order="420" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapNetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="loc_us-gaapNetCashProvidedByUsedInFinancingActivities" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:label="loc_us-gaapCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" />
      <link:presentationArc order="440" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementOfCashFlowsAbstract" xlink:to="loc_us-gaapCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" xlink:label="loc_us-gaapCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" />
      <link:presentationArc order="450" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementOfCashFlowsAbstract" xlink:to="loc_us-gaapCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations" xlink:label="loc_us-gaapCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_2" />
      <link:presentationArc order="460" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementOfCashFlowsAbstract" xlink:to="loc_us-gaapCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations_2" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SupplementalCashFlowInformationAbstract" xlink:label="loc_us-gaapSupplementalCashFlowInformationAbstract" />
      <link:presentationArc order="480" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementOfCashFlowsAbstract" xlink:to="loc_us-gaapSupplementalCashFlowInformationAbstract" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestPaidNet" xlink:label="loc_us-gaapInterestPaidNet" />
      <link:presentationArc order="490" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapSupplementalCashFlowInformationAbstract" xlink:to="loc_us-gaapInterestPaidNet" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NoncashFinancingActivitiesIssuanceOfCommonStockUnderPromissoryNote" xlink:label="loc_PXSNoncashFinancingActivitiesIssuanceOfCommonStockUnderPromissoryNote" />
      <link:presentationArc order="500" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapSupplementalCashFlowInformationAbstract" xlink:to="loc_PXSNoncashFinancingActivitiesIssuanceOfCommonStockUnderPromissoryNote" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_UnpaidPortionOfBallastWaterTreatmentSystemInstallation" xlink:label="loc_PXSUnpaidPortionOfBallastWaterTreatmentSystemInstallation" />
      <link:presentationArc order="510" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapSupplementalCashFlowInformationAbstract" xlink:to="loc_PXSUnpaidPortionOfBallastWaterTreatmentSystemInstallation" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_UnpaidPortionForCommonStockOfferingCosts" xlink:label="loc_PXSUnpaidPortionForCommonStockOfferingCosts" />
      <link:presentationArc order="520" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapSupplementalCashFlowInformationAbstract" xlink:to="loc_PXSUnpaidPortionForCommonStockOfferingCosts" xlink:type="arc" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/BasisOfPresentationAndGeneralInformation" xlink:title="00000007 - Disclosure - Basis of Presentation and General Information">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:label="loc_us-gaapOrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock" xlink:label="loc_us-gaapBusinessDescriptionAndBasisOfPresentationTextBlock" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapOrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:to="loc_us-gaapBusinessDescriptionAndBasisOfPresentationTextBlock" xlink:type="arc" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/SignificantAccountingPolicies" xlink:title="00000008 - Disclosure - Significant Accounting Policies">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="loc_us-gaapAccountingPoliciesAbstract" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock" xlink:label="loc_us-gaapSignificantAccountingPoliciesTextBlock" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAccountingPoliciesAbstract" xlink:to="loc_us-gaapSignificantAccountingPoliciesTextBlock" xlink:type="arc" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/TransactionsWithRelatedParties" xlink:title="00000009 - Disclosure - Transactions with Related Parties">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionsAbstract" xlink:label="loc_us-gaapRelatedPartyTransactionsAbstract" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:label="loc_us-gaapRelatedPartyTransactionsDisclosureTextBlock" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapRelatedPartyTransactionsAbstract" xlink:to="loc_us-gaapRelatedPartyTransactionsDisclosureTextBlock" xlink:type="arc" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/Inventories" xlink:title="00000010 - Disclosure - Inventories">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InventoryDisclosureAbstract" xlink:label="loc_us-gaapInventoryDisclosureAbstract" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InventoryDisclosureTextBlock" xlink:label="loc_us-gaapInventoryDisclosureTextBlock" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapInventoryDisclosureAbstract" xlink:to="loc_us-gaapInventoryDisclosureTextBlock" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/VesselsNet" xlink:title="00000011 - Disclosure - Vessels, Net">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentAbstract" xlink:label="loc_us-gaapPropertyPlantAndEquipmentAbstract" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock" xlink:label="loc_us-gaapPropertyPlantAndEquipmentDisclosureTextBlock" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentAbstract" xlink:to="loc_us-gaapPropertyPlantAndEquipmentDisclosureTextBlock" xlink:type="arc" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/DeferredChargesNet" xlink:title="00000012 - Disclosure - Deferred Charges, Net">
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_DeferredChargesNetAbstract" xlink:label="loc_PXSDeferredChargesNetAbstract" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_DeferredChargesTextBlock" xlink:label="loc_PXSDeferredChargesTextBlock" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_PXSDeferredChargesNetAbstract" xlink:to="loc_PXSDeferredChargesTextBlock" xlink:type="arc" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/Long-termDebt" xlink:title="00000013 - Disclosure - Long-term Debt">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtDisclosureAbstract" xlink:label="loc_us-gaapDebtDisclosureAbstract" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtTextBlock" xlink:label="loc_us-gaapLongTermDebtTextBlock" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapDebtDisclosureAbstract" xlink:to="loc_us-gaapLongTermDebtTextBlock" xlink:type="arc" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/EquityCapitalStructureAndEquityIncentivePlan" xlink:title="00000014 - Disclosure - Equity Capital Structure and Equity Incentive Plan">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CompensationAndRetirementDisclosureAbstract" xlink:label="loc_us-gaapCompensationAndRetirementDisclosureAbstract" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CompensationAndEmployeeBenefitPlansTextBlock" xlink:label="loc_us-gaapCompensationAndEmployeeBenefitPlansTextBlock" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapCompensationAndRetirementDisclosureAbstract" xlink:to="loc_us-gaapCompensationAndEmployeeBenefitPlansTextBlock" xlink:type="arc" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/LossPerCommonShare" xlink:title="00000015 - Disclosure - Loss Per Common Share">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EarningsPerShareAbstract" xlink:label="loc_us-gaapEarningsPerShareAbstract" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LossPerCommonShare" xlink:label="loc_PXSLossPerCommonShare" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapEarningsPerShareAbstract" xlink:to="loc_PXSLossPerCommonShare" xlink:type="arc" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurements" xlink:title="00000016 - Disclosure - Risk Management and Fair Value Measurements">
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_RiskManagementAndFairValueMeasurementsAbstract" xlink:label="loc_PXSRiskManagementAndFairValueMeasurementsAbstract" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_RiskManagementAndFairValueMeasurementsTextBlock" xlink:label="loc_PXSRiskManagementAndFairValueMeasurementsTextBlock" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_PXSRiskManagementAndFairValueMeasurementsAbstract" xlink:to="loc_PXSRiskManagementAndFairValueMeasurementsTextBlock" xlink:type="arc" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/CommitmentsAndContingencies" xlink:title="00000017 - Disclosure - Commitments and Contingencies">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:label="loc_us-gaapCommitmentsAndContingenciesDisclosureAbstract" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:label="loc_us-gaapCommitmentsAndContingenciesDisclosureTextBlock" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapCommitmentsAndContingenciesDisclosureAbstract" xlink:to="loc_us-gaapCommitmentsAndContingenciesDisclosureTextBlock" xlink:type="arc" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/InterestAndFinanceCostsNet" xlink:title="00000018 - Disclosure - Interest and Finance Costs, Net">
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_InterestAndFinanceCostsNetAbstract" xlink:label="loc_PXSInterestAndFinanceCostsNetAbstract" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_InterestAndFinanceCostTextBlock" xlink:label="loc_PXSInterestAndFinanceCostTextBlock" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_PXSInterestAndFinanceCostsNetAbstract" xlink:to="loc_PXSInterestAndFinanceCostTextBlock" xlink:type="arc" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/SubsequentEvents" xlink:title="00000019 - Disclosure - Subsequent Events">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SubsequentEventsAbstract" xlink:label="loc_us-gaapSubsequentEventsAbstract" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SubsequentEventsTextBlock" xlink:label="loc_us-gaapSubsequentEventsTextBlock" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapSubsequentEventsAbstract" xlink:to="loc_us-gaapSubsequentEventsTextBlock" xlink:type="arc" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/SignificantAccountingPoliciesPolicies" xlink:title="00000020 - Disclosure - Significant Accounting Policies (Policies)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="loc_us-gaapAccountingPoliciesAbstract" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConsolidationPolicyTextBlock" xlink:label="loc_us-gaapConsolidationPolicyTextBlock" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAccountingPoliciesAbstract" xlink:to="loc_us-gaapConsolidationPolicyTextBlock" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_UseOfEstimates" xlink:label="loc_us-gaapUseOfEstimates" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAccountingPoliciesAbstract" xlink:to="loc_us-gaapUseOfEstimates" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ComprehensiveIncomeLoss" xlink:label="loc_PXSComprehensiveIncomeLoss" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAccountingPoliciesAbstract" xlink:to="loc_PXSComprehensiveIncomeLoss" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" xlink:label="loc_us-gaapForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" />
      <link:presentationArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAccountingPoliciesAbstract" xlink:to="loc_us-gaapForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommitmentsAndContingenciesPolicyTextBlock" xlink:label="loc_us-gaapCommitmentsAndContingenciesPolicyTextBlock" />
      <link:presentationArc order="40" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAccountingPoliciesAbstract" xlink:to="loc_us-gaapCommitmentsAndContingenciesPolicyTextBlock" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_InsuranceClaimReceivablesPolicyTextBlock" xlink:label="loc_PXSInsuranceClaimReceivablesPolicyTextBlock" />
      <link:presentationArc order="50" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAccountingPoliciesAbstract" xlink:to="loc_PXSInsuranceClaimReceivablesPolicyTextBlock" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConcentrationRiskCreditRisk" xlink:label="loc_us-gaapConcentrationRiskCreditRisk" />
      <link:presentationArc order="60" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAccountingPoliciesAbstract" xlink:to="loc_us-gaapConcentrationRiskCreditRisk" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:label="loc_us-gaapCashAndCashEquivalentsPolicyTextBlock" />
      <link:presentationArc order="70" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAccountingPoliciesAbstract" xlink:to="loc_us-gaapCashAndCashEquivalentsPolicyTextBlock" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_IncomeTaxPolicyTextBlock" xlink:label="loc_us-gaapIncomeTaxPolicyTextBlock" />
      <link:presentationArc order="80" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAccountingPoliciesAbstract" xlink:to="loc_us-gaapIncomeTaxPolicyTextBlock" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InventoryPolicyTextBlock" xlink:label="loc_us-gaapInventoryPolicyTextBlock" />
      <link:presentationArc order="90" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAccountingPoliciesAbstract" xlink:to="loc_us-gaapInventoryPolicyTextBlock" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TradeAndOtherAccountsReceivablePolicy" xlink:label="loc_us-gaapTradeAndOtherAccountsReceivablePolicy" />
      <link:presentationArc order="100" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAccountingPoliciesAbstract" xlink:to="loc_us-gaapTradeAndOtherAccountsReceivablePolicy" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_VesselsPolicyTextBlock" xlink:label="loc_PXSVesselsPolicyTextBlock" />
      <link:presentationArc order="110" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAccountingPoliciesAbstract" xlink:to="loc_PXSVesselsPolicyTextBlock" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock" xlink:label="loc_us-gaapImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock" />
      <link:presentationArc order="120" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAccountingPoliciesAbstract" xlink:to="loc_us-gaapImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LonglivedAssetsClassifiedAsHeldForSalePolicyTextBlock" xlink:label="loc_PXSLonglivedAssetsClassifiedAsHeldForSalePolicyTextBlock" />
      <link:presentationArc order="130" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAccountingPoliciesAbstract" xlink:to="loc_PXSLonglivedAssetsClassifiedAsHeldForSalePolicyTextBlock" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativesPolicyTextBlock" xlink:label="loc_us-gaapDerivativesPolicyTextBlock" />
      <link:presentationArc order="140" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAccountingPoliciesAbstract" xlink:to="loc_us-gaapDerivativesPolicyTextBlock" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_AccountingForSpecialSurveyAndDrydockingCostsPolicyTextBlock" xlink:label="loc_PXSAccountingForSpecialSurveyAndDrydockingCostsPolicyTextBlock" />
      <link:presentationArc order="150" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAccountingPoliciesAbstract" xlink:to="loc_PXSAccountingForSpecialSurveyAndDrydockingCostsPolicyTextBlock" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtPolicyTextBlock" xlink:label="loc_us-gaapDebtPolicyTextBlock" />
      <link:presentationArc order="160" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAccountingPoliciesAbstract" xlink:to="loc_us-gaapDebtPolicyTextBlock" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xlink:label="loc_us-gaapFairValueMeasurementPolicyPolicyTextBlock" />
      <link:presentationArc order="170" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAccountingPoliciesAbstract" xlink:to="loc_us-gaapFairValueMeasurementPolicyPolicyTextBlock" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SegmentReportingPolicyPolicyTextBlock" xlink:label="loc_us-gaapSegmentReportingPolicyPolicyTextBlock" />
      <link:presentationArc order="180" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAccountingPoliciesAbstract" xlink:to="loc_us-gaapSegmentReportingPolicyPolicyTextBlock" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EarningsPerSharePolicyTextBlock" xlink:label="loc_us-gaapEarningsPerSharePolicyTextBlock" />
      <link:presentationArc order="190" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAccountingPoliciesAbstract" xlink:to="loc_us-gaapEarningsPerSharePolicyTextBlock" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_GoingConcernPolicyTextBlock" xlink:label="loc_PXSGoingConcernPolicyTextBlock" />
      <link:presentationArc order="200" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAccountingPoliciesAbstract" xlink:to="loc_PXSGoingConcernPolicyTextBlock" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RevenueRecognitionPolicyTextBlock" xlink:label="loc_us-gaapRevenueRecognitionPolicyTextBlock" />
      <link:presentationArc order="210" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAccountingPoliciesAbstract" xlink:to="loc_us-gaapRevenueRecognitionPolicyTextBlock" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_RestrictedCashPolicyTextBlock" xlink:label="loc_PXSRestrictedCashPolicyTextBlock" />
      <link:presentationArc order="220" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAccountingPoliciesAbstract" xlink:to="loc_PXSRestrictedCashPolicyTextBlock" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BusinessCombinationsPolicy" xlink:label="loc_us-gaapBusinessCombinationsPolicy" />
      <link:presentationArc order="230" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAccountingPoliciesAbstract" xlink:to="loc_us-gaapBusinessCombinationsPolicy" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_DebtModificationsAndExtinguishmentsPolicyTextBlock" xlink:label="loc_PXSDebtModificationsAndExtinguishmentsPolicyTextBlock" />
      <link:presentationArc order="240" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAccountingPoliciesAbstract" xlink:to="loc_PXSDebtModificationsAndExtinguishmentsPolicyTextBlock" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_DistinguishingLiabilitiesFromEquityPolicyTextBlock" xlink:label="loc_PXSDistinguishingLiabilitiesFromEquityPolicyTextBlock" />
      <link:presentationArc order="250" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAccountingPoliciesAbstract" xlink:to="loc_PXSDistinguishingLiabilitiesFromEquityPolicyTextBlock" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:label="loc_us-gaapNewAccountingPronouncementsPolicyPolicyTextBlock" />
      <link:presentationArc order="260" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAccountingPoliciesAbstract" xlink:to="loc_us-gaapNewAccountingPronouncementsPolicyPolicyTextBlock" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NewAccountingPronouncementsNotYetAdoptedPolicyTextBlock" xlink:label="loc_PXSNewAccountingPronouncementsNotYetAdoptedPolicyTextBlock" />
      <link:presentationArc order="270" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAccountingPoliciesAbstract" xlink:to="loc_PXSNewAccountingPronouncementsNotYetAdoptedPolicyTextBlock" xlink:type="arc" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/BasisOfPresentationAndGeneralInformationTables" xlink:title="00000021 - Disclosure - Basis of Presentation and General Information (Tables)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:label="loc_us-gaapOrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ScheduleOfOwnershipAndOperationOfTankerVesselsTableTextBlock" xlink:label="loc_PXSScheduleOfOwnershipAndOperationOfTankerVesselsTableTextBlock" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapOrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:to="loc_PXSScheduleOfOwnershipAndOperationOfTankerVesselsTableTextBlock" xlink:type="arc" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/SignificantAccountingPoliciesTables" xlink:title="00000022 - Disclosure - Significant Accounting Policies (Tables)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="loc_us-gaapAccountingPoliciesAbstract" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DisaggregationOfRevenueTableTextBlock" xlink:label="loc_us-gaapDisaggregationOfRevenueTableTextBlock" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAccountingPoliciesAbstract" xlink:to="loc_us-gaapDisaggregationOfRevenueTableTextBlock" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfRevenueByMajorCustomersByReportingSegmentsTableTextBlock" xlink:label="loc_us-gaapScheduleOfRevenueByMajorCustomersByReportingSegmentsTableTextBlock" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAccountingPoliciesAbstract" xlink:to="loc_us-gaapScheduleOfRevenueByMajorCustomersByReportingSegmentsTableTextBlock" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ReconciliationOfCashAndCashEquivalentsAndRestrictedCashTableTextBlock" xlink:label="loc_PXSReconciliationOfCashAndCashEquivalentsAndRestrictedCashTableTextBlock" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAccountingPoliciesAbstract" xlink:to="loc_PXSReconciliationOfCashAndCashEquivalentsAndRestrictedCashTableTextBlock" xlink:type="arc" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/TransactionsWithRelatedPartiesTables" xlink:title="00000023 - Disclosure - Transactions with Related Parties (Tables)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionsAbstract" xlink:label="loc_us-gaapRelatedPartyTransactionsAbstract" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock" xlink:label="loc_us-gaapScheduleOfRelatedPartyTransactionsTableTextBlock" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapRelatedPartyTransactionsAbstract" xlink:to="loc_us-gaapScheduleOfRelatedPartyTransactionsTableTextBlock" xlink:type="arc" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/InventoriesTables" xlink:title="00000024 - Disclosure - Inventories (Tables)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InventoryDisclosureAbstract" xlink:label="loc_us-gaapInventoryDisclosureAbstract" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfInventoryCurrentTableTextBlock" xlink:label="loc_us-gaapScheduleOfInventoryCurrentTableTextBlock" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapInventoryDisclosureAbstract" xlink:to="loc_us-gaapScheduleOfInventoryCurrentTableTextBlock" xlink:type="arc" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/VesselsNetTables" xlink:title="00000025 - Disclosure - Vessels, Net (Tables)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentAbstract" xlink:label="loc_us-gaapPropertyPlantAndEquipmentAbstract" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTextBlock" xlink:label="loc_us-gaapPropertyPlantAndEquipmentTextBlock" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentAbstract" xlink:to="loc_us-gaapPropertyPlantAndEquipmentTextBlock" xlink:type="arc" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/DeferredChargesNetTables" xlink:title="00000026 - Disclosure - Deferred Charges, Net (Tables)">
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_DeferredChargesNetAbstract" xlink:label="loc_PXSDeferredChargesNetAbstract" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ScheduleOfDeferredChargesTableTextBlock" xlink:label="loc_PXSScheduleOfDeferredChargesTableTextBlock" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_PXSDeferredChargesNetAbstract" xlink:to="loc_PXSScheduleOfDeferredChargesTableTextBlock" xlink:type="arc" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/Long-termDebtTables" xlink:title="00000027 - Disclosure - Long-term Debt (Tables)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtDisclosureAbstract" xlink:label="loc_us-gaapDebtDisclosureAbstract" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfDebtInstrumentsTextBlock" xlink:label="loc_us-gaapScheduleOfDebtInstrumentsTextBlock" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapDebtDisclosureAbstract" xlink:to="loc_us-gaapScheduleOfDebtInstrumentsTextBlock" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock" xlink:label="loc_us-gaapScheduleOfMaturitiesOfLongTermDebtTableTextBlock" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapDebtDisclosureAbstract" xlink:to="loc_us-gaapScheduleOfMaturitiesOfLongTermDebtTableTextBlock" xlink:type="arc" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/LossPerCommonShareTables" xlink:title="00000028 - Disclosure - Loss Per Common Share (Tables)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EarningsPerShareAbstract" xlink:label="loc_us-gaapEarningsPerShareAbstract" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:label="loc_us-gaapScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapEarningsPerShareAbstract" xlink:to="loc_us-gaapScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:type="arc" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurementsTables" xlink:title="00000029 - Disclosure - Risk Management and Fair Value Measurements (Tables)">
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_RiskManagementAndFairValueMeasurementsAbstract" xlink:label="loc_PXSRiskManagementAndFairValueMeasurementsAbstract" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock" xlink:label="loc_us-gaapFairValueAssetsMeasuredOnRecurringBasisTextBlock" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_PXSRiskManagementAndFairValueMeasurementsAbstract" xlink:to="loc_us-gaapFairValueAssetsMeasuredOnRecurringBasisTextBlock" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_TabularDisclosureOfDerivativeInstrumentsAndLocation" xlink:label="loc_PXSTabularDisclosureOfDerivativeInstrumentsAndLocation" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_PXSRiskManagementAndFairValueMeasurementsAbstract" xlink:to="loc_PXSTabularDisclosureOfDerivativeInstrumentsAndLocation" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_TabularDisclosureOfGainsLossesOnDerivativeInstruments" xlink:label="loc_PXSTabularDisclosureOfGainsLossesOnDerivativeInstruments" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_PXSRiskManagementAndFairValueMeasurementsAbstract" xlink:to="loc_PXSTabularDisclosureOfGainsLossesOnDerivativeInstruments" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock" xlink:label="loc_us-gaapFairValueAssetsMeasuredOnNonrecurringBasisTextBlock" />
      <link:presentationArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_PXSRiskManagementAndFairValueMeasurementsAbstract" xlink:to="loc_us-gaapFairValueAssetsMeasuredOnNonrecurringBasisTextBlock" xlink:type="arc" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/CommitmentsAndContingenciesTables" xlink:title="00000030 - Disclosure - Commitments and Contingencies (Tables)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:label="loc_us-gaapCommitmentsAndContingenciesDisclosureAbstract" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ScheduleOfFutureMinimumContractualCharterRevenueTableTextBlock" xlink:label="loc_PXSScheduleOfFutureMinimumContractualCharterRevenueTableTextBlock" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapCommitmentsAndContingenciesDisclosureAbstract" xlink:to="loc_PXSScheduleOfFutureMinimumContractualCharterRevenueTableTextBlock" xlink:type="arc" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/InterestAndFinanceCostsNetTables" xlink:title="00000031 - Disclosure - Interest and Finance Costs, Net (Tables)">
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_InterestAndFinanceCostsNetAbstract" xlink:label="loc_PXSInterestAndFinanceCostsNetAbstract" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ScheduleOfInterestAndFinanceCostsTableTextBlock" xlink:label="loc_PXSScheduleOfInterestAndFinanceCostsTableTextBlock" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_PXSInterestAndFinanceCostsNetAbstract" xlink:to="loc_PXSScheduleOfInterestAndFinanceCostsTableTextBlock" xlink:type="arc" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/BasisOfPresentationAndGeneralInformationDetailsNarrative" xlink:title="00000032 - Disclosure - Basis of Presentation and General Information (Details Narrative)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:label="loc_us-gaapOrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaapStatementTable" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapOrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:to="loc_us-gaapStatementTable" order="100" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaapStatementLineItems" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapStatementLineItems" order="200" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_LegalEntityAxis" xlink:label="loc_deiLegalEntityAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_deiLegalEntityAxis" order="10" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityDomain" xlink:label="loc_deiEntityDomain" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiLegalEntityAxis" xlink:to="loc_deiEntityDomain" order="0" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_TitleOfIndividualAxis" xlink:label="loc_srtTitleOfIndividualAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_srtTitleOfIndividualAxis" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_TitleOfIndividualWithRelationshipToEntityDomain" xlink:label="loc_srtTitleOfIndividualWithRelationshipToEntityDomain" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_srtTitleOfIndividualAxis" xlink:to="loc_srtTitleOfIndividualWithRelationshipToEntityDomain" order="0" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LOOKSMARTLTDMember" xlink:label="loc_PXSLOOKSMARTLTDMember" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_srtTitleOfIndividualWithRelationshipToEntityDomain" xlink:to="loc_PXSLOOKSMARTLTDMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_MrValentisMember" xlink:label="loc_PXSMrValentisMember" />
      <link:presentationArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_srtTitleOfIndividualWithRelationshipToEntityDomain" xlink:to="loc_PXSMrValentisMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:label="loc_us-gaapEquityMethodInvestmentOwnershipPercentage" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapEquityMethodInvestmentOwnershipPercentage" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NumberOfVesselOwnershipsInterestEntities" xlink:label="loc_PXSNumberOfVesselOwnershipsInterestEntities" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSNumberOfVesselOwnershipsInterestEntities" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsForMergerRelatedCosts" xlink:label="loc_us-gaapPaymentsForMergerRelatedCosts" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapPaymentsForMergerRelatedCosts" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PercentageOfCommonStockBeneficiallyOwned" xlink:label="loc_PXSPercentageOfCommonStockBeneficiallyOwned" />
      <link:presentationArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSPercentageOfCommonStockBeneficiallyOwned" xlink:type="arc" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/BasisOfPresentationAndGeneralInformation-ScheduleOfOwnershipAndOperationOfTankerVesselsDetails" xlink:title="00000033 - Disclosure - Basis of Presentation and General Information - Schedule of Ownership and Operation of Tanker Vessels (Details)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:label="loc_us-gaapOrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:label="loc_us-gaapScheduleOfPropertyPlantAndEquipmentTable" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapOrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:to="loc_us-gaapScheduleOfPropertyPlantAndEquipmentTable" order="100" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentLineItems" xlink:label="loc_us-gaapPropertyPlantAndEquipmentLineItems" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapScheduleOfPropertyPlantAndEquipmentTable" xlink:to="loc_us-gaapPropertyPlantAndEquipmentLineItems" order="200" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapScheduleOfPropertyPlantAndEquipmentTable" xlink:to="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" order="10" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" xlink:to="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" order="0" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_VesselsMember" xlink:label="loc_PXSVesselsMember" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:to="loc_PXSVesselsMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_LegalEntityAxis" xlink:label="loc_deiLegalEntityAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapScheduleOfPropertyPlantAndEquipmentTable" xlink:to="loc_deiLegalEntityAxis" order="20" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityDomain" xlink:label="loc_deiEntityDomain" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiLegalEntityAxis" xlink:to="loc_deiEntityDomain" order="0" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SecondoneCorporationLtdMember" xlink:label="loc_PXSSecondoneCorporationLtdMember" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiEntityDomain" xlink:to="loc_PXSSecondoneCorporationLtdMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ThirdoneCorporationLtdMember" xlink:label="loc_PXSThirdoneCorporationLtdMember" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiEntityDomain" xlink:to="loc_PXSThirdoneCorporationLtdMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_FourthoneCorporationLtdMember" xlink:label="loc_PXSFourthoneCorporationLtdMember" />
      <link:presentationArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiEntityDomain" xlink:to="loc_PXSFourthoneCorporationLtdMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SixthoneCorpMember" xlink:label="loc_PXSSixthoneCorpMember" />
      <link:presentationArc order="40" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiEntityDomain" xlink:to="loc_PXSSixthoneCorpMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SeventhoneCorpMember" xlink:label="loc_PXSSeventhoneCorpMember" />
      <link:presentationArc order="50" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiEntityDomain" xlink:to="loc_PXSSeventhoneCorpMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_EighthoneCorpMember" xlink:label="loc_PXSEighthoneCorpMember" />
      <link:presentationArc order="60" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiEntityDomain" xlink:to="loc_PXSEighthoneCorpMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityIncorporationDateOfIncorporation" xlink:label="loc_deiEntityIncorporationDateOfIncorporation" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentLineItems" xlink:to="loc_deiEntityIncorporationDateOfIncorporation" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_VesselName" xlink:label="loc_PXSVesselName" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentLineItems" xlink:to="loc_PXSVesselName" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_VesselCapacity" xlink:label="loc_PXSVesselCapacity" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentLineItems" xlink:to="loc_PXSVesselCapacity" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_VesselBuiltYear" xlink:label="loc_PXSVesselBuiltYear" />
      <link:presentationArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentLineItems" xlink:to="loc_PXSVesselBuiltYear" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_VesselAcquisitionDate" xlink:label="loc_PXSVesselAcquisitionDate" />
      <link:presentationArc order="40" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentLineItems" xlink:to="loc_PXSVesselAcquisitionDate" xlink:type="arc" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/SignificantAccountingPoliciesDetailsNarrative" xlink:title="00000034 - Disclosure - Significant Accounting Policies (Details Narrative)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="loc_us-gaapAccountingPoliciesAbstract" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaapStatementTable" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAccountingPoliciesAbstract" xlink:to="loc_us-gaapStatementTable" order="100" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaapStatementLineItems" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapStatementLineItems" order="200" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ProductOrServiceAxis" xlink:label="loc_srtProductOrServiceAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_srtProductOrServiceAxis" order="10" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ProductsAndServicesDomain" xlink:label="loc_srtProductsAndServicesDomain" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_srtProductOrServiceAxis" xlink:to="loc_srtProductsAndServicesDomain" order="0" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SpotChartersMember" xlink:label="loc_PXSSpotChartersMember" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_srtProductsAndServicesDomain" xlink:to="loc_PXSSpotChartersMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_TimeChartersMember" xlink:label="loc_PXSTimeChartersMember" />
      <link:presentationArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_srtProductsAndServicesDomain" xlink:to="loc_PXSTimeChartersMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AdjustmentsForNewAccountingPronouncementsAxis" xlink:label="loc_us-gaapAdjustmentsForNewAccountingPronouncementsAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapAdjustmentsForNewAccountingPronouncementsAxis" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TypeOfAdoptionMember" xlink:label="loc_us-gaapTypeOfAdoptionMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAdjustmentsForNewAccountingPronouncementsAxis" xlink:to="loc_us-gaapTypeOfAdoptionMember" order="0" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BalanceSheetLocationAxis" xlink:label="loc_us-gaapBalanceSheetLocationAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapBalanceSheetLocationAxis" order="30" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_BalanceSheetLocationDomain" xlink:label="loc_us-gaapBalanceSheetLocationDomain" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapBalanceSheetLocationAxis" xlink:to="loc_us-gaapBalanceSheetLocationDomain" order="0" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TypeOfArrangementAxis" xlink:label="loc_us-gaapTypeOfArrangementAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapTypeOfArrangementAxis" order="40" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ArrangementsAndNonarrangementTransactionsMember" xlink:label="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapTypeOfArrangementAxis" xlink:to="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" order="0" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SecuredLoanSeventhoneCorpMember" xlink:label="loc_PXSSecuredLoanSeventhoneCorpMember" />
      <link:presentationArc order="110" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" xlink:to="loc_PXSSecuredLoanSeventhoneCorpMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SeventhonePreviousSecuredLoanMember" xlink:label="loc_PXSSeventhonePreviousSecuredLoanMember" />
      <link:presentationArc order="120" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" xlink:to="loc_PXSSeventhonePreviousSecuredLoanMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" order="50" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" xlink:to="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" order="0" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_TradeAccountsReceivableNet" xlink:label="loc_PXSTradeAccountsReceivableNet" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSTradeAccountsReceivableNet" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xlink:label="loc_us-gaapAllowanceForDoubtfulAccountsReceivableCurrent" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapAllowanceForDoubtfulAccountsReceivableCurrent" xlink:type="arc" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ContractWithCustomerLiabilityCurrent" xlink:label="loc_us-gaapContractWithCustomerLiabilityCurrent" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapContractWithCustomerLiabilityCurrent" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ResidualValuePerLightweightTon" xlink:label="loc_PXSResidualValuePerLightweightTon" />
      <link:presentationArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSResidualValuePerLightweightTon" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:label="loc_us-gaapPropertyPlantAndEquipmentUsefulLife" />
      <link:presentationArc order="40" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapPropertyPlantAndEquipmentUsefulLife" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_EstimatedFleetUtilizationRateDependingOnTypeOfVesselMinimumRate" xlink:label="loc_PXSEstimatedFleetUtilizationRateDependingOnTypeOfVesselMinimumRate" />
      <link:presentationArc order="50" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSEstimatedFleetUtilizationRateDependingOnTypeOfVesselMinimumRate" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_EstimatedFleetUtilizationRateDependingOnTypeOfVesselMaximumRate" xlink:label="loc_PXSEstimatedFleetUtilizationRateDependingOnTypeOfVesselMaximumRate" />
      <link:presentationArc order="60" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSEstimatedFleetUtilizationRateDependingOnTypeOfVesselMaximumRate" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_EstimatedFleetUtilizationRateIncludingScheduledOffhireDaysForPlannedDryDockingsAndVesselSurveysMinimumRate" xlink:label="loc_PXSEstimatedFleetUtilizationRateIncludingScheduledOffhireDaysForPlannedDryDockingsAndVesselSurveysMinimumRate" />
      <link:presentationArc order="70" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSEstimatedFleetUtilizationRateIncludingScheduledOffhireDaysForPlannedDryDockingsAndVesselSurveysMinimumRate" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_EstimatedFleetUtilizationRateIncludingScheduledOffhireDaysForPlannedDryDockingsAndVesselSurveysMaximumRate" xlink:label="loc_PXSEstimatedFleetUtilizationRateIncludingScheduledOffhireDaysForPlannedDryDockingsAndVesselSurveysMaximumRate" />
      <link:presentationArc order="80" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSEstimatedFleetUtilizationRateIncludingScheduledOffhireDaysForPlannedDryDockingsAndVesselSurveysMaximumRate" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ImpairmentOfLongLivedAssetsHeldForUse" xlink:label="loc_us-gaapImpairmentOfLongLivedAssetsHeldForUse" />
      <link:presentationArc order="90" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapImpairmentOfLongLivedAssetsHeldForUse" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NumberOfReportableSegments" xlink:label="loc_us-gaapNumberOfReportableSegments" />
      <link:presentationArc order="100" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapNumberOfReportableSegments" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_WorkingCapitalDeficit" xlink:label="loc_PXSWorkingCapitalDeficit" />
      <link:presentationArc order="110" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSWorkingCapitalDeficit" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeaseLiability" xlink:label="loc_us-gaapOperatingLeaseLiability" />
      <link:presentationArc order="120" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapOperatingLeaseLiability" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RestrictedCash" xlink:label="loc_us-gaapRestrictedCash" />
      <link:presentationArc order="130" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapRestrictedCash" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_CreditLossDescription" xlink:label="loc_PXSCreditLossDescription" />
      <link:presentationArc order="140" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSCreditLossDescription" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_DebtCurrent1" xlink:label="loc_PXSDebtCurrent1" />
      <link:presentationArc order="150" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSDebtCurrent1" xlink:type="arc" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/SignificantAccountingPolicies-ScheduleOfRevenueDisaggregatedByRevenueSourceDetails" xlink:title="00000035 - Disclosure - Significant Accounting Policies - Schedule of Revenue Disaggregated by Revenue Source (Details)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="loc_us-gaapAccountingPoliciesAbstract" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaapStatementTable" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAccountingPoliciesAbstract" xlink:to="loc_us-gaapStatementTable" order="100" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaapStatementLineItems" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapStatementLineItems" order="200" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ProductOrServiceAxis" xlink:label="loc_srtProductOrServiceAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_srtProductOrServiceAxis" order="10" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ProductsAndServicesDomain" xlink:label="loc_srtProductsAndServicesDomain" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_srtProductOrServiceAxis" xlink:to="loc_srtProductsAndServicesDomain" order="0" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_RevenuesDerivedFromSpotChartersMember" xlink:label="loc_PXSRevenuesDerivedFromSpotChartersMember" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_srtProductsAndServicesDomain" xlink:to="loc_PXSRevenuesDerivedFromSpotChartersMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_RevenuesDerivedFromTimeChartersMember" xlink:label="loc_PXSRevenuesDerivedFromTimeChartersMember" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_srtProductsAndServicesDomain" xlink:to="loc_PXSRevenuesDerivedFromTimeChartersMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_VoyageRevenues" xlink:label="loc_PXSVoyageRevenues" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSVoyageRevenues" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/SignificantAccountingPolicies-SummaryOfRevenueFromSignificantCharterersFor10OrMoreOfRevenueDetails" xlink:title="00000036 - Disclosure - Significant Accounting Policies - Summary of Revenue from Significant Charterers for 10% or More of Revenue (Details)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="loc_us-gaapAccountingPoliciesAbstract" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaapStatementTable" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAccountingPoliciesAbstract" xlink:to="loc_us-gaapStatementTable" order="100" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaapStatementLineItems" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapStatementLineItems" order="200" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConcentrationRiskByTypeAxis" xlink:label="loc_us-gaapConcentrationRiskByTypeAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapConcentrationRiskByTypeAxis" order="10" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConcentrationRiskTypeDomain" xlink:label="loc_us-gaapConcentrationRiskTypeDomain" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapConcentrationRiskByTypeAxis" xlink:to="loc_us-gaapConcentrationRiskTypeDomain" order="0" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ChartererAMember" xlink:label="loc_PXSChartererAMember" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapConcentrationRiskTypeDomain" xlink:to="loc_PXSChartererAMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ChartererBMember" xlink:label="loc_PXSChartererBMember" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapConcentrationRiskTypeDomain" xlink:to="loc_PXSChartererBMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ChartererCMember" xlink:label="loc_PXSChartererCMember" />
      <link:presentationArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapConcentrationRiskTypeDomain" xlink:to="loc_PXSChartererCMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConcentrationRiskPercentage1" xlink:label="loc_us-gaapConcentrationRiskPercentage1" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapConcentrationRiskPercentage1" xlink:type="arc" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/SignificantAccountingPolicies-ScheduleOfReconciliationOfCashAndCashEquivalentsAndRestrictedCashDetails" xlink:title="00000037 - Disclosure - Significant Accounting Policies - Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash (Details)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="loc_us-gaapAccountingPoliciesAbstract" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="loc_us-gaapCashAndCashEquivalentsAtCarryingValue" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAccountingPoliciesAbstract" xlink:to="loc_us-gaapCashAndCashEquivalentsAtCarryingValue" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue" xlink:label="loc_us-gaapRestrictedCashAndCashEquivalentsAtCarryingValue" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAccountingPoliciesAbstract" xlink:to="loc_us-gaapRestrictedCashAndCashEquivalentsAtCarryingValue" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalentsNoncurrent" xlink:label="loc_us-gaapRestrictedCashAndCashEquivalentsNoncurrent" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAccountingPoliciesAbstract" xlink:to="loc_us-gaapRestrictedCashAndCashEquivalentsNoncurrent" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:label="loc_us-gaapCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" />
      <link:presentationArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAccountingPoliciesAbstract" xlink:to="loc_us-gaapCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/TransactionsWithRelatedPartiesDetailsNarrative" xlink:title="00000038 - Disclosure - Transactions with Related Parties (Details Narrative)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionsAbstract" xlink:label="loc_us-gaapRelatedPartyTransactionsAbstract" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaapStatementTable" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapRelatedPartyTransactionsAbstract" xlink:to="loc_us-gaapStatementTable" order="100" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaapStatementLineItems" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapStatementLineItems" order="200" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="loc_us-gaapRelatedPartyTransactionsByRelatedPartyAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapRelatedPartyTransactionsByRelatedPartyAxis" order="10" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaapRelatedPartyDomain" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapRelatedPartyTransactionsByRelatedPartyAxis" xlink:to="loc_us-gaapRelatedPartyDomain" order="0" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PyxisMaritimeMember" xlink:label="loc_PXSPyxisMaritimeMember" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapRelatedPartyDomain" xlink:to="loc_PXSPyxisMaritimeMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionAxis" xlink:label="loc_us-gaapRelatedPartyTransactionAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapRelatedPartyTransactionAxis" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionDomain" xlink:label="loc_us-gaapRelatedPartyTransactionDomain" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapRelatedPartyTransactionAxis" xlink:to="loc_us-gaapRelatedPartyTransactionDomain" order="0" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_WhileVesselIsUnderConstructionMember" xlink:label="loc_PXSWhileVesselIsUnderConstructionMember" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapRelatedPartyTransactionDomain" xlink:to="loc_PXSWhileVesselIsUnderConstructionMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" order="30" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" xlink:to="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" order="0" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NorthseaAlphaVesselMember" xlink:label="loc_PXSNorthseaAlphaVesselMember" />
      <link:presentationArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:to="loc_PXSNorthseaAlphaVesselMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NorthseaBetaVesselMember" xlink:label="loc_PXSNorthseaBetaVesselMember" />
      <link:presentationArc order="40" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:to="loc_PXSNorthseaBetaVesselMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PyxisThetaVesselMember" xlink:label="loc_PXSPyxisThetaVesselMember" />
      <link:presentationArc order="50" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:to="loc_PXSPyxisThetaVesselMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PyxisEpsilonVesselMember" xlink:label="loc_PXSPyxisEpsilonVesselMember" />
      <link:presentationArc order="60" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:to="loc_PXSPyxisEpsilonVesselMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PyxisMalouVesselMember" xlink:label="loc_PXSPyxisMalouVesselMember" />
      <link:presentationArc order="70" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:to="loc_PXSPyxisMalouVesselMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongtermDebtTypeAxis" xlink:label="loc_us-gaapLongtermDebtTypeAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapLongtermDebtTypeAxis" order="40" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongtermDebtTypeDomain" xlink:label="loc_us-gaapLongtermDebtTypeDomain" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapLongtermDebtTypeAxis" xlink:to="loc_us-gaapLongtermDebtTypeDomain" order="0" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_MaritimeInvestorsPromissoryNoteMember" xlink:label="loc_PXSMaritimeInvestorsPromissoryNoteMember" />
      <link:presentationArc order="80" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapLongtermDebtTypeDomain" xlink:to="loc_PXSMaritimeInvestorsPromissoryNoteMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_DailyShipManagementFeesPayableToRelatedParty" xlink:label="loc_PXSDailyShipManagementFeesPayableToRelatedParty" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSDailyShipManagementFeesPayableToRelatedParty" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_CharterHireAgreementCommissionRate" xlink:label="loc_PXSCharterHireAgreementCommissionRate" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSCharterHireAgreementCommissionRate" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ManagementAgreementsInitialTerm" xlink:label="loc_PXSManagementAgreementsInitialTerm" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSManagementAgreementsInitialTerm" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ManagementAgreementExpirationDate" xlink:label="loc_PXSManagementAgreementExpirationDate" />
      <link:presentationArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSManagementAgreementExpirationDate" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ManagementAgreementsRenewalPeriod" xlink:label="loc_PXSManagementAgreementsRenewalPeriod" />
      <link:presentationArc order="40" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSManagementAgreementsRenewalPeriod" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_HeadManagementAgreementWithRelatedPartyCommencementDate" xlink:label="loc_PXSHeadManagementAgreementWithRelatedPartyCommencementDate" />
      <link:presentationArc order="50" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSHeadManagementAgreementWithRelatedPartyCommencementDate" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_AdministrationFees" xlink:label="loc_PXSAdministrationFees" />
      <link:presentationArc order="60" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSAdministrationFees" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionTermsAndMannerOfSettlement" xlink:label="loc_us-gaapRelatedPartyTransactionTermsAndMannerOfSettlement" />
      <link:presentationArc order="70" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapRelatedPartyTransactionTermsAndMannerOfSettlement" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ShipmanagementAndAdministrationFeesPercentageIncrease" xlink:label="loc_PXSShipmanagementAndAdministrationFeesPercentageIncrease" />
      <link:presentationArc order="80" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSShipmanagementAndAdministrationFeesPercentageIncrease" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PromissoryNoteIssued" xlink:label="loc_PXSPromissoryNoteIssued" />
      <link:presentationArc order="90" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSPromissoryNoteIssued" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:label="loc_us-gaapDebtInstrumentInterestRateStatedPercentage" />
      <link:presentationArc order="100" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapDebtInstrumentInterestRateStatedPercentage" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentMaturityDate" xlink:label="loc_us-gaapDebtInstrumentMaturityDate" />
      <link:presentationArc order="110" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapDebtInstrumentMaturityDate" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentMaturityDateDescription" xlink:label="loc_us-gaapDebtInstrumentMaturityDateDescription" />
      <link:presentationArc order="120" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapDebtInstrumentMaturityDateDescription" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_InterestRatePaidInCash" xlink:label="loc_PXSInterestRatePaidInCash" />
      <link:presentationArc order="130" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSInterestRatePaidInCash" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_InterestRatePaidInRestrictedShares" xlink:label="loc_PXSInterestRatePaidInRestrictedShares" />
      <link:presentationArc order="140" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSInterestRatePaidInRestrictedShares" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_InterestExpenseOnPromissoryNote" xlink:label="loc_PXSInterestExpenseOnPromissoryNote" />
      <link:presentationArc order="150" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSInterestExpenseOnPromissoryNote" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_FuturePaymentsOfInterestOnPromissoryNoteInCash" xlink:label="loc_PXSFuturePaymentsOfInterestOnPromissoryNoteInCash" />
      <link:presentationArc order="160" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSFuturePaymentsOfInterestOnPromissoryNoteInCash" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_InterestOnPromissoryNoteToBeSettledInCommonShares" xlink:label="loc_PXSInterestOnPromissoryNoteToBeSettledInCommonShares" />
      <link:presentationArc order="170" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSInterestOnPromissoryNoteToBeSettledInCommonShares" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_InterestOnPromissoryNoteSettledInCommonSharesDuringPriorPeriod" xlink:label="loc_PXSInterestOnPromissoryNoteSettledInCommonSharesDuringPriorPeriod" />
      <link:presentationArc order="180" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSInterestOnPromissoryNoteSettledInCommonSharesDuringPriorPeriod" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_InterestOnPromissoryNoteSettledInCommonSharesInJanuaryTwoThousandTwenty" xlink:label="loc_PXSInterestOnPromissoryNoteSettledInCommonSharesInJanuaryTwoThousandTwenty" />
      <link:presentationArc order="190" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSInterestOnPromissoryNoteSettledInCommonSharesInJanuaryTwoThousandTwenty" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_InterestOnPromissoryNoteSettledInCommonSharesDuringPeriod" xlink:label="loc_PXSInterestOnPromissoryNoteSettledInCommonSharesDuringPeriod" />
      <link:presentationArc order="200" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSInterestOnPromissoryNoteSettledInCommonSharesDuringPeriod" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_InterestOnPromissoryNoteSettledInCommonSharesInJanuaryTwoThousandTwentyOne" xlink:label="loc_PXSInterestOnPromissoryNoteSettledInCommonSharesInJanuaryTwoThousandTwentyOne" />
      <link:presentationArc order="210" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSInterestOnPromissoryNoteSettledInCommonSharesInJanuaryTwoThousandTwentyOne" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermNotesPayable" xlink:label="loc_us-gaapLongTermNotesPayable" />
      <link:presentationArc order="220" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapLongTermNotesPayable" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DueToRelatedPartiesCurrent" xlink:label="loc_us-gaapDueToRelatedPartiesCurrent" />
      <link:presentationArc order="230" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapDueToRelatedPartiesCurrent" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DueFromRelatedPartiesCurrent" xlink:label="loc_us-gaapDueFromRelatedPartiesCurrent" />
      <link:presentationArc order="240" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapDueFromRelatedPartiesCurrent" xlink:type="arc" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/TransactionsWithRelatedParties-ScheduleOfAmountsChargedByMaritimeIncludedInAccompanyingConsolidatedStatementsOfComprehensiveLossDetails" xlink:title="00000039 - Disclosure - Transactions with Related Parties - Schedule of Amounts Charged by Maritime Included in the Accompanying Consolidated Statements of Comprehensive Loss (Details)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionsAbstract" xlink:label="loc_us-gaapRelatedPartyTransactionsAbstract" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:label="loc_us-gaapScheduleOfRelatedPartyTransactionsByRelatedPartyTable" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapRelatedPartyTransactionsAbstract" xlink:to="loc_us-gaapScheduleOfRelatedPartyTransactionsByRelatedPartyTable" order="100" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionLineItems" xlink:label="loc_us-gaapRelatedPartyTransactionLineItems" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:to="loc_us-gaapRelatedPartyTransactionLineItems" order="200" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="loc_us-gaapRelatedPartyTransactionsByRelatedPartyAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:to="loc_us-gaapRelatedPartyTransactionsByRelatedPartyAxis" order="10" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaapRelatedPartyDomain" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapRelatedPartyTransactionsByRelatedPartyAxis" xlink:to="loc_us-gaapRelatedPartyDomain" order="0" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PyxisMaritimeMember" xlink:label="loc_PXSPyxisMaritimeMember" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapRelatedPartyDomain" xlink:to="loc_PXSPyxisMaritimeMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_CharterHireCommissions" xlink:label="loc_PXSCharterHireCommissions" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapRelatedPartyTransactionLineItems" xlink:to="loc_PXSCharterHireCommissions" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ManagementFeesRelatedParties" xlink:label="loc_PXSManagementFeesRelatedParties" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapRelatedPartyTransactionLineItems" xlink:to="loc_PXSManagementFeesRelatedParties" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_AdministrationFees" xlink:label="loc_PXSAdministrationFees" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapRelatedPartyTransactionLineItems" xlink:to="loc_PXSAdministrationFees" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty" xlink:label="loc_us-gaapRelatedPartyTransactionExpensesFromTransactionsWithRelatedParty" />
      <link:presentationArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapRelatedPartyTransactionLineItems" xlink:to="loc_us-gaapRelatedPartyTransactionExpensesFromTransactionsWithRelatedParty" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/Inventories-ScheduleOfInventoriesDetails" xlink:title="00000040 - Disclosure - Inventories - Schedule of Inventories (Details)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InventoryDisclosureAbstract" xlink:label="loc_us-gaapInventoryDisclosureAbstract" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InventoryCurrentTable" xlink:label="loc_us-gaapInventoryCurrentTable" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapInventoryDisclosureAbstract" xlink:to="loc_us-gaapInventoryCurrentTable" order="100" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InventoryLineItems" xlink:label="loc_us-gaapInventoryLineItems" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapInventoryCurrentTable" xlink:to="loc_us-gaapInventoryLineItems" order="200" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PublicUtilitiesInventoryAxis" xlink:label="loc_us-gaapPublicUtilitiesInventoryAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapInventoryCurrentTable" xlink:to="loc_us-gaapPublicUtilitiesInventoryAxis" order="10" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PublicUtilitiesInventoryTypeDomain" xlink:label="loc_us-gaapPublicUtilitiesInventoryTypeDomain" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPublicUtilitiesInventoryAxis" xlink:to="loc_us-gaapPublicUtilitiesInventoryTypeDomain" order="0" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LubricantsMember" xlink:label="loc_PXSLubricantsMember" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPublicUtilitiesInventoryTypeDomain" xlink:to="loc_PXSLubricantsMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_BunkersMember" xlink:label="loc_PXSBunkersMember" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPublicUtilitiesInventoryTypeDomain" xlink:to="loc_PXSBunkersMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InventoryNet" xlink:label="loc_us-gaapInventoryNet" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapInventoryLineItems" xlink:to="loc_us-gaapInventoryNet" xlink:type="arc" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/VesselsNetDetailsNarrative" xlink:title="00000041 - Disclosure - Vessels, Net (Details Narrative)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentAbstract" xlink:label="loc_us-gaapPropertyPlantAndEquipmentAbstract" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaapStatementTable" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentAbstract" xlink:to="loc_us-gaapStatementTable" order="100" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaapStatementLineItems" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapStatementLineItems" order="200" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" order="10" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" xlink:to="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" order="0" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_VesselsMember" xlink:label="loc_PXSVesselsMember" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:to="loc_PXSVesselsMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SaleOfPyxisDeltaMember" xlink:label="loc_PXSSaleOfPyxisDeltaMember" />
      <link:presentationArc order="50" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:to="loc_PXSSaleOfPyxisDeltaMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentGross" xlink:label="loc_us-gaapPropertyPlantAndEquipmentGross" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapPropertyPlantAndEquipmentGross" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ImpairmentOfLongLivedAssetsHeldForUse" xlink:label="loc_us-gaapImpairmentOfLongLivedAssetsHeldForUse" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapImpairmentOfLongLivedAssetsHeldForUse" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetsHeldForSaleNotPartOfDisposalGroupCurrent" xlink:label="loc_us-gaapAssetsHeldForSaleNotPartOfDisposalGroupCurrent" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapAssetsHeldForSaleNotPartOfDisposalGroupCurrent" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LossOnVesselHeldForSale" xlink:label="loc_PXSLossOnVesselHeldForSale" />
      <link:presentationArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSLossOnVesselHeldForSale" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NetProceedsFromSaleOfVessel" xlink:label="loc_PXSNetProceedsFromSaleOfVessel" />
      <link:presentationArc order="40" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSNetProceedsFromSaleOfVessel" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentAdditions" xlink:label="loc_us-gaapPropertyPlantAndEquipmentAdditions" />
      <link:presentationArc order="50" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapPropertyPlantAndEquipmentAdditions" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PropertyPlantAndEquipmentAdditionsNet" xlink:label="loc_PXSPropertyPlantAndEquipmentAdditionsNet" />
      <link:presentationArc order="60" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSPropertyPlantAndEquipmentAdditionsNet" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:label="loc_us-gaapPaymentsToAcquirePropertyPlantAndEquipment" />
      <link:presentationArc order="70" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapPaymentsToAcquirePropertyPlantAndEquipment" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_AccruedAndRemainsUnpaidAmountOfBallastWaterTreatmentSystemInstallation" xlink:label="loc_PXSAccruedAndRemainsUnpaidAmountOfBallastWaterTreatmentSystemInstallation" />
      <link:presentationArc order="80" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSAccruedAndRemainsUnpaidAmountOfBallastWaterTreatmentSystemInstallation" xlink:type="arc" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/VesselsNet-ScheduleOfVesselsDetails" xlink:title="00000042 - Disclosure - Vessels, Net - Schedule of Vessels (Details)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentAbstract" xlink:label="loc_us-gaapPropertyPlantAndEquipmentAbstract" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:label="loc_us-gaapScheduleOfPropertyPlantAndEquipmentTable" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentAbstract" xlink:to="loc_us-gaapScheduleOfPropertyPlantAndEquipmentTable" order="100" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentLineItems" xlink:label="loc_us-gaapPropertyPlantAndEquipmentLineItems" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapScheduleOfPropertyPlantAndEquipmentTable" xlink:to="loc_us-gaapPropertyPlantAndEquipmentLineItems" order="200" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapScheduleOfPropertyPlantAndEquipmentTable" xlink:to="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" order="10" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" xlink:to="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" order="0" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_VesselCostMember" xlink:label="loc_PXSVesselCostMember" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:to="loc_PXSVesselCostMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_AccumulatedDepreciationMember" xlink:label="loc_PXSAccumulatedDepreciationMember" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:to="loc_PXSAccumulatedDepreciationMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NetBookValueMember" xlink:label="loc_PXSNetBookValueMember" />
      <link:presentationArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:to="loc_PXSNetBookValueMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentGross" xlink:label="loc_us-gaapPropertyPlantAndEquipmentGross" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentLineItems" xlink:to="loc_us-gaapPropertyPlantAndEquipmentGross" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:label="loc_us-gaapAccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentLineItems" xlink:to="loc_us-gaapAccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:type="arc" preferredLabel="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="loc_us-gaapPropertyPlantAndEquipmentNet" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentLineItems" xlink:to="loc_us-gaapPropertyPlantAndEquipmentNet" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_Depreciation" xlink:label="loc_us-gaapDepreciation" />
      <link:presentationArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentLineItems" xlink:to="loc_us-gaapDepreciation" xlink:type="arc" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentAdditions" xlink:label="loc_us-gaapPropertyPlantAndEquipmentAdditions" />
      <link:presentationArc order="40" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentLineItems" xlink:to="loc_us-gaapPropertyPlantAndEquipmentAdditions" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTransfersAndChanges" xlink:label="loc_us-gaapPropertyPlantAndEquipmentTransfersAndChanges" />
      <link:presentationArc order="50" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentLineItems" xlink:to="loc_us-gaapPropertyPlantAndEquipmentTransfersAndChanges" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentGross" xlink:label="loc_us-gaapPropertyPlantAndEquipmentGross_2" />
      <link:presentationArc order="60" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentLineItems" xlink:to="loc_us-gaapPropertyPlantAndEquipmentGross_2" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:label="loc_us-gaapAccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_2" />
      <link:presentationArc order="70" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentLineItems" xlink:to="loc_us-gaapAccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_2" xlink:type="arc" preferredLabel="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="loc_us-gaapPropertyPlantAndEquipmentNet_2" />
      <link:presentationArc order="80" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentLineItems" xlink:to="loc_us-gaapPropertyPlantAndEquipmentNet_2" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/DeferredChargesNet-ScheduleOfDeferredChargesDetails" xlink:title="00000043 - Disclosure - Deferred Charges, Net - Schedule of Deferred Charges (Details)">
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_DeferredChargesNetAbstract" xlink:label="loc_PXSDeferredChargesNetAbstract" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredCosts" xlink:label="loc_us-gaapDeferredCosts" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_PXSDeferredChargesNetAbstract" xlink:to="loc_us-gaapDeferredCosts" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_AdditionsToDeferredChargesAmount" xlink:label="loc_PXSAdditionsToDeferredChargesAmount" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_PXSDeferredChargesNetAbstract" xlink:to="loc_PXSAdditionsToDeferredChargesAmount" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AmortizationOfDeferredCharges" xlink:label="loc_us-gaapAmortizationOfDeferredCharges" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_PXSDeferredChargesNetAbstract" xlink:to="loc_us-gaapAmortizationOfDeferredCharges" xlink:type="arc" preferredLabel="http://www.xbrl.org/2009/role/negatedTerseLabel" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_DeferredChargesTransferToVesselHeldforsale" xlink:label="loc_PXSDeferredChargesTransferToVesselHeldforsale" />
      <link:presentationArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_PXSDeferredChargesNetAbstract" xlink:to="loc_PXSDeferredChargesTransferToVesselHeldforsale" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredCosts" xlink:label="loc_us-gaapDeferredCosts_2" />
      <link:presentationArc order="40" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_PXSDeferredChargesNetAbstract" xlink:to="loc_us-gaapDeferredCosts_2" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/Long-termDebt-ScheduleOfLong-termDebtDetails" xlink:title="00000044 - Disclosure - Long-Term Debt - Schedule of Long-Term Debt (Details)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentsAbstract" xlink:label="loc_us-gaapDebtInstrumentsAbstract" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentTable" xlink:label="loc_us-gaapDebtInstrumentTable" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapDebtInstrumentsAbstract" xlink:to="loc_us-gaapDebtInstrumentTable" order="100" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentLineItems" xlink:label="loc_us-gaapDebtInstrumentLineItems" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapDebtInstrumentTable" xlink:to="loc_us-gaapDebtInstrumentLineItems" order="200" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapDebtInstrumentTable" xlink:to="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" order="10" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" xlink:to="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" order="0" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NorthseaAlphaVesselMember" xlink:label="loc_PXSNorthseaAlphaVesselMember" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:to="loc_PXSNorthseaAlphaVesselMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NorthseaBetaVesselMember" xlink:label="loc_PXSNorthseaBetaVesselMember" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:to="loc_PXSNorthseaBetaVesselMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PyxisMalouVesselMember" xlink:label="loc_PXSPyxisMalouVesselMember" />
      <link:presentationArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:to="loc_PXSPyxisMalouVesselMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PyxisDeltaVesselMember" xlink:label="loc_PXSPyxisDeltaVesselMember" />
      <link:presentationArc order="40" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:to="loc_PXSPyxisDeltaVesselMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PyxisThetaVesselMember" xlink:label="loc_PXSPyxisThetaVesselMember" />
      <link:presentationArc order="50" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:to="loc_PXSPyxisThetaVesselMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PyxisEpsilonVesselMember" xlink:label="loc_PXSPyxisEpsilonVesselMember" />
      <link:presentationArc order="60" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:to="loc_PXSPyxisEpsilonVesselMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_LegalEntityAxis" xlink:label="loc_deiLegalEntityAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapDebtInstrumentTable" xlink:to="loc_deiLegalEntityAxis" order="20" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityDomain" xlink:label="loc_deiEntityDomain" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiLegalEntityAxis" xlink:to="loc_deiEntityDomain" order="0" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SecondoneMember" xlink:label="loc_PXSSecondoneMember" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiEntityDomain" xlink:to="loc_PXSSecondoneMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ThirdoneMember" xlink:label="loc_PXSThirdoneMember" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiEntityDomain" xlink:to="loc_PXSThirdoneMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_FourthoneMember" xlink:label="loc_PXSFourthoneMember" />
      <link:presentationArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiEntityDomain" xlink:to="loc_PXSFourthoneMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SixthoneMember" xlink:label="loc_PXSSixthoneMember" />
      <link:presentationArc order="40" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiEntityDomain" xlink:to="loc_PXSSixthoneMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SeventhoneMember" xlink:label="loc_PXSSeventhoneMember" />
      <link:presentationArc order="50" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiEntityDomain" xlink:to="loc_PXSSeventhoneMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_EighthoneMember" xlink:label="loc_PXSEighthoneMember" />
      <link:presentationArc order="60" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiEntityDomain" xlink:to="loc_PXSEighthoneMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentCarryingAmount" xlink:label="loc_us-gaapDebtInstrumentCarryingAmount" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapDebtInstrumentLineItems" xlink:to="loc_us-gaapDebtInstrumentCarryingAmount" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LongTermDebtCurrentBeforeDeferredFinancingCost" xlink:label="loc_PXSLongTermDebtCurrentBeforeDeferredFinancingCost" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapDebtInstrumentLineItems" xlink:to="loc_PXSLongTermDebtCurrentBeforeDeferredFinancingCost" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredFinanceCostsCurrentNet" xlink:label="loc_us-gaapDeferredFinanceCostsCurrentNet" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapDebtInstrumentLineItems" xlink:to="loc_us-gaapDeferredFinanceCostsCurrentNet" xlink:type="arc" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtCurrent" xlink:label="loc_us-gaapLongTermDebtCurrent" />
      <link:presentationArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapDebtInstrumentLineItems" xlink:to="loc_us-gaapLongTermDebtCurrent" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LongTermDebtNoncurrentBeforeDeferredFinancingCost" xlink:label="loc_PXSLongTermDebtNoncurrentBeforeDeferredFinancingCost" />
      <link:presentationArc order="40" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapDebtInstrumentLineItems" xlink:to="loc_PXSLongTermDebtNoncurrentBeforeDeferredFinancingCost" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DeferredFinanceCostsNoncurrentNet" xlink:label="loc_us-gaapDeferredFinanceCostsNoncurrentNet" />
      <link:presentationArc order="50" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapDebtInstrumentLineItems" xlink:to="loc_us-gaapDeferredFinanceCostsNoncurrentNet" xlink:type="arc" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtNoncurrent" xlink:label="loc_us-gaapLongTermDebtNoncurrent" />
      <link:presentationArc order="60" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapDebtInstrumentLineItems" xlink:to="loc_us-gaapLongTermDebtNoncurrent" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/Long-termDebt-ScheduleOfLong-termDebtDetailsParenthetical" xlink:title="00000045 - Disclosure - Long-Term Debt - Schedule of Long-Term Debt (Details) (Parenthetical)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentsAbstract" xlink:label="loc_us-gaapDebtInstrumentsAbstract" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaapStatementTable" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapDebtInstrumentsAbstract" xlink:to="loc_us-gaapStatementTable" order="100" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaapStatementLineItems" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapStatementLineItems" order="200" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TypeOfArrangementAxis" xlink:label="loc_us-gaapTypeOfArrangementAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapTypeOfArrangementAxis" order="10" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ArrangementsAndNonarrangementTransactionsMember" xlink:label="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapTypeOfArrangementAxis" xlink:to="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" order="0" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PreviousSecuredLoanSecondoneThirdoneAndFourthoneMember" xlink:label="loc_PXSPreviousSecuredLoanSecondoneThirdoneAndFourthoneMember" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" xlink:to="loc_PXSPreviousSecuredLoanSecondoneThirdoneAndFourthoneMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SecondoneThirdoneAndFourthoneNewSecuredLoanMember" xlink:label="loc_PXSSecondoneThirdoneAndFourthoneNewSecuredLoanMember" />
      <link:presentationArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" xlink:to="loc_PXSSecondoneThirdoneAndFourthoneNewSecuredLoanMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NewSecuredLoanSecondoneThirdoneMember" xlink:label="loc_PXSNewSecuredLoanSecondoneThirdoneMember" />
      <link:presentationArc order="50" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" xlink:to="loc_PXSNewSecuredLoanSecondoneThirdoneMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NewSecuredLoanFourthoneMember" xlink:label="loc_PXSNewSecuredLoanFourthoneMember" />
      <link:presentationArc order="70" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" xlink:to="loc_PXSNewSecuredLoanFourthoneMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NewSecuredLoanSecondoneThirdoneAndFourthoneMember" xlink:label="loc_PXSNewSecuredLoanSecondoneThirdoneAndFourthoneMember" />
      <link:presentationArc order="90" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" xlink:to="loc_PXSNewSecuredLoanSecondoneThirdoneAndFourthoneMember" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LoanAgreementDatedOctoberTwelveTwoThousandTwelveMember" xlink:label="loc_PXSLoanAgreementDatedOctoberTwelveTwoThousandTwelveMember" />
      <link:presentationArc order="110" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" xlink:to="loc_PXSLoanAgreementDatedOctoberTwelveTwoThousandTwelveMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SecuredLoanSeventhoneCorpMember" xlink:label="loc_PXSSecuredLoanSeventhoneCorpMember" />
      <link:presentationArc order="170" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" xlink:to="loc_PXSSecuredLoanSeventhoneCorpMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SeventhonePreviousSecuredLoanMember" xlink:label="loc_PXSSeventhonePreviousSecuredLoanMember" />
      <link:presentationArc order="180" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" xlink:to="loc_PXSSeventhonePreviousSecuredLoanMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_EighthoneNewSecuredLoanMember" xlink:label="loc_PXSEighthoneNewSecuredLoanMember" />
      <link:presentationArc order="220" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" xlink:to="loc_PXSEighthoneNewSecuredLoanMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_EighthonePreviousSecuredLoanMember" xlink:label="loc_PXSEighthonePreviousSecuredLoanMember" />
      <link:presentationArc order="230" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" xlink:to="loc_PXSEighthonePreviousSecuredLoanMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" xlink:to="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" order="0" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PyxisMalouVesselMember" xlink:label="loc_PXSPyxisMalouVesselMember" />
      <link:presentationArc order="70" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:to="loc_PXSPyxisMalouVesselMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PyxisDeltaVesselMember" xlink:label="loc_PXSPyxisDeltaVesselMember" />
      <link:presentationArc order="110" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:to="loc_PXSPyxisDeltaVesselMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PyxisThetaVesselMember" xlink:label="loc_PXSPyxisThetaVesselMember" />
      <link:presentationArc order="120" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:to="loc_PXSPyxisThetaVesselMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SaleOfPyxisDeltaMember" xlink:label="loc_PXSSaleOfPyxisDeltaMember" />
      <link:presentationArc order="150" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:to="loc_PXSSaleOfPyxisDeltaMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_UseOfProceedsFromSaleOfPyxisDeltaMember" xlink:label="loc_PXSUseOfProceedsFromSaleOfPyxisDeltaMember" />
      <link:presentationArc order="160" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:to="loc_PXSUseOfProceedsFromSaleOfPyxisDeltaMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_VestingAxis" xlink:label="loc_us-gaapVestingAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapVestingAxis" order="30" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_VestingDomain" xlink:label="loc_us-gaapVestingDomain" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapVestingAxis" xlink:to="loc_us-gaapVestingDomain" order="0" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationAwardTrancheOneMember" xlink:label="loc_us-gaapShareBasedCompensationAwardTrancheOneMember" />
      <link:presentationArc order="110" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapVestingDomain" xlink:to="loc_us-gaapShareBasedCompensationAwardTrancheOneMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationAwardTrancheTwoMember" xlink:label="loc_us-gaapShareBasedCompensationAwardTrancheTwoMember" />
      <link:presentationArc order="120" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapVestingDomain" xlink:to="loc_us-gaapShareBasedCompensationAwardTrancheTwoMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SubsequentEventTypeAxis" xlink:label="loc_us-gaapSubsequentEventTypeAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapSubsequentEventTypeAxis" order="40" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="loc_us-gaapSubsequentEventTypeDomain" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapSubsequentEventTypeAxis" xlink:to="loc_us-gaapSubsequentEventTypeDomain" order="0" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SubsequentEventMember" xlink:label="loc_us-gaapSubsequentEventMember" />
      <link:presentationArc order="260" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapSubsequentEventTypeDomain" xlink:to="loc_us-gaapSubsequentEventMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AwardDateAxis" xlink:label="loc_us-gaapAwardDateAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapAwardDateAxis" order="50" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AwardDateDomain" xlink:label="loc_us-gaapAwardDateDomain" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAwardDateAxis" xlink:to="loc_us-gaapAwardDateDomain" order="0" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_UntilDecemberTwoThousandAndTwentyMember" xlink:label="loc_PXSUntilDecemberTwoThousandAndTwentyMember" />
      <link:presentationArc order="270" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAwardDateDomain" xlink:to="loc_PXSUntilDecemberTwoThousandAndTwentyMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ThereafterOnSeptemberTwentyFiveTwoThousandTwentyMember" xlink:label="loc_PXSThereafterOnSeptemberTwentyFiveTwoThousandTwentyMember" />
      <link:presentationArc order="280" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAwardDateDomain" xlink:to="loc_PXSThereafterOnSeptemberTwentyFiveTwoThousandTwentyMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentAxis" xlink:label="loc_us-gaapDebtInstrumentAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapDebtInstrumentAxis" order="60" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentNameDomain" xlink:label="loc_us-gaapDebtInstrumentNameDomain" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapDebtInstrumentAxis" xlink:to="loc_us-gaapDebtInstrumentNameDomain" order="0" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LongTermDebtAndPromissoryNoteMember" xlink:label="loc_PXSLongTermDebtAndPromissoryNoteMember" />
      <link:presentationArc order="290" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapDebtInstrumentNameDomain" xlink:to="loc_PXSLongTermDebtAndPromissoryNoteMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:label="loc_us-gaapLineOfCreditFacilityMaximumBorrowingCapacity" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapLineOfCreditFacilityMaximumBorrowingCapacity" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentFaceAmount" xlink:label="loc_us-gaapDebtInstrumentFaceAmount" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapDebtInstrumentFaceAmount" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentCarryingAmount" xlink:label="loc_us-gaapDebtInstrumentCarryingAmount" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapDebtInstrumentCarryingAmount" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtTerm" xlink:label="loc_us-gaapLongTermDebtTerm" />
      <link:presentationArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapLongTermDebtTerm" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_CashUsedForRefinanceOfExistingIndebtedness" xlink:label="loc_PXSCashUsedForRefinanceOfExistingIndebtedness" />
      <link:presentationArc order="40" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSCashUsedForRefinanceOfExistingIndebtedness" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GainsLossesOnExtinguishmentOfDebt" xlink:label="loc_us-gaapGainsLossesOnExtinguishmentOfDebt" />
      <link:presentationArc order="50" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapGainsLossesOnExtinguishmentOfDebt" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_DebtInstrumentCarryingAmountPerFacility" xlink:label="loc_PXSDebtInstrumentCarryingAmountPerFacility" />
      <link:presentationArc order="60" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSDebtInstrumentCarryingAmountPerFacility" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_DebtInstrumentBasisSpreadOnVariableRatePercentage" xlink:label="loc_PXSDebtInstrumentBasisSpreadOnVariableRatePercentage" />
      <link:presentationArc order="70" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSDebtInstrumentBasisSpreadOnVariableRatePercentage" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LoanAmortizationProfile" xlink:label="loc_PXSLoanAmortizationProfile" />
      <link:presentationArc order="80" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSLoanAmortizationProfile" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_QuarterlyInstallmentsPayableInAggregatePerFacility" xlink:label="loc_PXSQuarterlyInstallmentsPayableInAggregatePerFacility" />
      <link:presentationArc order="90" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSQuarterlyInstallmentsPayableInAggregatePerFacility" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LongTermDebtFirstPeriodicPayment" xlink:label="loc_PXSLongTermDebtFirstPeriodicPayment" />
      <link:presentationArc order="100" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSLongTermDebtFirstPeriodicPayment" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LongTermDebtBalloonPaymentYear" xlink:label="loc_PXSLongTermDebtBalloonPaymentYear" />
      <link:presentationArc order="110" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSLongTermDebtBalloonPaymentYear" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LongtermDebtBalloonPaymentPerFacility" xlink:label="loc_PXSLongtermDebtBalloonPaymentPerFacility" />
      <link:presentationArc order="120" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSLongtermDebtBalloonPaymentPerFacility" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_QuarterlyInstallmentsPayable" xlink:label="loc_PXSQuarterlyInstallmentsPayable" />
      <link:presentationArc order="130" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSQuarterlyInstallmentsPayable" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid" xlink:label="loc_us-gaapDebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid" />
      <link:presentationArc order="140" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapDebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_MinimumCashDeposits" xlink:label="loc_PXSMinimumCashDeposits" />
      <link:presentationArc order="150" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSMinimumCashDeposits" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_MinimumSecurityCollateralCoverRequiredTrancheTwoPercentOfOutstandingLoan" xlink:label="loc_PXSMinimumSecurityCollateralCoverRequiredTrancheTwoPercentOfOutstandingLoan" />
      <link:presentationArc order="160" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSMinimumSecurityCollateralCoverRequiredTrancheTwoPercentOfOutstandingLoan" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_MinimumSecurityCollateralCoverRequiredTrancheThreePercentOfOutstandingLoan" xlink:label="loc_PXSMinimumSecurityCollateralCoverRequiredTrancheThreePercentOfOutstandingLoan" />
      <link:presentationArc order="170" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSMinimumSecurityCollateralCoverRequiredTrancheThreePercentOfOutstandingLoan" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentMaturityDateDescription" xlink:label="loc_us-gaapDebtInstrumentMaturityDateDescription" />
      <link:presentationArc order="180" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapDebtInstrumentMaturityDateDescription" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebt" xlink:label="loc_us-gaapLongTermDebt" />
      <link:presentationArc order="190" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapLongTermDebt" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_EarlyDebtPrepaymentFollowingSaleOfPyxisDelta" xlink:label="loc_PXSEarlyDebtPrepaymentFollowingSaleOfPyxisDelta" />
      <link:presentationArc order="200" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSEarlyDebtPrepaymentFollowingSaleOfPyxisDelta" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_DebtPrepaymentAmount" xlink:label="loc_PXSDebtPrepaymentAmount" />
      <link:presentationArc order="210" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSDebtPrepaymentAmount" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_DebtToMarketValueOfAdjustedAssetsMaximumRequiredRatio" xlink:label="loc_PXSDebtToMarketValueOfAdjustedAssetsMaximumRequiredRatio" />
      <link:presentationArc order="220" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSDebtToMarketValueOfAdjustedAssetsMaximumRequiredRatio" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_QuarterlyInstallmentsPayableInAggregate" xlink:label="loc_PXSQuarterlyInstallmentsPayableInAggregate" />
      <link:presentationArc order="230" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSQuarterlyInstallmentsPayableInAggregate" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_DebtToMarketValueOfAdjustedAssetsRatioActual" xlink:label="loc_PXSDebtToMarketValueOfAdjustedAssetsRatioActual" />
      <link:presentationArc order="240" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSDebtToMarketValueOfAdjustedAssetsRatioActual" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_RatioDifferenceByWhichActualExceedsRequiredDebtToAssetsRatioThreshold" xlink:label="loc_PXSRatioDifferenceByWhichActualExceedsRequiredDebtToAssetsRatioThreshold" />
      <link:presentationArc order="250" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSRatioDifferenceByWhichActualExceedsRequiredDebtToAssetsRatioThreshold" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_MinimumSecurityCollateralCoverRequired" xlink:label="loc_PXSMinimumSecurityCollateralCoverRequired" />
      <link:presentationArc order="260" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSMinimumSecurityCollateralCoverRequired" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NetProceedsFromSaleOfVessel" xlink:label="loc_PXSNetProceedsFromSaleOfVessel" />
      <link:presentationArc order="270" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSNetProceedsFromSaleOfVessel" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment" xlink:label="loc_us-gaapProceedsFromSaleOfPropertyPlantAndEquipment" />
      <link:presentationArc order="280" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapProceedsFromSaleOfPropertyPlantAndEquipment" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_RepaymentsOfAssetCreditFacility" xlink:label="loc_PXSRepaymentsOfAssetCreditFacility" />
      <link:presentationArc order="290" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSRepaymentsOfAssetCreditFacility" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PrepaymentFee" xlink:label="loc_PXSPrepaymentFee" />
      <link:presentationArc order="300" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSPrepaymentFee" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_DebtCurrent1" xlink:label="loc_PXSDebtCurrent1" />
      <link:presentationArc order="310" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSDebtCurrent1" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:label="loc_us-gaapDebtInstrumentBasisSpreadOnVariableRate1" />
      <link:presentationArc order="320" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapDebtInstrumentBasisSpreadOnVariableRate1" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RepaymentsOfRelatedPartyDebt" xlink:label="loc_us-gaapRepaymentsOfRelatedPartyDebt" />
      <link:presentationArc order="330" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapRepaymentsOfRelatedPartyDebt" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_QuarterlyInstallmentsPayableNineteenInstallments" xlink:label="loc_PXSQuarterlyInstallmentsPayableNineteenInstallments" />
      <link:presentationArc order="340" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSQuarterlyInstallmentsPayableNineteenInstallments" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentCovenantDescription" xlink:label="loc_us-gaapDebtInstrumentCovenantDescription" />
      <link:presentationArc order="350" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapDebtInstrumentCovenantDescription" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_FacilityMaturityPeriod" xlink:label="loc_PXSFacilityMaturityPeriod" />
      <link:presentationArc order="360" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSFacilityMaturityPeriod" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_QuarterlyInstallmentsPayableTenInstallments" xlink:label="loc_PXSQuarterlyInstallmentsPayableTenInstallments" />
      <link:presentationArc order="370" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSQuarterlyInstallmentsPayableTenInstallments" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_DeferredFeeDescription" xlink:label="loc_PXSDeferredFeeDescription" />
      <link:presentationArc order="380" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSDeferredFeeDescription" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_MinimumLiquidityAmount" xlink:label="loc_PXSMinimumLiquidityAmount" />
      <link:presentationArc order="390" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSMinimumLiquidityAmount" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_MinimumLiquidityAmountDescription" xlink:label="loc_PXSMinimumLiquidityAmountDescription" />
      <link:presentationArc order="400" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSMinimumLiquidityAmountDescription" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_InterestExpenseOnLongtermDebtAndPromissoryNote" xlink:label="loc_PXSInterestExpenseOnLongtermDebtAndPromissoryNote" />
      <link:presentationArc order="410" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSInterestExpenseOnLongtermDebtAndPromissoryNote" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongtermDebtWeightedAverageInterestRate" xlink:label="loc_us-gaapLongtermDebtWeightedAverageInterestRate" />
      <link:presentationArc order="420" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapLongtermDebtWeightedAverageInterestRate" xlink:type="arc" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/Long-termDebt-ScheduleOfPrincipalPaymentsDetails" xlink:title="00000046 - Disclosure - Long-Term Debt - Schedule of Principal Payments (Details)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentsAbstract" xlink:label="loc_us-gaapDebtInstrumentsAbstract" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:label="loc_us-gaapLongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapDebtInstrumentsAbstract" xlink:to="loc_us-gaapLongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:label="loc_us-gaapLongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapDebtInstrumentsAbstract" xlink:to="loc_us-gaapLongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:label="loc_us-gaapLongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapDebtInstrumentsAbstract" xlink:to="loc_us-gaapLongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xlink:label="loc_us-gaapLongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" />
      <link:presentationArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapDebtInstrumentsAbstract" xlink:to="loc_us-gaapLongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:label="loc_us-gaapLongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" />
      <link:presentationArc order="40" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapDebtInstrumentsAbstract" xlink:to="loc_us-gaapLongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebt" xlink:label="loc_us-gaapLongTermDebt" />
      <link:presentationArc order="50" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapDebtInstrumentsAbstract" xlink:to="loc_us-gaapLongTermDebt" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/EquityCapitalStructureAndEquityIncentivePlanDetailsNarrative" xlink:title="00000047 - Disclosure - Equity Capital Structure and Equity Incentive Plan (Details Narrative)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CompensationAndRetirementDisclosureAbstract" xlink:label="loc_us-gaapCompensationAndRetirementDisclosureAbstract" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaapStatementTable" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapCompensationAndRetirementDisclosureAbstract" xlink:to="loc_us-gaapStatementTable" order="100" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaapStatementLineItems" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapStatementLineItems" order="200" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaapStatementClassOfStockAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapStatementClassOfStockAxis" order="10" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaapClassOfStockDomain" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementClassOfStockAxis" xlink:to="loc_us-gaapClassOfStockDomain" order="0" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SeriesAConvertiblePreferredSharesMember" xlink:label="loc_PXSSeriesAConvertiblePreferredSharesMember" />
      <link:presentationArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_PXSSeriesAConvertiblePreferredSharesMember" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SeriesAConvertiblePreferredSharesAndDetachableWarrantsMember" xlink:label="loc_PXSSeriesAConvertiblePreferredSharesAndDetachableWarrantsMember" />
      <link:presentationArc order="150" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_PXSSeriesAConvertiblePreferredSharesAndDetachableWarrantsMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AwardTypeAxis" xlink:label="loc_us-gaapAwardTypeAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapAwardTypeAxis" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:label="loc_us-gaapShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapAwardTypeAxis" xlink:to="loc_us-gaapShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" order="0" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TypeOfArrangementAxis" xlink:label="loc_us-gaapTypeOfArrangementAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapTypeOfArrangementAxis" order="30" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ArrangementsAndNonarrangementTransactionsMember" xlink:label="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapTypeOfArrangementAxis" xlink:to="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" order="0" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_FThreeRegistrationStatementMember" xlink:label="loc_PXSFThreeRegistrationStatementMember" />
      <link:presentationArc order="50" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" xlink:to="loc_PXSFThreeRegistrationStatementMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ProspectusSupplementFiledForShelfRegistrationStatementRelatedToAtTheMarketProgramMember" xlink:label="loc_PXSProspectusSupplementFiledForShelfRegistrationStatementRelatedToAtTheMarketProgramMember" />
      <link:presentationArc order="60" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" xlink:to="loc_PXSProspectusSupplementFiledForShelfRegistrationStatementRelatedToAtTheMarketProgramMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ProspectusSupplementAmendedForShelfRegistrationStatementRelatedToAtTheMarketProgramMember" xlink:label="loc_PXSProspectusSupplementAmendedForShelfRegistrationStatementRelatedToAtTheMarketProgramMember" />
      <link:presentationArc order="70" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" xlink:to="loc_PXSProspectusSupplementAmendedForShelfRegistrationStatementRelatedToAtTheMarketProgramMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ATMProgramMember" xlink:label="loc_PXSATMProgramMember" />
      <link:presentationArc order="80" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" xlink:to="loc_PXSATMProgramMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_RangeAxis" xlink:label="loc_srtRangeAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_srtRangeAxis" order="40" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_RangeMember" xlink:label="loc_srtRangeMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_srtRangeAxis" xlink:to="loc_srtRangeMember" order="0" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentAxis" xlink:label="loc_us-gaapDebtInstrumentAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapDebtInstrumentAxis" order="50" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentNameDomain" xlink:label="loc_us-gaapDebtInstrumentNameDomain" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapDebtInstrumentAxis" xlink:to="loc_us-gaapDebtInstrumentNameDomain" order="0" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="loc_us-gaapStatementEquityComponentsAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapStatementEquityComponentsAxis" order="60" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_us-gaapEquityComponentDomain" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementEquityComponentsAxis" xlink:to="loc_us-gaapEquityComponentDomain" order="0" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_UnderwritersWarrantsMember" xlink:label="loc_PXSUnderwritersWarrantsMember" />
      <link:presentationArc order="230" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapEquityComponentDomain" xlink:to="loc_PXSUnderwritersWarrantsMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockMember" xlink:label="loc_us-gaapCommonStockMember" />
      <link:presentationArc order="280" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapEquityComponentDomain" xlink:to="loc_us-gaapCommonStockMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SubsidiarySaleOfStockAxis" xlink:label="loc_us-gaapSubsidiarySaleOfStockAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapSubsidiarySaleOfStockAxis" order="70" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SaleOfStockNameOfTransactionDomain" xlink:label="loc_us-gaapSaleOfStockNameOfTransactionDomain" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapSubsidiarySaleOfStockAxis" xlink:to="loc_us-gaapSaleOfStockNameOfTransactionDomain" order="0" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OverAllotmentOptionMember" xlink:label="loc_us-gaapOverAllotmentOptionMember" />
      <link:presentationArc order="130" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapSaleOfStockNameOfTransactionDomain" xlink:to="loc_us-gaapOverAllotmentOptionMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_TitleOfIndividualAxis" xlink:label="loc_srtTitleOfIndividualAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_srtTitleOfIndividualAxis" order="80" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_TitleOfIndividualWithRelationshipToEntityDomain" xlink:label="loc_srtTitleOfIndividualWithRelationshipToEntityDomain" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_srtTitleOfIndividualAxis" xlink:to="loc_srtTitleOfIndividualWithRelationshipToEntityDomain" order="0" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_HolderMember" xlink:label="loc_PXSHolderMember" />
      <link:presentationArc order="120" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_srtTitleOfIndividualWithRelationshipToEntityDomain" xlink:to="loc_PXSHolderMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="loc_us-gaapCommonStockSharesAuthorized" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapCommonStockSharesAuthorized" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockSharesAuthorized" xlink:label="loc_us-gaapPreferredStockSharesAuthorized" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapPreferredStockSharesAuthorized" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockSharesIssued" xlink:label="loc_us-gaapPreferredStockSharesIssued" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapPreferredStockSharesIssued" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockSharesOutstanding" xlink:label="loc_us-gaapPreferredStockSharesOutstanding" />
      <link:presentationArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapPreferredStockSharesOutstanding" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="loc_us-gaapCommonStockParOrStatedValuePerShare" />
      <link:presentationArc order="40" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapCommonStockParOrStatedValuePerShare" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockParOrStatedValuePerShare" xlink:label="loc_us-gaapPreferredStockParOrStatedValuePerShare" />
      <link:presentationArc order="50" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapPreferredStockParOrStatedValuePerShare" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_MaximumOfferingAmountUnderRegistrationStatement" xlink:label="loc_PXSMaximumOfferingAmountUnderRegistrationStatement" />
      <link:presentationArc order="60" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSMaximumOfferingAmountUnderRegistrationStatement" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_MaximumNumberOfSharesForSaleUnderRegistrationStatement" xlink:label="loc_PXSMaximumNumberOfSharesForSaleUnderRegistrationStatement" />
      <link:presentationArc order="70" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSMaximumNumberOfSharesForSaleUnderRegistrationStatement" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_StockIssuedDuringPeriodShares" xlink:label="loc_PXSStockIssuedDuringPeriodShares" />
      <link:presentationArc order="80" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSStockIssuedDuringPeriodShares" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_OfferingUnits" xlink:label="loc_PXSOfferingUnits" />
      <link:presentationArc order="90" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSOfferingUnits" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_OfferingPrice" xlink:label="loc_PXSOfferingPrice" />
      <link:presentationArc order="100" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSOfferingPrice" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PercentageOfPreferredShares" xlink:label="loc_PXSPercentageOfPreferredShares" />
      <link:presentationArc order="110" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSPercentageOfPreferredShares" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" xlink:label="loc_us-gaapShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" />
      <link:presentationArc order="120" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ClassOfWarrantOrRightOutstanding" xlink:label="loc_us-gaapClassOfWarrantOrRightOutstanding" />
      <link:presentationArc order="130" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapClassOfWarrantOrRightOutstanding" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_WarrantAggregatePurchasePrice" xlink:label="loc_PXSWarrantAggregatePurchasePrice" />
      <link:presentationArc order="140" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSWarrantAggregatePurchasePrice" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_TerminationDate" xlink:label="loc_PXSTerminationDate" />
      <link:presentationArc order="150" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSTerminationDate" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_FirstTypeWarrantForPurchaseOfAggregateSeriesConvertiblePreferredShares" xlink:label="loc_PXSFirstTypeWarrantForPurchaseOfAggregateSeriesConvertiblePreferredShares" />
      <link:presentationArc order="160" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSFirstTypeWarrantForPurchaseOfAggregateSeriesConvertiblePreferredShares" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_FirstTypeWarrantsExercisePrice" xlink:label="loc_PXSFirstTypeWarrantsExercisePrice" />
      <link:presentationArc order="170" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSFirstTypeWarrantsExercisePrice" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SecondTypeWarrantForPurchaseOfAggregateSeriesConvertiblePreferredShares" xlink:label="loc_PXSSecondTypeWarrantForPurchaseOfAggregateSeriesConvertiblePreferredShares" />
      <link:presentationArc order="180" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSSecondTypeWarrantForPurchaseOfAggregateSeriesConvertiblePreferredShares" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SecondTypeWarrantsExercisePrice" xlink:label="loc_PXSSecondTypeWarrantsExercisePrice" />
      <link:presentationArc order="190" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSSecondTypeWarrantsExercisePrice" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_AdditionalNumberOfSeriesConvertiblePreferredSharesOptionalPreferredShares" xlink:label="loc_PXSAdditionalNumberOfSeriesConvertiblePreferredSharesOptionalPreferredShares" />
      <link:presentationArc order="200" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSAdditionalNumberOfSeriesConvertiblePreferredSharesOptionalPreferredShares" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PurchasePricePerOptionalPreferredShare" xlink:label="loc_PXSPurchasePricePerOptionalPreferredShare" />
      <link:presentationArc order="210" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSPurchasePricePerOptionalPreferredShare" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_AdditionalNumberOfWarrantsOptionalWarrants" xlink:label="loc_PXSAdditionalNumberOfWarrantsOptionalWarrants" />
      <link:presentationArc order="220" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSAdditionalNumberOfWarrantsOptionalWarrants" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PurchasePricePerOptionalWarrant" xlink:label="loc_PXSPurchasePricePerOptionalWarrant" />
      <link:presentationArc order="230" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSPurchasePricePerOptionalWarrant" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PartialOverallotmentOfWarrantsExercisedByUnderwriter" xlink:label="loc_PXSPartialOverallotmentOfWarrantsExercisedByUnderwriter" />
      <link:presentationArc order="240" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSPartialOverallotmentOfWarrantsExercisedByUnderwriter" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_GrossProceedsFromOverallotmentOptionGranted" xlink:label="loc_PXSGrossProceedsFromOverallotmentOptionGranted" />
      <link:presentationArc order="250" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSGrossProceedsFromOverallotmentOptionGranted" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NumberOfDetachableWarrantsPerSeriesConvertiblePreferredShare" xlink:label="loc_PXSNumberOfDetachableWarrantsPerSeriesConvertiblePreferredShare" />
      <link:presentationArc order="260" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSNumberOfDetachableWarrantsPerSeriesConvertiblePreferredShare" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NumberOfCommonSharesFromExerciseOfDetachableWarrants" xlink:label="loc_PXSNumberOfCommonSharesFromExerciseOfDetachableWarrants" />
      <link:presentationArc order="270" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSNumberOfCommonSharesFromExerciseOfDetachableWarrants" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_GrossProceedsFromOffering" xlink:label="loc_PXSGrossProceedsFromOffering" />
      <link:presentationArc order="280" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSGrossProceedsFromOffering" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NetProceedsFromPublicOffering" xlink:label="loc_PXSNetProceedsFromPublicOffering" />
      <link:presentationArc order="290" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSNetProceedsFromPublicOffering" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_InitialConversionPricePerCommonShare" xlink:label="loc_PXSInitialConversionPricePerCommonShare" />
      <link:presentationArc order="300" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSInitialConversionPricePerCommonShare" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ConvertiblePreferredStockConversionDescription" xlink:label="loc_PXSConvertiblePreferredStockConversionDescription" />
      <link:presentationArc order="310" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSConvertiblePreferredStockConversionDescription" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConvertiblePreferredStockTermsOfConversion" xlink:label="loc_us-gaapConvertiblePreferredStockTermsOfConversion" />
      <link:presentationArc order="320" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapConvertiblePreferredStockTermsOfConversion" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" xlink:label="loc_us-gaapClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" />
      <link:presentationArc order="330" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_WarrantExercisableDate" xlink:label="loc_PXSWarrantExercisableDate" />
      <link:presentationArc order="340" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSWarrantExercisableDate" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ChangeOfControlTerms" xlink:label="loc_PXSChangeOfControlTerms" />
      <link:presentationArc order="350" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSChangeOfControlTerms" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_CashDividendPerShare" xlink:label="loc_PXSCashDividendPerShare" />
      <link:presentationArc order="360" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSCashDividendPerShare" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_AnnualCashDividendPerShare" xlink:label="loc_PXSAnnualCashDividendPerShare" />
      <link:presentationArc order="370" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSAnnualCashDividendPerShare" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PreferredStockDividendRatePercentage" xlink:label="loc_us-gaapPreferredStockDividendRatePercentage" />
      <link:presentationArc order="380" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapPreferredStockDividendRatePercentage" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConversionOfStockSharesConverted1" xlink:label="loc_us-gaapConversionOfStockSharesConverted1" />
      <link:presentationArc order="390" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapConversionOfStockSharesConverted1" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xlink:label="loc_us-gaapStockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" />
      <link:presentationArc order="400" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapStockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="loc_us-gaapCommonStockSharesOutstanding" />
      <link:presentationArc order="410" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapCommonStockSharesOutstanding" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_AverageGrossAmountUnderProgram" xlink:label="loc_PXSAverageGrossAmountUnderProgram" />
      <link:presentationArc order="420" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSAverageGrossAmountUnderProgram" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_AverageGrossPricePerShareUnderProgram" xlink:label="loc_PXSAverageGrossPricePerShareUnderProgram" />
      <link:presentationArc order="430" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSAverageGrossPricePerShareUnderProgram" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_IssuanceOfCommonStockUnderPromissoryNoteShares" xlink:label="loc_PXSIssuanceOfCommonStockUnderPromissoryNoteShares" />
      <link:presentationArc order="440" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSIssuanceOfCommonStockUnderPromissoryNoteShares" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="loc_us-gaapCommonStockSharesIssued" />
      <link:presentationArc order="450" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapCommonStockSharesIssued" xlink:type="arc" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/LossPerCommonShare-ScheduleOfLossPerCommonShareDetails" xlink:title="00000048 - Disclosure - Loss Per Common Share - Schedule of Loss Per Common Share (Details)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EarningsPerShareAbstract" xlink:label="loc_us-gaapEarningsPerShareAbstract" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:label="loc_us-gaapNetIncomeLossAvailableToCommonStockholdersBasic" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapEarningsPerShareAbstract" xlink:to="loc_us-gaapNetIncomeLossAvailableToCommonStockholdersBasic" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted" xlink:label="loc_us-gaapWeightedAverageNumberOfShareOutstandingBasicAndDiluted" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapEarningsPerShareAbstract" xlink:to="loc_us-gaapWeightedAverageNumberOfShareOutstandingBasicAndDiluted" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EarningsPerShareBasicAndDiluted" xlink:label="loc_us-gaapEarningsPerShareBasicAndDiluted" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapEarningsPerShareAbstract" xlink:to="loc_us-gaapEarningsPerShareBasicAndDiluted" xlink:type="arc" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurementsDetailsNarrative" xlink:title="00000049 - Disclosure - Risk Management and Fair Value Measurements (Details Narrative)">
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_RiskManagementAndFairValueMeasurementsAbstract" xlink:label="loc_PXSRiskManagementAndFairValueMeasurementsAbstract" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaapStatementTable" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_PXSRiskManagementAndFairValueMeasurementsAbstract" xlink:to="loc_us-gaapStatementTable" order="100" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaapStatementLineItems" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapStatementLineItems" order="200" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TypeOfArrangementAxis" xlink:label="loc_us-gaapTypeOfArrangementAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapTypeOfArrangementAxis" order="10" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ArrangementsAndNonarrangementTransactionsMember" xlink:label="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapTypeOfArrangementAxis" xlink:to="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" order="0" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestRateCapMember" xlink:label="loc_us-gaapInterestRateCapMember" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" xlink:to="loc_us-gaapInterestRateCapMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongtermDebtTypeAxis" xlink:label="loc_us-gaapLongtermDebtTypeAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapLongtermDebtTypeAxis" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongtermDebtTypeDomain" xlink:label="loc_us-gaapLongtermDebtTypeDomain" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapLongtermDebtTypeAxis" xlink:to="loc_us-gaapLongtermDebtTypeDomain" order="0" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_DerivativesNotionalAmount" xlink:label="loc_PXSDerivativesNotionalAmount" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSDerivativesNotionalAmount" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeCapInterestRate" xlink:label="loc_us-gaapDerivativeCapInterestRate" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapDerivativeCapInterestRate" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_InterestRateCapTerminationDate" xlink:label="loc_PXSInterestRateCapTerminationDate" />
      <link:presentationArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSInterestRateCapTerminationDate" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ImpairmentOfLongLivedAssetsHeldForUse" xlink:label="loc_us-gaapImpairmentOfLongLivedAssetsHeldForUse" />
      <link:presentationArc order="40" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapImpairmentOfLongLivedAssetsHeldForUse" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetsHeldForSaleNotPartOfDisposalGroupCurrent" xlink:label="loc_us-gaapAssetsHeldForSaleNotPartOfDisposalGroupCurrent" />
      <link:presentationArc order="50" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapAssetsHeldForSaleNotPartOfDisposalGroupCurrent" xlink:type="arc" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurements-ScheduleOfFairValueOfAssetsAndLiabilitiesDetails" xlink:title="00000050 - Disclosure - Risk Management and Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities (Details)">
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_RiskManagementAndFairValueMeasurementsAbstract" xlink:label="loc_PXSRiskManagementAndFairValueMeasurementsAbstract" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaapStatementTable" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_PXSRiskManagementAndFairValueMeasurementsAbstract" xlink:to="loc_us-gaapStatementTable" order="100" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaapStatementLineItems" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapStatementLineItems" order="200" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ConsolidatedEntitiesAxis" xlink:label="loc_srtConsolidatedEntitiesAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_srtConsolidatedEntitiesAxis" order="10" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_ConsolidatedEntitiesDomain" xlink:label="loc_srtConsolidatedEntitiesDomain" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_srtConsolidatedEntitiesAxis" xlink:to="loc_srtConsolidatedEntitiesDomain" order="0" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_CarryingValueMember" xlink:label="loc_PXSCarryingValueMember" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_srtConsolidatedEntitiesDomain" xlink:to="loc_PXSCarryingValueMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_FairValueMember" xlink:label="loc_PXSFairValueMember" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_srtConsolidatedEntitiesDomain" xlink:to="loc_PXSFairValueMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_CashAndCashEquivalent" xlink:label="loc_PXSCashAndCashEquivalent" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSCashAndCashEquivalent" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_TradeAccountsReceivableNet" xlink:label="loc_PXSTradeAccountsReceivableNet" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSTradeAccountsReceivableNet" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AccountsPayableCurrent" xlink:label="loc_us-gaapAccountsPayableCurrent" />
      <link:presentationArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapAccountsPayableCurrent" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LongtermDebtWithVariableInterestRatesNet" xlink:label="loc_PXSLongtermDebtWithVariableInterestRatesNet" />
      <link:presentationArc order="40" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSLongtermDebtWithVariableInterestRatesNet" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LongtermLoansAndPromissoryNoteWithNonvariableInterestRatesNet" xlink:label="loc_PXSLongtermLoansAndPromissoryNoteWithNonvariableInterestRatesNet" />
      <link:presentationArc order="50" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSLongtermLoansAndPromissoryNoteWithNonvariableInterestRatesNet" xlink:type="arc" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurements-ScheduleOfFairValueOfAssetsAndLiabilitiesDetailsParenthetical" xlink:title="00000051 - Disclosure - Risk Management and Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities (Details) (Parenthetical)">
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_RiskManagementAndFairValueMeasurementsAbstract" xlink:label="loc_PXSRiskManagementAndFairValueMeasurementsAbstract" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaapStatementTable" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_PXSRiskManagementAndFairValueMeasurementsAbstract" xlink:to="loc_us-gaapStatementTable" order="100" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaapStatementLineItems" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapStatementLineItems" order="200" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TypeOfArrangementAxis" xlink:label="loc_us-gaapTypeOfArrangementAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapTypeOfArrangementAxis" order="10" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ArrangementsAndNonarrangementTransactionsMember" xlink:label="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapTypeOfArrangementAxis" xlink:to="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" order="0" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_EighthoneLoanAmendedAndRestatedPromissoryNoteMember" xlink:label="loc_PXSEighthoneLoanAmendedAndRestatedPromissoryNoteMember" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" xlink:to="loc_PXSEighthoneLoanAmendedAndRestatedPromissoryNoteMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentCarryingAmount" xlink:label="loc_us-gaapDebtInstrumentCarryingAmount" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapDebtInstrumentCarryingAmount" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_LongTermDebtFairValue" xlink:label="loc_us-gaapLongTermDebtFairValue" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapLongTermDebtFairValue" xlink:type="arc" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurements-ScheduleOfFinancialDerivativeInstrumentLocationDetails" xlink:title="00000052 - Disclosure - Risk Management and Fair Value Measurements - Schedule of Financial Derivative Instrument Location (Details)">
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_RiskManagementAndFairValueMeasurementsAbstract" xlink:label="loc_PXSRiskManagementAndFairValueMeasurementsAbstract" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeInstrumentsAndHedgesNoncurrent" xlink:label="loc_us-gaapDerivativeInstrumentsAndHedgesNoncurrent" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_PXSRiskManagementAndFairValueMeasurementsAbstract" xlink:to="loc_us-gaapDerivativeInstrumentsAndHedgesNoncurrent" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurements-ScheduleOfGainsLossesOnDerivativeInstrumentsDetails" xlink:title="00000053 - Disclosure - Risk Management and Fair Value Measurements - Schedule of Gains Losses on Derivative Instruments (Details)">
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_RiskManagementAndFairValueMeasurementsAbstract" xlink:label="loc_PXSRiskManagementAndFairValueMeasurementsAbstract" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_InitialCostOfDerivativeInstrument" xlink:label="loc_PXSInitialCostOfDerivativeInstrument" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_PXSRiskManagementAndFairValueMeasurementsAbstract" xlink:to="loc_PXSInitialCostOfDerivativeInstrument" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DerivativeInstrumentsAndHedgesNoncurrent" xlink:label="loc_us-gaapDerivativeInstrumentsAndHedgesNoncurrent" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_PXSRiskManagementAndFairValueMeasurementsAbstract" xlink:to="loc_us-gaapDerivativeInstrumentsAndHedgesNoncurrent" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/terseLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_GainLossOnDerivativeInstrumentsNetPretax" xlink:label="loc_us-gaapGainLossOnDerivativeInstrumentsNetPretax" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_PXSRiskManagementAndFairValueMeasurementsAbstract" xlink:to="loc_us-gaapGainLossOnDerivativeInstrumentsNetPretax" xlink:type="arc" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/RiskManagementAndFairValueMeasurements-ScheduleOfAssetsMeasuredAtFairValueOnNon-recurringBasisLongLivedAssetsHeldAndUsedAndHeldForSaleDetails" xlink:title="00000054 - Disclosure - Risk Management and Fair Value Measurements - Schedule of Assets Measured at Fair Value on a Non-recurring Basis Long Lived Assets Held and Used and Held for Sale (Details)">
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_RiskManagementAndFairValueMeasurementsAbstract" xlink:label="loc_PXSRiskManagementAndFairValueMeasurementsAbstract" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ScheduleOfImpairedLongLivedAssetsHeldAndUsedTable" xlink:label="loc_us-gaapScheduleOfImpairedLongLivedAssetsHeldAndUsedTable" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_PXSRiskManagementAndFairValueMeasurementsAbstract" xlink:to="loc_us-gaapScheduleOfImpairedLongLivedAssetsHeldAndUsedTable" order="100" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ImpairedLongLivedAssetsHeldAndUsedLineItems" xlink:label="loc_us-gaapImpairedLongLivedAssetsHeldAndUsedLineItems" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapScheduleOfImpairedLongLivedAssetsHeldAndUsedTable" xlink:to="loc_us-gaapImpairedLongLivedAssetsHeldAndUsedLineItems" order="200" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapScheduleOfImpairedLongLivedAssetsHeldAndUsedTable" xlink:to="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" order="10" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentByTypeAxis" xlink:to="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" order="0" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SignificantOtherObservableInputsLevel2NorthseaAlphaVesselMember" xlink:label="loc_PXSSignificantOtherObservableInputsLevel2NorthseaAlphaVesselMember" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:to="loc_PXSSignificantOtherObservableInputsLevel2NorthseaAlphaVesselMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SignificantOtherObservableInputsLevel2NorthseaBetaVesselMember" xlink:label="loc_PXSSignificantOtherObservableInputsLevel2NorthseaBetaVesselMember" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:to="loc_PXSSignificantOtherObservableInputsLevel2NorthseaBetaVesselMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SignificantOtherObservableInputsLevel2NorthseaAlphaAndNorthseaBetaMember" xlink:label="loc_PXSSignificantOtherObservableInputsLevel2NorthseaAlphaAndNorthseaBetaMember" />
      <link:presentationArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapPropertyPlantAndEquipmentTypeDomain" xlink:to="loc_PXSSignificantOtherObservableInputsLevel2NorthseaAlphaAndNorthseaBetaMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:label="loc_us-gaapFairValueByFairValueHierarchyLevelAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapScheduleOfImpairedLongLivedAssetsHeldAndUsedTable" xlink:to="loc_us-gaapFairValueByFairValueHierarchyLevelAxis" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:label="loc_us-gaapFairValueMeasurementsFairValueHierarchyDomain" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapFairValueByFairValueHierarchyLevelAxis" xlink:to="loc_us-gaapFairValueMeasurementsFairValueHierarchyDomain" order="0" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AssetsFairValueDisclosure" xlink:label="loc_us-gaapAssetsFairValueDisclosure" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapImpairedLongLivedAssetsHeldAndUsedLineItems" xlink:to="loc_us-gaapAssetsFairValueDisclosure" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ImpairmentChargesOnVesselsNet" xlink:label="loc_PXSImpairmentChargesOnVesselsNet" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapImpairedLongLivedAssetsHeldAndUsedLineItems" xlink:to="loc_PXSImpairmentChargesOnVesselsNet" xlink:type="arc" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/CommitmentsAndContingencies-ScheduleOfFutureMinimumContractualCharterRevenuesDetails" xlink:title="00000055 - Disclosure - Commitments and Contingencies - Schedule of Future Minimum Contractual Charter Revenues (Details)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:label="loc_us-gaapCommitmentsAndContingenciesDisclosureAbstract" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableCurrent" xlink:label="loc_us-gaapOperatingLeasesFutureMinimumPaymentsReceivableCurrent" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapCommitmentsAndContingenciesDisclosureAbstract" xlink:to="loc_us-gaapOperatingLeasesFutureMinimumPaymentsReceivableCurrent" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsReceivable" xlink:label="loc_us-gaapOperatingLeasesFutureMinimumPaymentsReceivable" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapCommitmentsAndContingenciesDisclosureAbstract" xlink:to="loc_us-gaapOperatingLeasesFutureMinimumPaymentsReceivable" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/InterestAndFinanceCostsNet-ScheduleOfInterestAndFinanceCostsDetails" xlink:title="00000056 - Disclosure - Interest and Finance Costs, Net - Schedule of Interest and Finance Costs (Details)">
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_InterestAndFinanceCostsNetAbstract" xlink:label="loc_PXSInterestAndFinanceCostsNetAbstract" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestExpenseLongTermDebt" xlink:label="loc_us-gaapInterestExpenseLongTermDebt" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_PXSInterestAndFinanceCostsNetAbstract" xlink:to="loc_us-gaapInterestExpenseLongTermDebt" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_InterestOnPromissoryNote" xlink:label="loc_PXSInterestOnPromissoryNote" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_PXSInterestAndFinanceCostsNetAbstract" xlink:to="loc_PXSInterestOnPromissoryNote" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LongtermDebtPrepaymentFees" xlink:label="loc_PXSLongtermDebtPrepaymentFees" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_PXSInterestAndFinanceCostsNetAbstract" xlink:to="loc_PXSLongtermDebtPrepaymentFees" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_AmortizationOfFinancingCosts" xlink:label="loc_us-gaapAmortizationOfFinancingCosts" />
      <link:presentationArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_PXSInterestAndFinanceCostsNetAbstract" xlink:to="loc_us-gaapAmortizationOfFinancingCosts" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_InterestAndDebtExpense" xlink:label="loc_us-gaapInterestAndDebtExpense" />
      <link:presentationArc order="40" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_PXSInterestAndFinanceCostsNetAbstract" xlink:to="loc_us-gaapInterestAndDebtExpense" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/totalLabel" />
    </link:presentationLink>
    <link:presentationLink xlink:type="extended" xlink:role="http://pyxistankers.com/role/SubsequentEventsDetailsNarrative" xlink:title="00000057 - Disclosure - Subsequent Events (Details Narrative)">
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SubsequentEventsAbstract" xlink:label="loc_us-gaapSubsequentEventsAbstract" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaapStatementTable" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapSubsequentEventsAbstract" xlink:to="loc_us-gaapStatementTable" order="100" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaapStatementLineItems" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapStatementLineItems" order="200" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SubsequentEventTypeAxis" xlink:label="loc_us-gaapSubsequentEventTypeAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapSubsequentEventTypeAxis" order="10" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="loc_us-gaapSubsequentEventTypeDomain" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapSubsequentEventTypeAxis" xlink:to="loc_us-gaapSubsequentEventTypeDomain" order="0" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SubsequentEventMember" xlink:label="loc_us-gaapSubsequentEventMember" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapSubsequentEventTypeDomain" xlink:to="loc_us-gaapSubsequentEventMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentAxis" xlink:label="loc_us-gaapDebtInstrumentAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapDebtInstrumentAxis" order="20" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentNameDomain" xlink:label="loc_us-gaapDebtInstrumentNameDomain" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapDebtInstrumentAxis" xlink:to="loc_us-gaapDebtInstrumentNameDomain" order="0" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_AmendedAndRestatedPromissoryNoteMember" xlink:label="loc_PXSAmendedAndRestatedPromissoryNoteMember" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapDebtInstrumentNameDomain" xlink:to="loc_PXSAmendedAndRestatedPromissoryNoteMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SubsidiarySaleOfStockAxis" xlink:label="loc_us-gaapSubsidiarySaleOfStockAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapSubsidiarySaleOfStockAxis" order="30" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SaleOfStockNameOfTransactionDomain" xlink:label="loc_us-gaapSaleOfStockNameOfTransactionDomain" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapSubsidiarySaleOfStockAxis" xlink:to="loc_us-gaapSaleOfStockNameOfTransactionDomain" order="0" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PrivatePlacementMember" xlink:label="loc_us-gaapPrivatePlacementMember" />
      <link:presentationArc order="40" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapSaleOfStockNameOfTransactionDomain" xlink:to="loc_us-gaapPrivatePlacementMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="loc_us-gaapStatementEquityComponentsAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapStatementEquityComponentsAxis" order="40" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_us-gaapEquityComponentDomain" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementEquityComponentsAxis" xlink:to="loc_us-gaapEquityComponentDomain" order="0" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SeriesAConvertiblePreferredSharesConversionsMember" xlink:label="loc_PXSSeriesAConvertiblePreferredSharesConversionsMember" />
      <link:presentationArc order="60" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapEquityComponentDomain" xlink:to="loc_PXSSeriesAConvertiblePreferredSharesConversionsMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_TypeOfArrangementAxis" xlink:label="loc_us-gaapTypeOfArrangementAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapTypeOfArrangementAxis" order="50" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ArrangementsAndNonarrangementTransactionsMember" xlink:label="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapTypeOfArrangementAxis" xlink:to="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" order="0" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_WarrantExercisesMember" xlink:label="loc_PXSWarrantExercisesMember" />
      <link:presentationArc order="80" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" xlink:to="loc_PXSWarrantExercisesMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_AmendmentToEighthoneLoanMember" xlink:label="loc_PXSAmendmentToEighthoneLoanMember" />
      <link:presentationArc order="160" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" xlink:to="loc_PXSAmendmentToEighthoneLoanMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_RefinanceOfEighthoneLoanMember" xlink:label="loc_PXSRefinanceOfEighthoneLoanMember" />
      <link:presentationArc order="170" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapArrangementsAndNonarrangementTransactionsMember" xlink:to="loc_PXSRefinanceOfEighthoneLoanMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="loc_us-gaapStatementClassOfStockAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_us-gaapStatementClassOfStockAxis" order="60" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="loc_us-gaapClassOfStockDomain" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementClassOfStockAxis" xlink:to="loc_us-gaapClassOfStockDomain" order="0" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_SeriesAConvertiblePreferredSharesMember" xlink:label="loc_PXSSeriesAConvertiblePreferredSharesMember" />
      <link:presentationArc order="100" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapClassOfStockDomain" xlink:to="loc_PXSSeriesAConvertiblePreferredSharesMember" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_TitleOfIndividualAxis" xlink:label="loc_srtTitleOfIndividualAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_srtTitleOfIndividualAxis" order="70" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/srt/2020/elts/srt-2020-01-31.xsd#srt_TitleOfIndividualWithRelationshipToEntityDomain" xlink:label="loc_srtTitleOfIndividualWithRelationshipToEntityDomain" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_srtTitleOfIndividualAxis" xlink:to="loc_srtTitleOfIndividualWithRelationshipToEntityDomain" order="0" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_MrValentisMember" xlink:label="loc_PXSMrValentisMember" />
      <link:presentationArc order="140" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_srtTitleOfIndividualWithRelationshipToEntityDomain" xlink:to="loc_PXSMrValentisMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_LegalEntityAxis" xlink:label="loc_deiLegalEntityAxis" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementTable" xlink:to="loc_deiLegalEntityAxis" order="80" />
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2020/dei-2020-01-31.xsd#dei_EntityDomain" xlink:label="loc_deiEntityDomain" />
      <link:presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiLegalEntityAxis" xlink:to="loc_deiEntityDomain" order="0" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_EighthoneCorpMember" xlink:label="loc_PXSEighthoneCorpMember" />
      <link:presentationArc order="150" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_deiEntityDomain" xlink:to="loc_PXSEighthoneCorpMember" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_StockIssuedDuringPeriodSharesNewIssue" xlink:label="loc_PXSStockIssuedDuringPeriodSharesNewIssue" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSStockIssuedDuringPeriodSharesNewIssue" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_BidPriceRule" xlink:label="loc_PXSBidPriceRule" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSBidPriceRule" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromIssuanceOfPrivatePlacement" xlink:label="loc_us-gaapProceedsFromIssuanceOfPrivatePlacement" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapProceedsFromIssuanceOfPrivatePlacement" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NumberOfCommonStockIssued" xlink:label="loc_PXSNumberOfCommonStockIssued" />
      <link:presentationArc order="30" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSNumberOfCommonStockIssued" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_SaleOfStockPricePerShare" xlink:label="loc_us-gaapSaleOfStockPricePerShare" />
      <link:presentationArc order="40" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapSaleOfStockPricePerShare" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ConversionOfPreferredShares" xlink:label="loc_PXSConversionOfPreferredShares" />
      <link:presentationArc order="50" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSConversionOfPreferredShares" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ConvertiblePreferredStockSharesIssuedUponConversion" xlink:label="loc_us-gaapConvertiblePreferredStockSharesIssuedUponConversion" />
      <link:presentationArc order="60" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapConvertiblePreferredStockSharesIssuedUponConversion" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_NumberOfWarrantsExercisedDuringPeriod" xlink:label="loc_PXSNumberOfWarrantsExercisedDuringPeriod" />
      <link:presentationArc order="70" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSNumberOfWarrantsExercisedDuringPeriod" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:label="loc_us-gaapStockIssuedDuringPeriodSharesStockOptionsExercised" />
      <link:presentationArc order="80" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapStockIssuedDuringPeriodSharesStockOptionsExercised" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_ProceedsFromWarrantExercises" xlink:label="loc_us-gaapProceedsFromWarrantExercises" />
      <link:presentationArc order="90" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapProceedsFromWarrantExercises" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="loc_us-gaapCommonStockSharesIssued" />
      <link:presentationArc order="100" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapCommonStockSharesIssued" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="loc_us-gaapCommonStockSharesOutstanding" />
      <link:presentationArc order="110" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapCommonStockSharesOutstanding" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_PercentageOfCommonStockBeneficiallyOwned" xlink:label="loc_PXSPercentageOfCommonStockBeneficiallyOwned" />
      <link:presentationArc order="120" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSPercentageOfCommonStockBeneficiallyOwned" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_ConvertiblePreferredSharesDividendPerShare" xlink:label="loc_PXSConvertiblePreferredSharesDividendPerShare" />
      <link:presentationArc order="130" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSConvertiblePreferredSharesDividendPerShare" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock" xlink:label="loc_us-gaapPaymentsOfDividendsPreferredStockAndPreferenceStock" />
      <link:presentationArc order="140" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapPaymentsOfDividendsPreferredStockAndPreferenceStock" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_MinimumLiquidityAmountRequired" xlink:label="loc_PXSMinimumLiquidityAmountRequired" />
      <link:presentationArc order="150" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSMinimumLiquidityAmountRequired" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_DescriptionOfMinimumLiquidityAmountAndMinimumSecurityCover" xlink:label="loc_PXSDescriptionOfMinimumLiquidityAmountAndMinimumSecurityCover" />
      <link:presentationArc order="160" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSDescriptionOfMinimumLiquidityAmountAndMinimumSecurityCover" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_DebtInstrumentCarryingAmount" xlink:label="loc_us-gaapDebtInstrumentCarryingAmount" />
      <link:presentationArc order="170" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapDebtInstrumentCarryingAmount" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2020/elts/us-gaap-2020-01-31.xsd#us-gaap_RepaymentsOfDebt" xlink:label="loc_us-gaapRepaymentsOfDebt" />
      <link:presentationArc order="180" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_us-gaapRepaymentsOfDebt" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LoanAmortizationProfile" xlink:label="loc_PXSLoanAmortizationProfile" />
      <link:presentationArc order="190" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSLoanAmortizationProfile" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="pxs-20201231.xsd#PXS_LongTermDebtBalloonPayment" xlink:label="loc_PXSLongTermDebtBalloonPayment" />
      <link:presentationArc order="200" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaapStatementLineItems" xlink:to="loc_PXSLongTermDebtBalloonPayment" xlink:type="arc" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel" />
    </link:presentationLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>35
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625138975560">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Document and Entity Information<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2020 </div>
<div>shares</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Pyxis Tankers Inc.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001640043<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">20-F<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Dec. 31,  2020<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityWellKnownSeasonedIssuer', window );">Entity a Well-known Seasoned Issuer</a></td>
<td class="text">No<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityVoluntaryFilers', window );">Entity Voluntary Filers</a></td>
<td class="text">No<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCurrentReportingStatus', window );">Entity Current Reporting Status</a></td>
<td class="text">Yes<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityInteractiveDataCurrent', window );">Entity Interactive Data Current</a></td>
<td class="text">Yes<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
<td class="text">Non-accelerated Filer<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityShellCompany', window );">Entity Shell Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentAnnualReport', window );">Document Annual Report</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentTransitionReport', window );">Document Transition Report</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentShellCompanyReport', window );">Document Shell Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="nump">21,962,881<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
<td class="text">2020<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
<td class="text">FY<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gMonthDayItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentAnnualReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as an annual report.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 10-K<br> -Number 249<br> -Section 310<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 40-F<br> -Number 249<br> -Section 240<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentAnnualReport</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalPeriodFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fiscal period values are FY, Q1, Q2, and Q3.  1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalPeriodFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fiscalPeriodItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalYearFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal year of the document report in YYYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalYearFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gYearItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentShellCompanyReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true for a Shell Company Report pursuant to section 13 or 15(d) of the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Form 20-F<br> -Number 249<br> -Section 220<br> -Subsection f<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentShellCompanyReport</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentTransitionReport">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true only for a form used as a transition report.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Forms 10-K, 10-Q, 20-F<br> -Number 240<br> -Section 13<br> -Subsection a-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentTransitionReport</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCurrentReportingStatus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCurrentReportingStatus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFilerCategory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:filerCategoryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityInteractiveDataCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation S-T<br> -Number 232<br> -Section 405<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityInteractiveDataCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityShellCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityShellCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityVoluntaryFilers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityVoluntaryFilers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityWellKnownSeasonedIssuer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate 'Yes' or 'No' if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityWellKnownSeasonedIssuer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>36
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625140246648">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Consolidated Balance Sheets - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrentAbstract', window );"><strong>CURRENT ASSETS:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td>
<td class="nump">$ 1,620<span></span>
</td>
<td class="nump">$ 1,441<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue', window );">Restricted cash, current portion</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">535<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryNet', window );">Inventories</a></td>
<td class="nump">681<span></span>
</td>
<td class="nump">501<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_TradeAccountsReceivable', window );">Trade accounts receivable</a></td>
<td class="nump">672<span></span>
</td>
<td class="nump">1,243<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent', window );">Less: Allowance for credit losses</a></td>
<td class="num">(9)<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_TradeAccountsReceivableNet', window );">Trade accounts receivable, net</a></td>
<td class="nump">663<span></span>
</td>
<td class="nump">1,243<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueFromRelatedPartiesCurrent', window );">Due from related parties</a></td>
<td class="nump">2,308<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsHeldForSaleNotPartOfDisposalGroupCurrent', window );">Vessel held-for-sale</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">13,190<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidExpenseAndOtherAssetsCurrent', window );">Prepayments and other assets</a></td>
<td class="nump">133<span></span>
</td>
<td class="nump">325<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrent', window );">Total current assets</a></td>
<td class="nump">5,405<span></span>
</td>
<td class="nump">17,235<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNetAbstract', window );"><strong>FIXED ASSETS, NET:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CapitalLeasesBalanceSheetAssetsByMajorClassNet', window );">Vessels, net</a></td>
<td class="nump">83,774<span></span>
</td>
<td class="nump">87,507<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Total fixed assets, net</a></td>
<td class="nump">83,774<span></span>
</td>
<td class="nump">87,507<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsNoncurrentAbstract', window );"><strong>OTHER NON-CURRENT ASSETS:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestrictedCashAndCashEquivalentsNoncurrent', window );">Restricted cash, net of current portion</a></td>
<td class="nump">2,417<span></span>
</td>
<td class="nump">3,200<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentsAndHedgesNoncurrent', window );">Financial derivative instrument</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">1<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredCosts', window );">Deferred charges, net</a></td>
<td class="nump">1,594<span></span>
</td>
<td class="nump">779<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidExpenseAndOtherAssetsNoncurrent', window );">Prepayments and other assets</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">47<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssetsNoncurrent', window );">Total other non-current assets</a></td>
<td class="nump">4,011<span></span>
</td>
<td class="nump">4,027<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
<td class="nump">93,190<span></span>
</td>
<td class="nump">108,769<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrentAbstract', window );"><strong>CURRENT LIABILITIES:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtCurrent', window );">Current portion of long-term debt, net of deferred financing costs</a></td>
<td class="nump">3,255<span></span>
</td>
<td class="nump">8,984<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableCurrent', window );">Trade accounts payable</a></td>
<td class="nump">3,642<span></span>
</td>
<td class="nump">4,538<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueToRelatedPartiesCurrent', window );">Due to related parties</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">6,849<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ContractWithCustomerLiabilityCurrent', window );">Hire collected in advance</a></td>
<td class="nump">726<span></span>
</td>
<td class="nump">1,415<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_AccruedAndOtherLiabilitiesCurrent', window );">Accrued and other liabilities</a></td>
<td class="nump">677<span></span>
</td>
<td class="nump">750<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrent', window );">Total current liabilities</a></td>
<td class="nump">8,300<span></span>
</td>
<td class="nump">22,536<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesNoncurrentAbstract', window );"><strong>NON-CURRENT LIABILITIES:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtNoncurrent', window );">Long-term debt, net of current portion and deferred financing costs, non-current</a></td>
<td class="nump">50,331<span></span>
</td>
<td class="nump">49,233<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_LongTermDebtNoncurrentExcludingNotesPayable', window );">Promissory note</a></td>
<td class="nump">5,000<span></span>
</td>
<td class="nump">5,000<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesNoncurrent', window );">Total non-current liabilities</a></td>
<td class="nump">55,331<span></span>
</td>
<td class="nump">54,233<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingencies', window );">COMMITMENTS AND CONTINGENCIES</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>STOCKHOLDERS' EQUITY:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockValue', window );">Preferred stock ($0.001 par value; 50,000,000 shares authorized of which 1,000,000 authorized Series A Convertible Preferred Shares; 0 and 181,475 Series A Convertible Preferred Shares issued and outstanding as at December 31, 2019 and 2020, respectively)</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Common stock ($0.001 par value; 450,000,000 shares authorized; 21,370,280 and 21,962,881 shares issued and outstanding as at December 31, 2019 and 2020, respectively)</a></td>
<td class="nump">22<span></span>
</td>
<td class="nump">21<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapital', window );">Additional paid-in capital</a></td>
<td class="nump">79,692<span></span>
</td>
<td class="nump">75,154<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Accumulated deficit</a></td>
<td class="num">(50,155)<span></span>
</td>
<td class="num">(43,175)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Total stockholders' equity</a></td>
<td class="nump">29,559<span></span>
</td>
<td class="nump">32,000<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total liabilities and stockholders' equity</a></td>
<td class="nump">$ 93,190<span></span>
</td>
<td class="nump">$ 108,769<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_AccruedAndOtherLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of obligations incurred and payable, pertaining to costs that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include taxes, interest, rent and utilities. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_AccruedAndOtherLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_LongTermDebtNoncurrentExcludingNotesPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after unamortized (discount) premium and debt issuance costs of long-term debt classified as noncurrent. Excluding notes payable and amounts to be repaid within one year or the normal operating cycle, if longer. Includes, but not limited to, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_LongTermDebtNoncurrentExcludingNotesPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_TradeAccountsReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_TradeAccountsReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_TradeAccountsReceivableNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_TradeAccountsReceivableNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdditionalPaidInCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 65<br> -Paragraph 15<br> -Subparagraph (g)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=121322162&amp;loc=SL121327923-165333<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30)(a)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdditionalPaidInCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of allowance for credit loss on accounts receivable, classified as current.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(4)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=121611835&amp;loc=d3e5074-111524<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 326<br> -SubTopic 20<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=121599878&amp;loc=SL82895884-210446<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(11))<br> -URI http://asc.fasb.org/extlink&amp;oid=120398452&amp;loc=d3e534808-122878<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g)(1)(ii))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=75031198&amp;loc=d3e14064-108612<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (bb)<br> -URI http://asc.fasb.org/extlink&amp;oid=121559654&amp;loc=d3e5710-111685<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=116870748&amp;loc=SL6758485-165988<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8933-108599<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8736-108599<br><br>Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(12))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400017&amp;loc=d3e572229-122910<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=114001798&amp;loc=d3e33918-111571<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 30<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8906-108599<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=121566466&amp;loc=d3e6801-107765<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=75031198&amp;loc=d3e14064-108612<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=116870748&amp;loc=SL6758485-165988<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=114001798&amp;loc=d3e33918-111571<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (bb)<br> -URI http://asc.fasb.org/extlink&amp;oid=121559654&amp;loc=d3e5710-111685<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.9)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g)(1)(ii))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=121566466&amp;loc=d3e6676-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsHeldForSaleNotPartOfDisposalGroupCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of assets held-for-sale that are not part of a disposal group, expected to be sold within a year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 15<br> -Paragraph 4<br> -Subparagraph (b)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=121558832&amp;loc=d3e400-110220<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsHeldForSaleNotPartOfDisposalGroupCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CapitalLeasesBalanceSheetAssetsByMajorClassNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total gross amount less the charge for the use of the long-lived depreciable assets subject to a lease meeting the criteria for capitalization.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 30<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121616839&amp;loc=d3e45280-112737<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CapitalLeasesBalanceSheetAssetsByMajorClassNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3044-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121566466&amp;loc=d3e6676-107765<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsAtCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingencies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.25)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.(a),19)<br> -URI http://asc.fasb.org/extlink&amp;oid=120400017&amp;loc=d3e572229-122910<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=120398452&amp;loc=d3e534808-122878<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=121557415&amp;loc=d3e14326-108349<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommitmentsAndContingencies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ContractWithCustomerLiabilityCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of obligation to transfer good or service to customer for which consideration has been received or is receivable, classified as current.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=121556615&amp;loc=SL49130531-203044<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=121556615&amp;loc=SL49130532-203044<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121604090&amp;loc=SL49130549-203045<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ContractWithCustomerLiabilityCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred cost, excluding capitalized cost related to contract with customer; classified as noncurrent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(17))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(10))<br> -URI http://asc.fasb.org/extlink&amp;oid=120398452&amp;loc=d3e534808-122878<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(10))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400017&amp;loc=d3e572229-122910<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeInstrumentsAndHedgesNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of the assets arising from derivative contracts and hedging activities, which are expected to be converted into cash or otherwise disposed of after a year or beyond the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeInstrumentsAndHedgesNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DueFromRelatedPartiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of receivables to be collected from related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth, at the financial statement date. which are usually due within one year (or one business cycle).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(k)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(11))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(3)(a)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=121566466&amp;loc=d3e6676-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DueFromRelatedPartiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DueToRelatedPartiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of obligations due all related parties. For classified balance sheets, represents the current portion of such liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(k)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DueToRelatedPartiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121566466&amp;loc=d3e6676-107765<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.6(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InventoryNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=114001798&amp;loc=d3e33918-111571<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=120398452&amp;loc=d3e534808-122878<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(25))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400017&amp;loc=d3e572229-122910<br><br>Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g)(1)(ii))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(32))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=75031198&amp;loc=d3e14064-108612<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesAndStockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (bb)<br> -URI http://asc.fasb.org/extlink&amp;oid=121559654&amp;loc=d3e5710-111685<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=75031198&amp;loc=d3e14064-108612<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=116870748&amp;loc=SL6758485-165988<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g)(1)(ii))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.21)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=121559654&amp;loc=d3e5710-111685<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=114001798&amp;loc=d3e33918-111571<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of obligation due after one year or beyond the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 201.5-02(25))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g)(1)(ii))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 201.5-02(26))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=75031198&amp;loc=d3e14064-108612<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (bb)<br> -URI http://asc.fasb.org/extlink&amp;oid=121559654&amp;loc=d3e5710-111685<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=114001798&amp;loc=d3e33918-111571<br><br>Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 201.5-02(24))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=121559654&amp;loc=d3e5710-111685<br><br>Reference 11: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=116870748&amp;loc=SL6758485-165988<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesNoncurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesNoncurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt, classified as current. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19,20)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebtCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after unamortized (discount) premium and debt issuance costs of long-term debt classified as noncurrent and excluding amounts to be repaid within one year or the normal operating cycle, if longer. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebtNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of noncurrent assets classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherAssetsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssetsNoncurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherAssetsNoncurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrepaidExpenseAndOtherAssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets that are expected to be realized or consumed within one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(7))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=121566466&amp;loc=d3e6676-107765<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PrepaidExpenseAndOtherAssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrepaidExpenseAndOtherAssetsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets that are expected to be realized or consumed after one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(17))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(10))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400017&amp;loc=d3e572229-122910<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(10))<br> -URI http://asc.fasb.org/extlink&amp;oid=120398452&amp;loc=d3e534808-122878<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PrepaidExpenseAndOtherAssetsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(14))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400017&amp;loc=d3e572229-122910<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(13))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNetAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentNetAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash and cash equivalents restricted as to withdrawal or usage, classified as current. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121566466&amp;loc=d3e6676-107765<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3044-108585<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=121583591&amp;loc=SL98516268-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RestrictedCashAndCashEquivalentsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash and cash equivalents restricted as to withdrawal or usage, classified as noncurrent. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121566466&amp;loc=d3e6812-107765<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(17))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=121583591&amp;loc=SL98516268-108586<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3044-108585<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 954<br> -SubTopic 210<br> -Section 45<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=120413173&amp;loc=SL116631458-115580<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RestrictedCashAndCashEquivalentsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RetainedEarningsAccumulatedDeficit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cumulative amount of the reporting entity's undistributed earnings or deficit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30)(a)(3))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -SubTopic 10<br> -Section 65<br> -Paragraph 15<br> -Subparagraph (g)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=121322162&amp;loc=SL121327923-165333<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(23)(a)(4))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400017&amp;loc=d3e572229-122910<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 40<br> -Section 65<br> -Paragraph 2<br> -Subparagraph (h)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=121370832&amp;loc=SL117420844-207641<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=120397183&amp;loc=d3e187085-122770<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 40<br> -Section 65<br> -Paragraph 2<br> -Subparagraph (g)(2)(i)<br> -URI http://asc.fasb.org/extlink&amp;oid=121370832&amp;loc=SL117420844-207641<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RetainedEarningsAccumulatedDeficit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g)(1)(ii))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SAB Topic 4.E)<br> -URI http://asc.fasb.org/extlink&amp;oid=27010918&amp;loc=d3e74512-122707<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(31))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=75031198&amp;loc=d3e14064-108612<br><br>Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=114001798&amp;loc=d3e33918-111571<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquityAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>37
<FILENAME>R3.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625140230984">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Consolidated Balance Sheets (Parenthetical) - $ / shares<br></strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockParOrStatedValuePerShare', window );">Preferred stock, par value</a></td>
<td class="nump">$ 0.001<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesAuthorized', window );">Preferred stock, shares authorized</a></td>
<td class="nump">50,000,000<span></span>
</td>
<td class="nump">50,000,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Common stock, par value</a></td>
<td class="nump">$ 0.001<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Common stock, shares authorized</a></td>
<td class="nump">450,000,000<span></span>
</td>
<td class="nump">450,000,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common stock, shares issued</a></td>
<td class="nump">21,962,881<span></span>
</td>
<td class="nump">21,370,280<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common stock, shares outstanding</a></td>
<td class="nump">21,962,881<span></span>
</td>
<td class="nump">21,370,280<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=PXS_SeriesAConvertiblePreferredSharesMember', window );">Series A Convertible Preferred Shares [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesAuthorized', window );">Preferred stock, shares authorized</a></td>
<td class="nump">1,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesIssued', window );">Preferred stock, shares issued</a></td>
<td class="nump">181,475<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesOutstanding', window );">Preferred stock, shares outstanding</a></td>
<td class="nump">181,475<span></span>
</td>
<td class="nump">0<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockParOrStatedValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face amount or stated value per share of common stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockParOrStatedValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesAuthorized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesAuthorized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21463-112644<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockParOrStatedValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face amount or stated value per share of preferred stock nonredeemable or redeemable solely at the option of the issuer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockParOrStatedValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesAuthorized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockSharesAuthorized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=PXS_SeriesAConvertiblePreferredSharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=PXS_SeriesAConvertiblePreferredSharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>38
<FILENAME>R4.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625137873848">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated Statements of Comprehensive Loss - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeStatementAbstract', window );"><strong>Income Statement [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Revenues', window );">Revenues, net</a></td>
<td class="nump">$ 21,711<span></span>
</td>
<td class="nump">$ 27,753<span></span>
</td>
<td class="nump">$ 28,457<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostsAndExpensesAbstract', window );"><strong>Expenses:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_VoyageRelatedCostsAndCommissions', window );">Voyage related costs and commissions</a></td>
<td class="num">(4,268)<span></span>
</td>
<td class="num">(5,122)<span></span>
</td>
<td class="num">(11,817)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_VesselOperatingExpenses', window );">Vessel operating expenses</a></td>
<td class="num">(10,880)<span></span>
</td>
<td class="num">(12,756)<span></span>
</td>
<td class="num">(12,669)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">General and administrative expenses</a></td>
<td class="num">(2,378)<span></span>
</td>
<td class="num">(2,407)<span></span>
</td>
<td class="num">(2,404)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_ManagementFeesRelatedParties', window );">Management fees, related parties</a></td>
<td class="num">(637)<span></span>
</td>
<td class="num">(724)<span></span>
</td>
<td class="num">(720)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_ManagementFeesOther', window );">Management fees, other</a></td>
<td class="num">(819)<span></span>
</td>
<td class="num">(930)<span></span>
</td>
<td class="num">(930)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AmortizationOfDeferredCharges', window );">Amortization of special survey costs</a></td>
<td class="num">(253)<span></span>
</td>
<td class="num">(240)<span></span>
</td>
<td class="num">(133)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Depreciation', window );">Depreciation</a></td>
<td class="num">(4,418)<span></span>
</td>
<td class="num">(5,320)<span></span>
</td>
<td class="num">(5,500)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOfLongLivedAssetsHeldForUse', window );">Vessel impairment charge</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(2,282)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_LossOnVesselHeldForSale', window );">Loss on vessel held-for-sale</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(2,756)<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfPropertyPlantEquipment', window );">Gain from the sale of vessel, net</a></td>
<td class="nump">7<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProvisionForDoubtfulAccounts', window );">Bad debt provisions</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(26)<span></span>
</td>
<td class="num">(13)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Operating loss</a></td>
<td class="num">(1,935)<span></span>
</td>
<td class="num">(2,528)<span></span>
</td>
<td class="num">(8,011)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NonoperatingIncomeExpenseAbstract', window );"><strong>Other income / (expenses):</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainsLossesOnExtinguishmentOfDebt', window );">Gain from debt extinguishment</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">4,306<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnDerivativeInstrumentsNetPretax', window );">Loss from financial derivative instrument</a></td>
<td class="num">(1)<span></span>
</td>
<td class="num">(27)<span></span>
</td>
<td class="num">(19)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpenseDebt', window );">Interest and finance costs, net</a></td>
<td class="num">(4,964)<span></span>
</td>
<td class="num">(5,775)<span></span>
</td>
<td class="num">(4,490)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NonoperatingIncomeExpense', window );">Total other expenses, net</a></td>
<td class="num">(4,965)<span></span>
</td>
<td class="num">(5,802)<span></span>
</td>
<td class="num">(203)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td>
<td class="num">(6,900)<span></span>
</td>
<td class="num">(8,330)<span></span>
</td>
<td class="num">(8,214)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockDividendsAndOtherAdjustments', window );">Dividend Series A Convertible Preferred Shares</a></td>
<td class="num">(82)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic', window );">Net loss attributable to common shareholders</a></td>
<td class="num">$ (6,982)<span></span>
</td>
<td class="num">$ (8,330)<span></span>
</td>
<td class="num">$ (8,214)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasicAndDiluted', window );">Loss per common share, basic and diluted</a></td>
<td class="num">$ (0.32)<span></span>
</td>
<td class="num">$ (0.39)<span></span>
</td>
<td class="num">$ (0.39)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted', window );">Weighted average number of shares, basic and diluted</a></td>
<td class="nump">21,548,126<span></span>
</td>
<td class="nump">21,161,164<span></span>
</td>
<td class="nump">20,894,202<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_LossOnVesselHeldForSale">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Loss on vessel held for sale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_LossOnVesselHeldForSale</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_ManagementFeesOther">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fees paid to third parties for providing the company with technical, crewing, bunkering, accounting, provisions, sale &amp;amp;amp;amp;amp;amp;amp;amp;amp;amp;amp; purchase services, as well as general administrative, certain commercial services, director and officer related insurance services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_ManagementFeesOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_ManagementFeesRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fees paid to related parties for providing the company with technical, crewing, bunkering, accounting, provisions, sale &amp;amp;amp;amp;amp;amp;amp;amp;amp;amp;amp; purchase services, as well as general administrative, certain commercial services, director and officer related insurance services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_ManagementFeesRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_VesselOperatingExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Excludes Selling, General and Administrative Expense, Management Fees, related parties and Management Fees, other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_VesselOperatingExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_VoyageRelatedCostsAndCommissions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expenses paid to third parties primarily consisting of port, canal and bunker expenses, commissions that are unique to a particular charter and are paid for by the charterer under time charter arrangements or by the company under voyage charter arrangements, and commissions that are paid directly to brokers by the company.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_VoyageRelatedCostsAndCommissions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AmortizationOfDeferredCharges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of amortization of deferred charges applied against earnings during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.3)<br> -URI http://asc.fasb.org/extlink&amp;oid=120395209&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AmortizationOfDeferredCharges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostsAndExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CostsAndExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Depreciation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Depreciation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasicAndDiluted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements.  Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period.  Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=121326447&amp;loc=d3e1337-109256<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareBasicAndDiluted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnDerivativeInstrumentsNetPretax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate net gain (loss) on all derivative instruments recognized in earnings during the period, before tax effects.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4A<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121590274&amp;loc=SL5618551-113959<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnDerivativeInstrumentsNetPretax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnSaleOfPropertyPlantEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of gain (loss) on sale or disposal of property, plant and equipment assets, including oil and gas property and timber property.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnSaleOfPropertyPlantEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainsLossesOnExtinguishmentOfDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 50<br> -Section 40<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=117329964&amp;loc=d3e12355-112629<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 50<br> -Section 40<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=117329964&amp;loc=d3e12317-112629<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainsLossesOnExtinguishmentOfDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GeneralAndAdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=120395209&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GeneralAndAdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ImpairmentOfLongLivedAssetsHeldForUse">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of write-downs for impairments recognized during the period for long lived assets held for use (including those held for disposal by means other than sale).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109226691&amp;loc=d3e2921-110230<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=109226348&amp;loc=d3e2420-110228<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ImpairmentOfLongLivedAssetsHeldForUse</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeStatementAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeStatementAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpenseDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the cost of borrowed funds accounted for as interest expense for debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 20<br> -Section 50<br> -Paragraph 6<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=120520924&amp;loc=SL6036836-161870<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.8)<br> -URI http://asc.fasb.org/extlink&amp;oid=120395209&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestExpenseDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121641772&amp;loc=SL7669619-108580<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 31<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8924-108599<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22694-107794<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=120399700&amp;loc=SL114874048-224260<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22694-107794<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8933-108599<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=109222650&amp;loc=SL51721683-107760<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22595-107794<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1B<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121641772&amp;loc=SL7669625-108580<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8736-108599<br><br>Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(18))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400993&amp;loc=SL114874131-224263<br><br>Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(20))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395209&amp;loc=SL114868664-224227<br><br>Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br><br>Reference 14: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22499-107794<br><br>Reference 15: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22663-107794<br><br>Reference 16: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=75031198&amp;loc=d3e14064-108612<br><br>Reference 17: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 30<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8906-108599<br><br>Reference 18: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22583-107794<br><br>Reference 19: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g)(1)(ii))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 20: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 60B<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121326447&amp;loc=SL5780133-109256<br><br>Reference 21: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=114001798&amp;loc=d3e33918-111571<br><br>Reference 22: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8933-108599<br><br>Reference 23: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22658-107794<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22595-107794<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=121326447&amp;loc=d3e1448-109256<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22694-107794<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=121326447&amp;loc=d3e1377-109256<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8736-108599<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22694-107794<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 60B<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=121326447&amp;loc=SL5780133-109256<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8933-108599<br><br>Reference 10: http://www.xbrl.org/2003/role/exampleRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 31<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8924-108599<br><br>Reference 11: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 30<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8906-108599<br><br>Reference 12: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22583-107794<br><br>Reference 13: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8933-108599<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NonoperatingIncomeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.7)<br> -URI http://asc.fasb.org/extlink&amp;oid=120395209&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NonoperatingIncomeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NonoperatingIncomeExpenseAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NonoperatingIncomeExpenseAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net result for the period of deducting operating expenses from operating revenues.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 31<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8924-108599<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 30<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8906-108599<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8933-108599<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8933-108599<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8736-108599<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockDividendsAndOtherAdjustments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate value of preferred stock dividends and other adjustments necessary to derive net income apportioned to common stockholders.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=121326447&amp;loc=d3e1377-109256<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockDividendsAndOtherAdjustments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProvisionForDoubtfulAccounts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of expense (reversal of expense) for expected credit loss on accounts receivable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 326<br> -SubTopic 20<br> -Section 50<br> -Paragraph 13<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121599337&amp;loc=SL82919249-210447<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(5))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395209&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProvisionForDoubtfulAccounts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Revenues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8736-108599<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=114001798&amp;loc=d3e33918-111571<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=75031198&amp;loc=d3e14064-108612<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8933-108599<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8933-108599<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8736-108599<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 40<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e9031-108599<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 30<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8906-108599<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 41<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e9038-108599<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 42<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e9054-108599<br><br>Reference 11: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g)(1)(ii))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 12: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 235<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-05(b)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=120399901&amp;loc=d3e537907-122884<br><br>Reference 13: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395209&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Revenues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Average number of shares or units issued and outstanding that are used in calculating basic and diluted earnings per share (EPS).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>39
<FILENAME>R5.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625139880936">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Consolidated Statements of Stockholders' Equity - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Series A Convertible Preferred Shares [Member]</div></th>
<th class="th"><div>Common Stock [Member]</div></th>
<th class="th"><div>Additional Paid-in Capital [Member]</div></th>
<th class="th"><div>Accumulated Deficit [Member]</div></th>
<th class="th"><div>Total</div></th>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance at Dec. 31, 2017</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 21<span></span>
</td>
<td class="nump">$ 74,766<span></span>
</td>
<td class="num">$ (26,631)<span></span>
</td>
<td class="nump">$ 48,156<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Balance, shares at Dec. 31, 2017</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">20,877,893<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_NetProceedsFromIssuanceOfCommonShares', window );">Net proceeds from the issuance of common stock</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">1<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_AdjustmentsToAdditionalPaidInCapitalSharesOther', window );">Net proceeds from the issuance of common stock, shares</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">182,297<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(8,214)<span></span>
</td>
<td class="num">(8,214)<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance at Dec. 31, 2018</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 21<span></span>
</td>
<td class="nump">74,767<span></span>
</td>
<td class="num">(34,845)<span></span>
</td>
<td class="nump">39,943<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Balance, shares at Dec. 31, 2018</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">21,060,190<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_NetProceedsFromIssuanceOfCommonShares', window );">Net proceeds from the issuance of common stock</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">274<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">274<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_AdjustmentsToAdditionalPaidInCapitalSharesOther', window );">Net proceeds from the issuance of common stock, shares</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">214,828<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_IssuanceOfCommonStockUnderPromissoryNote', window );">Issuance of common stock under the promissory note</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">113<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">113<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_IssuanceOfCommonStockUnderPromissoryNoteShares', window );">Issuance of common stock under the promissory note, shares</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">95,262<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(8,330)<span></span>
</td>
<td class="num">(8,330)<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance at Dec. 31, 2019</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 21<span></span>
</td>
<td class="nump">75,154<span></span>
</td>
<td class="num">(43,175)<span></span>
</td>
<td class="nump">32,000<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Balance, shares at Dec. 31, 2019</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">21,370,280<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_CumulativeEffectOfAccumulatedDeficitForImpactOfAdoptionOnNewAccountingStandardForCreditLosses', window );">Impact of adoption of ASU 2016-13 new accounting standard for credit losses</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(9)<span></span>
</td>
<td class="num">(9)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_IssuanceOfCommonStockUnderPromissoryNote', window );">Issuance of common stock under the promissory note</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">226<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">226<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_IssuanceOfCommonStockUnderPromissoryNoteShares', window );">Issuance of common stock under the promissory note, shares</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">260,495<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Issuance of Series A Convertible Preferred shares &amp; Warrants</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">4,313<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">4,313<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Issuance of Series A Convertible Preferred shares &amp; Warrants, shares</a></td>
<td class="nump">200,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities', window );">Conversion of Series A Convertible Preferred shares to common stock</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 1<span></span>
</td>
<td class="num">(1)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities', window );">Conversion of Series A Convertible Preferred shares to common stock, shares</a></td>
<td class="num">(18,525)<span></span>
</td>
<td class="nump">332,106<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings', window );">Series A Convertible Preferred Shares dividends</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(71)<span></span>
</td>
<td class="num">(71)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(6,900)<span></span>
</td>
<td class="num">(6,900)<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance at Dec. 31, 2020</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 22<span></span>
</td>
<td class="nump">$ 79,692<span></span>
</td>
<td class="num">$ (50,155)<span></span>
</td>
<td class="nump">$ 29,559<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Balance, shares at Dec. 31, 2020</a></td>
<td class="nump">181,475<span></span>
</td>
<td class="nump">21,962,881<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_AdjustmentsToAdditionalPaidInCapitalSharesOther">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Net proceeds from the issuance of common stock, shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_AdjustmentsToAdditionalPaidInCapitalSharesOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_CumulativeEffectOfAccumulatedDeficitForImpactOfAdoptionOnNewAccountingStandardForCreditLosses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Impact of adoption of new accounting standard for credit losses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_CumulativeEffectOfAccumulatedDeficitForImpactOfAdoptionOnNewAccountingStandardForCreditLosses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_IssuanceOfCommonStockUnderPromissoryNote">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Issuance of common stock under the promissory note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_IssuanceOfCommonStockUnderPromissoryNote</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_IssuanceOfCommonStockUnderPromissoryNoteShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Issuance of common stock under the promissory note, shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_IssuanceOfCommonStockUnderPromissoryNoteShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_NetProceedsFromIssuanceOfCommonShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Net proceeds from the issuance of common shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_NetProceedsFromIssuanceOfCommonShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of decrease in additional paid in capital (APIC) resulting from dividends legally declared (or paid) in excess of retained earnings balance.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21463-112644<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=120397183&amp;loc=d3e187085-122770<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121641772&amp;loc=SL7669619-108580<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 31<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8924-108599<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22694-107794<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=120399700&amp;loc=SL114874048-224260<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22694-107794<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8933-108599<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=109222650&amp;loc=SL51721683-107760<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22595-107794<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1B<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121641772&amp;loc=SL7669625-108580<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8736-108599<br><br>Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(18))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400993&amp;loc=SL114874131-224263<br><br>Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(20))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395209&amp;loc=SL114868664-224227<br><br>Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br><br>Reference 14: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22499-107794<br><br>Reference 15: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22663-107794<br><br>Reference 16: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=75031198&amp;loc=d3e14064-108612<br><br>Reference 17: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 30<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8906-108599<br><br>Reference 18: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22583-107794<br><br>Reference 19: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g)(1)(ii))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 20: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 60B<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121326447&amp;loc=SL5780133-109256<br><br>Reference 21: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=114001798&amp;loc=d3e33918-111571<br><br>Reference 22: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8933-108599<br><br>Reference 23: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22658-107794<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares issued which are neither cancelled nor held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares issued during the period as a result of the conversion of convertible securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=120397183&amp;loc=d3e187085-122770<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29-30)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21475-112644<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21463-112644<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of new stock issued during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21463-112644<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=120397183&amp;loc=d3e187085-122770<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gross value of stock issued during the period upon the conversion of convertible securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21463-112644<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=120397183&amp;loc=d3e187085-122770<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29-31)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=120397183&amp;loc=d3e187085-122770<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21463-112644<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodValueNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g)(1)(ii))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SAB Topic 4.E)<br> -URI http://asc.fasb.org/extlink&amp;oid=27010918&amp;loc=d3e74512-122707<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(31))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=75031198&amp;loc=d3e14064-108612<br><br>Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=114001798&amp;loc=d3e33918-111571<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>40
<FILENAME>R6.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625140422024">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated Statements of Cash Flows - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Cash flows from operating activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net loss</a></td>
<td class="num">$ (6,900)<span></span>
</td>
<td class="num">$ (8,330)<span></span>
</td>
<td class="num">$ (8,214)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile net loss to net cash from operating activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Depreciation', window );">Depreciation</a></td>
<td class="nump">4,418<span></span>
</td>
<td class="nump">5,320<span></span>
</td>
<td class="nump">5,500<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AmortizationOfDeferredCharges', window );">Amortization of special survey costs</a></td>
<td class="nump">253<span></span>
</td>
<td class="nump">240<span></span>
</td>
<td class="nump">133<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AmortizationOfFinancingCosts', window );">Amortization and write-off of financing costs</a></td>
<td class="nump">328<span></span>
</td>
<td class="nump">258<span></span>
</td>
<td class="nump">386<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOfLongLivedAssetsHeldForUse', window );">Vessel impairment charge</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">2,282<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainsLossesOnExtinguishmentOfDebt', window );">Gain from debt extinguishment</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(4,306)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeGainLossOnDerivativeNet', window );">Loss from financial derivative instrument</a></td>
<td class="nump">1<span></span>
</td>
<td class="nump">27<span></span>
</td>
<td class="nump">19<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_LossOnVesselHeldForSale', window );">Loss on vessel held-for-sale</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">2,756<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfPropertyPlantEquipment', window );">Gain on sale of vessel, net</a></td>
<td class="num">(7)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProvisionForDoubtfulAccounts', window );">Bad debt provisions</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">26<span></span>
</td>
<td class="nump">13<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_IssuanceOfCommonStockUnderPromissoryNotes', window );">Issuance of common stock under the promissory note</a></td>
<td class="nump">169<span></span>
</td>
<td class="nump">113<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract', window );"><strong>Changes in assets and liabilities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInInventories', window );">Inventories</a></td>
<td class="num">(180)<span></span>
</td>
<td class="nump">306<span></span>
</td>
<td class="nump">209<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsReceivable', window );">Trade accounts receivable, net</a></td>
<td class="nump">571<span></span>
</td>
<td class="nump">1,316<span></span>
</td>
<td class="num">(1,895)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInDueFromRelatedParties', window );">Due from related parties</a></td>
<td class="num">(2,308)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets', window );">Prepayments and other assets</a></td>
<td class="nump">239<span></span>
</td>
<td class="num">(210)<span></span>
</td>
<td class="nump">227<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_IncreaseDecreaseInSpecialSurveyCosts', window );">Special surveys cost</a></td>
<td class="num">(1,068)<span></span>
</td>
<td class="num">(435)<span></span>
</td>
<td class="num">(588)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayable', window );">Trade accounts payable</a></td>
<td class="num">(939)<span></span>
</td>
<td class="num">(274)<span></span>
</td>
<td class="nump">2,499<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInDueToRelatedParties', window );">Due to related parties</a></td>
<td class="num">(6,849)<span></span>
</td>
<td class="nump">3,447<span></span>
</td>
<td class="nump">1,277<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInContractWithCustomerLiability', window );">Hire collected in advance</a></td>
<td class="num">(689)<span></span>
</td>
<td class="nump">993<span></span>
</td>
<td class="nump">422<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities', window );">Accrued and other liabilities</a></td>
<td class="num">(69)<span></span>
</td>
<td class="nump">108<span></span>
</td>
<td class="num">(167)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivities', window );">Net cash (used in) / provided by operating activities</a></td>
<td class="num">(13,030)<span></span>
</td>
<td class="nump">5,661<span></span>
</td>
<td class="num">(2,203)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract', window );"><strong>Cash flows from investing activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_PaymentForAdvances', window );">Advances for ballast water treatment system</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(47)<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment', window );">Proceeds from the sale of vessel, net</a></td>
<td class="nump">13,197<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_PaymentsForVesselAdditions', window );">Vessel additions</a></td>
<td class="num">(25)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_PaymentsForInstallation', window );">Ballast water treatment system installation</a></td>
<td class="num">(542)<span></span>
</td>
<td class="num">(470)<span></span>
</td>
<td class="num">(99)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivities', window );">Net cash (used in) / provided by investing activities</a></td>
<td class="nump">12,630<span></span>
</td>
<td class="num">(517)<span></span>
</td>
<td class="num">(99)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract', window );"><strong>Cash flows from financing activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfLongTermDebt', window );">Proceeds from long-term debt</a></td>
<td class="nump">15,250<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">44,500<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfLongTermDebt', window );">Repayment of long-term debt</a></td>
<td class="num">(19,909)<span></span>
</td>
<td class="num">(4,503)<span></span>
</td>
<td class="num">(43,640)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfCommonStock', window );">Gross proceeds from issuance of common stock</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">354<span></span>
</td>
<td class="nump">315<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfStockIssuanceCosts', window );">Common stock offerings costs</a></td>
<td class="num">(57)<span></span>
</td>
<td class="num">(23)<span></span>
</td>
<td class="num">(407)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock', window );">Gross proceeds from the issuance of Series A Convertible Preferred Shares</a></td>
<td class="nump">4,571<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_PreferredStockOfferingCosts', window );">Series A Convertible Preferred Shares offering costs</a></td>
<td class="num">(260)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDividends', window );">Dividend distributions declared and paid</a></td>
<td class="num">(69)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_PaymentForFinancialDerivativesInstrument', window );">Payment for financial derivative instrument</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(47)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfFinancingCosts', window );">Payment of financing costs</a></td>
<td class="num">(265)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="num">(908)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivities', window );">Net cash used in financing activities</a></td>
<td class="num">(739)<span></span>
</td>
<td class="num">(4,172)<span></span>
</td>
<td class="num">(187)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect', window );">Net (decrease) / increase in cash and cash equivalents and restricted cash</a></td>
<td class="num">(1,139)<span></span>
</td>
<td class="nump">972<span></span>
</td>
<td class="num">(2,489)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations', window );">Cash and cash equivalents and restricted cash at the beginning of the year</a></td>
<td class="nump">5,176<span></span>
</td>
<td class="nump">4,204<span></span>
</td>
<td class="nump">6,693<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations', window );">Cash and cash equivalents and restricted cash at end of the year</a></td>
<td class="nump">4,037<span></span>
</td>
<td class="nump">5,176<span></span>
</td>
<td class="nump">4,204<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SupplementalCashFlowInformationAbstract', window );"><strong>SUPPLEMENTAL INFORMATION:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestPaidNet', window );">Cash paid for interest</a></td>
<td class="nump">4,432<span></span>
</td>
<td class="nump">5,163<span></span>
</td>
<td class="nump">4,283<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_NoncashFinancingActivitiesIssuanceOfCommonStockUnderPromissoryNote', window );">Non-cash financing activities - issuance of common stock under the promissory note</a></td>
<td class="nump">226<span></span>
</td>
<td class="nump">113<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_UnpaidPortionOfBallastWaterTreatmentSystemInstallation', window );">Unpaid portion of ballast water treatment system installation</a></td>
<td class="nump">174<span></span>
</td>
<td class="nump">56<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_UnpaidPortionForCommonStockOfferingCosts', window );">Unpaid portion for common stock offering costs</a></td>
<td class="nump">$ 35<span></span>
</td>
<td class="nump">$ 57<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_IncreaseDecreaseInSpecialSurveyCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in special survey costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_IncreaseDecreaseInSpecialSurveyCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_IssuanceOfCommonStockUnderPromissoryNotes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Issuance of common stock under promissory notes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_IssuanceOfCommonStockUnderPromissoryNotes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_LossOnVesselHeldForSale">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Loss on vessel held for sale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_LossOnVesselHeldForSale</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_NoncashFinancingActivitiesIssuanceOfCommonStockUnderPromissoryNote">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Non-cash financing activities - issuance of common stock under the promissory note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_NoncashFinancingActivitiesIssuanceOfCommonStockUnderPromissoryNote</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_PaymentForAdvances">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Advances for ballast water treatment system.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_PaymentForAdvances</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_PaymentForFinancialDerivativesInstrument">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Payment for financial derivative instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_PaymentForFinancialDerivativesInstrument</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_PaymentsForInstallation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amounts paid for the installation of the ballast water treatment system.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_PaymentsForInstallation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_PaymentsForVesselAdditions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Vessel additions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_PaymentsForVesselAdditions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_PreferredStockOfferingCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Preferred stock offering costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_PreferredStockOfferingCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_UnpaidPortionForCommonStockOfferingCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Unpaid portion for Common stock offering costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_UnpaidPortionForCommonStockOfferingCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_UnpaidPortionOfBallastWaterTreatmentSystemInstallation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Unpaid portion of ballast water treatment system installation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_UnpaidPortionOfBallastWaterTreatmentSystemInstallation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AmortizationOfDeferredCharges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of amortization of deferred charges applied against earnings during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.3)<br> -URI http://asc.fasb.org/extlink&amp;oid=120395209&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AmortizationOfDeferredCharges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AmortizationOfFinancingCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of amortization expense attributable to debt issuance costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395209&amp;loc=SL114868664-224227<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=119993939&amp;loc=d3e28555-108399<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AmortizationOfFinancingCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; including, but not limited to, disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=121583591&amp;loc=SL98516268-108586<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3521-108585<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3044-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in cash, cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; including effect from exchange rate change. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 230<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=98513438&amp;loc=d3e33268-110906<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3521-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Depreciation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Depreciation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeGainLossOnDerivativeNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in the fair value of derivatives recognized in the income statement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4A<br> -Subparagraph (b)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=121590274&amp;loc=SL5618551-113959<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeGainLossOnDerivativeNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnSaleOfPropertyPlantEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of gain (loss) on sale or disposal of property, plant and equipment assets, including oil and gas property and timber property.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnSaleOfPropertyPlantEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainsLossesOnExtinguishmentOfDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 50<br> -Section 40<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=117329964&amp;loc=d3e12355-112629<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 50<br> -Section 40<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=117329964&amp;loc=d3e12317-112629<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainsLossesOnExtinguishmentOfDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ImpairmentOfLongLivedAssetsHeldForUse">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of write-downs for impairments recognized during the period for long lived assets held for use (including those held for disposal by means other than sale).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109226691&amp;loc=d3e2921-110230<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=109226348&amp;loc=d3e2420-110228<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ImpairmentOfLongLivedAssetsHeldForUse</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the aggregate amount of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccountsPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccountsReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in accrued expenses, and obligations classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInContractWithCustomerLiability">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in obligation to transfer good or service to customer for which consideration has been received or is receivable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInContractWithCustomerLiability</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInDueFromRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in receivables to be collected from other entities that could exert significant influence over the reporting entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInDueFromRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInDueToRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the aggregate amount of obligations to be paid to the following types of related parties: a parent company and its subsidiaries; subsidiaries of a common parent; an entity and trust for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of the entities' management; an entity and its principal owners, management, or member of their immediate families; affiliates; or other parties with the ability to exert significant influence.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInDueToRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInInventories">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInInventories</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOperatingCapitalAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in prepaid expenses, and assets classified as other.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestPaidNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash paid for interest, excluding capitalized interest, classified as operating activity. Includes, but is not limited to, payment to settle zero-coupon bond for accreted interest of debt discount and debt instrument with insignificant coupon interest rate in relation to effective interest rate of borrowing attributable to accreted interest of debt discount.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=121583591&amp;loc=d3e4297-108586<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 17<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3367-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3536-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestPaidNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3521-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3521-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3536-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3521-108585<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1A<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121641772&amp;loc=SL7669619-108580<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 31<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8924-108599<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22694-107794<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=120399700&amp;loc=SL114874048-224260<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22694-107794<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8933-108599<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=109222650&amp;loc=SL51721683-107760<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22595-107794<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1B<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121641772&amp;loc=SL7669625-108580<br><br>Reference 10: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8736-108599<br><br>Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(18))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400993&amp;loc=SL114874131-224263<br><br>Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(20))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395209&amp;loc=SL114868664-224227<br><br>Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br><br>Reference 14: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22499-107794<br><br>Reference 15: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22663-107794<br><br>Reference 16: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 28<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=75031198&amp;loc=d3e14064-108612<br><br>Reference 17: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 30<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8906-108599<br><br>Reference 18: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22583-107794<br><br>Reference 19: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(g)(1)(ii))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 20: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 60B<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121326447&amp;loc=SL5780133-109256<br><br>Reference 21: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=114001798&amp;loc=d3e33918-111571<br><br>Reference 22: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8933-108599<br><br>Reference 23: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22658-107794<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfDividends">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cash outflow in the form of capital distributions and dividends to common shareholders, preferred shareholders and noncontrolling interests.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3291-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsOfDividends</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfFinancingCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for loan and debt issuance costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3291-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsOfFinancingCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfStockIssuanceCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for cost incurred directly with the issuance of an equity security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3291-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsOfStockIssuanceCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the additional capital contribution to the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3255-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromIssuanceOfCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfLongTermDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from a debt initially having maturity due after one year or beyond the operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3255-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromIssuanceOfLongTermDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Proceeds from issuance of capital stock which provides for a specific dividend that is paid to the shareholders before any dividends to common stockholders and which takes precedence over common stockholders in the event of liquidation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3255-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromIssuanceOfPreferredStockAndPreferenceStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3179-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProvisionForDoubtfulAccounts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of expense (reversal of expense) for expected credit loss on accounts receivable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 326<br> -SubTopic 20<br> -Section 50<br> -Paragraph 13<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121599337&amp;loc=SL82919249-210447<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(5))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395209&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProvisionForDoubtfulAccounts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RepaymentsOfLongTermDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3291-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RepaymentsOfLongTermDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SupplementalCashFlowInformationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SupplementalCashFlowInformationAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>41
<FILENAME>R7.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625157279224">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Basis of Presentation and General Information<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract', window );"><strong>Organization, Consolidation and Presentation of Financial Statements [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock', window );">Basis of Presentation and General Information</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"><b>1. Basis of Presentation
and General Information</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">PYXIS TANKERS INC. (&#8220;Pyxis&#8221;) is a corporation
incorporated in the Republic of the Marshall Islands on March 23, 2015. As of December 31, 2020, Pyxis owns 100% ownership interest in
the following five vessel-owning companies:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px; text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">SECONDONE CORPORATION LTD, established under the laws of the Republic of Malta (&#8220;Secondone&#8221;);</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">THIRDONE CORPORATION LTD, established under the laws of the Republic of Malta (&#8220;Thirdone&#8221;);</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">FOURTHONE CORPORATION LTD, established under the laws of the Republic of Malta (&#8220;Fourthone&#8221;);</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">SEVENTHONE CORP., established under the laws of the Republic of the Marshall Islands (&#8220;Seventhone&#8221;); and</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">EIGHTHONE CORP., established under the laws of the Republic of the Marshall Islands (&#8220;Eighthone,&#8221; and collectively with Secondone, Thirdone, Fourthone, and Seventhone, the &#8220;Vessel-owning companies&#8221;).</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We also currently own 100% ownership interest in the
following non-vessel owning companies:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px; text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">SIXTHONE CORP., established under the laws of the Republic of the Marshall Islands (&#8220;Sixthone&#8221;);</font></td></tr>
  <tr style="vertical-align: top">
    <td style="text-align: justify"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">MARITIME TECHNOLOGIES CORP., established under the laws of Delaware;</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: -0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All the subsidiaries of the Vessel-owning companies
are engaged in the marine transportation of liquid cargoes through the ownership and operation of tanker vessels, as listed below:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Vessel-owning</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>company</b></p></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Incorporation</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>date</b></p></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Vessel</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>DWT</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Year</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>built</b></p></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Acquisition</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>date</b></p></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 20%"><font style="font-size: 10pt">Secondone</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 15%; text-align: center"><font style="font-size: 10pt">05/23/2007</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 15%; text-align: center"><font style="font-size: 10pt"><i>Northsea Alpha</i></font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 13%; text-align: right"><font style="font-size: 10pt">8,615</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 13%; text-align: center"><font style="font-size: 10pt">2010</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 15%; text-align: center"><font style="font-size: 10pt">05/28/2010</font></td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-size: 10pt">Thirdone</font></td>
    <td>&#160;</td>
    <td style="text-align: center"><font style="font-size: 10pt">05/23/2007</font></td>
    <td>&#160;</td>
    <td style="text-align: center"><font style="font-size: 10pt"><i>Northsea Beta</i></font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">8,647</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center"><font style="font-size: 10pt">2010</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center"><font style="font-size: 10pt">05/25/2010</font></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-size: 10pt">Fourthone</font></td>
    <td>&#160;</td>
    <td style="text-align: center"><font style="font-size: 10pt">05/30/2007</font></td>
    <td>&#160;</td>
    <td style="text-align: center"><font style="font-size: 10pt"><i>Pyxis Malou</i></font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">50,667</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center"><font style="font-size: 10pt">2009</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center"><font style="font-size: 10pt">02/16/2009</font></td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-size: 10pt">Sixthone</font></td>
    <td>&#160;</td>
    <td style="text-align: center"><font style="font-size: 10pt">01/15/2010</font></td>
    <td>&#160;</td>
    <td style="text-align: center"><font style="font-size: 10pt"><i>Pyxis Delta*</i></font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">46,616</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center"><font style="font-size: 10pt">2006</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center"><font style="font-size: 10pt">03/04/2010</font></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-size: 10pt">Seventhone</font></td>
    <td>&#160;</td>
    <td style="text-align: center"><font style="font-size: 10pt">05/31/2011</font></td>
    <td>&#160;</td>
    <td style="text-align: center"><font style="font-size: 10pt"><i>Pyxis Theta</i></font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">51,795</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center"><font style="font-size: 10pt">2013</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center"><font style="font-size: 10pt">09/16/2013</font></td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-size: 10pt">Eighthone</font></td>
    <td>&#160;</td>
    <td style="text-align: center"><font style="font-size: 10pt">02/08/2013</font></td>
    <td>&#160;</td>
    <td style="text-align: center"><font style="font-size: 10pt"><i>Pyxis Epsilon</i></font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">50,295</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center"><font style="font-size: 10pt">2015</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center"><font style="font-size: 10pt">01/14/2015</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">* Pyxis Delta, which was owned by Sixthone Corp. (&#8220;Sixthone&#8221;),
was sold to an unaffiliated third party on January 13, 2020</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Secondone, Thirdone and Fourthone were initially established
under the laws of the Republic of the Marshall Islands, under the names SECONDONE CORP., THIRDONE CORP. and FOURTHONE CORP., respectively.
In March and April 2018, these vessel-owning companies completed their re-domiciliation under the jurisdiction of the Republic of Malta
and were renamed as mentioned above. For further information, please refer to Note 7.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The accompanying consolidated financial statements
have been prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;U.S. GAAP&#8221;)
and include the accounts of Pyxis and its wholly-owned subsidiaries (collectively the &#8220;Company&#8221;), as of December 31, 2019
and 2020 and for the years ended December 31, 2018, 2019 and 2020.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All of the Company&#8217;s vessels are double-hulled
and are engaged in the transportation of refined petroleum products and other liquid bulk items, such as organic chemicals and vegetable
oils. The vessels <i>Northsea Alpha</i> and <i>Northsea Beta</i> are smaller tanker sister ships and <i>Pyxis Malou</i>, <i>Pyxis Theta</i>
and <i>Pyxis Epsilon</i>, are medium-range tankers.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Prior to the consummation of the transactions discussed
below, Mr. Valentios (&#8220;Eddie&#8221;) Valentis was the sole ultimate stockholder of Pyxis and the Vessel-owning companies, holding
all of their issued and outstanding share capital through Maritime Investors Corp. (&#8220;Maritime Investors&#8221;). Maritime Investors
owned directly 100% of Pyxis, Secondone and Thirdone, and owned indirectly (through the intermediate holding company PYXIS HOLDINGS INC.
(&#8220;Holdings&#8221;)) 100% of Fourthone, Sixthone, Seventhone and Eighthone.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On March 25, 2015, Pyxis caused MARITIME TECHNOLOGIES
CORP., a Delaware corporation (&#8220;Merger Sub&#8221;), to be formed as its wholly-owned subsidiary and to be a party to the agreement
and plan of merger discussed below.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On April 23, 2015, Pyxis and Merger Sub entered into
an agreement and plan of merger (the &#8220;Agreement and Plan of Merger&#8221;) (further amended on September 22, 2015) with among others,
LOOKSMART LTD. (&#8220;LS&#8221;), a digital advertising solutions company listed on NASDAQ. Merger Sub served as the entity into which
LS was merged in accordance with the Agreement and Plan of Merger (the &#8220;Merger&#8221;). Upon execution of the Agreement and Plan
of Merger, Pyxis paid LS a cash consideration of $600.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Prior to the Merger, on October 26, 2015, Holdings
and Maritime Investors transferred all of their shares in the Vessel-owning companies to Pyxis as a contribution in kind, at no consideration.
Since there was no change in ultimate ownership or control of the business of the Vessel-owning companies, the transaction constituted
a reorganization of companies under common control and was accounted for in a manner similar to a pooling of interests. Accordingly, upon
the transfer of the assets and liabilities of the Vessel-owning companies, the financial statements of the Company were presented using
combined historical carrying amounts of the assets and liabilities of the Vessel-owning companies.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 28, 2015, in accordance with the terms
of the Agreement and Plan of Merger, LS, after having divested of its business and all of its assets and liabilities, merged with and
into the Merger Sub, with Merger Sub surviving the Merger and continuing to be a wholly-owned subsidiary of Pyxis.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 28, 2015, the Merger was consummated and
the Company&#8217;s shares commenced their listing on the NASDAQ Capital Markets thereafter.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pyxis was both the legal and accounting acquirer of
LS. The acquisition by Pyxis of LS was not an acquisition of an operating company as the business, assets and liabilities of LS were spun-off
prior to the Merger. As such, for accounting purposes, the Merger between Merger Sub and LS was accounted for as a capital transaction
rather than as a business combination.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">PYXIS MARITIME CORP. (&#8220;Maritime&#8221;), a corporation
established under the laws of the Republic of the Marshall Islands, which is beneficially owned by Mr. Valentis, provides certain ship
management services to the Vessel-owning companies (Note 3).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">With effect from the delivery of each vessel, the
crewing and technical management of the vessels were contracted to INTERNATIONAL TANKER MANAGEMENT LTD. (&#8220;ITM&#8221;) with permission
from Maritime. ITM is an unrelated third party technical manager, represented by its branch based in Dubai, UAE. Each ship-management
agreement with ITM is in force until it is terminated by either party. The ship-management agreements can be cancelled either by the Company
or ITM for any reason at any time upon three months&#8217; advance notice.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Impact of COVID-19 on the Company&#8217;s Business</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 35.45pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The spread of the COVID-19 virus, which has been declared
a pandemic by the World Health Organization, in 2020 has caused substantial disruptions in the global economy and the shipping industry,
as well as significant volatility in the financial markets, the severity and duration of which remains uncertain.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The impact of the COVID-19 pandemic continues to unfold
and may continue to have negative effect on the Company&#8217;s business, financial performance and the results of its operations, including
due to decreased demand for global seaborne refined petroleum products trade and related charter rates, the extent of which will depend
largely on future developments. In light of COVID-19, the Company, as of December 31, 2020, evaluated whether there are conditions or
events that cause substantial doubt about its ability to continue as a going concern. The Company reviewed its revenue concentration risk,
the recoverability of its accounts receivable (i.e. credit risk) and tested its assets for potential impairment. As a result of this evaluation
it has been determined that the only material impact of COVID-19 to the Company has been lower charter activity which has affected the
entire industry and resulted in lower profitability and greater losses as well as in higher dry-docking costs. However, many of the Company&#8217;s
estimates and assumptions, especially charter rates, require increased judgment and carry a higher degree of variability and volatility.
As events continue to evolve and additional information becomes available, the Company&#8217;s estimates may change in future periods.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2020, Mr. Valentis beneficially
owned approximately 79.6% of the Company&#8217;s common stock.</p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for the business description and basis of presentation concepts.  Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity.  Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -URI http://asc.fasb.org/topic&amp;trid=2122369<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -URI http://asc.fasb.org/topic&amp;trid=2122149<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -URI http://asc.fasb.org/topic&amp;trid=2134479<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessDescriptionAndBasisOfPresentationTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>42
<FILENAME>R8.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625158087272">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant Accounting Policies<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Accounting Policies [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SignificantAccountingPoliciesTextBlock', window );">Significant Accounting Policies</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>2. Significant Accounting Policies:</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(a) Principles of Consolidation:</i></b> The
accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP. The consolidated financial statements
include the accounts of Pyxis and its wholly-owned subsidiaries (the Vessel-owning companies and Merger Sub). All intercompany balances
and transactions have been eliminated upon consolidation.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pyxis, as the holding company, determines whether
it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable
interest entity. Under Accounting Standards Codification (&#8220;ASC&#8221;) 810 &#8220;Consolidation&#8221; a voting interest entity
is an entity in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides
the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make financial and operating
decisions. Pyxis consolidates voting interest entities in which it owns all, or at least a majority (generally, greater than 50%), of
the voting interest. Variable interest entities (&#8220;VIE&#8221;) are entities as defined under ASC 810-10, that in general either do
not have equity investors with voting rights or that have equity investors that do not provide sufficient financial resources for the
entity to support its activities. A controlling financial interest in a VIE is present when a company absorbs a majority of an entity&#8217;s
expected losses, receives a majority of an entity&#8217;s expected residual returns, or both. The company with a controlling financial
interest, known as the primary beneficiary, is required to consolidate the VIE. Pyxis evaluates all arrangements that may include a variable
interest in an entity to determine if it may be the primary beneficiary, and would be required to include assets, liabilities and operations
of a VIE in its consolidated financial statements. As of December 31, 2020, no such interest existed.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(b) Use of Estimates:</i></b> The preparation
of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities at the date of the financial statements
and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these estimates.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(c) Comprehensive Income / (Loss): </i></b>The
Company follows the provisions of ASC 220 &#8220;Comprehensive Income&#8221;, which requires separate presentation of certain transactions
which are recorded directly as components of equity. The Company had no transactions which affect comprehensive loss during the years
ended December 31, 2018, 2019 and 2020 and, accordingly, comprehensive loss was equal to net loss.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(d) Foreign Currency Translation: </i></b>The
functional currency of the Company is the U.S. dollar as the Company&#8217;s vessels operate in international shipping markets and, therefore,
primarily transact business in U.S. dollars. The Company&#8217;s accounting records are maintained in U.S. dollars. Transactions involving
other currencies during the year are converted into U.S. dollars using the exchange rates in effect at the time of the transactions. At
the balance sheet dates, monetary assets and liabilities, which are denominated in other currencies, are translated into U.S. dollars
at the exchange rates in effect at the balance sheet date. Resulting gains or losses are included in Vessel operating expenses in the
accompanying consolidated statements of comprehensive loss. All amounts in the financial statements are presented in thousand U.S. dollars
rounded to the nearest thousand.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(e) Commitments and Contingencies: </i></b>Provisions
are recognized when: the Company has a present legal or constructive obligation as a result of past events; it is probable that an outflow
of resources embodying economic benefits will be required to settle the obligation; and a reliable estimate of the amount of the obligation
can be made. Provisions are reviewed at each balance sheet date. Disclosure of a contingency is made if there is at least a reasonable
possibility that a change in the Company&#8217;s estimate of its probable liability could occur in the near future.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(f) Insurance Claims Receivable:</i></b> The
Company records insurance claim recoveries for insured losses incurred on damage to fixed assets and for insured crew medical expenses.
Insurance claim recoveries are recorded, net of any deductible amounts, at the time the Company&#8217;s fixed assets suffer insured damages
or when crew medical expenses are incurred, recovery is probable under the related insurance policies and the claim is not subject to
litigation. The Company assessed the adoption of ASC 326 regarding the collectability of insurance claims recoveries and concluded that
there is no material impact in the Company&#8217;s financial statements as of the date of the adoption of ASC 326 on January 1, 2020 and
as of December 31, 2020 and thus no provision for credit losses was recorded as of those dates.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(g) Concentration of Credit Risk:</i></b> Financial
instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash
equivalents and trade accounts receivable. The Company places its cash and cash equivalents, consisting mostly of deposits, with qualified
financial institutions with high creditworthiness. The Company performs periodic evaluations of the relative creditworthiness of those
financial institutions that are considered in the Company&#8217;s investment strategy. The Company limits its credit risk with accounts
receivable by performing ongoing credit evaluations of its customers&#8217; financial condition and generally does not require collateral
for its accounts receivable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(h) Cash and Cash Equivalents and Restricted
Cash:</i></b> The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity
of three months or less to be cash equivalents. Restricted cash is associated with pledged retention accounts in connection with the loan
repayments and minimum liquidity requirements under the loan agreements discussed in Note 7 and is presented separately in the accompanying
consolidated balance sheets. The Company assessed the adoption of ASC 326 for cash equivalents and restricted cash and concluded that
there is no impact in the Company&#8217;s financial statements as of the date of the adoption of ASC 326 on January 1, 2020 and as of
December 31, 2020 and thus no provision for credit losses was recorded as of those dates.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(i) Income Taxation:</i></b> Under the laws
of the Republic of the Marshall Islands, the country of incorporation of certain of the Company&#8217;s vessel-owning companies, and/or
the vessels&#8217; registration, the vessel-owning companies are not liable for any income tax on their income derived from shipping operations.
Instead, a tax is levied depending on the countries where the vessels trade based on their tonnage, which is included in Vessel operating
expenses in the accompanying consolidated statements of comprehensive loss. The vessel-owning companies with vessels that have called
on the United States during the relevant year of operation are obliged to file tax returns with the Internal Revenue Service. The applicable
tax is 50% of 4% of U.S. related gross transportation income unless an exemption applies. The Company believes that based on current legislation
the relevant vessel-owning companies are entitled to an exemption because they satisfy the relevant requirements, namely that (i) the
related vessel-owning companies are incorporated in a jurisdiction granting an equivalent exemption to U.S. corporations and (ii) over
50% of the ultimate stockholders of the vessel-owning companies are residents of a country granting an equivalent exemption to U.S. persons.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the laws of the Republic of Malta, the country
of incorporation of certain of the Company&#8217;s vessel-owning companies, and/or the vessels&#8217; registration, these vessel-owning
companies are not liable for any income tax on their income derived from shipping operations. The Republic of Malta is a country that
has an income tax treaty with the United States. Accordingly, income earned by vessel-owning companies organized under the laws of the
Republic of Malta may qualify for a treaty-based exemption. Specifically, Article 8 (Shipping and Air Transport) of the treaty sets out
the relevant rule to the effect that profits of an enterprise of a Contracting State from the operation of ships in international traffic
shall be taxable only in that State.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(j) Inventories:</i></b> Inventories consist
of lubricants and bunkers (where applicable) on board the vessels, which are stated at the lower of cost and net realizable value. Cost
is determined by the first-in, first-out (&#8220;FIFO&#8221;) method.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(k) Trade Accounts Receivable,
Net:</i></b> Under spot charters, the Company normally issues its invoices to charterers at the completion of the voyage. Invoices
are due upon issuance of the invoice. Since the Company satisfies its performance obligation over the time of the spot charter, the
Company recognizes its unconditional right to consideration in trade accounts receivable, net of a provision for doubtful accounts,
if any. Trade accounts receivable from spot charters as of December 31, 2019 and 2020, amounted to $743 and $672, respectively. The
allowance for doubtful accounts at December 31, 2019 was zero. The allowance for expected credit losses at December 31, 2020 was $9
(Note 2(aa)). Under time charter contracts, the Company normally issues invoices on a monthly basis 30 days in advance of providing
its services. Trade accounts receivable from time charters as of December 31, 2019 and 2020, amounted to $500 and $1,
respectively. Hire collected in advance includes cash received in advance of performance under the contract prior to the balance
sheet date and is realized when the associated revenue is recognized under the contract in periods after such date. The hire
collected in advance as of December 31, 2019 and 2020 was $1,415 and $ 706 respectively and concerns hire received in advance from
time charters.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(l) Vessels, Net:</i></b> Vessels are stated
at cost, which consists of the contract price and any material expenses incurred in connection with the acquisition (initial repairs,
improvements, delivery expenses and other expenditures to prepare the vessel for her initial voyage, as well as professional fees directly
associated with the vessel acquisition). Subsequent expenditures for major improvements are also capitalized when they appreciably extend
the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise, these amounts are expensed as incurred.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The cost of each of the Company&#8217;s vessels is
depreciated from the date of acquisition on a straight-line basis over the vessels&#8217; remaining estimated economic useful life, after
considering the estimated residual value. A vessel&#8217;s residual value is equal to the product of its lightweight tonnage and estimated
scrap rate of $0.300 per ton. The Company estimates the useful life of the Company&#8217;s vessels to be 25 years from the date of initial
delivery from the shipyard. In the event that future regulations place limitations over the ability of a vessel to trade on a worldwide
basis, its remaining useful life will be adjusted at the date such regulations are adopted.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(m) Impairment of Long Lived Assets:</i></b>
The Company reviews its long lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount
plus the unamortized dry-dock and survey balances of these assets may not be recoverable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In developing estimates of future undiscounted cash
flows, the Company makes assumptions and estimates about the vessels&#8217; future performance, relating to time charter equivalent rates
by vessel type, vessels&#8217; operating expenses, management fees, vessels&#8217; capital expenditures, vessels&#8217; residual value,
fleet utilization and the estimated remaining useful life of each vessel. The assumptions used to develop estimates of future undiscounted
cash flows are based on historical trends as well as future expectations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the extent impairment indicators are present, the
projected net operating cash flows are determined by considering the charter revenues from existing time charters for the fixed days and
an estimated daily time charter rate for the unfixed days (based on the most recent seven year historical average rates over the remaining
estimated useful life of the vessels), expected outflows for vessels&#8217; operating expenses, planned dry-docking and special survey
expenditures, management fees expenditures which are adjusted every year, pursuant to the Company&#8217;s existing group management agreement,
and fleet utilization of 75.0% to 98.6% (depending on the type of the vessel) for the first year and 78% to 93.0%, including scheduled
off-hire days for planned dry-dockings and vessel surveys, based on historical experience. The residual value used in the impairment test
is estimated to be approximately $0.3 per lightweight ton in accordance with the vessels&#8217; depreciation policy.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Should the carrying value plus the unamortized dry-dock
and survey balance of the vessel exceed its estimated future undiscounted net operating cash flows, impairment is measured based on the
excess of the carrying amount over the fair market value of the asset. The Company determines the fair value of its vessels based on management
estimates and assumptions and by making use of available market data and taking into consideration third party valuations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The review of the carrying amounts plus the unamortized
dry-dock and survey balances in connection with the estimated recoverable amount for certain of the Company&#8217;s as of December 31,
2018 indicated an impairment charge of $2,282. No impairment charge for the Company&#8217;s vessels was recorded as of December 31, 2019
and 2020 respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(n) Long-lived Assets Classified as Held for
Sale:</i></b> The Company classifies long-lived assets and disposal groups as being held-for-sale in accordance with ASC 360, &#8220;Property,
Plant and Equipment&#8221;, when: (i) management, having the authority to approve the action, commits to a plan to sell the asset; (ii)
the asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such
assets; (iii) an active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated;
(iv) the sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within one
year; (v) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value and (vi) actions
required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be
withdrawn. Long-lived assets classified as held-for-sale are measured at the lower of their carrying amount or fair value less costs to
sell. According to ASC 360-10-35, the fair value less costs to sell of the long-lived asset (disposal group) should be assessed at each
reporting period it remains classified as held-for-sale. Subsequent changes in the long-lived asset&#8217;s fair value less costs to sell
(increase or decrease) would be reported as an adjustment to its carrying amount, not exceeding the carrying amount of the long-lived
asset at the time it was initially classified as held-for-sale. These long-lived assets are not depreciated once they meet the criteria
to be classified as held-for-sale and are classified in current assets on the consolidated balance sheet (Notes 5 and 6).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(o) Financial Derivative Instruments: </i></b>The
Company enters into interest rate derivatives to manage its exposure to fluctuations of interest rate risk associated with its borrowings.
All derivatives are recognized in the consolidated financial statements at their fair value. The fair value of the interest rate derivatives
is based on a discounted cash flow analysis. When such derivatives do not qualify for hedge accounting, the Company recognizes their fair
value changes in current period earnings. When the derivatives qualify for hedge accounting, the Company recognizes the effective portion
of the gain or loss on the hedging instrument directly in other comprehensive income / (loss), while the ineffective portion, if any,
is recognized immediately in current period earnings. The Company, at the inception of the transaction, documents the relationship between
the hedged item and the hedging instrument, as well as its risk management objective and the strategy of undertaking various hedging transactions.
The Company also assesses at hedge inception whether the hedging instruments are highly effective in offsetting changes in the cash flows
of the hedged items.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company discontinues cash flow hedge accounting
if the hedging instrument expires and it no longer meets the criteria for hedge accounting or its designation is revoked by the Company.
At that time, any cumulative gain or loss on the hedging instrument recognized in equity is kept in equity until the forecasted transaction
occurs. When the forecasted transaction occurs, any cumulative gain or loss on the hedging instrument is recognized in the consolidated
statement of comprehensive loss. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognized in
equity is transferred to the current period&#8217;s consolidated statement of comprehensive loss as financial income or expense.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(p) Accounting for Special Survey and Dry-docking
Costs:</i></b> The Company follows the deferral method of accounting for special survey and dry-docking costs, whereby actual costs incurred
at the yard and parts used in the dry-docking or special survey, are deferred and are amortized on a straight-line basis over the period
through the date the next survey is scheduled to become due. Costs deferred are limited to actual costs incurred at the shipyard and costs
incurred in the dry-docking or special survey. If a dry-dock or a survey is performed prior to the scheduled date, any remaining unamortized
balances of the previous dry-dock and survey are immediately written-off. Unamortized dry-dock and survey balances of vessels that are
sold are written-off and included in the calculation of the resulting gain or loss in the period of the vessel&#8217;s sale.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Furthermore, unamortized dry-docking and special survey
balances of vessels that are classified as Assets held-for-sale and are not recoverable as of the date of such classification are immediately
written-off and included in the resulting loss on vessel held-for-sale.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(q) Financing Costs:</i></b> Costs associated
with new loans or refinancing of existing loans, including fees paid to lenders or required to be paid to third parties on the lender&#8217;s
behalf for obtaining new loans or refinancing existing loans, are recorded as a direct deduction from the carrying amount of the debt
liability. Such costs are deferred and amortized to Interest and finance costs in the consolidated statements of comprehensive loss during
the life of the related debt using the effective interest method. Unamortized costs relating to loans repaid or refinanced, meeting the
criteria of debt extinguishment, are expensed in the period the repayment or refinancing is made. Commitment fees relating to undrawn
loan principal are expensed as incurred.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(r) Fair Value Measurements:</i></b> The Company
follows the provisions of Accounting Standard Update (&#8220;ASU&#8221;) 2015-07 &#8220;Fair Value Measurements and Disclosures&#8221;,
Topic 820, which defines and provides guidance as to the measurement of fair value. This standard creates a hierarchy of measurement and
indicates that, when possible, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants. The fair value hierarchy gives the highest priority (Level 1) to quoted prices in active markets
and the lowest priority (Level 3) to unobservable data, for example, the reporting entity&#8217;s own data. Under the standard, fair value
measurements are separately disclosed by level within the fair value hierarchy (Note 10).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(s) Segment Reporting:</i></b> The Company reports
financial information and evaluates its operations by charter revenues and not by the length of ship employment for its customers, i.e.,
spot or time charters. The Company does not use discrete financial information to evaluate the operating results for each such type of
charter. Although revenue can be identified for these types of charters, management cannot and does not identify expenses, profitability
or other financial information for these charters. Furthermore, when the Company charters a vessel to a charterer, the charterer is free
to trade the vessel worldwide (subject to certain agreed exclusions) and, as a result, the disclosure of geographic information is impracticable.
As a result, management, reviews operating results solely by revenue per day and operating results of the fleet and thus the Company has
determined that it operates under one reportable segment.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(t) Income/(Loss) per Share:</i></b> Basic income/(loss)
per share is computed by dividing the net income/(loss) attributable to common shareholders by the weighted average number of common shares
outstanding during the period.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The computation of diluted income/(loss) per share
reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted at
the beginning of the periods presented, or issuance date, if later. The treasury stock method is used to compute the dilutive effect of
warrants and, shares issued under the equity incentive plan and the promissory note. The if-converted method is used to compute the dilutive
effect of shares which could be issued upon conversion of the Series A Convertible Preferred Shares into common shares. Potential common
shares that have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) are excluded from the
calculation of diluted earnings per share. As the Company reported losses for the years ended December 31, 2018, 2019 and 2020, the effect
of any incremental shares would be antidilutive and thus excluded from the computation of loss per share.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(u) Going Concern: </i></b>The Company performs
cash flow projections on a regular basis to evaluate whether it will be in a position to cover its liquidity needs for the next 12-month
period and in compliance with the financial and security collateral cover ratio covenants under its existing debt agreements. In developing
estimates of future cash flows, the Company makes assumptions about the vessels&#8217; future performance, with significant assumptions
relating to time charter equivalent rates by vessel type, vessels&#8217; operating expenses, vessels&#8217; capital expenditures, fleet
utilization, the Company&#8217;s management fees and general and administrative expenses, and cash flow requirements for debt servicing.
The assumptions used to develop estimates of future cash flows are based on historical trends as well as future expectations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2020, the Company had a working
capital deficit of $2,895, defined as current assets minus current liabilities. The Company considered such deficit in conjunction with
the future market prospects and potential future financings. As of the filing date of these consolidated financial statements, the Company
believes that it will be in a position to cover its liquidity needs for the next 12-month period through the recent Private Placement
of Equity, the contemplated debt refinancing of the Entrust Loan (Note 13) and cash generated from the vessels&#8217; operations and
possible asset sales. The Company believes that will be in compliance with the financial and security collateral cover ratio covenants
under its existing debt agreements for the next 12-month period.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(v) Revenues, net:</i></b> The Company generates
its revenues from charterers. The vessels are chartered using either spot charters, where a contract is made in the spot market for the
use of a vessel for a specific voyage for a specified charter rate, or time charters, where a contract is entered into for the use of
a vessel for a specific period of time and a specified daily charter hire rate.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table presents the Company&#8217;s revenue
disaggregated by revenue source, net of commissions, for the years ended December 31, 2018, 2019 and 2020:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2018</b></p></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2019</b></p></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2020</b></p></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 49%"><font style="font-size: 10pt">Revenues derived from spot charters, net</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt">16,990</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt">8,067</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt">7,022</font></td>
    <td style="width: 1%">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Revenues derived from time charters, net</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">11,467</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">19,686</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">14,689</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt"><b>Revenues, net</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>28,457</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>27,753</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>21,711</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Revenue from customers (ASC 606):</i></b> As
of January 1, 2018, the Company adopted Accounting Standard Update (&#8220;ASU&#8221;) 2014-09 &#8220;<i>Revenue from Contracts with Customers
(Topic 606)</i>&#8221;. The core principle is that a company should recognize revenue when promised goods or services are transferred
to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. The Company
analyzed its contracts with charterers at the adoption date and has determined that its spot charters fall under the provisions of ASC
606, while its time charter agreements are lease agreements that fall under the provisions of ASC 842 and that contain certain non-lease
components. The Company elected to adopt ASC 606 by applying the modified retrospective transition method, recognizing the cumulative
effect of adopting this guidance as an adjustment to the 2018 opening balance of accumulated deficit. As of December 31, 2017, there were
no vessels employed under spot charters and as a result, the Company has not included any adjustments to the 2018 opening balance of accumulated
deficit and prior periods were not retrospectively adjusted.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company assessed its contracts with charterers
for spot charters and concluded that there is one single performance obligation for its spot charter, which is to provide the charterer
with a transportation service within a specified time period. In addition, the Company has concluded that a spot charter meets the criteria
to recognize revenue over time as the charterer simultaneously receives and consumes the benefits of the Company&#8217;s performance.
The adoption of this standard resulted in a change whereby the Company&#8217;s method of revenue recognition changed from discharge-to-discharge
(assuming a new charter has been agreed before the completion of the previous spot charter) to load-to-discharge. This resulted in no
revenue being recognized from discharge of the prior spot charter to loading of the current spot charter and all revenue being recognized
from loading of the current spot charter to discharge of the current spot charter. This change results in revenue being recognized later
in the voyage, which may cause additional volatility in revenues and earnings between periods. Demurrage income represents payments by
a charterer to a vessel owner when loading or discharging time exceeds the stipulated time in the spot charter. The Company has determined
that demurrage represents a variable consideration and estimates demurrage at contract inception. Demurrage income estimated, net of address
commission, is recognized over the time of the charter as the performance obligation is satisfied.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under a spot charter, the Company incurs and pays
for certain voyage expenses, primarily consisting of brokerage commissions, port and canal costs and bunker consumption, during the spot
charter (load-to-discharge) and during the ballast voyage (date of previous discharge to loading, assuming a new charter has been agreed
before the completion of the previous spot charter). Before the adoption of ASC 606, all voyage expenses were expensed as incurred, except
for brokerage commissions. Brokerage commissions are deferred and amortized over the related voyage period in a charter to the extent
revenue has been deferred since commissions are earned as the Company&#8217;s revenues are earned. Under ASC 606 and after the implementation
of ASC 340-40 <i>&#8220;Other assets and deferred costs&#8221;</i> for contract costs, incremental costs of obtaining a contract with
a customer and contract fulfillment costs, should be capitalized and amortized as the performance obligation is satisfied, if certain
criteria are met. The Company assessed the new guidance and concluded that voyage costs during the ballast voyage represented costs to
fulfil a contract which give rise to an asset and should be capitalized and amortized over the spot charter, consistent with the recognition
of voyage revenues from spot charter from load-to-discharge, while voyage costs incurred during the spot charter should be expensed as
incurred. With respect to incremental costs, the Company has selected to adopt the practical expedient in the guidance and any costs to
obtain a contract will be expensed as incurred, for the Company&#8217;s spot charters that do not exceed one year. Vessel operating expenses
are expensed as incurred.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, pursuant to this standard and the new
Leases standard (discussed below), as of January 1, 2018, the Company elected to present Revenues net of address commissions. Address
commissions represent a discount provided directly to the charterers based on a fixed percentage of the agreed upon charter. Since address
commissions represent a discount (sales incentive) on services rendered by the Company and no identifiable benefit is received in exchange
for the consideration provided to the charterer, these commissions are presented as a reduction of revenue in the accompanying consolidated
statements of comprehensive loss.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company does not disclose the value of unsatisfied
performance obligations for contracts with an original expected length of one year or less, in accordance with the optional exception
in ASC 606.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Leases: </i></b>The Company elected to
early adopt the new lease standard &#8220;Leases&#8221; ASC 842 as of September 30, 2018 with adoption reflected as of January 1, 2018. The
Company adopted the standard by using the modified retrospective method and selected the additional optional transition method.
Also, the Company elected to apply a package of practical expedients under ASC 842, which allowed the Company, not to reassess (i)
whether any existing contracts, on the date of adoption, contained a lease, (ii) lease classification of existing leases classified
as operating leases in accordance with ASC 840 and (iii) initial direct costs for any existing leases. In this respect no <font style="background-color: white">cumulative-effect
adjustment was recognized </font>to the 2018 opening balance of accumulated deficit<font style="background-color: white">. </font>The
Company assessed its new time charter contracts at the adoption date under the new guidance and concluded that these contracts
contain a lease with the related executory costs (insurance), as well as non-lease components to provide other services related to
the operation of the vessel, with the most substantial service being the crew cost to operate the vessel. The Company concluded that
the criteria for not separating the lease and non-lease components of its time charter contracts are met, since (i) the time pattern
of recognizing revenues for crew and other services for the operation of the vessels, is similar to the time pattern of recognizing
rental income, (ii) <font style="background-color: white">the lease component of the time charter contracts, if accounted for
separately, would be classified as an operating lease, and </font>(iii) the predominant component in its time charter agreements is
the lease component. After the lease commencement date, the Company evaluates lease modifications, if any, that could result in a
change in the accounting for leases. For a lease modification, an evaluation is performed to determine if it should be treated as
either a separate lease or a change in the accounting of an existing lease. Brokerage and address commissions on time charter
revenues are deferred and amortized over the related voyage period, to the extent revenue has been deferred, since commissions are
earned as revenues earned, and are presented in voyage expenses and as a reduction to voyage revenues (see above), respectively.
Vessel operating expenses are expensed as incurred. By taking the practical expedients, existing time charters at January 1, 2018,
continued to be accounted for under ASC 840 while new time charters commencing in 2018 and onwards are accounted for under ASC 842.
The adoption of ASC 842 had no effect on the Company&#8217;s consolidated financial position and results of operations for the year
ended December 31, 2018 and 2019. <font style="background-color: white">Upon adoption of ASC 842, the Company made an accounting
policy election to not recognize contract fulfillment costs for time charters under ASC 340-40. </font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenues for the years ended December 31, 2018, 2019
and 2020, deriving from significant charterers individually accounting for 10% or more of revenues (in percentages of total revenues),
were as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Charterer</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2020</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 43%; text-align: center"><font style="font-size: 10pt">A</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 16%; text-align: right"><font style="font-size: 10pt">23</font></td>
    <td style="width: 1%"><font style="font-size: 10pt">%</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 16%; text-align: right"><font style="font-size: 10pt">71</font></td>
    <td style="width: 1%"><font style="font-size: 10pt">%</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 16%; text-align: right"><font style="font-size: 10pt">58</font></td>
    <td style="width: 1%"><font style="font-size: 10pt">%</font></td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="text-align: center"><font style="font-size: 10pt">B</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">15</font></td>
    <td><font style="font-size: 10pt">%</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-bottom: 2.5pt; text-align: center"><font style="font-size: 10pt">C</font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double">&#160;</td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double">&#160;</td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double">&#160;</td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">16</font></td>
    <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">%</font></td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="padding-bottom: 2.5pt; text-align: center">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double">&#160;</td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>38</b></font></td>
    <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt"><b>%</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double">&#160;</td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>71</b></font></td>
    <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt"><b>%</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double">&#160;</td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>74</b></font></td>
    <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt"><b>%</b></font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(w) Restricted Cash: </i></b>As of January 1,
2018, the Company adopted the ASU 2016-18 &#8220;<i>Statement of Cash Flows (Topic 230): Restricted Cash</i>&#8221;, which requires that
the statement of cash flows explain the change in the total of cash and cash equivalents and restricted cash. Restricted cash of $3,659,
$3,735 and $2,417 as at December 31, 2018, 2019 and 2020, respectively, has been aggregated with cash and cash equivalents in both the
beginning-of-year and end-of-year line items of the consolidated statements of cash flows for each of the periods presented. The implementation
of this update has no impact on the Company&#8217;s consolidated balance sheet and consolidated statement of comprehensive loss.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table provides a reconciliation of cash
and cash equivalents and restricted cash reported within the accompanying consolidated balance sheets that are presented in the accompanying
consolidated statement of cash flows for the years ended December 31, 2018, 2019 and 2020.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2018</b></p></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2019</b></p></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31, <br />
2020</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 43%"><font style="font-size: 10pt">Cash and cash equivalents</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 16%; text-align: right"><font style="font-size: 10pt">545</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 16%; text-align: right"><font style="font-size: 10pt">1,441</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 16%; text-align: right"><font style="font-size: 10pt">1,620</font></td>
    <td style="width: 1%">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-size: 10pt">Restricted cash, current portion</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">255</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">535</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Restricted cash, net of current portion</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">3,404</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">3,200</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">2,417</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt"><b>Total cash and cash equivalents and restricted cash</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>4,204</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>5,176</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>4,037</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(x) Business combinations:</i></b> As of January
1, 2018, the Company adopted the ASU No. 2017-01, &#8220;Business Combinations&#8221; (Topic 805) which clarifies the definition of a
business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisition
(or disposals) of assets or businesses. Under current implementation guidance, the existence of an integrated set of acquired activities
(inputs and processes that generate outputs) constitutes an acquisition of business. This ASU provides a screen to determine when a set
of assets and activities does not constitute a business. The implementation of this update had no effect on the Company&#8217;s consolidated
financial position and results of operations for the year ended December 31, 2018.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(y) Debt Modifications and Extinguishments:</i></b>
The Company follows the provisions of ASC 470-50, Modifications and Extinguishments, to account for all modifications or extinguishments
of debt instruments, except debt that is extinguished through a troubled debt restructuring or a conversion of debt to equity securities
of the debtor pursuant to conversion privileges provided in terms of the debt at issuance. This standard also provides guidance on whether
an exchange of debt instruments with the same creditor constitutes an extinguishment and whether a modification of a debt instrument should
be accounted for in the same manner as an extinguishment. In circumstances where an exchange of debt instruments or a modification of
a debt instrument does not result in extinguishment accounting, this standard provides guidance on the appropriate accounting treatment.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On July 8, 2020, Seventhone entered into a $15,250
secured loan agreement with the new lender, for the purpose of refinancing the outstanding indebtedness of $11,293 under the previous
loan facility, which was fully settled on the same day. The Company considered the guidance under ASC 470-50 &#8220;Debt Modifications
and Extinguishments&#8221; and concluded that the transaction should be accounted for as debt extinguishment (Note 7).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(z) Distinguishing Liabilities from Equity:</i></b>
The Company follows the provisions of ASC 480 &#8220;Distinguishing liabilities from equity&#8221; to determine the classification of
certain freestanding financial instruments as either liabilities or equity. The Company in its assessment for the accounting of the Series
A Convertible Preferred Shares and detachable warrants issued in connection with the October 13, 2020 public offering has taken into consideration
ASC 480 &#8220;Distinguishing liabilities from equity&#8221; and determined that the Series A Convertible Preferred Shares and detachable
warrants should be classified as equity instead of liability (Note 8). The Company further analyzed key features of the Series A Convertible
Preferred Shares and detachable warrants to determine whether these are more akin to equity or to debt and concluded that the Series A
Convertible Preferred Shares and detachable warrants are equity-like. In its assessment, the Company identified certain embedded features,
examined whether these fall under the definition of a derivative according to ASC 815 applicable guidance or whether certain of these
features affected the classification. Derivative accounting was deemed inappropriate and thus no bifurcation of these features was performed.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>&#160;</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(aa) New Accounting Pronouncements &#8211; Adopted</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Expected credit losses:</b> In June 2016, the FASB
issued ASU No. 2016-13&#8212;Financial Instruments&#8212;Credit Losses (Topic 326) &#8212;Measurement of Credit Losses on Financial Instruments.
ASU No. 2016-13 amended guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities.
In May 2019, the FASB issued ASU 2019-05, &#8220;Codification Improvements to Topic 326, Financial Instruments&#8212;Credit Losses, Financial
Instruments&#8212;Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825 Financial Instruments&#8221;, the amendments of which
provide entities that have certain instruments within the scope of Subtopic 326-20, Financial Instruments&#8212;Credit Losses&#8212;Measured
at Amortized Cost, with an option to irrevocably elect the fair value option in Subtopic 825-10, Financial Instruments&#8212;Overall,
applied on an instrument-by-instrument basis for eligible instruments, upon adoption of Topic 326. The amendments clarify that receivables
arising from operating leases are outside of the scope of Subtopic 326-20. Accordingly, any impairment of receivables arising from operating
leases i.e. time charters, should be accounted for in accordance with Topic 842, Leases, and not in accordance with Topic 326. Impairment
of receivables arising from voyage charters, which are accounted for in accordance with Topic 606, Revenues from Contracts with Customers,
are within the scope of Subtopic 326 and must therefore be assessed for expected credit losses.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of January 1, 2020, the Company adopted ASU 2016-13&#8212;Financial
Instruments&#8212;Credit Losses (Topic 326). The accounting standard amends the current financial instrument impairment model by requiring
entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments,
including trade receivables. Under the new guidance, an entity recognizes as an allowance its estimate of lifetime expected credit losses
which will result in more timely recognition of such losses. The Company adopted the accounting standard using the prospective transition
approach as of January 1, 2020, which resulted in a cumulative adjustment of $(9), in the opening balance of accumulated deficit for the
fiscal year of 2020. The Company maintains an allowance for credit losses for expected uncollectable accounts receivable, which is recorded
as an offset to trade accounts receivable and changes in such, if any, are classified as Bad debt provisions in the Consolidated Statements
of Comprehensive Loss.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The adoption of ASC 326 primarily impacted trade receivables
recorded on Consolidated Balance Sheet. The Company assessed collectability by reviewing accounts receivable on a collective basis where
similar characteristics exist and on an individual basis when the Company identifies specific customers with known disputes or collectability
issues. In determining the amount of the allowance for credit losses, the Company considered historical collectability based on past due
status. The Company also considered customer-specific information, current market conditions and reasonable and supportable forecasts
of future economic conditions to inform adjustments to historical loss data.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">As of January 1, 2020 and December 31, 2020, the Company concluded on an
expected credit loss rate of 0.05% on the total outstanding receivables arising from voyage charters and 2.4% on outstanding receivables
from demurrages. Management monitors its trade receivables on a daily and on a charter-by charterer basis in order to determine if adjustments
are necessary in the expected credit loss rate. No additional allowance was warranted for the year ended December 31, 2020.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fair Value measurement:</b> On January 1, 2020,
the Company adopted ASU 2018-13, &#8220;Fair Value Measurement (Topic 820)&#8212;Disclosure Framework&#8212;Changes to the Disclosure
Requirements for Fair Value Measurement&#8221;, which improves the effectiveness of fair value measurement disclosures. In particular,
the amendments in this Update modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based
on the concepts in FASB Concepts Statement, Conceptual Framework for Financial Reporting&#8212;Chapter 8: Notes to Financial Statements,
including the consideration of costs and benefits. The amendments in the Update apply to all entities that are required under existing
GAAP to make disclosures about recurring and non-recurring fair value measurements. The amendments on changes in unrealized gains and
losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative
description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in
the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective
date. The adoption of this new accounting guidance did not have a material effect on the Company&#8217;s consolidated financial statements
and related disclosures.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Variable Interest Entities:</b> On January 1, 2020,
the Company adopted ASU 2018-17, &#8220;Consolidation (Topic 810) &#8211; Targeted Improvements to Related Party Guidance for Variable
Interest Entities&#8221;, which improves the accounting for the following areas: (i) applying the variable interest entity (VIE) guidance
to private companies under common control and (ii) considering indirect interests held through related parties under common control for
determining whether fees paid to decision makers and service providers are variable interests, thereby improving general purpose financial
reporting. The Company applied the amendments in this Update retrospectively, as required. The adoption of this new accounting guidance
did not have a material effect on the Company&#8217;s consolidated financial statements and related disclosures.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(ab) New Accounting Pronouncements &#8211; Not
Yet Adopted:</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In March 2020, the FASB issued ASU 2020-04, Reference
Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients
and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. ASU 2020-04
applies to contracts that reference LIBOR or another reference rate expected to be terminated because of reference rate reform. In January
2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848). The amendments in this Update clarify that certain optional expedients
and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivative instruments that use an interest rate
for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. Amendments in this Update
to the expedients and exceptions in Topic 848 capture the incremental consequences of the scope clarification and tailor the existing
guidance to derivative instruments affected by the discounting transition. The amendments in this Update apply to all entities that elect
to apply the optional guidance in Topic 848. ASU 2020-04 and ASU 2021-10 can be adopted as of March 12, 2020 through December 31, 2022.
As of December 31, 2020, the Company has not yet elected any optional expedients provided in the standard. The Company will apply the
accounting relief as relevant contract and hedge accounting relationship modifications are made during the reference rate reform transition
period. The Company does not expect the standard to have a material impact on our consolidated financial statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In August 2020, the FASB issued ASU No. 2020-06, Debt
- Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity&#8217;s Own Equity (Subtopic
815-40): Accounting for Convertible Instruments and Contracts in an Entity&#8217;s Own Equity. The ASU reduces the number of accounting
models for convertible debt instruments by eliminating the cash conversion model. As compared with current U.S. GAAP, more convertible
debt instruments will be reported as a single liability instrument and the interest rate of more convertible debt instruments will be
closer to the coupon interest rate. The ASU also aligns the consistency of diluted Earnings Per Share (&#8220;EPS&#8221;) calculations
for convertible instruments by requiring that (1) an entity use the if-converted method and (2) share settlement be included in the diluted
EPS calculation for both convertible instruments and equity contracts when those contracts include an option of cash settlement or share
settlement. The ASU is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years.
Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those
fiscal years. The FASB has specified that an entity should adopt the guidance as of the beginning of its annual fiscal year. The Company
is currently evaluating the impact this guidance may have on its consolidated financial statements and related disclosures.</p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountingPoliciesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountingPoliciesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SignificantAccountingPoliciesTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for all significant accounting policies of the reporting entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -URI http://asc.fasb.org/topic&amp;trid=2122369<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SignificantAccountingPoliciesTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>43
<FILENAME>R9.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625146121448">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Transactions with Related Parties<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsAbstract', window );"><strong>Related Party Transactions [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsDisclosureTextBlock', window );">Transactions with Related Parties</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"><b>3. Transactions
with Related Parties<i>:</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company uses the services of Maritime, a ship
management company with its principal office in Greece and an office in the U.S.A. Maritime is engaged under separate management agreements
directly by the Company&#8217;s respective subsidiaries to provide a wide range of shipping services, including but not limited to, chartering,
sale and purchase, insurance, operations and dry-docking and construction supervision, all provided at a fixed daily fee per vessel. For
the ship management services, Maritime charges a fee payable by each subsidiary of $0.325 per day per vessel while the vessel is in operation
including any pool arrangements and $0.450 per day per vessel while the vessel is under construction, as well as an additional daily fee
(which is dependent on the seniority of the personnel) to cover the cost of engineers employed to conduct the supervision of the newbuilding
(collectively the &#8220;Ship-management Fees&#8221;). In addition, Maritime charges the Company a commission rate of 1.25% on all charter
hire agreements arranged by Maritime.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The management agreements for the vessels had an initial
term of five years. For the Northsea Alpha and Northsea Beta the base term expired on December 31, 2015, for Pyxis Theta it expired on
December 31, 2017 and for the Pyxis Epsilon and the Pyxis Malou it expired on December 31, 2018. Following their initial expiration dates,
the management agreements were automatically renewed for consecutive five year periods, or until terminated by either party on three months&#8217;
notice.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Head Management Agreement (the &#8220;Head Management
Agreement&#8221;) with Maritime commenced on March 23, 2015 and continued through March 23, 2020. Following the initial expiration date,
the Head Management Agreement was automatically renewed for a five-year period (unless terminated by either party on 90 days&#8217; notice).
Maritime provides administrative services to the Company, which include, among other, the provision of the services of the Company&#8217;s
Chief Executive Officer, Chief Financial Officer, General Counsel and Corporate Secretary, Chief Operating Officer, one or more internal
auditor(s) and a secretary, as well as the use of office space in Maritime&#8217;s premises. Under the Head Management Agreement, the
Company pays Maritime a fixed fee of $1,600 annually (the &#8220;Administration Fees&#8221;). In the event of a change of control of the
Company during the management period or within 12 months after the early termination of the Head Management Agreement, then the Company
will pay to Maritime an amount equal to 2.5 times the then annual Administration Fees. Pursuant to the amendment of this agreement on
March 18, 2020, in the event of such change of control and termination, the Company shall also pay to Maritime an amount equal to 12 months
of the then daily Ship-management Fees.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Ship-management Fees and the Administration Fees
are adjusted annually according to the official inflation rate in Greece or such other country where Maritime was headquartered during
the preceding year. On August 9, 2016, the Company amended the Head Management Agreement with Maritime to provide that in the event that
the official inflation rate for any calendar year is deflationary, no adjustment shall be made to the Ship-management Fees and the Administration
Fees, which will remain, for the particular calendar year, as per the previous calendar year. Effective January 1, 2019 and 2020, the
Ship-management Fees and the Administration Fees were increased by 0.62%, and, 0.26% respectively, in line with the average inflation
rate of Greece for 2018 and 2019. For 2020, the average rate in Greece was a deflation of 1.24% and as a result no adjustment shall be
made to the Ship-management Fees and the Administration Fees effective January 1, 2021, which will remain, for the particular calendar
year, as per the previous year.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following amounts were charged by Maritime pursuant
to the head management and ship-management agreements with the Company, and are included in the accompanying consolidated statements of
comprehensive loss:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Year Ended December 31,</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2020</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-size: 10pt"><b>Included in Voyage related costs and commissions</b></font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="width: 49%"><font style="font-size: 10pt">Charter hire commissions</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt">354</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt">351</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt">276</font></td>
    <td style="width: 1%">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-size: 10pt"><b>Included in Management fees, related parties</b></font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-size: 10pt">Ship-management Fees</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">720</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">724</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">637</font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-size: 10pt"><b>Included in General and administrative expenses</b></font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-size: 10pt">Administration Fees</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">1,618</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">1,628</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">1,632</font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt"><b>Total</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>2,692</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>2,703</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>2,545</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 28, 2015 the Company issued a promissory
note in favor of Maritime Investors in the amount of $2.5 million, with an interest rate payable of 2.75% and maturity of January 15,
2017. Certain amendments were made increasing the principal balance to $5.0 million, extending the maturity date to March 31, 2020 and
the interest rate to 4.5%. On May 14, 2019, the Company entered into a second amendment to the Amended &#38; Restated Promissory Note
which (i) extended the repayment of the outstanding principal, in whole or in part, until the earlier of a) one year after the repayment
of the credit facility of Eighthone with Entrust Global (the &#8220;Credit Facility&#8221;) on September 2023 (see Note 7), b) January
15, 2024 and c) repayment of any Paid-In-Kind (&#8220;PIK&#8221;) interest and principal deficiency amount under the Credit Facility,
and (ii) increased the interest rate to 9.0% per annum of which 4.5% shall be paid in cash and 4.5% shall be paid in common shares of
the Company calculated on the volume weighted average closing share price for the 10 day period immediately prior to each quarter end.
The new interest rate was effective from April 1, 2019. After the repayment restrictions have been lifted per the Credit Facility, the
Company, at its option, may continue to pay interest on the Amended &#38; Restated Promissory Note in the afore-mentioned combination
of cash and shares or pay all interest costs in cash. The Company considered the guidance under ASC 470-50 &#8220;Debt Modifications and
Extinguishments&#8221; and concluded that the transaction should be accounted for as debt extinguishment.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">With respect to the portion of interest that will
be settled in common shares, the Company considered the guidance in ASC 480 that requires obligations that can be settled in shares with
a fixed monetary value at settlement (e.g., share-settled debt) and followed the guidance in ASC 835-30 to accrue the liability to the
redemption amount using the interest method.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Interest charged on the Amended &#38; Restated Promissory
Note for the years ended December 31, 2018, 2019 and 2020, amounted to $213, $395 and $452, respectively, and is included in Interest
and finance costs, net (Note 12) in the accompanying consolidated statements of comprehensive loss. Of the total interest charged on the
Amended &#38; Restated Promissory Note during the year ended December 31, 2019, $225 was paid in cash and the remaining amount of $170
was settled in common shares. Of the amount settled in common shares, $113 was settled in common shares during 2019 and the remaining
amount of $57 were settled in January 2020. Of the total interest charged on the Amended &#38; Restated Promissory Note during the year
ended December 31, 2020, $226 was payable in cash and the remaining amount of $226 was settled in common shares. Of the amount settled
in common shares, $169 was settled in common shares during 2020 and the remaining amount of $57 was settled in January 2021.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amount of $5,000 is separately reflected in the
accompanying consolidated balance sheets under non-current liabilities.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2019 and 2020, there was a balance
due to Maritime of $6,849 and due from Maritime of $2,308, respectively. Relevant balances are reflected in Due to related parties and
Due from related parties, respectively, in the accompanying consolidated balance sheets. The balance with Maritime is interest free and
with no specific repayment terms.</p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsDisclosureTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -URI http://asc.fasb.org/topic&amp;trid=2122745<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39691-107864<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsDisclosureTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>44
<FILENAME>R10.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625144510008">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Inventories<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryDisclosureAbstract', window );"><strong>Inventory Disclosure [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryDisclosureTextBlock', window );">Inventories</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>4. Inventories:</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.4pt; text-align: justify; text-indent: -24.4pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amounts in the accompanying consolidated balance
sheets are analyzed as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31, <br />
2019</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31,<br />
2020</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 66%"><font style="font-size: 10pt">Lubricants</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt">403</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt">348</font></td>
    <td style="width: 1%">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Bunkers</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">98</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">333</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt"><b>Total</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>501</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>681</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td></tr>
  </table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InventoryDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryDisclosureTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 330<br> -URI http://asc.fasb.org/topic&amp;trid=2126998<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InventoryDisclosureTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>45
<FILENAME>R11.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625144585848">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Vessels, Net<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentAbstract', window );"><strong>Property, Plant and Equipment [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock', window );">Vessels, Net</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"><b>5. Vessels, net:</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.4pt; text-align: justify; text-indent: -24.4pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amounts in the accompanying consolidated balance
sheets are analyzed as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Vessel</b></font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Accumulated</b></font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Net Book</b></font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Cost</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Depreciation</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Value</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 49%"><font style="font-size: 10pt"><b>Balance January 1, 2019</b></font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt"><b>134,310</b></font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt"><b>(26,318</b></font></td>
    <td style="width: 1%"><font style="font-size: 10pt"><b>)</b></font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt"><b>107,992</b></font></td>
    <td style="width: 1%">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-size: 10pt">Depreciation</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">(5,320</font></td>
    <td><font style="font-size: 10pt">)</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">(5,320</font></td>
    <td><font style="font-size: 10pt">)</font></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-size: 10pt">Additions</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">625</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">625</font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Reclassification of vessel as held-for-sale</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(26,412</font></td>
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">10,622</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(15,790</font></td>
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt"><b>Balance December 31, 2019</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>108,523</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>(21,016</b></font></td>
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt"><b>)</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>87,507</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-size: 10pt">Depreciation</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">(4,418</font></td>
    <td><font style="font-size: 10pt">)</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">(4,418</font></td>
    <td><font style="font-size: 10pt">)</font></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Additions</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">685</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">685</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt"><b>Balance December 31, 2020</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>109,208</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>(25,434</b></font></td>
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt"><b>)</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>83,774</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2018, the Company reviewed the
carrying amount in connection with the estimated recoverable amount for each of its vessels. This review indicated that such carrying
amount was not fully recoverable for the Company&#8217;s vessels <i>Northsea Alpha</i> and <i>Northsea Beta</i>. Consequently, the carrying
value of these vessels plus unamortized dry-dock and survey balances amounting to $12,989 was written down resulting in a total impairment
charge of $2,282 that was charged against Vessels, net, based on level 2 inputs of the fair value hierarchy, as discussed in Notes 2 and
10. No impairment charge was deemed necessary for the years ended December 31, 2019 and 2020.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All of the Company&#8217;s vessels have been pledged
as collateral to secure the bank loans discussed in Note 7.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On November 13, 2019, the Company decided to
make arrangements to sell Pyxis Delta and the Company concluded that all the criteria required by the relevant accounting standard,
ASC 360-10-45-9, for the classification of the vessel Pyxis Delta as &#8220;held for sale&#8221; were met. On December 11, 2019, the
Company entered into an agreement with a third-party to sell the vessel. As at December 31, 2019, the amount of $13,190 was
separately reflected in Vessel held-for-sale on the consolidated balance sheet, representing the estimated fair market value of the
vessel based on the vessel&#8217;s sale price, net of costs to sell. The difference between the estimated fair value less costs to
sell the vessel and the vessel&#8217;s carrying value (including the unamortized balance of its associated dry-docking cost),
amounting to $2,756, was written-off and included in the consolidated statement of comprehensive loss for the year ended December
31, 2019 and classified as Loss on vessel held-for-sale. The total net proceeds from the sale of the vessel were approximately $13.2
million, of which, $5.7 million was used for the prepayment of the Pyxis Delta and Pyxis Theta loan facility and $7.5 million for
the repayment of the Company&#8217;s liabilities to its related party (Maritime) and for the repayment of obligations to its trade
creditors.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2019, additions of $625 relate
to the ballast water treatment system installation of Pyxis Malou, of which, $569 was paid in 2019 and the balance of $56 during the first
quarter of 2020.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2020, additions amounted to $685
of which $665 relates to the ballast water treatment system installation of Pyxis Epsilon, of which, $486 was paid in 2020 and $174 is
accrued and remains unpaid.</p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 958<br> -SubTopic 360<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=120429125&amp;loc=d3e99893-112916<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -URI http://asc.fasb.org/topic&amp;trid=2155823<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 958<br> -SubTopic 360<br> -Section 50<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=120429125&amp;loc=SL120174063-112916<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 958<br> -SubTopic 360<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=120429125&amp;loc=d3e99779-112916<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentDisclosureTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>46
<FILENAME>R12.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625144510008">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Deferred Charges, Net<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_DeferredChargesNetAbstract', window );"><strong>Deferred Charges Net Abstract</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_DeferredChargesTextBlock', window );">Deferred Charges, Net</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>6. Deferred charges, net:</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.4pt; text-align: justify; text-indent: -24.4pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt">The movement in the
deferred charges, net in the accompanying consolidated balance sheets are as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Dry docking costs</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 77%"><font style="font-size: 10pt"><b>Balance, January 1, 2018</b></font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 20%; text-align: right"><font style="font-size: 10pt"><b>285</b></font></td>
    <td style="width: 1%">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-size: 10pt">Additions</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">588</font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Amortization</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(133</font></td>
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-size: 10pt"><b>Balance, December 31, 2018</b></font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt"><b>740</b></font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-size: 10pt">Additions</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">435</font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-size: 10pt">Amortization</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">(240</font></td>
    <td><font style="font-size: 10pt">)</font></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Transfer to vessel held-for-sale</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(156</font></td>
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-size: 10pt"><b>Balance, December 31, 2019</b></font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt"><b>779</b></font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-size: 10pt">Additions</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">1,068</font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Amortization</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(253</font></td>
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt"><b>Balance, December 31, 2020</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>1,594</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amortization of the dry-docking costs is separately
reflected in the accompanying consolidated statements of comprehensive loss.</p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_DeferredChargesNetAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_DeferredChargesNetAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_DeferredChargesTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for deferred charges.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_DeferredChargesTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>47
<FILENAME>R13.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625146284920">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Long-term Debt<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtDisclosureAbstract', window );"><strong>Debt Disclosure [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtTextBlock', window );">Long-term Debt</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>7. Long-term Debt:</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amounts shown in the accompanying consolidated
balance sheets at December 31, 2019 and 2020, are analyzed as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt"><b>Vessel (Borrower)</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31,<br />
2019</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31,<br />
2020</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 66%"><font style="font-size: 10pt"><i>(a) Northsea Alpha (Secondone)</i></font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt">3,690</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt">3,290</font></td>
    <td style="width: 1%">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-size: 10pt"><i>(a) Northsea Beta (Thirdone)</i></font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">3,690</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">3,290</font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-size: 10pt"><i>(b) Pyxis Malou (Fourthone)</i></font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">10,020</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">8,730</font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-size: 10pt"><i>(c) Pyxis Delta (Sixthone)</i></font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">4,050</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-size: 10pt"><i>(c) Pyxis Theta (Seventhone)</i></font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">13,469</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">14,950</font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt"><i>(d) Pyxis Epsilon (Eighthone)</i></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">24,000</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">24,000</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt"><b>Total</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>58,919</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>54,260</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-size: 10pt"><b>Current portion</b></font></td>
    <td>&#160;</td>
    <td><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="text-align: right"><font style="font-size: 10pt"><b>9,241</b></font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="text-align: right"><font style="font-size: 10pt"><b>3,410</b></font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Less: Current portion of deferred financing costs</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(257</font></td>
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(155</font></td>
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt"><b>Current portion of long-term debt, net of deferred financing costs, current</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>8,984</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>3,255</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-size: 10pt"><b>Long-term portion</b></font></td>
    <td>&#160;</td>
    <td><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="text-align: right"><font style="font-size: 10pt"><b>49,678</b></font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="text-align: right"><font style="font-size: 10pt"><b>50,850</b></font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Less: Non-current portion of deferred financing costs</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(445</font></td>
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(519</font></td>
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt"><b>Long-term debt, net of current portion and deferred financing costs, non-current</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>49,233</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>50,331</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px"><font style="font-size: 10pt">(a)</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">On September 26, 2007, Secondone and Thirdone jointly entered into a loan agreement with a financial institution for an amount of up to $24,560, in order to partly finance the acquisition cost of the vessels <i>Northsea Alpha </i>and <i>Northsea Beta</i>.</font></td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-size: 10pt">(b)</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">Based on a loan agreement concluded on December 12, 2008, Fourthone borrowed $41,600 in February 2009 in order to partly finance the acquisition cost of the <i>Pyxis Malou</i>.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On February 28, 2018, the Company refinanced the then
existing indebtedness of $26,906 under the Secondone, Thirdone and Fourthone loan agreements with a new 5-year secured loan of $20,500
and cash of $2,100. The remaining balance of $4,306 was written-off by the previous lender at closing, which was recorded as gain from
debt extinguishment in the 2018 consolidated statement of comprehensive loss.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each of Secondone&#8217;s and Thirdone&#8217;s outstanding
loan balance at December 31, 2020, amounting to $3,290, is repayable in 9 remaining quarterly installments of $100 each amounting to $900
in the aggregate, the first falling due in February 2021, and the last installment accompanied by a balloon payment of $2,390 falling
due in February 2023.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2020, the outstanding balance of
the Fourthone loan of $8,730 is repayable in 9 quarterly installments amounting to $3,330, the first falling due in February 2021, and
the last installment accompanied by a balloon payment of $5,400 falling due in February 2023. The first installment, amounting to $330,
is followed by four amounting to $360 each and four amounting to $390 each.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The loan bears interest at LIBOR plus a margin of
4.65% per annum.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As a condition subsequent to the execution of this
loan agreement, the borrowers, Secondone, Thirdone and Fourthone, were required to re-domicile to the jurisdiction of the Republic of
Malta. In March and April 2018, these vessel-owning companies completed their re-domiciliation and were renamed to SECONDONE CORPORATION
LTD., THIRDONE CORPORATION LTD. and FOURTHONE CORPORATION LTD., respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Standard loan covenants include, among others, a minimum
liquidity and an MSC.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The facility also imposes certain customary covenants
and restrictions with respect to, among other things, the borrowers&#8217; ability to incur additional indebtedness, create liens, change
its share capital, engage in mergers, or sell the vessel and a minimum collateral value to outstanding loan principal.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Covenants:</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">The Company undertakes to maintain minimum deposits with the bank of $1,450 at all times.</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">MSC is to be at least 150% until February 2022 and at least 155% thereafter.</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">The borrowers, Secondone, Thirdone and Fourthone are 100% legally and beneficially (directly) owned by the Company. No change of ownership of the borrowers and change of control of the Company without lender&#8217;s prior written consent, where control means: (i) the power (whether by way of ownership of shares, partnership units, proxy, contract, agency or otherwise) to: (a) cast, or control the casting of, more than 50% of the maximum number of votes that might be cast at a general meeting of the Company; or (b) appoint or remove all, or the majority, of the directors or other equivalent officers of the Company; or (c) give directions with respect to the operating and financial policies of the Company with which the directors or other equivalent officers of the Company are obliged to comply; and/or (ii) the holding beneficially of more than 50% of the issued shares of the Company (excluding any part of that issued shares that carries no right to participate beyond a specified amount in a distribution of either profits or capital).</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 60.5pt; text-align: justify; text-indent: -0.25in">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px; text-align: center"><font style="font-size: 10pt">(c)</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">On October 12, 2012, Sixthone and Seventhone concluded as joint and several borrowers a loan agreement with a financial institution in order to partly finance the acquisition and construction cost of the <i>Pyxis Delta</i> and the <i>Pyxis Theta</i>, respectively. In February 2013, Sixthone drew down an amount of $13,500, while in September 2013, Seventhone drew down an amount of $21,300 (&#8220;Tranche A&#8221; and &#8220;Tranche B&#8221;, respectively). On September 29, 2016, the Company agreed with the lender of Sixthone to extend the maturity of Tranche A from May 2017 to September 2018, under the same amortization schedule and applicable margin. In addition, on June 6, 2017, the lender of Sixthone and Seventhone agreed to further extend the maturity of its respective loans from September 2018 to September 2022 under the same applicable margin, but with an extended amortization schedule.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On November 13, 2019, the Company decided to make
arrangements to sell Pyxis Delta, and the Company concluded that all the criteria required by the relevant accounting standard, ASC 360-10-45-9,
for the classification of the vessel Pyxis Delta as &#8220;held for sale&#8221; were met. As at December 31, 2019, upon classification
of Pyxis Delta as vessel held-for-sale, the total outstanding balance of Tranche A of $4,050 was classified in the consolidated balance
sheet under the line item &#8220;Current portion of long-term debt, net of deferred financing costs&#8221;. According to the loan agreement,
the early prepayment of the outstanding balance of Tranche A obliged the Company to make a prepayment of $1,624 for Tranche B so that
the required security cover ratio of the facility remained the same as the ratio applied immediately prior to the sale. As of December
31, 2019, the amount of $1,624 of Tranche B, that was due to be prepaid upon the early prepayment of Tranche A, was also classified in
the consolidated balance sheet under the line item &#8220;Current portion of long-term debt, net of deferred financing costs&#8221;.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On January 13, 2020, pursuant to the sale agreement
that the Company entered into in late 2019, Pyxis Delta was delivered to her buyers. The total net proceeds from the sale of the vessel
were $13,197, $5,674 out of which was used to prepay the loan facility secured by the <i>Pyxis Delta</i> and the <i>Pyxis Theta</i> and
$7,523 for the repayment of the Company&#8217;s liabilities to Maritime and obligations to its trade creditors. On July 8, 2020, Seventhone
entered into a $15,250 secured loan agreement with the new lender, for the purpose of refinancing the outstanding indebtedness of $11,293
under the previous loan facility, which was fully settled on the same day. The new loan bears interest at LIBOR plus a margin of 3.35%
per annum. As of December 31, 2020, the outstanding balance of the Seventhone loan of $14,950 is repayable in 19 consecutive quarterly
installments of $300 each, the first falling due in January 2021, and the last installment accompanied by a balloon payment of $9,250
falling due in July 2025. Standard collateral interests and customary covenants are incorporated in this facility.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Standard loan covenants include, among others, a minimum
liquidity and a minimum required Security Cover Ratio (&#8220;MSC&#8221;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The facility imposes certain customary covenants and
restrictions with respect to, among other things, the borrower&#8217;s ability to distribute dividends, incur additional indebtedness,
create liens, change its share capital, engage in mergers, or sell the vessel and a minimum collateral value to outstanding loan principal.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Covenants:</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.4pt; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">The Company undertakes to maintain minimum deposit with the bank of $500 at all times.</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">The ratio of the Company&#8217;s total liabilities to total assets is not to exceed 75%. This requirement is only applicable in order to assess whether the Vessel-owning company is entitled to distribute dividends to Pyxis. As of December 31, 2020, the requirement was met as such ratio was 71%, or 4% lower than the required threshold.</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">MSC is to be at least 125% of the respective outstanding loan balance.</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">No change shall be made directly or indirectly in the ownership, beneficial ownership, control or management of Seventhone or of the Company or any share therein or the Pyxis Theta, as a result of which less than 100% of the shares and voting rights in Seventhone or less than 40% of the shares and voting rights in the Company remain in the ultimate legal and beneficial owners disclosed at the negotiation of this loan agreement.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 60.5pt; text-align: justify; text-indent: -0.25in">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px; text-align: center"><font style="font-size: 10pt">(d)</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">On September 27, 2018, Eighthone entered into a new $24,000 loan agreement, for the purpose of refinancing the outstanding indebtedness of $16,000 under the previous loan facility and for general corporate purposes. The new facility matures in September 2023 and is secured by a first priority mortgage over the vessel, general assignment covering earnings, insurances and requisition compensation, an account pledge agreement and a share pledge agreement concerning the respective vessel-owning subsidiary and technical and commercial managers&#8217; undertakings.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The new loan facility bears an interest rate of 11%
of which 1.0% can be paid as PIK interest per annum for the first two years, and 11.0% per annum thereafter and incurs fees due upfront
and upon early prepayment or final repayment of outstanding principal.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The principal obligation amortizes in 10 quarterly
installments starting in March 29, 2021, equal to the lower of $400 and excess cash computed through a cash sweep mechanism, plus a balloon
payment due at maturity. As of December 31, 2020, the outstanding balance of Eighthone loan was $24,000. Management cannot currently assess
with any certainty that any amount under the cash sweep will be made prior to loan maturity.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The facility also imposes certain customary covenants
and restrictions with respect to, among other things, the borrower&#8217;s ability to distribute dividends, incur additional indebtedness,
create liens, change its share capital, engage in mergers, or sell the vessel and a minimum collateral value to outstanding loan principal.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Covenants:</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 24px"><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">As of December 31, 2019, the Company had to maintain minimum deposits with the bank (&#8220;Liquidity Account&#8221;) of $750 at all times. Based on the first supplemental letter dated 9, July 2020, the Company undertook to maintain the credit balance of the Liquidity Account not falling at any time below $375 and to credit on each Quarter End Date (such first Quarter End Date being the December 31, 2020) an amount equal to $1 per day to the Liquidity Account calculated on and from October 1, 2020, until such time that the amount standing to the credit of the Liquidity Account is no less than the Minimum Liquidity Amount of $750. </font></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">Following the Second Supplemental Letter signed on September 25, 2020, MSC was to be at least 115% of the respective outstanding loan balance until December 31, 2020 (inclusive) and at least 125% thereafter.</font></td></tr>
  <tr style="vertical-align: top">
    <td>&#160;</td>
    <td style="text-align: justify">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><font style="font-size: 10pt">&#9679;</font></td>
    <td style="text-align: justify"><font style="font-size: 10pt">The Company ceases to own directly the entire share capital of Eighthone; or Mr. Valentis (either directly and/or indirectly through companies beneficially owned by him/or trusts of foundations of which he is a beneficiary) ceases to own at least 25 per cent. of the share capital of the Company; or Mr. Valentis ceases to be the Chairman of the Company.</font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 60.5pt; text-align: justify; text-indent: -0.25in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the facility, a deferred fee may be payable
on the occurrence of certain events including, among others, the sale of the vessel or on repayment or maturity of the loan. If payable,
the amount due is calculated as the lesser of (a) 15% of the amount of the loan borrowed under the facility agreement and (b) 15% of the
difference between (i) the charter-free fair market value of the vessel plus any dry dock reserve account balance and (ii) any outstanding
loan amount at the time of the repayment or maturity of the facility. In the event that the deferred fee and the prepayment fee become
simultaneously payable, only the higher of the prepayment fee or the deferred fee will be payable. Management has assessed this deferred
fee as a contingent liability under ASC 450 and concluded that such loss contingency should not be accrued as of December 31, 2020 by
a charge in the consolidated statements of comprehensive loss, since information available as of December 31, 2020 did not indicate that
was probable that the liability had been incurred as of the balance sheet date at December 31, 2020 and could not be reliably estimated.
A prepayment fee of $0.2 million was paid following the refinancing of the facility on March 30, 2021 (Note 13).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each loan is secured by a first priority mortgage
over the respective vessel and a first priority assignment of the vessel&#8217;s insurances and earnings. Each loan agreement contains
customary ship finance covenants including restrictions as to changes in management and ownership of the vessel and in dividend distributions
when certain financial ratios are not met.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2020, the Company was in compliance
with all of its financial and MSC covenants with respect to its loan agreements. In addition, as of December 31, 2020, there was no amount
available to be drawn down by the Company under its existing loan agreements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The annual principal payments required to be made
after December 31, 2020, are as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: justify"><font style="font-size: 10pt"><b>To December 31,</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Amount</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 82%; text-align: justify"><font style="font-size: 10pt">2021</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 15%; text-align: right"><font style="font-size: 10pt">3,410</font></td>
    <td style="width: 1%">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="text-align: justify"><font style="font-size: 10pt">2022</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">3,530</font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="text-align: justify"><font style="font-size: 10pt">2023</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">35,970</font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="text-align: justify"><font style="font-size: 10pt">2024</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">1,200</font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-bottom: 1.5pt; text-align: justify"><font style="font-size: 10pt">2025 and thereafter</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">10,150</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="padding-bottom: 2.5pt; text-align: justify"><font style="font-size: 10pt"><b>Total</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>54,260</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Total interest expense on long-term debt and promissory
note for the years ended December 31, 2018, 2019 and 2020, amounted to $4,048, $5,517 and $4,636 respectively, and is included in Interest
and finance costs, net (Note 12) in the accompanying consolidated statements of comprehensive loss. The Company&#8217;s weighted average
interest rate (including the margin) for the years ended December 31, 2018, 2019 and 2020, was 6.00%, 8.18% and 7.69% per annum, including
the promissory note discussed in Note 3, respectively.</p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for long-term debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -URI http://asc.fasb.org/topic&amp;trid=2208564<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebtTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>48
<FILENAME>R14.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625170676312">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Equity Capital Structure and Equity Incentive Plan<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CompensationAndRetirementDisclosureAbstract', window );"><strong>Retirement Benefits [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CompensationAndEmployeeBenefitPlansTextBlock', window );">Equity Capital Structure and Equity Incentive Plan</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>8. Equity Capital Structure and Equity Incentive
Plan:</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s authorized common and preferred
stock consists of 450,000,000 common shares, 50,000,000 preferred shares of which 1,000,000 are authorized as Series A Convertible Preferred
Shares. The Company had nil and 181,475 Series A Convertible Preferred Shares issued and outstanding as at December 31, 2019 and 2020,
respectively with a par value of USD 0.001 per share.&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amounts shown in the accompanying consolidated
balance sheets as Additional paid-in capital represent contributions made by the stockholders at various dates to finance vessel acquisitions
in excess of the amounts of bank loans obtained, advances for working capital purposes, net of subsequent distributions primarily from
re-imbursement of certain payments to shipyards in respect to the construction of new-built vessels, the non-cash portion of the interest
payable in shares under the Amended &#38; Restated Promissory Note, net proceeds from the issuance of common stock and the net proceeds
of $4.3 million from the Company&#8217;s offering of 200,000 units referred below. There was no paid-in capital re-imbursement for the
years ended December 31, 2019 and 2020.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On February 2, 2018, the Company filed with the SEC
a registration statement on Form F-3, under which it may sell from time to time common stock, preferred stock, debt securities, warrants,
purchase contracts and units, each as described therein, in any combination, in one or more offerings up to an aggregate dollar amount
of $100,000. In addition, the selling stockholders referred to in the registration statement may sell in one of more offerings up to 5,233,222
shares of the Company&#8217;s common stock from time to time as described therein. The registration statement was declared effective by
the SEC on February 12, 2018. On March 30, 2018, the Company filed a prospectus supplement to the Shelf Registration Statement related
to an At-The-Market Program (&#8220;ATM Program&#8221;) under which it may, from time to time, issue and sell shares of its common stock
up to an aggregate offering of $2,300 through a sales agent as either agent or principal. No shares were sold under this initial ATM Program,
but on November 19, 2018, the prospectus supplement was amended to increase the offering to $3,675. As of December 31, 2018, and 2019,
the Company issued and sold 182,297 and 214,828 common shares, respectively, under the ATM Program. As of December 31, 2020, no shares
have been sold under the ATM Program.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 13, 2020, the Company announced the closing
of its offering of 200,000 Units at an offering price of $25.00 per Unit (the &#8220;Offering&#8221;). Each Unit was immediately separable
into one 7.75% Series A Convertible Preferred Shares and eight (8) detachable Warrants, each warrant exercisable for one common share,
for a total of up to 1,600,000 common shares of the Company. Each Warrant will entitle the holder to purchase one common share at an initial
exercise price of $1.40 per share at any time prior to October 13, 2025 or, in case of absence of an effective registration statement,
to exchange those cashless based on a formula. Any Warrants that remain unexercised on October 13, 2025 shall be automatically exercised
by way of a cashless exercise on that date.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On October 13, 2020, the Company had granted the underwriter
a 45-day option to purchase up to 30,000 additional Series A Convertible Preferred Shares and/or 240,000 additional Warrants. The purchase
price to be paid by the Underwriters per optional preferred share was $23.051 and the purchase price per optional Warrant was $0.00925.
On the same day, the underwriter partially exercised its overallotment option for 135,040 Warrants for gross proceeds of $1. The Company
considered that the overallotment option was a freestanding financial instrument but did not meet the derivative definition criteria and
did not require bifurcation.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Warrants are also subject to customary adjustment
provisions, such as for stock dividends, subdivisions and combinations and certain fundamental transactions such as those in which the
Company directly or indirectly, in one or more related transactions effect any merger or consolidation of the Company with or into another
entity, or the Company effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially
all of its assets in one or a series of related transactions. The Company determined that the Warrants are indexed to its own stock and
meet all the conditions for equity classification. As of December 31, 2020, 1,735,040 Warrants remained outstanding.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Series A Convertible Preferred Shares and Warrants
are listed on the Nasdaq Capital Market under the symbols &#8220;PXSAP&#8221; and &#8220;PXSAW&#8221;, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Each Series A Convertible Preferred Share is convertible
into common shares at an initial conversion price of $1.40 per common share, or 17.86 common shares, at any time at the option of the
holder, subject to certain customary adjustments.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the trading price of Pyxis Tankers&#8217; common
stock equals or exceeds $2.38 per share for at least 20 days in any 30 consecutive trading day period ending 5 days prior to notice, the
Company can call, in whole or in part, for mandatory conversion of the Series A Convertible Preferred Shares. The holders, however, will
be prohibited from converting the Series A Convertible Preferred Shares into common shares to the extent that, as a result of such conversion,
the holder would own more than 9.99% of the total number common shares then issued and outstanding, unless a 61-day notice is delivered
to the Company. The conversion price is subject to customary anti-dilution and other adjustments relating to the issuance of common shares
as a dividend or the subdivision, combination, or reclassification of common shares into a greater or lesser number of common shares.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Beginning on October 13, 2023, the Company may, at
its option, redeem the Series A Convertible Preferred Shares, in whole or in part, by paying $25.00 per share, plus any accrued and unpaid
dividends to the date of redemption.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">If the Company liquidates, dissolves or winds up,
holders of the Series A Convertible Preferred Shares will have the right to receive $25.00 per share, plus all accumulated, accrued and
unpaid dividends (whether or not earned or declared) to and including the date of payment, before any payments are made to the holders
of the Company&#8217;s common shares or to the holders of equity securities the terms of which provide that such equity securities will
rank junior to the Series A Convertible Preferred Shares. The rights of holders of Series A Convertible Preferred Shares to receive their
liquidation preference also will be subject to the proportionate rights of any other class or series of our capital stock ranking in parity
with the Series A Convertible Preferred Shares as to liquidation.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Series A Convertible Preferred Shares are not
redeemable for a period of three years from issuance, except upon change of control. In the case of a change of control that is pre-approved
by the Company&#8217;s Board of Directors, holders of Series A Convertible Preferred Shares have the option to (i) demand that the Company
redeem the Series A Convertible Preferred Shares at (a) $26.63 per Series A Convertible Preferred Share from the date of issuance until
October 13, 2021, (b) $25.81 per Series A Convertible Preferred Share from October 13, 2021 until October 13, 2022 and (c) $25.00 after
October 13, 2022, or (ii) continue to hold the Series A Convertible Preferred Shares. Upon a change of control, the holders also have
the option to convert some or all of the Series A Convertible Preferred Shares, together with any accrued or unpaid dividends, into shares
of common stock at the conversion rate. Change of Control means that (i) Mr. Valentios Valentis and his affiliates cease to own at least
20% of the voting securities of the Company, or (ii) a person or group acquires at least 50% voting control of the Company, and in the
case of each of either (i) or (ii), neither the Company nor any surviving entity has its common stock listed on a recognized U.S. exchange.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Series A Convertible Preferred Shares did not
generate a beneficial conversion feature (BCF) upon issuance as the fair value of the Company&#8217;s common shares was lower than the
conversion price. The Series A Convertible Preferred Shares did not meet the criteria for mandatorily redeemable financial instruments.
Additionally, the Company determined that the nature of the Series A Convertible Preferred Shares was more akin to an equity instrument
and that the economic characteristics and risks of the embedded conversion options were clearly and closely related to the Series A Convertible
Preferred Shares. As such, the conversion options were not required to be bifurcated from the equity host under ASC 815, Derivatives and
Hedging. The Company also determined that the redemption call option did meet the definition of a derivative but is eligible for exception
from derivative accounting and thus no bifurcation of the feature was performed.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Series A Convertible Preferred Shares will not
vote with the common shares, however, if dividends on the Series A Convertible Preferred Shares are in arrears for eighteen (18) or more
consecutive or non-consecutive monthly dividends, the holders of the Series A Convertible Preferred Shares, voting as a single class,
shall be entitled to vote for the election of one additional director to serve on the Board of Directors until the next annual meeting
of shareholders following the date on which all dividends that are owed and are in arrears have been paid. In addition, unless the Company
has received the affirmative vote or consent of the holders of at least 66.67% of the then outstanding Series A Convertible Preferred
Shares, voting as a single class, the Company may not create or issue any class or series of capital stock ranking senior to the Series
A Convertible Preferred Shares with respect to dividends or distributions.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Dividends on the Series A Convertible Preferred Shares
are cumulative from and including the date of original issuance in the amount of $1.9375 per share each year, which is equivalent to 7.75%
of the $25.00 liquidation preference per share. Dividends on the Series A Convertible Preferred Shares are paid monthly in arrears starting
November 20, 2020, to the extent declared by the board of directors of the Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On November 20, 2020, the Company paid a cash dividend
of $0.1991 per share on each Series A Convertible Preferred Share for the first period in November 2020. On December 21, 2020, the Company
paid a cash dividend of $0.1615 per share on each Series A Convertible Preferred Share for the month of December 2020.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt/106% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company also agreed to issue and sell to
designees of the underwriter as compensation, two separate types of Underwriter&#8217;s Warrants for an aggregate purchase price of $100
(absolute amount). The warrants were issued pursuant to an Underwriting Agreement dated October 8, 2020. The first type of the Underwriter&#8217;s
Warrants is a warrant for the purchase of an aggregate of 2,000 Series A Convertible Preferred Shares at an exercise price of $24.92 and
the second type is a warrant for the purchase of an aggregate of 16,000 Warrants at an exercise price of $0.01, at any time on or after
April 6, 2021 and prior to October 8, 2025 (the &#8220;Termination Date&#8221;). On exercise, each Underwriter Warrant allows the holder
to purchase one Series A Convertible Preferred Share or one Warrant of the Company or, in case of absence of an effective registration
statement, to exchange those cashless based on a formula set in the Underwriting Agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt/106% Times New Roman, Times, Serif; margin: 0; text-align: justify">Any Underwriter&#8217;s Warrants that remain
unexercised on the Termination Date shall be automatically exercised by way of a cashless exercise on that date. The Underwriter&#8217;s
Warrants are also subject to customary adjustment provisions similar to the detachable Warrants discussed above.</p>

<p style="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt/106% Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has accounted for Underwriter&#8217;s
Warrants in accordance with ASC 718-Compensation-Stock Compensation, classified within stockholders&#8217; equity. As of December 31,
2020, 2,000 Underwriter&#8217;s Warrants to purchase 2,000 Series A Convertible Preferred Shares and 16,000 Underwriter&#8217;s warrant
to purchase 16,000 Warrants remained outstanding.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company received gross proceeds of $5.0 million
from the Offering, prior to deducting underwriting discounts and offering expenses. The net proceeds from the Offering of approximately
$4.3 million were used for general corporate purposes, including working capital and the repayment of debt.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2018, following the issuance and
sale of 182,297 shares of common stock under the ATM Program, the Company&#8217;s outstanding common shares increased from 20,877,893
to 21,060,190. As of December 31, 2019, following the issuance and sale of additional 214,828 common shares under the ATM Program the
Company raised $354 at an average (gross) price of $1.65/share. Furthermore, during the same period, the Company issued 95,262 of common
shares to settle the interest charged on the Amended &#38; Restated Promissory Note, discussed in Note 3. As a result of the above transactions
the Company&#8217;s outstanding common shares increased from 21,060,190 to 21,370,280 as at December 31, 2019. During the year ended December
31, 2020, the Company issued additional 260,495 of common shares to settle the interest charged on the Amended &#38; Restated Promissory
Note, discussed in Note 3. Furthermore, during the same year 18,525 Series A Convertible Preferred Shares were converted to 332,106 common
stock. The Company&#8217;s common stock issued and outstanding increased from 21,370,280 to 21,962,881 as at December 31, 2020 and, as
of the same date, the Company&#8217;s outstanding Series A Convertible Preferred Stock decreased from 200,000 to 181,475 while no Warrants
of any type were exercised.</p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CompensationAndEmployeeBenefitPlansTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for an entity's employee compensation and benefit plans, including, but not limited to, postemployment and postretirement benefit plans, defined benefit pension plans, defined contribution plans, non-qualified and supplemental benefit plans, deferred compensation, share-based compensation, life insurance, severance, health care, unemployment and other benefit plans.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 718<br> -URI http://asc.fasb.org/topic&amp;trid=2228938<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 712<br> -URI http://asc.fasb.org/topic&amp;trid=2197446<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 710<br> -URI http://asc.fasb.org/topic&amp;trid=2127225<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 715<br> -URI http://asc.fasb.org/topic&amp;trid=2235017<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CompensationAndEmployeeBenefitPlansTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CompensationAndRetirementDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CompensationAndRetirementDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>49
<FILENAME>R15.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625146284920">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Loss Per Common Share<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareAbstract', window );"><strong>Earnings Per Share [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_LossPerCommonShare', window );">Loss Per Common Share</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>9. Loss per Common Share:</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>For the years ended December 31,</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2020</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 49%"><font style="font-size: 10pt">Net loss available to common stockholders</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt">(8,214</font></td>
    <td style="width: 1%"><font style="font-size: 10pt">)</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt">(8,330</font></td>
    <td style="width: 1%"><font style="font-size: 10pt">)</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt">(6,982</font></td>
    <td style="width: 1%"><font style="font-size: 10pt">)</font></td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-size: 10pt">Weighted average number of common shares, basic and diluted</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">20,894,202</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">21,161,164</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">21,548,126</font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-size: 10pt"><b>Loss per common share, basic and diluted</b></font></td>
    <td>&#160;</td>
    <td><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="text-align: right"><font style="font-size: 10pt"><b>(0.39</b></font></td>
    <td><font style="font-size: 10pt"><b>)</b></font></td>
    <td>&#160;</td>
    <td><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="text-align: right"><font style="font-size: 10pt"><b>(0.39</b></font></td>
    <td><font style="font-size: 10pt"><b>)</b></font></td>
    <td>&#160;</td>
    <td><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="text-align: right"><font style="font-size: 10pt"><b>(0.32</b></font></td>
    <td><font style="font-size: 10pt"><b>)</b></font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2020, securities that could potentially
dilute basic loss per share in the future that were not included in the computation of diluted loss per share, because to do so would
have anti-dilutive effect, were any incremental shares of the unexercised warrants, calculated with the treasury stock method, as well
as shares assumed to be converted with respect to the Series A Convertible Preferred Shares calculated with the if-converted method. At
December 31, 2018 and 2019, there were no securities that could potentially dilute basic loss per share.</p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_LossPerCommonShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for loss per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_LossPerCommonShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>50
<FILENAME>R16.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625170578616">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Risk Management and Fair Value Measurements<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_RiskManagementAndFairValueMeasurementsAbstract', window );"><strong>Vessel Name</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_RiskManagementAndFairValueMeasurementsTextBlock', window );">Risk Management and Fair Value Measurements</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>10. Risk Management and Fair Value Measurements:
</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The principal financial assets of the Company consist
of cash and cash equivalents, trade accounts receivable due from charterers and amounts due from related parties. The principal financial
liabilities of the Company consist of long-term bank loans, trade accounts payable and a promissory note.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Interest rate risk</i>: </b>The Company&#8217;s
interest rates are calculated at LIBOR plus a margin, as discussed in Note 7 and hence the Company is exposed to movements in LIBOR. In
order to hedge its variable interest rate exposure, on January 19, 2018, the Company, via one of its vessel-ownings subsidiaries, entered
into an interest rate cap agreement with one of its lenders for a notional amount of $10,000 and a cap rate of 3.5%. The interest rate
cap will terminate on July 18, 2022.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Credit risk</i>: </b>Credit risk is minimized
since trade accounts receivable from charterers are presented net of the expected credit losses. The Company places its cash &#38; cash
equivalents, primarily with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit
standing of those financial institutions that are considered in the Company&#8217;s investment strategy. On the balance sheet date there
were no significant concentrations on credit risk. The maximum exposure to credit risk is represented by the carrying amount of each financial
asset on the balance sheet.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Currency risk</i>: </b>The Company&#8217;s transactions
are denominated primarily in U.S. dollars; therefore, overall currency exchange risk is limited. Balances in foreign currency other than
U.S. dollars are not considered significant.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Fair value: </i></b>The Management has determined
that the fair values of the assets and liabilities as of December 31, 2020, are as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Carrying</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Value</b></p></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Fair</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Value</b></p></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 66%"><font style="font-size: 10pt">Cash and cash equivalents</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt">4,037</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt">4,037</font></td>
    <td style="width: 1%">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-size: 10pt">Trade accounts receivable, net</font></td>
    <td>&#160;</td>
    <td><font style="font-size: 10pt">$</font></td>
    <td style="text-align: right"><font style="font-size: 10pt">663</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td><font style="font-size: 10pt">$</font></td>
    <td style="text-align: right"><font style="font-size: 10pt">663</font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-size: 10pt">Trade accounts payable</font></td>
    <td>&#160;</td>
    <td><font style="font-size: 10pt">$</font></td>
    <td style="text-align: right"><font style="font-size: 10pt">3,642</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td><font style="font-size: 10pt">$</font></td>
    <td style="text-align: right"><font style="font-size: 10pt">3,642</font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-size: 10pt">Long-term debt with variable interest rates, net</font></td>
    <td>&#160;</td>
    <td><font style="font-size: 10pt">$</font></td>
    <td style="text-align: right"><font style="font-size: 10pt">30,260</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td><font style="font-size: 10pt">$</font></td>
    <td style="text-align: right"><font style="font-size: 10pt">30,260</font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-size: 10pt">Long-term loans and promissory note with non-variable interest rates, net *</font></td>
    <td>&#160;</td>
    <td><font style="font-size: 10pt">$</font></td>
    <td style="text-align: right"><font style="font-size: 10pt">29,000</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td><font style="font-size: 10pt">$</font></td>
    <td style="text-align: right"><font style="font-size: 10pt">33,864</font></td>
    <td>&#160;</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">* As at December 31, 2020, Carrying Value of Eighthone
Loan and Amended &#38; Restated Promissory Note is $24,000 and $5,000, respectively. Theoretical Fair Value of Eighthone Loan and Amended
&#38; Restated Promissory Note is $28,121 and $5,743, respectively.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Assets measured at fair value on a recurring basis:
Interest rate cap</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&#8217;s interest rate cap does not qualify
for hedge accounting. The Company adjusts its interest rate cap contract to fair market value at the end of every period and records the
resulting gain or loss during the period in the consolidated statements of comprehensive loss. Information on the classification, the
derivative fair value and the loss from financial derivative instrument included in the consolidated financial statements is shown below:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt"><b>Consolidated Balance Sheets &#8211; Location</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31, <br />
2019</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31, <br />
2020</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 66%"><font style="font-size: 10pt">Financial derivative instrument &#8211; Other non-current assets</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt">1</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt">&#8212;</font></td>
    <td style="width: 1%">&#160;</td></tr>
  <tr>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt"><b>Consolidated Statements of Comprehensive Loss - Location</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31, <br />
2019</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31, <br />
2020</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 66%"><font style="font-size: 10pt">Financial derivative instrument &#8211; Fair value at the beginning of the period</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt">(28</font></td>
    <td style="width: 1%"><font style="font-size: 10pt">)</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt">(1</font></td>
    <td style="width: 1%"><font style="font-size: 10pt">)</font></td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Financial derivative instrument &#8211; Fair value as at period end</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt"><b>Loss from financial derivative instrument</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>(27</b></font></td>
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt"><b>)</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>(1</b></font></td>
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt"><b>)</b></font></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Assets measured at fair value on a recurring basis:
Interest rate cap</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The fair value of the Company&#8217;s interest rate
cap agreement is determined based on market-based LIBOR rates. LIBOR rates are observable at commonly quoted intervals for the full term
of the cap and therefore, are considered Level 2 items in accordance with the fair value hierarchy.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>Assets measured at fair value on a non-recurring
basis: Long lived assets held and used and Held for sale</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2018, the Company reviewed the
carrying amount in connection with the estimated recoverable amount for each of its vessels. This review indicated that such carrying
amount was not fully recoverable for the Company&#8217;s vessels <i>Northsea Alpha</i> and <i>Northsea Beta</i>. Consequently, the carrying
value of these vessels was written-down to their respective fair values as presented in the table below.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Vessel</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Significant Other<br />
Observable Inputs <br />
(Level 2)</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Vessel Impairment<br />
Charge (charged against<br />
Vessels, net)</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 66%; text-align: justify"><font style="font-size: 10pt"><i>Northsea Alpha</i></font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt">6,125</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt">1,142</font></td>
    <td style="width: 1%">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="padding-bottom: 1.5pt; text-align: justify"><font style="font-size: 10pt"><i>Northsea Beta</i></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">6,125</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1,140</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-bottom: 2.5pt; text-align: justify"><font style="font-size: 10pt"><b>TOTAL</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>12,250</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>2,282</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The fair value is based on level 2 inputs of the fair
value hierarchy and reflects the Company&#8217;s best estimate of the value of each vessel on a time charter free basis and is supported
by a vessel valuation of an independent shipbroker which is mainly based on recent sales and purchase transactions of similar vessels.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company performs an impairment exercise whenever
there are indicators of impairment.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company recognized the total Vessel impairment
charge of $2,282 which is included in the accompanying consolidated statements of comprehensive loss for the year ended December 31, 2018.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">No impairment loss was recognized for the years ended
December 31, 2019 and 2020.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On November 13, 2019, the Company decided to make
arrangements to sell Pyxis Delta, and the Company concluded that all the criteria required by the relevant accounting standard, ASC 360-10-45-9,
for the classification of the vessel as &#8220;held for sale&#8221;, were met. Long lived assets classified as held-for-sale are measured
at the lower of their carrying amount or fair value less costs to sell. As at December 31, 2019, the Company has classified Pyxis Delta
under Vessel held-for-sale on the consolidated balance sheet, at a value of $13,190 representing the estimated fair market value of the
vessel, net of costs to sell, based on the gross selling price of the agreement signed with a third party to sell the vessel, on December
11, 2019. (Level 2 inputs of the fair value hierarchy).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2019 and 2020, the Company did
not have any other assets or liabilities measured at fair value on a non-recurring basis.</p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_RiskManagementAndFairValueMeasurementsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_RiskManagementAndFairValueMeasurementsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_RiskManagementAndFairValueMeasurementsTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure of risk management and fair value measurements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_RiskManagementAndFairValueMeasurementsTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>51
<FILENAME>R17.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625140216168">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Commitments and Contingencies<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesDisclosureAbstract', window );"><strong>Commitments and Contingencies Disclosure [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock', window );">Commitments and Contingencies</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt"><b>11. Commitments
and Contingencies:</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Minimum contractual charter revenues: </i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company employs certain of its vessels under lease
agreements. Time charters typically may provide for variable lease payments, charterers&#8217; options to extend the lease terms at higher
rates and termination clauses. The Company&#8217;s contracted time charters as of December 31, 2020, range from one to three months, with
varying extension periods at the charterers&#8217; option and do not provide for variable lease payments. Our time charters contain customary
termination clauses which protect either the Company or the charterers from material adverse situations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Future minimum contractual charter revenues, gross
of 1.25% address commission and 1.25% brokerage commissions to Maritime and of any other brokerage commissions to third parties, based
on the vessels&#8217; committed, non-cancelable, long-term time charter contracts as of December 31, 2020, are as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; text-align: justify"><font style="font-size: 10pt"><b>Year ending December 31,</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Amount</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 82%; padding-bottom: 1.5pt; text-align: justify"><font style="font-size: 10pt">2021</font></td>
    <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="border-bottom: black 1.5pt solid; width: 15%; text-align: right"><font style="font-size: 10pt">4,358</font></td>
    <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="padding-bottom: 2.5pt; text-align: justify">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>4,358</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Other</i></b>: Various claims, suits and complaints,
including those involving government regulations and environmental liability, arise in the ordinary course of the shipping business. In
addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations
of the Company&#8217;s vessels. Currently, management is not aware of any such claims not covered by insurance or contingent liabilities,
which should be disclosed, or for which a provision has not been established in the accompanying consolidated financial statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company accrues for the cost of environmental
and other liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure.
As of December 31, 2020 and as of the date of the issuance of the FS, management is not aware of any other claims or contingent liabilities,
which should be disclosed or for which a provision should be established in the accompanying consolidated financial statements. The Company
is covered for liabilities associated with the individual vessels&#8217; actions to the maximum limits as provided by Protection and Indemnity
(P&#38;I) Clubs, members of the International Group of P&#38;I Clubs.</p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingenciesDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommitmentsAndContingenciesDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for commitments and contingencies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -URI http://asc.fasb.org/topic&amp;trid=2127136<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 440<br> -URI http://asc.fasb.org/topic&amp;trid=2144648<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 440<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=121559207&amp;loc=d3e25336-109308<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 440<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121559207&amp;loc=d3e25336-109308<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommitmentsAndContingenciesDisclosureTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>52
<FILENAME>R18.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625144573128">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Interest and Finance Costs, Net<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_InterestAndFinanceCostsNetAbstract', window );"><strong>Pyxis Maritime Corporation</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_InterestAndFinanceCostTextBlock', window );">Interest and Finance Costs, Net</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>12. Interest and Finance Costs, net:</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company accrues for the cost of environmental
and other liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure.
As of December 31, 2020 and as of the date of the issuance of these consolidated financial statements, management is not aware of any
other claims or contingent liabilities, which should be disclosed or for which a provision should be established in the accompanying consolidated
financial statements. The Company is covered for liabilities associated with the individual vessels&#8217; actions to the maximum limits
as provided by Protection and Indemnity (P&#38;I) Clubs, members of the International Group of P&#38;I Clubs.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amounts in the accompanying consolidated statements
of comprehensive loss are analyzed as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>For the years ended December 31,</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2020</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 49%"><font style="font-size: 10pt">Interest on long-term debt (Note 7)</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt">3,835</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt">5,122</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt">4,184</font></td>
    <td style="width: 1%">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-size: 10pt">Interest on promissory note (Note 3)</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">213</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">395</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">452</font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-size: 10pt">Long-term debt prepayment fees</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">56</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Amortization and write-off of financing costs</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">386</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">258</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">328</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt"><b>Total</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>4,490</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>5,775</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>4,964</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td></tr>
  </table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_InterestAndFinanceCostTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure of interest expense and finance costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_InterestAndFinanceCostTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_InterestAndFinanceCostsNetAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_InterestAndFinanceCostsNetAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>53
<FILENAME>R19.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625142542440">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Subsequent Events<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventsAbstract', window );"><strong>Subsequent Events [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventsTextBlock', window );">Subsequent Events</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>13. Subsequent Events:</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Issuance of shares:</i></b> On January 4, 2021
and April 2, 2021, following the second amendment to the Amended &#38; Restated Promissory Note dated May 14, 2019, the Company issued
64,446 and 47,827 of common shares, respectively, at the volume weighted average closing share price for the 10-day period immediately
prior to the quarter end, as discussed in Note 3.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Pyxis Regains Compliance with NASDAQ&#8217;s
Minimum Closing Bid Price Rule: </i></b>On July 2, 2020, NASDAQ had notified the Company of its noncompliance with the minimum bid price
of $1.00 over the previous 30 consecutive business days as required by the Listing Rules of the NASDAQ Stock Market. On December 29, 2020,
the Company received written notification granting the Company a 180-day extension, or until June 28, 2021, to regain compliance with
the minimum bid price requirement. Subsequently, from January 28, 2021 to February 16, 2021, the Company&#8217;s closing bid price for
its common shares was $1.00 per share or greater and, on February 17, 2021, NASDAQ informed the Company that it had regained compliance
with the exchange&#8217;s minimum closing bid price rule (NASDAQ Listing Rule 5550(a)(2)).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Closing of $25.0 Million Private Placement of
Common Stock: </i></b>On February 24, 2021 the Company announced that it had closed its definitive securities purchase agreements with
a group of investors, which resulted in gross proceeds to Pyxis Tankers of $25.0 million, before deducting placement offering expenses.
Pyxis Tankers issued 14,285,715 shares of common stock at a price of $1.75 per share. The Company will use the net proceeds from the offering
for general corporate purposes, which may include the repayment of outstanding indebtedness and potential vessel acquisitions. The securities
offered and sold by Pyxis Tankers in the private placement were subsequently registered under the Securities Act of 1933, as amended (the
&#8220;Securities Act&#8221;), under a resale registration statement filed with the Securities and Exchange Commission (the &#8220;SEC&#8221;)
and became effective on March 11, 2021. Any resale of Pyxis Tankers&#8217; shares under such resale registration statement will be made
only by means of a prospectus.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Series A Convertible Preferred Shares Conversions
&#38; Warrant Exercises:</i></b> During the period through April 6, 2021, 58,814 of Series A Convertible Preferred Shares were converted
into 1,052,529 registered common shares of the Company and 144,500 Warrants were exercised for 144,500 registered common shares. The Company
received $0.2 million on Warrant exercise.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of April 6, 2021, we had a total of 37,225,792
common shares issued and outstanding of which Mr. Valentis beneficially owned 47.3%.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Series A Convertible Preferred Shares Dividend
Payments:</i></b> On January 20, 2021, February 22, 2021 and March 22, 2021, the Company paid cash dividends of $0.1615 per Series A Convertible
Preferred Share for each month which aggregated to $83.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Amendment to Eighthone Loan: </i></b>On March
4, 2021, Eighthone Corp., the owner of the Pyxis Epsilon, entered into a Third Amendment with Wilmington Trust, as Agent, to modify two
loan covenants. The Minimum Liquidity amount shall remain at $0.5 million through 2021 and increase to $0.75 million thereafter until
maturity. The Minimum Security Cover shall remain at 115% of the outstanding loan (currently $24 million) through 2021 and increase to
125% thereafter. All other terms and conditions shall remain in full force and effect.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Refinancing of Eighthone Loan:</i></b> On March
29, 2021, the Company entered into a new secured loan agreement for the refinancing of the existing Eighthone loan. The $17 million provided
by the new secured loan combined with $7.3 million of available cash were used to prepay the outstanding indebtedness of the previous
loan in full and fund closing fees and expenses. The new five year loan has quarterly amortization of $0.3 million with $11 million due
at maturity. The loan is priced at Libor plus 3.35%. All other terms and conditions were standard for a bank loan of this type.</p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsequentEventsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsequentEventsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsequentEventsTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 855<br> -URI http://asc.fasb.org/topic&amp;trid=2122774<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 855<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6842918&amp;loc=SL6314017-165662<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsequentEventsTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>54
<FILENAME>R20.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625139847912">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant Accounting Policies (Policies)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Accounting Policies [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConsolidationPolicyTextBlock', window );">Principles of Consolidation</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(a) Principles of Consolidation:</i></b> The
accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP. The consolidated financial statements
include the accounts of Pyxis and its wholly-owned subsidiaries (the Vessel-owning companies and Merger Sub). All intercompany balances
and transactions have been eliminated upon consolidation.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pyxis, as the holding company, determines whether
it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable
interest entity. Under Accounting Standards Codification (&#8220;ASC&#8221;) 810 &#8220;Consolidation&#8221; a voting interest entity
is an entity in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides
the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make financial and operating
decisions. Pyxis consolidates voting interest entities in which it owns all, or at least a majority (generally, greater than 50%), of
the voting interest. Variable interest entities (&#8220;VIE&#8221;) are entities as defined under ASC 810-10, that in general either do
not have equity investors with voting rights or that have equity investors that do not provide sufficient financial resources for the
entity to support its activities. A controlling financial interest in a VIE is present when a company absorbs a majority of an entity&#8217;s
expected losses, receives a majority of an entity&#8217;s expected residual returns, or both. The company with a controlling financial
interest, known as the primary beneficiary, is required to consolidate the VIE. Pyxis evaluates all arrangements that may include a variable
interest in an entity to determine if it may be the primary beneficiary, and would be required to include assets, liabilities and operations
of a VIE in its consolidated financial statements. As of December 31, 2020, no such interest existed.</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UseOfEstimates', window );">Use of Estimates</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(b) Use of Estimates:</i></b> The preparation
of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities, and disclosures of contingent assets and liabilities at the date of the financial statements
and the reported amounts of revenues and expenses during the reported period. Actual results could differ from these estimates.</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_ComprehensiveIncomeLoss', window );">Comprehensive Income / (Loss)</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(c) Comprehensive Income / (Loss): </i></b>The
Company follows the provisions of ASC 220 &#8220;Comprehensive Income&#8221;, which requires separate presentation of certain transactions
which are recorded directly as components of equity. The Company had no transactions which affect comprehensive loss during the years
ended December 31, 2018, 2019 and 2020 and, accordingly, comprehensive loss was equal to net loss.</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock', window );">Foreign Currency Translation</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(d) Foreign Currency Translation: </i></b>The
functional currency of the Company is the U.S. dollar as the Company&#8217;s vessels operate in international shipping markets and, therefore,
primarily transact business in U.S. dollars. The Company&#8217;s accounting records are maintained in U.S. dollars. Transactions involving
other currencies during the year are converted into U.S. dollars using the exchange rates in effect at the time of the transactions. At
the balance sheet dates, monetary assets and liabilities, which are denominated in other currencies, are translated into U.S. dollars
at the exchange rates in effect at the balance sheet date. Resulting gains or losses are included in Vessel operating expenses in the
accompanying consolidated statements of comprehensive loss. All amounts in the financial statements are presented in thousand U.S. dollars
rounded to the nearest thousand.</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesPolicyTextBlock', window );">Commitments and Contingencies</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(e) Commitments and Contingencies: </i></b>Provisions
are recognized when: the Company has a present legal or constructive obligation as a result of past events; it is probable that an outflow
of resources embodying economic benefits will be required to settle the obligation; and a reliable estimate of the amount of the obligation
can be made. Provisions are reviewed at each balance sheet date. Disclosure of a contingency is made if there is at least a reasonable
possibility that a change in the Company&#8217;s estimate of its probable liability could occur in the near future.</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_InsuranceClaimReceivablesPolicyTextBlock', window );">Insurance Claims Receivable</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(f) Insurance Claims Receivable:</i></b> The
Company records insurance claim recoveries for insured losses incurred on damage to fixed assets and for insured crew medical expenses.
Insurance claim recoveries are recorded, net of any deductible amounts, at the time the Company&#8217;s fixed assets suffer insured damages
or when crew medical expenses are incurred, recovery is probable under the related insurance policies and the claim is not subject to
litigation. The Company assessed the adoption of ASC 326 regarding the collectability of insurance claims recoveries and concluded that
there is no material impact in the Company&#8217;s financial statements as of the date of the adoption of ASC 326 on January 1, 2020 and
as of December 31, 2020 and thus no provision for credit losses was recorded as of those dates.</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskCreditRisk', window );">Concentration of Credit Risk</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(g) Concentration of Credit Risk:</i></b> Financial
instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of cash and cash
equivalents and trade accounts receivable. The Company places its cash and cash equivalents, consisting mostly of deposits, with qualified
financial institutions with high creditworthiness. The Company performs periodic evaluations of the relative creditworthiness of those
financial institutions that are considered in the Company&#8217;s investment strategy. The Company limits its credit risk with accounts
receivable by performing ongoing credit evaluations of its customers&#8217; financial condition and generally does not require collateral
for its accounts receivable.</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPolicyTextBlock', window );">Cash and Cash Equivalents and Restricted Cash</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(h) Cash and Cash Equivalents and Restricted
Cash:</i></b> The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity
of three months or less to be cash equivalents. Restricted cash is associated with pledged retention accounts in connection with the loan
repayments and minimum liquidity requirements under the loan agreements discussed in Note 7 and is presented separately in the accompanying
consolidated balance sheets. The Company assessed the adoption of ASC 326 for cash equivalents and restricted cash and concluded that
there is no impact in the Company&#8217;s financial statements as of the date of the adoption of ASC 326 on January 1, 2020 and as of
December 31, 2020 and thus no provision for credit losses was recorded as of those dates.</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxPolicyTextBlock', window );">Income Taxation</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(i) Income Taxation:</i></b> Under the laws
of the Republic of the Marshall Islands, the country of incorporation of certain of the Company&#8217;s vessel-owning companies, and/or
the vessels&#8217; registration, the vessel-owning companies are not liable for any income tax on their income derived from shipping operations.
Instead, a tax is levied depending on the countries where the vessels trade based on their tonnage, which is included in Vessel operating
expenses in the accompanying consolidated statements of comprehensive loss. The vessel-owning companies with vessels that have called
on the United States during the relevant year of operation are obliged to file tax returns with the Internal Revenue Service. The applicable
tax is 50% of 4% of U.S. related gross transportation income unless an exemption applies. The Company believes that based on current legislation
the relevant vessel-owning companies are entitled to an exemption because they satisfy the relevant requirements, namely that (i) the
related vessel-owning companies are incorporated in a jurisdiction granting an equivalent exemption to U.S. corporations and (ii) over
50% of the ultimate stockholders of the vessel-owning companies are residents of a country granting an equivalent exemption to U.S. persons.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the laws of the Republic of Malta, the country
of incorporation of certain of the Company&#8217;s vessel-owning companies, and/or the vessels&#8217; registration, these vessel-owning
companies are not liable for any income tax on their income derived from shipping operations. The Republic of Malta is a country that
has an income tax treaty with the United States. Accordingly, income earned by vessel-owning companies organized under the laws of the
Republic of Malta may qualify for a treaty-based exemption. Specifically, Article 8 (Shipping and Air Transport) of the treaty sets out
the relevant rule to the effect that profits of an enterprise of a Contracting State from the operation of ships in international traffic
shall be taxable only in that State.</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryPolicyTextBlock', window );">Inventories</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(j) Inventories:</i></b> Inventories consist
of lubricants and bunkers (where applicable) on board the vessels, which are stated at the lower of cost and net realizable value. Cost
is determined by the first-in, first-out (&#8220;FIFO&#8221;) method.</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TradeAndOtherAccountsReceivablePolicy', window );">Trade Accounts Receivable, Net</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(k) Trade Accounts Receivable, Net:</i></b>
Under spot charters, the Company normally issues its invoices to charterers at the completion of the voyage. Invoices are due upon issuance
of the invoice. Since the Company satisfies its performance obligation over the time of the spot charter, the Company recognizes its unconditional
right to consideration in trade accounts receivable, net of a provision for doubtful accounts, if any. Trade accounts receivable from
spot charters as of December 31, 2019 and 2020, amounted to $743 and $672, respectively. The allowance for doubtful accounts at December
31, 2019 was zero. The allowance for expected credit losses at December 31, 2020 was $9 (Note 2(aa)). Under time charter contracts, the
Company normally issues invoices on a monthly basis 30 days in advance of providing its services. Trade accounts receivable from time
charters as of December 31, 2019 and 2020, amounted to $500 and $1, respectively. Hire collected in advance includes cash received in
advance of performance under the contract prior to the balance sheet date and is realized when the associated revenue is recognized under
the contract in periods after such date. The hire collected in advance as of December 31, 2019 and 2020 was $1,415 and $ 706 respectively
and concerns hire received in advance from time charters.</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_VesselsPolicyTextBlock', window );">Vessels, Net</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(l) Vessels, Net:</i></b> Vessels are stated
at cost, which consists of the contract price and any material expenses incurred in connection with the acquisition (initial repairs,
improvements, delivery expenses and other expenditures to prepare the vessel for her initial voyage, as well as professional fees directly
associated with the vessel acquisition). Subsequent expenditures for major improvements are also capitalized when they appreciably extend
the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise, these amounts are expensed as incurred.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The cost of each of the Company&#8217;s vessels is
depreciated from the date of acquisition on a straight-line basis over the vessels&#8217; remaining estimated economic useful life, after
considering the estimated residual value. A vessel&#8217;s residual value is equal to the product of its lightweight tonnage and estimated
scrap rate of $0.300 per ton. The Company estimates the useful life of the Company&#8217;s vessels to be 25 years from the date of initial
delivery from the shipyard. In the event that that future regulations place limitations over the ability of a vessel to trade on a worldwide
basis, its remaining useful life will be adjusted at the date such regulations are adopted.</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock', window );">Impairment of Long Lived Assets</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(m) Impairment of Long Lived Assets:</i></b>
The Company reviews its long lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount
plus the unamortized dry-dock and survey balances of these assets may not be recoverable.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In developing estimates of future undiscounted cash
flows, the Company makes assumptions and estimates about the vessels&#8217; future performance, relating to time charter equivalent rates
by vessel type, vessels&#8217; operating expenses, management fees, vessels&#8217; capital expenditures, vessels&#8217; residual value,
fleet utilization and the estimated remaining useful life of each vessel. The assumptions used to develop estimates of future undiscounted
cash flows are based on historical trends as well as future expectations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the extent impairment indicators are present, the
projected net operating cash flows are determined by considering the charter revenues from existing time charters for the fixed days and
an estimated daily time charter rate for the unfixed days (based on the most recent seven year historical average rates over the remaining
estimated useful life of the vessels), expected outflows for vessels&#8217; operating expenses, planned dry-docking and special survey
expenditures, management fees expenditures which are adjusted every year, pursuant to the Company&#8217;s existing group management agreement,
and fleet utilization of 75.0% to 98.6% (depending on the type of the vessel) for the first year and 78% to 93.0%, including scheduled
off-hire days for planned dry-dockings and vessel surveys, based on historical experience. The residual value used in the impairment test
is estimated to be approximately $0.3 per lightweight ton in accordance with the vessels&#8217; depreciation policy.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Should the carrying value plus the unamortized dry-dock
and survey balance of the vessel exceed its estimated future undiscounted net operating cash flows, impairment is measured based on the
excess of the carrying amount over the fair market value of the asset. The Company determines the fair value of its vessels based on management
estimates and assumptions and by making use of available market data and taking into consideration third party valuations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The review of the carrying amounts plus the unamortized
dry-dock and survey balances in connection with the estimated recoverable amount for certain of the Company&#8217;s as of December 31,
2018 indicated an impairment charge of $2,282. No impairment charge for the Company&#8217;s vessels was recorded as of December 31, 2019
and 2020 respectively.</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_LonglivedAssetsClassifiedAsHeldForSalePolicyTextBlock', window );">Long-lived Assets Classified as Held for Sale</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(n) Long-lived Assets Classified as Held for
Sale:</i></b> The Company classifies long-lived assets and disposal groups as being held-for-sale in accordance with ASC 360, &#8220;Property,
Plant and Equipment&#8221;, when: (i) management, having the authority to approve the action, commits to a plan to sell the asset; (ii)
the asset is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such
assets; (iii) an active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated;
(iv) the sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within one
year; (v) the asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value and (vi) actions
required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be
withdrawn. Long-lived assets classified as held-for-sale are measured at the lower of their carrying amount or fair value less costs to
sell. According to ASC 360-10-35, the fair value less costs to sell of the long-lived asset (disposal group) should be assessed at each
reporting period it remains classified as held-for-sale. Subsequent changes in the long-lived asset&#8217;s fair value less costs to sell
(increase or decrease) would be reported as an adjustment to its carrying amount, not exceeding the carrying amount of the long-lived
asset at the time it was initially classified as held-for-sale. These long-lived assets are not depreciated once they meet the criteria
to be classified as held-for-sale and are classified in current assets on the consolidated balance sheet (Notes 5 and 6).</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativesPolicyTextBlock', window );">Financial Derivative Instruments</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(o) Financial Derivative Instruments: </i></b>The
Company enters into interest rate derivatives to manage its exposure to fluctuations of interest rate risk associated with its borrowings.
All derivatives are recognized in the consolidated financial statements at their fair value. The fair value of the interest rate derivatives
is based on a discounted cash flow analysis. When such derivatives do not qualify for hedge accounting, the Company recognizes their fair
value changes in current period earnings. When the derivatives qualify for hedge accounting, the Company recognizes the effective portion
of the gain or loss on the hedging instrument directly in other comprehensive income / (loss), while the ineffective portion, if any,
is recognized immediately in current period earnings. The Company, at the inception of the transaction, documents the relationship between
the hedged item and the hedging instrument, as well as its risk management objective and the strategy of undertaking various hedging transactions.
The Company also assesses at hedge inception whether the hedging instruments are highly effective in offsetting changes in the cash flows
of the hedged items.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company discontinues cash flow hedge accounting
if the hedging instrument expires and it no longer meets the criteria for hedge accounting or its designation is revoked by the Company.
At that time, any cumulative gain or loss on the hedging instrument recognized in equity is kept in equity until the forecasted transaction
occurs. When the forecasted transaction occurs, any cumulative gain or loss on the hedging instrument is recognized in the consolidated
statement of comprehensive loss. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognized in
equity is transferred to the current period&#8217;s consolidated statement of comprehensive loss as financial income or expense.</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_AccountingForSpecialSurveyAndDrydockingCostsPolicyTextBlock', window );">Accounting for Special Survey and Dry-docking Costs</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(p) Accounting for Special Survey and Dry-docking
Costs:</i></b> The Company follows the deferral method of accounting for special survey and dry-docking costs, whereby actual costs incurred
at the yard and parts used in the dry-docking or special survey, are deferred and are amortized on a straight-line basis over the period
through the date the next survey is scheduled to become due. Costs deferred are limited to actual costs incurred at the shipyard and costs
incurred in the dry-docking or special survey. If a dry-dock or a survey is performed prior to the scheduled date, any remaining unamortized
balances of the previous dry-dock and survey are immediately written-off. Unamortized dry-dock and survey balances of vessels that are
sold are written-off and included in the calculation of the resulting gain or loss in the period of the vessel&#8217;s sale.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Furthermore, unamortized dry-docking and special survey
balances of vessels that are classified as Assets held-for-sale and are not recoverable as of the date of such classification are immediately
written-off and included in the resulting loss on vessel held-for-sale.</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtPolicyTextBlock', window );">Financing Costs</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(q) Financing Costs:</i></b> Costs associated
with new loans or refinancing of existing loans, including fees paid to lenders or required to be paid to third parties on the lender&#8217;s
behalf for obtaining new loans or refinancing existing loans, are recorded as a direct deduction from the carrying amount of the debt
liability. Such costs are deferred and amortized to Interest and finance costs in the consolidated statements of comprehensive loss during
the life of the related debt using the effective interest method. Unamortized costs relating to loans repaid or refinanced, meeting the
criteria of debt extinguishment, are expensed in the period the repayment or refinancing is made. Commitment fees relating to undrawn
loan principal are expensed as incurred.</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueMeasurementPolicyPolicyTextBlock', window );">Fair Value Measurements</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(r) Fair Value Measurements:</i></b> The Company
follows the provisions of Accounting Standard Update (&#8220;ASU&#8221;) 2015-07 &#8220;Fair Value Measurements and Disclosures&#8221;,
Topic 820, which defines and provides guidance as to the measurement of fair value. This standard creates a hierarchy of measurement and
indicates that, when possible, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants. The fair value hierarchy gives the highest priority (Level 1) to quoted prices in active markets
and the lowest priority (Level 3) to unobservable data, for example, the reporting entity&#8217;s own data. Under the standard, fair value
measurements are separately disclosed by level within the fair value hierarchy (Note 10).</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SegmentReportingPolicyPolicyTextBlock', window );">Segment Reporting</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(s) Segment Reporting:</i></b> The Company reports
financial information and evaluates its operations by charter revenues and not by the length of ship employment for its customers, i.e.,
spot or time charters. The Company does not use discrete financial information to evaluate the operating results for each such type of
charter. Although revenue can be identified for these types of charters, management cannot and does not identify expenses, profitability
or other financial information for these charters. Furthermore, when the Company charters a vessel to a charterer, the charterer is free
to trade the vessel worldwide (subject to certain agreed exclusions) and, as a result, the disclosure of geographic information is impracticable.
As a result, management, reviews operating results solely by revenue per day and operating results of the fleet and thus the Company has
determined that it operates under one reportable segment.</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerSharePolicyTextBlock', window );">Income/(Loss) per Share</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(t) Income/(Loss) per Share:</i></b> Basic income/(loss)
per share is computed by dividing the net income/(loss) attributable to common shareholders by the weighted average number of common shares
outstanding during the period.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The computation of diluted income/(loss) per share
reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted at
the beginning of the periods presented, or issuance date, if later. The treasury stock method is used to compute the dilutive effect of
warrants and, shares issued under the equity incentive plan and the promissory note. The if-converted method is used to compute the dilutive
effect of shares which could be issued upon conversion of the Series A Convertible Preferred Shares into common shares. Potential common
shares that have an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) are excluded from the
calculation of diluted earnings per share. As the Company reported losses for the years ended December 31, 2018, 2019 and 2020, the effect
of any incremental shares would be antidilutive and thus excluded from the computation of loss per share.</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_GoingConcernPolicyTextBlock', window );">Going Concern</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(u) Going Concern: </i></b>The Company performs
cash flow projections on a regular basis to evaluate whether it will be in a position to cover its liquidity needs for the next 12-month
period and in compliance with the financial and security collateral cover ratio covenants under its existing debt agreements. In developing
estimates of future cash flows, the Company makes assumptions about the vessels&#8217; future performance, with significant assumptions
relating to time charter equivalent rates by vessel type, vessels&#8217; operating expenses, vessels&#8217; capital expenditures, fleet
utilization, the Company&#8217;s management fees and general and administrative expenses, and cash flow requirements for debt servicing.
The assumptions used to develop estimates of future cash flows are based on historical trends as well as future expectations.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2020, the Company had a working
capital deficit of $2,895, defined as current assets minus current liabilities. The Company considered such deficit in conjunction with
the future market prospects and potential future financings. As of the filing date of these consolidated financial statements, the Company
believes that it will be in a position to cover its liquidity needs for the next 12-month period through the recent Private Placement
of Equity, the contemplated debt refinancing of the Entrust Loan (Note 13) cash generated from the vessels&#8217; operations and possible
asset sales. The Company believes that will be in compliance with the financial and security collateral cover ratio covenants under its
existing debt agreements for the next 12-month period.</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenueRecognitionPolicyTextBlock', window );">Revenues, Net</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(v) Revenues, net:</i></b> The Company generates
its revenues from charterers. The vessels are chartered using either spot charters, where a contract is made in the spot market for the
use of a vessel for a specific voyage for a specified charter rate, or time charters, where a contract is entered into for the use of
a vessel for a specific period of time and a specified daily charter hire rate.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table presents the Company&#8217;s revenue
disaggregated by revenue source, net of commissions, for the years ended December 31, 2018, 2019 and 2020:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2018</b></p></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2019</b></p></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2020</b></p></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 49%"><font style="font-size: 10pt">Revenues derived from spot charters, net</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt">16,990</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt">8,067</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt">7,022</font></td>
    <td style="width: 1%">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Revenues derived from time charters, net</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">11,467</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">19,686</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">14,689</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt"><b>Revenues, net</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>28,457</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>27,753</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>21,711</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Revenue from customers (ASC 606):</i></b> As
of January 1, 2018, the Company adopted Accounting Standard Update (&#8220;ASU&#8221;) 2014-09 &#8220;<i>Revenue from Contracts with Customers
(Topic 606)</i>&#8221;. The core principle is that a company should recognize revenue when promised goods or services are transferred
to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. The Company
analyzed its contracts with charterers at the adoption date and has determined that its spot charters fall under the provisions of ASC
606, while its time charter agreements are lease agreements that fall under the provisions of ASC 842 and that contain certain non-lease
components. The Company elected to adopt ASC 606 by applying the modified retrospective transition method, recognizing the cumulative
effect of adopting this guidance as an adjustment to the 2018 opening balance of accumulated deficit. As of December 31, 2017, there were
no vessels employed under spot charters and as a result, the Company has not included any adjustments to the 2018 opening balance of accumulated
deficit and prior periods were not retrospectively adjusted.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company assessed its contracts with charterers
for spot charters and concluded that there is one single performance obligation for its spot charter, which is to provide the charterer
with a transportation service within a specified time period. In addition, the Company has concluded that a spot charter meets the criteria
to recognize revenue over time as the charterer simultaneously receives and consumes the benefits of the Company&#8217;s performance.
The adoption of this standard resulted in a change whereby the Company&#8217;s method of revenue recognition changed from discharge-to-discharge
(assuming a new charter has been agreed before the completion of the previous spot charter) to load-to-discharge. This resulted in no
revenue being recognized from discharge of the prior spot charter to loading of the current spot charter and all revenue being recognized
from loading of the current spot charter to discharge of the current spot charter. This change results in revenue being recognized later
in the voyage, which may cause additional volatility in revenues and earnings between periods. Demurrage income represents payments by
a charterer to a vessel owner when loading or discharging time exceeds the stipulated time in the spot charter. The Company has determined
that demurrage represents a variable consideration and estimates demurrage at contract inception. Demurrage income estimated, net of address
commission, is recognized over the time of the charter as the performance obligation is satisfied.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under a spot charter, the Company incurs and pays
for certain voyage expenses, primarily consisting of brokerage commissions, port and canal costs and bunker consumption, during the spot
charter (load-to-discharge) and during the ballast voyage (date of previous discharge to loading, assuming a new charter has been agreed
before the completion of the previous spot charter). Before the adoption of ASC 606, all voyage expenses were expensed as incurred, except
for brokerage commissions. Brokerage commissions are deferred and amortized over the related voyage period in a charter to the extent
revenue has been deferred since commissions are earned as the Company&#8217;s revenues are earned. Under ASC 606 and after the implementation
of ASC 340-40 <i>&#8220;Other assets and deferred costs&#8221;</i> for contract costs, incremental costs of obtaining a contract with
a customer and contract fulfillment costs, should be capitalized and amortized as the performance obligation is satisfied, if certain
criteria are met. The Company assessed the new guidance and concluded that voyage costs during the ballast voyage represented costs to
fulfil a contract which give rise to an asset and should be capitalized and amortized over the spot charter, consistent with the recognition
of voyage revenues from spot charter from load-to-discharge, while voyage costs incurred during the spot charter should be expensed as
incurred. With respect to incremental costs, the Company has selected to adopt the practical expedient in the guidance and any costs to
obtain a contract will be expensed as incurred, for the Company&#8217;s spot charters that do not exceed one year. Vessel operating expenses
are expensed as incurred.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, pursuant to this standard and the new
Leases standard (discussed below), as of January 1, 2018, the Company elected to present Revenues net of address commissions. Address
commissions represent a discount provided directly to the charterers based on a fixed percentage of the agreed upon charter. Since address
commissions represent a discount (sales incentive) on services rendered by the Company and no identifiable benefit is received in exchange
for the consideration provided to the charterer, these commissions are presented as a reduction of revenue in the accompanying consolidated
statements of comprehensive loss.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company does not disclose the value of unsatisfied
performance obligations for contracts with an original expected length of one year or less, in accordance with the optional exception
in ASC 606.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>Leases: </i></b>The Company elected to
early adopt the new lease standard &#8220;Leases&#8221; ASC 842 as of September 30, 2018 with adoption reflected as of January 1, 2018. The
Company adopted the standard by using the modified retrospective method and selected the additional optional transition method.
Also, the Company elected to apply a package of practical expedients under ASC 842, which allowed the Company, not to reassess (i)
whether any existing contracts, on the date of adoption, contained a lease, (ii) lease classification of existing leases classified
as operating leases in accordance with ASC 840 and (iii) initial direct costs for any existing leases. In this respect no <font style="background-color: white">cumulative-effect
adjustment was recognized </font>to the 2018 opening balance of accumulated deficit<font style="background-color: white">. </font>The
Company assessed its new time charter contracts at the adoption date under the new guidance and concluded that these contracts
contain a lease with the related executory costs (insurance), as well as non-lease components to provide other services related to
the operation of the vessel, with the most substantial service being the crew cost to operate the vessel. The Company concluded that
the criteria for not separating the lease and non-lease components of its time charter contracts are met, since (i) the time pattern
of recognizing revenues for crew and other services for the operation of the vessels, is similar to the time pattern of recognizing
rental income, (ii) <font style="background-color: white">the lease component of the time charter contracts, if accounted for
separately, would be classified as an operating lease, and </font>(iii) the predominant component in its time charter agreements is
the lease component. After the lease commencement date, the Company evaluates lease modifications, if any, that could result in a
change in the accounting for leases. For a lease modification, an evaluation is performed to determine if it should be treated as
either a separate lease or a change in the accounting of an existing lease. Brokerage and address commissions on time charter
revenues are deferred and amortized over the related voyage period, to the extent revenue has been deferred, since commissions are
earned as revenues earned, and are presented in voyage expenses and as a reduction to voyage revenues (see above), respectively.
Vessel operating expenses are expensed as incurred. By taking the practical expedients, existing time charters at January 1, 2018,
continued to be accounted for under ASC 840 while new time charters commencing in 2018 and onwards are accounted for under ASC 842.
The adoption of ASC 842 had no effect on the Company&#8217;s consolidated financial position and results of operations for the year
ended December 31, 2018 and 2019. <font style="background-color: white">Upon adoption of ASC 842, the Company made an accounting
policy election to not recognize contract fulfillment costs for time charters under ASC 340-40. </font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenues for the years ended December 31, 2018, 2019
and 2020, deriving from significant charterers individually accounting for 10% or more of revenues (in percentages of total revenues),
were as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Charterer</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2020</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 43%; text-align: center"><font style="font-size: 10pt">A</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 16%; text-align: right"><font style="font-size: 10pt">23</font></td>
    <td style="width: 1%"><font style="font-size: 10pt">%</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 16%; text-align: right"><font style="font-size: 10pt">71</font></td>
    <td style="width: 1%"><font style="font-size: 10pt">%</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 16%; text-align: right"><font style="font-size: 10pt">58</font></td>
    <td style="width: 1%"><font style="font-size: 10pt">%</font></td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="text-align: center"><font style="font-size: 10pt">B</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">15</font></td>
    <td><font style="font-size: 10pt">%</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-bottom: 2.5pt; text-align: center"><font style="font-size: 10pt">C</font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double">&#160;</td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double">&#160;</td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">&#8212;</font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double">&#160;</td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt">16</font></td>
    <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt">%</font></td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="padding-bottom: 2.5pt; text-align: center">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double">&#160;</td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>38</b></font></td>
    <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt"><b>%</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double">&#160;</td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>71</b></font></td>
    <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt"><b>%</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double">&#160;</td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>74</b></font></td>
    <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt"><b>%</b></font></td></tr>
  </table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_RestrictedCashPolicyTextBlock', window );">Restricted Cash</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(w) Restricted Cash: </i></b>As of January 1,
2018, the Company adopted the ASU 2016-18 &#8220;<i>Statement of Cash Flows (Topic 230): Restricted Cash</i>&#8221;, which requires that
the statement of cash flows explain the change in the total of cash and cash equivalents and restricted cash. Restricted cash of $3,659,
$3,735 and $2,417 as at December 31, 2018, 2019 and 2020, respectively, has been aggregated with cash and cash equivalents in both the
beginning-of-year and end-of-year line items of the consolidated statements of cash flows for each of the periods presented. The implementation
of this update has no impact on the Company&#8217;s consolidated balance sheet and consolidated statement of comprehensive loss.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table provides a reconciliation of cash
and cash equivalents and restricted cash reported within the accompanying consolidated balance sheets that are presented in the accompanying
consolidated statement of cash flows for the years ended December 31, 2018, 2019 and 2020.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2018</b></p></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2019</b></p></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31, <br />
2020</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 43%"><font style="font-size: 10pt">Cash and cash equivalents</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 16%; text-align: right"><font style="font-size: 10pt">545</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 16%; text-align: right"><font style="font-size: 10pt">1,441</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 16%; text-align: right"><font style="font-size: 10pt">1,620</font></td>
    <td style="width: 1%">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-size: 10pt">Restricted cash, current portion</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">255</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">535</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Restricted cash, net of current portion</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">3,404</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">3,200</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">2,417</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt"><b>Total cash and cash equivalents and restricted cash</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>4,204</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>5,176</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>4,037</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td></tr>
  </table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BusinessCombinationsPolicy', window );">Business Combinations</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(x) Business combinations:</i></b> As of January
1, 2018, the Company adopted the ASU No. 2017-01, &#8220;Business Combinations&#8221; (Topic 805) which clarifies the definition of a
business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisition
(or disposals) of assets or businesses. Under current implementation guidance, the existence of an integrated set of acquired activities
(inputs and processes that generate outputs) constitutes an acquisition of business. This ASU provides a screen to determine when a set
of assets and activities does not constitute a business. The implementation of this update had no effect on the Company&#8217;s consolidated
financial position and results of operations for the year ended December 31, 2018.</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_DebtModificationsAndExtinguishmentsPolicyTextBlock', window );">Debt Modifications and Extinguishments</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(y) Debt Modifications and Extinguishments:</i></b>
The Company follows the provisions of ASC 470-50, Modifications and Extinguishments, to account for all modifications or extinguishments
of debt instruments, except debt that is extinguished through a troubled debt restructuring or a conversion of debt to equity securities
of the debtor pursuant to conversion privileges provided in terms of the debt at issuance. This standard also provides guidance on whether
an exchange of debt instruments with the same creditor constitutes an extinguishment and whether a modification of a debt instrument should
be accounted for in the same manner as an extinguishment. In circumstances where an exchange of debt instruments or a modification of
a debt instrument does not result in extinguishment accounting, this standard provides guidance on the appropriate accounting treatment.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">On July 8, 2020, Seventhone entered into a $15,250 secured loan agreement
with the new lender, for the purpose of refinancing the outstanding indebtedness of $11,293 under the previous loan facility, which was
fully settled on the same day. The Company considered the guidance under ASC 470-50 &#8220;Debt Modifications and Extinguishments&#8221;
and concluded that the transaction should be accounted for as debt extinguishment (Note 7).</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_DistinguishingLiabilitiesFromEquityPolicyTextBlock', window );">Distinguishing Liabilities from Equity</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(z) Distinguishing Liabilities from Equity:</i></b>
The Company follows the provisions of ASC 480 &#8220;Distinguishing liabilities from equity&#8221; to determine the classification of
certain freestanding financial instruments as either liabilities or equity. The Company in its assessment for the accounting of the Series
A Convertible Preferred Shares and detachable warrants issued in connection with the October 13, 2020 public offering has taken into consideration
ASC 480 &#8220;Distinguishing liabilities from equity&#8221; and determined that the Series A Convertible Preferred Shares and detachable
warrants should be classified as equity instead of liability (Note 8). The Company further analyzed key features of the Series A Convertible
Preferred Shares and detachable warrants to determine whether these are more akin to equity or to debt and concluded that the Series A
Convertible Preferred Shares and detachable warrants are equity-like. In its assessment, the Company identified certain embedded features,
examined whether these fall under the definition of a derivative according to ASC 815 applicable guidance or whether certain of these
features affected the classification. Derivative accounting was deemed inappropriate and thus no bifurcation of these features was performed.</p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock', window );">New Accounting Pronouncements - Adopted</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(aa) New Accounting Pronouncements &#8211; Adopted</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Expected credit losses:</b> In June 2016, the FASB
issued ASU No. 2016-13&#8212;Financial Instruments&#8212;Credit Losses (Topic 326) &#8212;Measurement of Credit Losses on Financial Instruments.
ASU No. 2016-13 amended guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities.
In May 2019, the FASB issued ASU 2019-05, &#8220;Codification Improvements to Topic 326, Financial Instruments&#8212;Credit Losses, Financial
Instruments&#8212;Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825 Financial Instruments&#8221;, the amendments of which
provide entities that have certain instruments within the scope of Subtopic 326-20, Financial Instruments&#8212;Credit Losses&#8212;Measured
at Amortized Cost, with an option to irrevocably elect the fair value option in Subtopic 825-10, Financial Instruments&#8212;Overall,
applied on an instrument-by-instrument basis for eligible instruments, upon adoption of Topic 326. The amendments clarify that receivables
arising from operating leases are outside of the scope of Subtopic 326-20. Accordingly, any impairment of receivables arising from operating
leases i.e. time charters, should be accounted for in accordance with Topic 842, Leases, and not in accordance with Topic 326. Impairment
of receivables arising from voyage charters, which are accounted for in accordance with Topic 606, Revenues from Contracts with Customers,
are within the scope of Subtopic 326 and must therefore be assessed for expected credit losses.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of January 1, 2020, the Company adopted ASU 2016-13&#8212;Financial
Instruments&#8212;Credit Losses (Topic 326). The accounting standard amends the current financial instrument impairment model by requiring
entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments,
including trade receivables. Under the new guidance, an entity recognizes as an allowance its estimate of lifetime expected credit losses
which will result in more timely recognition of such losses. The Company adopted the accounting standard using the prospective transition
approach as of January 1, 2020, which resulted in a cumulative adjustment of $(9), in the opening balance of accumulated deficit for the
fiscal year of 2020. The Company maintains an allowance for credit losses for expected uncollectable accounts receivable, which is recorded
as an offset to trade accounts receivable and changes in such, if any, are classified as Bad debt provisions in the Consolidated Statements
of Comprehensive Loss.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The adoption of ASC 326 primarily impacted trade receivables
recorded on Consolidated Balance Sheet. The Company assessed collectability by reviewing accounts receivable on a collective basis where
similar characteristics exist and on an individual basis when the Company identifies specific customers with known disputes or collectability
issues. In determining the amount of the allowance for credit losses, the Company considered historical collectability based on past due
status. The Company also considered customer-specific information, current market conditions and reasonable and supportable forecasts
of future economic conditions to inform adjustments to historical loss data.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">As of January 1, 2020 and December 31, 2020, the Company concluded on an
expected credit loss rate of 0.05% on the total outstanding receivables arising from voyage charters and 2.4% on outstanding receivables
from demurrages. Management monitors its trade receivables on a daily and on a charter-by charterer basis in order to determine if adjustments
are necessary in the expected credit loss rate. No additional allowance was warranted for the year ended December 31, 2020.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Fair Value measurement:</b> On January 1, 2020,
the Company adopted ASU 2018-13, &#8220;Fair Value Measurement (Topic 820)&#8212;Disclosure Framework&#8212;Changes to the Disclosure
Requirements for Fair Value Measurement&#8221;, which improves the effectiveness of fair value measurement disclosures. In particular,
the amendments in this Update modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based
on the concepts in FASB Concepts Statement, Conceptual Framework for Financial Reporting&#8212;Chapter 8: Notes to Financial Statements,
including the consideration of costs and benefits. The amendments in the Update apply to all entities that are required under existing
GAAP to make disclosures about recurring and non-recurring fair value measurements. The amendments on changes in unrealized gains and
losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative
description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in
the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective
date. The adoption of this new accounting guidance did not have a material effect on the Company&#8217;s consolidated financial statements
and related disclosures.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Variable Interest Entities:</b> On January 1, 2020,
the Company adopted ASU 2018-17, &#8220;Consolidation (Topic 810) &#8211; Targeted Improvements to Related Party Guidance for Variable
Interest Entities&#8221;, which improves the accounting for the following areas: (i) applying the variable interest entity (VIE) guidance
to private companies under common control and (ii) considering indirect interests held through related parties under common control for
determining whether fees paid to decision makers and service providers are variable interests, thereby improving general purpose financial
reporting. The Company applied the amendments in this Update retrospectively, as required. The adoption of this new accounting guidance
did not have a material effect on the Company&#8217;s consolidated financial statements and related disclosures.</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_NewAccountingPronouncementsNotYetAdoptedPolicyTextBlock', window );">New Accounting Pronouncements - Not Yet Adopted</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i>(ab) New Accounting Pronouncements &#8211; Not
Yet Adopted:</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In March 2020, the FASB issued ASU 2020-04, Reference
Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients
and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform. ASU 2020-04
applies to contracts that reference LIBOR or another reference rate expected to be terminated because of reference rate reform. In January
2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848). The amendments in this Update clarify that certain optional expedients
and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivative instruments that use an interest rate
for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. Amendments in this Update
to the expedients and exceptions in Topic 848 capture the incremental consequences of the scope clarification and tailor the existing
guidance to derivative instruments affected by the discounting transition. The amendments in this Update apply to all entities that elect
to apply the optional guidance in Topic 848. ASU 2020-04 and ASU 2021-10 can be adopted as of March 12, 2020 through December 31, 2022.
As of December 31, 2020, the Company has not yet elected any optional expedients provided in the standard. The Company will apply the
accounting relief as relevant contract and hedge accounting relationship modifications are made during the reference rate reform transition
period. The Company does not expect the standard to have a material impact on our consolidated financial statements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In August 2020, the FASB issued ASU No. 2020-06, Debt
- Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity&#8217;s Own Equity (Subtopic
815-40): Accounting for Convertible Instruments and Contracts in an Entity&#8217;s Own Equity. The ASU reduces the number of accounting
models for convertible debt instruments by eliminating the cash conversion model. As compared with current U.S. GAAP, more convertible
debt instruments will be reported as a single liability instrument and the interest rate of more convertible debt instruments will be
closer to the coupon interest rate. The ASU also aligns the consistency of diluted Earnings Per Share (&#8220;EPS&#8221;) calculations
for convertible instruments by requiring that (1) an entity use the if-converted method and (2) share settlement be included in the diluted
EPS calculation for both convertible instruments and equity contracts when those contracts include an option of cash settlement or share
settlement. The ASU is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years.
Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those
fiscal years. The FASB has specified that an entity should adopt the guidance as of the beginning of its annual fiscal year. The Company
is currently evaluating the impact this guidance may have on its consolidated financial statements and related disclosures.</p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_AccountingForSpecialSurveyAndDrydockingCostsPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting method for special survey and dry-docking costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_AccountingForSpecialSurveyAndDrydockingCostsPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_ComprehensiveIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for comprehensive income / (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_ComprehensiveIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_DebtModificationsAndExtinguishmentsPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Debt Modifications and Extinguishments [Policy Text Block]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_DebtModificationsAndExtinguishmentsPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_DistinguishingLiabilitiesFromEquityPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Distinguishing Liabilities from Equity [Policy Text Block]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_DistinguishingLiabilitiesFromEquityPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_GoingConcernPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for the entity's ability to continue as a going concern.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_GoingConcernPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_InsuranceClaimReceivablesPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for recognizing and recording insurance claim recoveries.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_InsuranceClaimReceivablesPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_LonglivedAssetsClassifiedAsHeldForSalePolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Long-lived Assets Classified as Held for Sale [Policy Text Block]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_LonglivedAssetsClassifiedAsHeldForSalePolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_NewAccountingPronouncementsNotYetAdoptedPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>New Accounting Pronouncements - Not Yet Adopted [Policy Text Block]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_NewAccountingPronouncementsNotYetAdoptedPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_RestrictedCashPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Restricted Cash [Policy Text Block]</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_RestrictedCashPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_VesselsPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for measuring vessel cost including directly attributable expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_VesselsPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountingPoliciesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountingPoliciesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BusinessCombinationsPolicy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for completed business combinations (purchase method, acquisition method or combination of entities under common control). This accounting policy may include a general discussion of the purchase method or acquisition method of accounting (including for example, the treatment accorded contingent consideration, the identification of assets and liabilities, the purchase price allocation process, how the fair values of acquired assets and liabilities are determined) and the entity's specific application thereof. An entity that acquires another entity in a leveraged buyout transaction generally discloses the accounting policy followed by the acquiring entity in determining the basis used to value its interest in the acquired entity, and the rationale for that accounting policy.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 805<br> -SubTopic 10<br> -Section 05<br> -Paragraph 4<br> -Subparagraph (a)-(d)<br> -URI http://asc.fasb.org/extlink&amp;oid=6909625&amp;loc=d3e227-128457<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_BusinessCombinationsPolicy</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=121583591&amp;loc=d3e4273-108586<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingenciesPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for commitments and contingencies, which may include policies for recognizing and measuring loss and gain contingencies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 954<br> -SubTopic 450<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6491354&amp;loc=d3e6052-115624<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 954<br> -SubTopic 450<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6491354&amp;loc=d3e6049-115624<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 460<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=68068213&amp;loc=d3e12565-110249<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommitmentsAndContingenciesPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConcentrationRiskCreditRisk">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for credit risk.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=99393423&amp;loc=d3e5967-108592<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 825<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=108315417&amp;loc=d3e61044-112788<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConcentrationRiskCreditRisk</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConsolidationPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting.  The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=109239629&amp;loc=d3e5614-111684<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConsolidationPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy related to debt. Includes, but is not limited to, debt issuance costs, the effects of refinancings, method of amortizing debt issuance costs and original issue discount, and classifications of debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6802200&amp;loc=d3e1835-112601<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativesPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for its derivative instruments and hedging activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=121590274&amp;loc=d3e41620-113959<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=121590274&amp;loc=d3e41638-113959<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -URI http://asc.fasb.org/extlink&amp;oid=121590274&amp;loc=SL5579245-113959<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=121590274&amp;loc=d3e41675-113959<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(n))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=121590274&amp;loc=SL5579240-113959<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativesPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerSharePolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3630-109257<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerSharePolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueMeasurementPolicyPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for fair value measurements of financial and non-financial assets, liabilities and instruments classified in shareholders' equity. Disclosures include, but are not limited to, how an entity that manages a group of financial assets and liabilities on the basis of its net exposure measures the fair value of those assets and liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueMeasurementPolicyPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for (1) transactions denominated in a currency other than the reporting enterprise's functional currency, (2) translating foreign currency financial statements that are incorporated into the financial statements of the reporting enterprise by consolidation, combination, or the equity method of accounting, and (3) remeasurement of the financial statements of a foreign reporting enterprise in a hyperinflationary economy.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -URI http://asc.fasb.org/topic&amp;trid=2175825<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for the impairment and disposal of long-lived assets including goodwill and other intangible assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -URI http://asc.fasb.org/extlink&amp;oid=120406818&amp;loc=d3e32247-109318<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=84230637&amp;loc=d3e32847-109319<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 954<br> -SubTopic 740<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6491622&amp;loc=d3e9504-115650<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=84230637&amp;loc=d3e32840-109319<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=116657188&amp;loc=SL116659661-227067<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=84230637&amp;loc=d3e32639-109319<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=120406818&amp;loc=d3e32280-109318<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 17<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=84230637&amp;loc=d3e32809-109319<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of inventory accounting policy for inventory classes, including, but not limited to, basis for determining inventory amounts, methods by which amounts are added and removed from inventory classes, loss recognition on impairment of inventories, and situations in which inventories are stated above cost.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 330<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=116847112&amp;loc=d3e4556-108314<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6361739&amp;loc=d3e7789-107766<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 330<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=116847112&amp;loc=d3e4492-108314<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 270<br> -SubTopic 10<br> -Section 45<br> -Paragraph 6<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=116846552&amp;loc=d3e543-108305<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 330<br> -URI http://asc.fasb.org/topic&amp;trid=2126998<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.6(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InventoryPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RevenueRecognitionPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for revenue. Includes revenue from contract with customer and from other sources.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/exampleRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18823-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/exampleRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18823-107790<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RevenueRecognitionPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SegmentReportingPolicyPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for segment reporting.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 29<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8864-108599<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=84158767&amp;loc=d3e18780-107790<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 29<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8864-108599<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 41<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e9038-108599<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 29<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8864-108599<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 29<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8864-108599<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 29<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8864-108599<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 29<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8864-108599<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SegmentReportingPolicyPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TradeAndOtherAccountsReceivablePolicy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for accounts receivable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121611835&amp;loc=d3e4975-111524<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 15<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=121611835&amp;loc=d3e5212-111524<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/otherTransitionRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11B<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121611835&amp;loc=SL6953423-111524<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=121611835&amp;loc=d3e5093-111524<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=121611835&amp;loc=d3e5033-111524<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=84159169&amp;loc=d3e10133-111534<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TradeAndOtherAccountsReceivablePolicy</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UseOfEstimates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=99393423&amp;loc=d3e6191-108592<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=99393423&amp;loc=d3e6161-108592<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -URI http://asc.fasb.org/extlink&amp;oid=99393423&amp;loc=d3e6143-108592<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=99393423&amp;loc=d3e5967-108592<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=99393423&amp;loc=d3e6061-108592<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=99393423&amp;loc=d3e6132-108592<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=99393423&amp;loc=d3e5967-108592<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UseOfEstimates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>55
<FILENAME>R21.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625149880984">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Basis of Presentation and General Information (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract', window );"><strong>Organization, Consolidation and Presentation of Financial Statements [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_ScheduleOfOwnershipAndOperationOfTankerVesselsTableTextBlock', window );">Schedule of Ownership and Operation of Tanker Vessels</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All the subsidiaries of the Vessel-owning companies
are engaged in the marine transportation of liquid cargoes through the ownership and operation of tanker vessels, as listed below:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid">
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Vessel-owning</b></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>company</b></p></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Incorporation</b></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>date</b></p></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Vessel</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>DWT</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid">
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Year</b></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>built</b></p></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Acquisition</b></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>date</b></p></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 20%"><font style="font-size: 10pt">Secondone</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 15%; text-align: center"><font style="font-size: 10pt">05/23/2007</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 15%; text-align: center"><font style="font-size: 10pt"><i>Northsea Alpha</i></font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 13%; text-align: right"><font style="font-size: 10pt">8,615</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 13%; text-align: center"><font style="font-size: 10pt">2010</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 15%; text-align: center"><font style="font-size: 10pt">05/28/2010</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-size: 10pt">Thirdone</font></td>
    <td>&#160;</td>
    <td style="text-align: center"><font style="font-size: 10pt">05/23/2007</font></td>
    <td>&#160;</td>
    <td style="text-align: center"><font style="font-size: 10pt"><i>Northsea Beta</i></font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">8,647</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center"><font style="font-size: 10pt">2010</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center"><font style="font-size: 10pt">05/25/2010</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-size: 10pt">Fourthone</font></td>
    <td>&#160;</td>
    <td style="text-align: center"><font style="font-size: 10pt">05/30/2007</font></td>
    <td>&#160;</td>
    <td style="text-align: center"><font style="font-size: 10pt"><i>Pyxis Malou</i></font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">50,667</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center"><font style="font-size: 10pt">2009</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center"><font style="font-size: 10pt">02/16/2009</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-size: 10pt">Sixthone</font></td>
    <td>&#160;</td>
    <td style="text-align: center"><font style="font-size: 10pt">01/15/2010</font></td>
    <td>&#160;</td>
    <td style="text-align: center"><font style="font-size: 10pt"><i>Pyxis Delta*</i></font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">46,616</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center"><font style="font-size: 10pt">2006</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center"><font style="font-size: 10pt">03/04/2010</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-size: 10pt">Seventhone</font></td>
    <td>&#160;</td>
    <td style="text-align: center"><font style="font-size: 10pt">05/31/2011</font></td>
    <td>&#160;</td>
    <td style="text-align: center"><font style="font-size: 10pt"><i>Pyxis Theta</i></font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">51,795</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center"><font style="font-size: 10pt">2013</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center"><font style="font-size: 10pt">09/16/2013</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-size: 10pt">Eighthone</font></td>
    <td>&#160;</td>
    <td style="text-align: center"><font style="font-size: 10pt">02/08/2013</font></td>
    <td>&#160;</td>
    <td style="text-align: center"><font style="font-size: 10pt"><i>Pyxis Epsilon</i></font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">50,295</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center"><font style="font-size: 10pt">2015</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center"><font style="font-size: 10pt">01/14/2015</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">* Pyxis Delta, which was owned by Sixthone Corp. (&#8220;Sixthone&#8221;),
was sold to an unaffiliated third party on January 13, 2020</p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_ScheduleOfOwnershipAndOperationOfTankerVesselsTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Schedule of ownership and operation of tanker vessels.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_ScheduleOfOwnershipAndOperationOfTankerVesselsTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>56
<FILENAME>R22.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625144671656">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant Accounting Policies (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Accounting Policies [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisaggregationOfRevenueTableTextBlock', window );">Schedule of Revenue Disaggregated by Revenue Source</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table presents the Company&#8217;s
revenue disaggregated by revenue source, net of commissions, for the years ended December 31, 2018, 2019 and 2020:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid">
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2018</b></p></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid">
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2019</b></p></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid">
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31, </b></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2020</b></p></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 48%"><font style="font-size: 10pt">Revenues derived from spot charters, net</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt">16,990</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 15%; text-align: right"><font style="font-size: 10pt">8,067</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 15%; text-align: right"><font style="font-size: 10pt">7,022</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-size: 10pt">Revenues derived from time charters, net</font></td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">11,467</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">19,686</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">14,689</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-size: 10pt"><b>Revenues, net</b></font></td>
    <td>&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>28,457</b></font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>27,753</b></font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>21,711</b></font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfRevenueByMajorCustomersByReportingSegmentsTableTextBlock', window );">Summary of Revenue from Significant Charterers for 10% or More of Revenue</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Revenues for the years ended December 31, 2018,
2019 and 2020, deriving from significant charterers individually accounting for 10% or more of revenues (in percentages of total
revenues), were as follows:</p>

<p style="font: 10pt/50% Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Charterer</b></font></td>
    <td>&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2020</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 42%; text-align: center"><font style="font-size: 10pt">A</font></td>
    <td style="width: 2%">&#160;</td>
    <td style="width: 2%">&#160;</td>
    <td style="width: 17%; text-align: right"><font style="font-size: 10pt">23%</font></td>
    <td style="width: 2%">&#160;</td>
    <td style="width: 18%; text-align: right"><font style="font-size: 10pt">71%</font></td>
    <td style="width: 2%">&#160;</td>
    <td style="width: 15%; text-align: right"><font style="font-size: 10pt">58%</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center"><font style="font-size: 10pt">B</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">15%</font></td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="text-align: center"><font style="font-size: 10pt">C</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">16%</font></td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="border-top: Black 1.5pt double; border-bottom: Black 1.5pt double">&#160;</td>
    <td style="border-top: Black 1.5pt double; border-bottom: Black 1.5pt double; text-align: right"><font style="font-size: 10pt"><b>38%</b></font></td>
    <td style="border-top: Black 1.5pt double; border-bottom: Black 1.5pt double">&#160;</td>
    <td style="border-top: Black 1.5pt double; border-bottom: Black 1.5pt double; text-align: right"><font style="font-size: 10pt"><b>71%</b></font></td>
    <td style="border-top: Black 1.5pt double; border-bottom: Black 1.5pt double">&#160;</td>
    <td style="border-top: Black 1.5pt double; border-bottom: Black 1.5pt double; text-align: right"><font style="font-size: 10pt"><b>74%</b></font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_ReconciliationOfCashAndCashEquivalentsAndRestrictedCashTableTextBlock', window );">Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table provides a reconciliation
of cash and cash equivalents and restricted cash reported within the accompanying consolidated balance sheets that are presented
in the accompanying consolidated statement of cash flows for the years ended December 31, 2018, 2019 and 2020.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid">
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2018</b></p></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid">
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p>
        <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2019</b></p></td>
    <td>&#160;</td>
    <td colspan="3" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31, 2020</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-size: 10pt">Cash and cash equivalents</font></td>
    <td>&#160;</td>
    <td><font style="font-size: 10pt">$</font></td>
    <td style="text-align: right"><font style="font-size: 10pt">545</font></td>
    <td>&#160;</td>
    <td><font style="font-size: 10pt">$</font></td>
    <td style="text-align: right"><font style="font-size: 10pt">1,441</font></td>
    <td colspan="2">&#160;</td>
    <td><font style="font-size: 10pt">$</font></td>
    <td style="text-align: right"><font style="font-size: 10pt">1,620</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-size: 10pt">Restricted cash, current portion</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">255</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">535</font></td>
    <td colspan="2">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td></tr>
<tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Restricted cash, net of current portion</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">3,404</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">3,200</font></td>
    <td colspan="2" style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">2,417</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt"><b>Total cash and cash equivalents and restricted cash</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>4,204</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>5,176</b></font></td>
    <td colspan="2" style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>4,037</b></font></td></tr>
</table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_ReconciliationOfCashAndCashEquivalentsAndRestrictedCashTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Reconciliation of cash and cash equivalents and restricted cash.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_ReconciliationOfCashAndCashEquivalentsAndRestrictedCashTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountingPoliciesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountingPoliciesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DisaggregationOfRevenueTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=121604090&amp;loc=SL49130545-203045<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DisaggregationOfRevenueTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfRevenueByMajorCustomersByReportingSegmentsTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the extent of the entity's reliance on its major customers, if revenues from transactions with a single external customer amount to 10 percent or more of entity revenues, including the disclosure of that fact, the total amount of revenues from each such customer, and the identity of the reportable segment or segments reporting the revenues. The entity need not disclose the identity of a major customer or the amount of revenues that each segment reports from that customer. For these purposes, a group of companies known to the entity to be under common control is considered a single customer, and the federal government, a state government, a local government such as a county or municipality, or a foreign government is each considered a single customer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfRevenueByMajorCustomersByReportingSegmentsTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>57
<FILENAME>R23.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625146161192">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Transactions with Related Parties (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsAbstract', window );"><strong>Related Party Transactions [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock', window );">Schedule of Amounts Charged by Maritime Included in the Accompanying Consolidated Statements of Comprehensive Loss</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following amounts were charged by Maritime pursuant
to the head management and ship-management agreements with the Company, and are included in the accompanying consolidated statements of
comprehensive loss:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Year Ended December 31,</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2020</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-size: 10pt"><b>Included in Voyage related costs and commissions</b></font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="width: 49%"><font style="font-size: 10pt">Charter hire commissions</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt">354</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt">351</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt">276</font></td>
    <td style="width: 1%">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-size: 10pt"><b>Included in Management fees, related parties</b></font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-size: 10pt">Ship-management Fees</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">720</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">724</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">637</font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-size: 10pt"><b>Included in General and administrative expenses</b></font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-size: 10pt">Administration Fees</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">1,618</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">1,628</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">1,632</font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt"><b>Total</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>2,692</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>2,703</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>2,545</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td></tr>
  </table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>58
<FILENAME>R24.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625157610680">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Inventories (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryDisclosureAbstract', window );"><strong>Inventory Disclosure [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfInventoryCurrentTableTextBlock', window );">Schedule of Inventories</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amounts in the accompanying consolidated balance
sheets are analyzed as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31, <br />
2019</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31,<br />
2020</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 66%"><font style="font-size: 10pt">Lubricants</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt">403</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt">348</font></td>
    <td style="width: 1%">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Bunkers</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">98</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">333</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt"><b>Total</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>501</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>681</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td></tr>
  </table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InventoryDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfInventoryCurrentTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(6)(c))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(6)(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(6)(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6361739&amp;loc=d3e7789-107766<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfInventoryCurrentTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>59
<FILENAME>R25.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625142498024">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Vessels, Net (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentAbstract', window );"><strong>Property, Plant and Equipment [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentTextBlock', window );">Schedule of Vessels</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amounts in the accompanying consolidated balance
sheets are analyzed as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Vessel</b></font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Accumulated</b></font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td colspan="2" style="text-align: center"><font style="font-size: 10pt"><b>Net Book</b></font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Cost</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Depreciation</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Value</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 49%"><font style="font-size: 10pt"><b>Balance January 1, 2019</b></font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt"><b>134,310</b></font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt"><b>(26,318</b></font></td>
    <td style="width: 1%"><font style="font-size: 10pt"><b>)</b></font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt"><b>107,992</b></font></td>
    <td style="width: 1%">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-size: 10pt">Depreciation</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">(5,320</font></td>
    <td><font style="font-size: 10pt">)</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">(5,320</font></td>
    <td><font style="font-size: 10pt">)</font></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-size: 10pt">Additions</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">625</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">625</font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Reclassification of vessel as held-for-sale</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(26,412</font></td>
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">10,622</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(15,790</font></td>
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt"><b>Balance December 31, 2019</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>108,523</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>(21,016</b></font></td>
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt"><b>)</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>87,507</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-size: 10pt">Depreciation</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">(4,418</font></td>
    <td><font style="font-size: 10pt">)</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">(4,418</font></td>
    <td><font style="font-size: 10pt">)</font></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Additions</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">685</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">685</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt"><b>Balance December 31, 2020</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>109,208</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>(25,434</b></font></td>
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt"><b>)</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>83,774</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  </table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(13))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>60
<FILENAME>R26.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625146276312">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Deferred Charges, Net (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_DeferredChargesNetAbstract', window );"><strong>Deferred Charges Net Abstract</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_ScheduleOfDeferredChargesTableTextBlock', window );">Schedule of Deferred Charges</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 24.5pt; text-align: justify; text-indent: -24.5pt">The movement in the
deferred charges, net in the accompanying consolidated balance sheets are as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Dry docking costs</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 77%"><font style="font-size: 10pt"><b>Balance, January 1, 2018</b></font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 20%; text-align: right"><font style="font-size: 10pt"><b>285</b></font></td>
    <td style="width: 1%">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-size: 10pt">Additions</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">588</font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Amortization</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(133</font></td>
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-size: 10pt"><b>Balance, December 31, 2018</b></font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt"><b>740</b></font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-size: 10pt">Additions</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">435</font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-size: 10pt">Amortization</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">(240</font></td>
    <td><font style="font-size: 10pt">)</font></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Transfer to vessel held-for-sale</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(156</font></td>
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-size: 10pt"><b>Balance, December 31, 2019</b></font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt"><b>779</b></font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-size: 10pt">Additions</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">1,068</font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Amortization</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(253</font></td>
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt"><b>Balance, December 31, 2020</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>1,594</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td></tr>
  </table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_DeferredChargesNetAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_DeferredChargesNetAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_ScheduleOfDeferredChargesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Schedule of deferred charges.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_ScheduleOfDeferredChargesTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>61
<FILENAME>R27.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625156557016">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Long-term Debt (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtDisclosureAbstract', window );"><strong>Debt Disclosure [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfDebtInstrumentsTextBlock', window );">Schedule of Long-Term Debt</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amounts shown in the accompanying consolidated
balance sheets at December 31, 2019 and 2020, are analyzed as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt"><b>Vessel (Borrower)</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31,<br />
2019</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31,<br />
2020</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 66%"><font style="font-size: 10pt"><i>(a) Northsea Alpha (Secondone)</i></font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt">3,690</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt">3,290</font></td>
    <td style="width: 1%">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-size: 10pt"><i>(a) Northsea Beta (Thirdone)</i></font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">3,690</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">3,290</font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-size: 10pt"><i>(b) Pyxis Malou (Fourthone)</i></font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">10,020</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">8,730</font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-size: 10pt"><i>(c) Pyxis Delta (Sixthone)</i></font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">4,050</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-size: 10pt"><i>(c) Pyxis Theta (Seventhone)</i></font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">13,469</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">14,950</font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt"><i>(d) Pyxis Epsilon (Eighthone)</i></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">24,000</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">24,000</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt"><b>Total</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>58,919</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>54,260</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-size: 10pt"><b>Current portion</b></font></td>
    <td>&#160;</td>
    <td><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="text-align: right"><font style="font-size: 10pt"><b>9,241</b></font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="text-align: right"><font style="font-size: 10pt"><b>3,410</b></font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Less: Current portion of deferred financing costs</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(257</font></td>
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(155</font></td>
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt"><b>Current portion of long-term debt, net of deferred financing costs, current</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>8,984</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>3,255</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-size: 10pt"><b>Long-term portion</b></font></td>
    <td>&#160;</td>
    <td><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="text-align: right"><font style="font-size: 10pt"><b>49,678</b></font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="text-align: right"><font style="font-size: 10pt"><b>50,850</b></font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Less: Non-current portion of deferred financing costs</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(445</font></td>
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">(519</font></td>
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">)</font></td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt"><b>Long-term debt, net of current portion and deferred financing costs, non-current</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>49,233</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>50,331</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td></tr>
  </table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock', window );">Schedule of Principal Payments</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The annual principal payments required to be made
after December 31, 2020, are as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: justify"><font style="font-size: 10pt"><b>To December 31,</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Amount</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 82%; text-align: justify"><font style="font-size: 10pt">2021</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 15%; text-align: right"><font style="font-size: 10pt">3,410</font></td>
    <td style="width: 1%">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="text-align: justify"><font style="font-size: 10pt">2022</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">3,530</font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="text-align: justify"><font style="font-size: 10pt">2023</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">35,970</font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="text-align: justify"><font style="font-size: 10pt">2024</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">1,200</font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-bottom: 1.5pt; text-align: justify"><font style="font-size: 10pt">2025 and thereafter</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">10,150</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="padding-bottom: 2.5pt; text-align: justify"><font style="font-size: 10pt"><b>Total</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>54,260</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td></tr>
  </table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfDebtInstrumentsTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 1A<br> -URI http://asc.fasb.org/extlink&amp;oid=119993939&amp;loc=d3e28541-108399<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21506-112644<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(e),(f))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=119993939&amp;loc=d3e28551-108399<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21521-112644<br><br>Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21538-112644<br><br>Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 470<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=75038535&amp;loc=d3e64711-112823<br><br>Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 55<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=114775985&amp;loc=d3e28878-108400<br><br>Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21475-112644<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfDebtInstrumentsTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of maturity and sinking fund requirement for long-term debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6802200&amp;loc=d3e1835-112601<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>62
<FILENAME>R28.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625157610680">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Loss Per Common Share (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareAbstract', window );"><strong>Earnings Per Share [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock', window );">Schedule of Loss Per Common Share</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>For the years ended December 31,</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2020</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 49%"><font style="font-size: 10pt">Net loss available to common stockholders</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt">(8,214</font></td>
    <td style="width: 1%"><font style="font-size: 10pt">)</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt">(8,330</font></td>
    <td style="width: 1%"><font style="font-size: 10pt">)</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt">(6,982</font></td>
    <td style="width: 1%"><font style="font-size: 10pt">)</font></td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-size: 10pt">Weighted average number of common shares, basic and diluted</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">20,894,202</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">21,161,164</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">21,548,126</font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-size: 10pt"><b>Loss per common share, basic and diluted</b></font></td>
    <td>&#160;</td>
    <td><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="text-align: right"><font style="font-size: 10pt"><b>(0.39</b></font></td>
    <td><font style="font-size: 10pt"><b>)</b></font></td>
    <td>&#160;</td>
    <td><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="text-align: right"><font style="font-size: 10pt"><b>(0.39</b></font></td>
    <td><font style="font-size: 10pt"><b>)</b></font></td>
    <td>&#160;</td>
    <td><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="text-align: right"><font style="font-size: 10pt"><b>(0.32</b></font></td>
    <td><font style="font-size: 10pt"><b>)</b></font></td></tr>
  </table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>63
<FILENAME>R29.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625146392424">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Risk Management and Fair Value Measurements (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_RiskManagementAndFairValueMeasurementsAbstract', window );"><strong>Vessel Name</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock', window );">Schedule of Fair Value of Assets and Liabilities</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Management has determined that the fair values
of the assets and liabilities as of December 31, 2020, are as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Carrying</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Value</b></p></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid">
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Fair</b></p>
    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Value</b></p></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 66%"><font style="font-size: 10pt">Cash and cash equivalents</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt">4,037</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt">4,037</font></td>
    <td style="width: 1%">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-size: 10pt">Trade accounts receivable, net</font></td>
    <td>&#160;</td>
    <td><font style="font-size: 10pt">$</font></td>
    <td style="text-align: right"><font style="font-size: 10pt">663</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td><font style="font-size: 10pt">$</font></td>
    <td style="text-align: right"><font style="font-size: 10pt">663</font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-size: 10pt">Trade accounts payable</font></td>
    <td>&#160;</td>
    <td><font style="font-size: 10pt">$</font></td>
    <td style="text-align: right"><font style="font-size: 10pt">3,642</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td><font style="font-size: 10pt">$</font></td>
    <td style="text-align: right"><font style="font-size: 10pt">3,642</font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-size: 10pt">Long-term debt with variable interest rates, net</font></td>
    <td>&#160;</td>
    <td><font style="font-size: 10pt">$</font></td>
    <td style="text-align: right"><font style="font-size: 10pt">30,260</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td><font style="font-size: 10pt">$</font></td>
    <td style="text-align: right"><font style="font-size: 10pt">30,260</font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-size: 10pt">Long-term loans and promissory note with non-variable interest rates, net *</font></td>
    <td>&#160;</td>
    <td><font style="font-size: 10pt">$</font></td>
    <td style="text-align: right"><font style="font-size: 10pt">29,000</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td><font style="font-size: 10pt">$</font></td>
    <td style="text-align: right"><font style="font-size: 10pt">33,864</font></td>
    <td>&#160;</td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><i>&#160;</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">* As at December 31, 2020, Carrying Value of Eighthone
Loan and Amended &#38; Restated Promissory Note is $24,000 and $5,000, respectively. Theoretical Fair Value of Eighthone Loan and Amended
&#38; Restated Promissory Note is $28,121 and $5,743, respectively.</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_TabularDisclosureOfDerivativeInstrumentsAndLocation', window );">Schedule of Financial Derivative Instrument Location</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Information on the classification, the derivative
fair value and the loss from financial derivative instrument included in the consolidated financial statements is shown below:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt"><b>Consolidated Balance Sheets &#8211; Location</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31, <br />
2019</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31, <br />
2020</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 66%"><font style="font-size: 10pt">Financial derivative instrument &#8211; Other non-current assets</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt">1</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt">&#8212;</font></td>
    <td style="width: 1%">&#160;</td></tr>
  </table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_TabularDisclosureOfGainsLossesOnDerivativeInstruments', window );">Schedule of Gains Losses on Derivative Instruments</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt"><b>Consolidated Statements of Comprehensive Loss - Location</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31, <br />
2019</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>December 31, <br />
2020</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 66%"><font style="font-size: 10pt">Financial derivative instrument &#8211; Fair value at the beginning of the period</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt">(28</font></td>
    <td style="width: 1%"><font style="font-size: 10pt">)</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt">(1</font></td>
    <td style="width: 1%"><font style="font-size: 10pt">)</font></td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Financial derivative instrument &#8211; Fair value as at period end</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">&#8212;</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt"><b>Loss from financial derivative instrument</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>(27</b></font></td>
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt"><b>)</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt"><b>(1</b></font></td>
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt"><b>)</b></font></td></tr>
  </table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock', window );">Schedule of Assets Measured at Fair Value on a Non-recurring Basis Long Lived Assets Held and Used and Held for Sale</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of December 31, 2018, the Company reviewed the
carrying amount in connection with the estimated recoverable amount for each of its vessels. This review indicated that such carrying
amount was not fully recoverable for the Company&#8217;s vessels <i>Northsea Alpha</i> and <i>Northsea Beta</i>. Consequently, the carrying
value of these vessels was written-down to their respective fair values as presented in the table below.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Vessel</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Significant Other<br />
Observable Inputs <br />
(Level 2)</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Vessel Impairment<br />
Charge (charged against<br />
Vessels, net)</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 66%; text-align: justify"><font style="font-size: 10pt"><i>Northsea Alpha</i></font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt">6,125</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt">1,142</font></td>
    <td style="width: 1%">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="padding-bottom: 1.5pt; text-align: justify"><font style="font-size: 10pt"><i>Northsea Beta</i></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">6,125</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">1,140</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-bottom: 2.5pt; text-align: justify"><font style="font-size: 10pt"><b>TOTAL</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>12,250</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>2,282</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td></tr>
  </table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_RiskManagementAndFairValueMeasurementsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_RiskManagementAndFairValueMeasurementsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_TabularDisclosureOfDerivativeInstrumentsAndLocation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of derivative instruments and the location and fair value amount of the instruments reported in the statement of financial position.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_TabularDisclosureOfDerivativeInstrumentsAndLocation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_TabularDisclosureOfGainsLossesOnDerivativeInstruments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the gains losses on derivative instruments recognized in income/(loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_TabularDisclosureOfGainsLossesOnDerivativeInstruments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=117815213&amp;loc=d3e19207-110258<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)<br> -URI http://asc.fasb.org/extlink&amp;oid=117815213&amp;loc=d3e19207-110258<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=117815213&amp;loc=d3e19207-110258<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueAssetsMeasuredOnNonrecurringBasisTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=117815213&amp;loc=d3e19207-110258<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=117815213&amp;loc=d3e19207-110258<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>64
<FILENAME>R30.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625142717816">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Commitments and Contingencies (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesDisclosureAbstract', window );"><strong>Commitments and Contingencies Disclosure [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_ScheduleOfFutureMinimumContractualCharterRevenueTableTextBlock', window );">Schedule of Future Minimum Contractual Charter Revenues</a></td>
<td class="text"><table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: black 1.5pt solid; text-align: justify"><font style="font-size: 10pt"><b>Year ending December 31,</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>Amount</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 82%; padding-bottom: 1.5pt; text-align: justify"><font style="font-size: 10pt">2021</font></td>
    <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="border-bottom: black 1.5pt solid; width: 15%; text-align: right"><font style="font-size: 10pt">4,358</font></td>
    <td style="width: 1%; padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="padding-bottom: 2.5pt; text-align: justify">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>4,358</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td></tr>
  </table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_ScheduleOfFutureMinimumContractualCharterRevenueTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Schedule of future minimum contractual charter revenues.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_ScheduleOfFutureMinimumContractualCharterRevenueTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingenciesDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommitmentsAndContingenciesDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>65
<FILENAME>R31.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625144736056">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Interest and Finance Costs, Net (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Dec. 31, 2020</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_InterestAndFinanceCostsNetAbstract', window );"><strong>Pyxis Maritime Corporation</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_ScheduleOfInterestAndFinanceCostsTableTextBlock', window );">Schedule of Interest and Finance Costs</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The amounts in the accompanying consolidated statements
of comprehensive loss are analyzed as follows:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>For the years ended December 31,</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2018</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2019</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 10pt"><b>2020</b></font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="width: 49%"><font style="font-size: 10pt">Interest on long-term debt (Note 7)</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt">3,835</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt">5,122</font></td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%">&#160;</td>
    <td style="width: 1%"><font style="font-size: 10pt">$</font></td>
    <td style="width: 14%; text-align: right"><font style="font-size: 10pt">4,184</font></td>
    <td style="width: 1%">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td><font style="font-size: 10pt">Interest on promissory note (Note 3)</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">213</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">395</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">452</font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td><font style="font-size: 10pt">Long-term debt prepayment fees</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">56</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: right"><font style="font-size: 10pt">&#8212;</font></td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: white">
    <td style="padding-bottom: 1.5pt"><font style="font-size: 10pt">Amortization and write-off of financing costs</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">386</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">258</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: black 1.5pt solid">&#160;</td>
    <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 10pt">328</font></td>
    <td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: #CCEEFF">
    <td style="padding-bottom: 2.5pt"><font style="font-size: 10pt"><b>Total</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>4,490</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>5,775</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: black 2.25pt double"><font style="font-size: 10pt"><b>$</b></font></td>
    <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 10pt"><b>4,964</b></font></td>
    <td style="padding-bottom: 2.5pt">&#160;</td></tr>
  </table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_InterestAndFinanceCostsNetAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_InterestAndFinanceCostsNetAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_ScheduleOfInterestAndFinanceCostsTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Schedule of interest and finance costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_ScheduleOfInterestAndFinanceCostsTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>66
<FILENAME>R32.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625159254840">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Basis of Presentation and General Information (Details Narrative)<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Apr. 23, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2020 </div>
<div>Integer</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Entity ownership interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_NumberOfVesselOwnershipsInterestEntities', window );">Number of ownership interest entities | Integer</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_TitleOfIndividualAxis=PXS_LOOKSMARTLTDMember', window );">LOOKSMART LTD [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForMergerRelatedCosts', window );">Expenses of merger | $</a></td>
<td class="nump">$ 600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_TitleOfIndividualAxis=PXS_MrValentisMember', window );">Mr. Valentis [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_PercentageOfCommonStockBeneficiallyOwned', window );">Percentage of beneficially owned common stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">79.60%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_NumberOfVesselOwnershipsInterestEntities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of ownership interest entities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_NumberOfVesselOwnershipsInterestEntities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_PercentageOfCommonStockBeneficiallyOwned">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of common stock beneficially owned.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_PercentageOfCommonStockBeneficiallyOwned</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentOwnershipPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=114001798&amp;loc=d3e33918-111571<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentOwnershipPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsForMergerRelatedCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash paid during the reporting period for charges associated with the mergers.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -Subparagraph (g)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3536-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsForMergerRelatedCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_TitleOfIndividualAxis=PXS_LOOKSMARTLTDMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_TitleOfIndividualAxis=PXS_LOOKSMARTLTDMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_TitleOfIndividualAxis=PXS_MrValentisMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_TitleOfIndividualAxis=PXS_MrValentisMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>67
<FILENAME>R33.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625139949800">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Basis of Presentation and General Information - Schedule of Ownership and Operation of Tanker Vessels (Details) - Vessels [Member]<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr><th class="th" colspan="2">
<div>Dec. 31, 2020 </div>
<div>Integer</div>
</th></tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_VesselsMember', window );">Secondone Corporation Ltd [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationDateOfIncorporation', window );">Entity incorporation date of incorporation</a></td>
<td class="text">May 23,  2007<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_VesselName', window );">Vessel</a></td>
<td class="text">Northsea Alpha<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_VesselCapacity', window );">DWT</a></td>
<td class="nump">8,615<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_VesselBuiltYear', window );">Year built</a></td>
<td class="text">2010<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_VesselAcquisitionDate', window );">Acquisition date</a></td>
<td class="text">May 28,  2010<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_VesselsMember', window );">Thirdone Corporation Ltd [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationDateOfIncorporation', window );">Entity incorporation date of incorporation</a></td>
<td class="text">May 23,  2007<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_VesselName', window );">Vessel</a></td>
<td class="text">Northsea Beta<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_VesselCapacity', window );">DWT</a></td>
<td class="nump">8,647<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_VesselBuiltYear', window );">Year built</a></td>
<td class="text">2010<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_VesselAcquisitionDate', window );">Acquisition date</a></td>
<td class="text">May 25,  2010<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_VesselsMember', window );">Fourthone Corporation Ltd [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationDateOfIncorporation', window );">Entity incorporation date of incorporation</a></td>
<td class="text">May 30,  2007<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_VesselName', window );">Vessel</a></td>
<td class="text">Pyxis Malou<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_VesselCapacity', window );">DWT</a></td>
<td class="nump">50,667<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_VesselBuiltYear', window );">Year built</a></td>
<td class="text">2009<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_VesselAcquisitionDate', window );">Acquisition date</a></td>
<td class="text">Feb. 16,  2009<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_VesselsMember', window );">Sixthone Corp [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationDateOfIncorporation', window );">Entity incorporation date of incorporation</a></td>
<td class="text">Jan. 15,  2010<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_VesselName', window );">Vessel</a></td>
<td class="text">Pyxis Delta<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_VesselCapacity', window );">DWT</a></td>
<td class="nump">46,616<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_VesselBuiltYear', window );">Year built</a></td>
<td class="text">2006<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_VesselAcquisitionDate', window );">Acquisition date</a></td>
<td class="text">Mar.  04,  2010<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_VesselsMember', window );">Seventhone Corp [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationDateOfIncorporation', window );">Entity incorporation date of incorporation</a></td>
<td class="text">May 31,  2011<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_VesselName', window );">Vessel</a></td>
<td class="text">Pyxis Theta<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_VesselCapacity', window );">DWT</a></td>
<td class="nump">51,795<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_VesselBuiltYear', window );">Year built</a></td>
<td class="text">2013<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_VesselAcquisitionDate', window );">Acquisition date</a></td>
<td class="text">Sep. 16,  2013<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_VesselsMember', window );">Eighthone Corp [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationDateOfIncorporation', window );">Entity incorporation date of incorporation</a></td>
<td class="text">Feb.  08,  2013<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_VesselName', window );">Vessel</a></td>
<td class="text">Pyxis Epsilon<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_VesselCapacity', window );">DWT</a></td>
<td class="nump">50,295<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_VesselBuiltYear', window );">Year built</a></td>
<td class="text">2015<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_VesselAcquisitionDate', window );">Acquisition date</a></td>
<td class="text">Jan. 14,  2015<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Pyxis Delta, which was owned by Sixthone Corp. ("Sixthone"), was sold to an unaffiliated third party on January 13, 2020</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_VesselAcquisitionDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Vessel acquisition date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_VesselAcquisitionDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_VesselBuiltYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Vessel built year.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_VesselBuiltYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gYearItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_VesselCapacity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Vessel capacity in dead weight tonnage ("DWT").</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_VesselCapacity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_VesselName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Identifies the name of vessel.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_VesselName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationDateOfIncorporation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Date when an entity was incorporated</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationDateOfIncorporation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_VesselsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_VesselsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=PXS_SecondoneCorporationLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=PXS_SecondoneCorporationLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=PXS_ThirdoneCorporationLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=PXS_ThirdoneCorporationLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=PXS_FourthoneCorporationLtdMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=PXS_FourthoneCorporationLtdMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=PXS_SixthoneCorpMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=PXS_SixthoneCorpMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=PXS_SeventhoneCorpMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=PXS_SeventhoneCorpMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=PXS_EighthoneCorpMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=PXS_EighthoneCorpMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>68
<FILENAME>R34.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625140444616">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant Accounting Policies (Details Narrative)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Dec. 31, 2020 </div>
<div>USD ($) </div>
<div>Integer </div>
<div>$ / t</div>
</th>
<th class="th">
<div>Dec. 31, 2019 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jul. 08, 2020 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_TradeAccountsReceivableNet', window );">Trade accounts receivable, net</a></td>
<td class="nump">$ 663<span></span>
</td>
<td class="nump">$ 1,243<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent', window );">Allowance for credit losses</a></td>
<td class="num">(9)<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ContractWithCustomerLiabilityCurrent', window );">Hire collected in advance</a></td>
<td class="nump">$ 726<span></span>
</td>
<td class="nump">1,415<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_ResidualValuePerLightweightTon', window );">Residual value per lightweight ton | $ / t</a></td>
<td class="nump">0.300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentUsefulLife', window );">Estimated useful life</a></td>
<td class="text">25 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_EstimatedFleetUtilizationRateDependingOnTypeOfVesselMinimumRate', window );">Estimated fleet utilization rate depending on the type of the vessel, minimum rate</a></td>
<td class="nump">75.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_EstimatedFleetUtilizationRateDependingOnTypeOfVesselMaximumRate', window );">Estimated fleet utilization rate depending on the type of the vessel, maximum rate</a></td>
<td class="nump">98.60%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_EstimatedFleetUtilizationRateIncludingScheduledOffhireDaysForPlannedDryDockingsAndVesselSurveysMinimumRate', window );">Estimated fleet utilization rate including scheduled off-hire days for planned dry dockings and vessel surveys minimum rate</a></td>
<td class="nump">78.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_EstimatedFleetUtilizationRateIncludingScheduledOffhireDaysForPlannedDryDockingsAndVesselSurveysMaximumRate', window );">Estimated fleet utilization rate including scheduled off-hire days for planned dry dockings and vessel surveys maximum rate</a></td>
<td class="nump">93.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOfLongLivedAssetsHeldForUse', window );">Vessel impairment charge</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 2,282<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NumberOfReportableSegments', window );">Number of reportable segments | Integer</a></td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_WorkingCapitalDeficit', window );">Working capital deficit</a></td>
<td class="nump">$ 2,895<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestrictedCash', window );">Restricted cash</a></td>
<td class="nump">$ 2,417<span></span>
</td>
<td class="nump">3,735<span></span>
</td>
<td class="nump">$ 3,659<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_CreditLossDescription', window );">Credit loss description</a></td>
<td class="text">The Company concluded on an expected credit loss rate of 0.05% on the total outstanding receivables arising from voyage charters and 2.4% on outstanding receivables from demurrages.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TypeOfArrangementAxis=PXS_SecuredLoanSeventhoneCorpMember', window );">Secured Loan - Seventhone Corp. [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_DebtCurrent1', window );">Total long-term debt outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 15,250<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TypeOfArrangementAxis=PXS_SeventhonePreviousSecuredLoanMember', window );">Previous Secured Loan - Seventhone Corp [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_DebtCurrent1', window );">Total long-term debt outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 11,293<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_ProductOrServiceAxis=PXS_SpotChartersMember', window );">Spot Charters [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_TradeAccountsReceivableNet', window );">Trade accounts receivable, net</a></td>
<td class="nump">$ 672<span></span>
</td>
<td class="nump">743<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_ProductOrServiceAxis=PXS_TimeChartersMember', window );">Time Charters [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_TradeAccountsReceivableNet', window );">Trade accounts receivable, net</a></td>
<td class="nump">$ 1<span></span>
</td>
<td class="nump">$ 500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_CreditLossDescription">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expected credit loss rate on total outstanding receivables from voyage charters.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_CreditLossDescription</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_DebtCurrent1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, before unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_DebtCurrent1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_EstimatedFleetUtilizationRateDependingOnTypeOfVesselMaximumRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Estimated fleet utilization rate depending on the type of the vessel, maximum rate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_EstimatedFleetUtilizationRateDependingOnTypeOfVesselMaximumRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_EstimatedFleetUtilizationRateDependingOnTypeOfVesselMinimumRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Estimated fleet utilization rate depending on the type of the vessel, minimum rate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_EstimatedFleetUtilizationRateDependingOnTypeOfVesselMinimumRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_EstimatedFleetUtilizationRateIncludingScheduledOffhireDaysForPlannedDryDockingsAndVesselSurveysMaximumRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Estimated fleet utilization rate including scheduled off-hire days for planned dry dockings and vessel surveys maximum rate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_EstimatedFleetUtilizationRateIncludingScheduledOffhireDaysForPlannedDryDockingsAndVesselSurveysMaximumRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_EstimatedFleetUtilizationRateIncludingScheduledOffhireDaysForPlannedDryDockingsAndVesselSurveysMinimumRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Estimated fleet utilization rate including scheduled off-hire days for planned dry dockings and vessel surveys minimum rate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_EstimatedFleetUtilizationRateIncludingScheduledOffhireDaysForPlannedDryDockingsAndVesselSurveysMinimumRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_ResidualValuePerLightweightTon">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Estimated residual value per lightweight ton.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_ResidualValuePerLightweightTon</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>srt-types:perUnitItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_TradeAccountsReceivableNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_TradeAccountsReceivableNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_WorkingCapitalDeficit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Working capital deficit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_WorkingCapitalDeficit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of allowance for credit loss on accounts receivable, classified as current.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(4)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=121611835&amp;loc=d3e5074-111524<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 326<br> -SubTopic 20<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=121599878&amp;loc=SL82895884-210446<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ContractWithCustomerLiabilityCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of obligation to transfer good or service to customer for which consideration has been received or is receivable, classified as current.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=121556615&amp;loc=SL49130531-203044<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=121556615&amp;loc=SL49130532-203044<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 606<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121604090&amp;loc=SL49130549-203045<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ContractWithCustomerLiabilityCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ImpairmentOfLongLivedAssetsHeldForUse">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of write-downs for impairments recognized during the period for long lived assets held for use (including those held for disposal by means other than sale).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109226691&amp;loc=d3e2921-110230<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=109226348&amp;loc=d3e2420-110228<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ImpairmentOfLongLivedAssetsHeldForUse</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NumberOfReportableSegments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of segments reported by the entity. A reportable segment is a component of an entity for which there is an accounting requirement to report separate financial information on that component in the entity's financial statements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 18<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8672-108599<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NumberOfReportableSegments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentUsefulLife">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Useful life of long lived, physical assets used in the normal conduct of business and not intended for resale, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Examples include, but not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentUsefulLife</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RestrictedCash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash restricted as to withdrawal or usage. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=121583591&amp;loc=SL98516268-108586<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(1)(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=120398452&amp;loc=d3e534808-122878<br><br>Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400017&amp;loc=d3e572229-122910<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RestrictedCash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TypeOfArrangementAxis=PXS_SecuredLoanSeventhoneCorpMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TypeOfArrangementAxis=PXS_SecuredLoanSeventhoneCorpMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TypeOfArrangementAxis=PXS_SeventhonePreviousSecuredLoanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TypeOfArrangementAxis=PXS_SeventhonePreviousSecuredLoanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_ProductOrServiceAxis=PXS_SpotChartersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_ProductOrServiceAxis=PXS_SpotChartersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_ProductOrServiceAxis=PXS_TimeChartersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_ProductOrServiceAxis=PXS_TimeChartersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>69
<FILENAME>R35.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625157227192">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant Accounting Policies - Schedule of Revenue Disaggregated by Revenue Source (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_VoyageRevenues', window );">Revenues, net</a></td>
<td class="nump">$ 21,711<span></span>
</td>
<td class="nump">$ 27,753<span></span>
</td>
<td class="nump">$ 28,457<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_ProductOrServiceAxis=PXS_RevenuesDerivedFromSpotChartersMember', window );">Revenues Derived from Spot Charters, Net [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_VoyageRevenues', window );">Revenues, net</a></td>
<td class="nump">7,022<span></span>
</td>
<td class="nump">8,067<span></span>
</td>
<td class="nump">16,990<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_ProductOrServiceAxis=PXS_RevenuesDerivedFromTimeChartersMember', window );">Revenues Derived from Time Charters, Net [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_VoyageRevenues', window );">Revenues, net</a></td>
<td class="nump">$ 14,689<span></span>
</td>
<td class="nump">$ 19,686<span></span>
</td>
<td class="nump">$ 11,467<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_VoyageRevenues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_VoyageRevenues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_ProductOrServiceAxis=PXS_RevenuesDerivedFromSpotChartersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_ProductOrServiceAxis=PXS_RevenuesDerivedFromSpotChartersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_ProductOrServiceAxis=PXS_RevenuesDerivedFromTimeChartersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_ProductOrServiceAxis=PXS_RevenuesDerivedFromTimeChartersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>70
<FILENAME>R36.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625140205384">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Significant Accounting Policies - Summary of Revenue from Significant Charterers for 10% or More of Revenue (Details)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Concentration risk percentage</a></td>
<td class="nump">74.00%<span></span>
</td>
<td class="nump">71.00%<span></span>
</td>
<td class="nump">38.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskByTypeAxis=PXS_ChartererAMember', window );">Charterer A [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Concentration risk percentage</a></td>
<td class="nump">58.00%<span></span>
</td>
<td class="nump">71.00%<span></span>
</td>
<td class="nump">23.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskByTypeAxis=PXS_ChartererBMember', window );">Charterer B [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Concentration risk percentage</a></td>
<td class="nump">0.00%<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
<td class="nump">15.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskByTypeAxis=PXS_ChartererCMember', window );">Charterer C [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskPercentage1', window );">Concentration risk percentage</a></td>
<td class="nump">16.00%<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
<td class="nump">0.00%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConcentrationRiskPercentage1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 42<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e9054-108599<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 18<br> -URI http://asc.fasb.org/extlink&amp;oid=99393423&amp;loc=d3e6351-108592<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=121572278&amp;loc=d3e13531-108611<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 825<br> -SubTopic 10<br> -Section 50<br> -Paragraph 21<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121572278&amp;loc=d3e13537-108611<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 275<br> -SubTopic 10<br> -Section 50<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=99393423&amp;loc=d3e6404-108592<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConcentrationRiskPercentage1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConcentrationRiskByTypeAxis=PXS_ChartererAMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConcentrationRiskByTypeAxis=PXS_ChartererAMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConcentrationRiskByTypeAxis=PXS_ChartererBMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConcentrationRiskByTypeAxis=PXS_ChartererBMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConcentrationRiskByTypeAxis=PXS_ChartererCMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConcentrationRiskByTypeAxis=PXS_ChartererCMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>71
<FILENAME>R37.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625158084632">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Significant Accounting Policies - Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Accounting Policies [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td>
<td class="nump">$ 1,620<span></span>
</td>
<td class="nump">$ 1,441<span></span>
</td>
<td class="nump">$ 545<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue', window );">Restricted cash, current portion</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">535<span></span>
</td>
<td class="nump">255<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestrictedCashAndCashEquivalentsNoncurrent', window );">Restricted cash, net of current portion</a></td>
<td class="nump">2,417<span></span>
</td>
<td class="nump">3,200<span></span>
</td>
<td class="nump">3,404<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents', window );">Total cash and cash equivalents and restricted cash</a></td>
<td class="nump">$ 4,037<span></span>
</td>
<td class="nump">$ 5,176<span></span>
</td>
<td class="nump">$ 4,204<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountingPoliciesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountingPoliciesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3044-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121566466&amp;loc=d3e6676-107765<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsAtCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage. Excludes amount for disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3521-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3044-108585<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=121583591&amp;loc=SL98516268-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash and cash equivalents restricted as to withdrawal or usage, classified as current. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121566466&amp;loc=d3e6676-107765<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3044-108585<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=121583591&amp;loc=SL98516268-108586<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RestrictedCashAndCashEquivalentsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash and cash equivalents restricted as to withdrawal or usage, classified as noncurrent. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121566466&amp;loc=d3e6812-107765<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(17))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=121583591&amp;loc=SL98516268-108586<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3044-108585<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 954<br> -SubTopic 210<br> -Section 45<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=120413173&amp;loc=SL116631458-115580<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RestrictedCashAndCashEquivalentsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>72
<FILENAME>R38.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625137139416">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Transactions with Related Parties (Details Narrative) - USD ($)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>May 14, 2019</div></th>
<th class="th"><div>Oct. 28, 2015</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermNotesPayable', window );">Promissory note</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 5,000<span></span>
</td>
<td class="nump">$ 5,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueToRelatedPartiesCurrent', window );">Due to related parties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">6,849<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueFromRelatedPartiesCurrent', window );">Due from related parties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,308<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongtermDebtTypeAxis=PXS_MaritimeInvestorsPromissoryNoteMember', window );">Maritime Investors Promissory Note [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_PromissoryNoteIssued', window );">Promissory note issued</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentInterestRateStatedPercentage', window );">Promissory note interest rate</a></td>
<td class="nump">9.00%<span></span>
</td>
<td class="nump">2.75%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentMaturityDate', window );">Promissory note maturity date</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Jan. 15,  2017<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Mar. 31,  2020<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentMaturityDateDescription', window );">Promissory note maturity date description</a></td>
<td class="text">The Company entered into a second amendment to the Amended & Restated Promissory Note which (i) extended the repayment of the outstanding principal, in whole or in part, until the earlier of a) one year after the repayment of the credit facility of Eighthone with Entrust Global (the "Credit Facility") on September 2023 (see Note 7), b) January 15, 2024 and c) repayment of any Paid-In-Kind ("PIK") interest and principal deficiency amount under the Credit Facility<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_InterestRatePaidInCash', window );">Interest rate paid in cash</a></td>
<td class="nump">4.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_InterestRatePaidInRestrictedShares', window );">Interest rate paid in common shares - effective from April 1, 2019</a></td>
<td class="nump">4.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_InterestExpenseOnPromissoryNote', window );">Interest expense on promissory note</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">452<span></span>
</td>
<td class="nump">$ 395<span></span>
</td>
<td class="nump">$ 213<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_FuturePaymentsOfInterestOnPromissoryNoteInCash', window );">Interest on promissory note to be paid in cash</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">226<span></span>
</td>
<td class="nump">225<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_InterestOnPromissoryNoteToBeSettledInCommonShares', window );">Interest on promissory note to be settled in common shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">226<span></span>
</td>
<td class="nump">170<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_InterestOnPromissoryNoteSettledInCommonSharesDuringPriorPeriod', window );">Interest on promissory note settled in common shares during 2019</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">113<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_InterestOnPromissoryNoteSettledInCommonSharesInJanuaryTwoThousandTwenty', window );">Interest on promissory note settled in common shares in January 2020</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">57<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_InterestOnPromissoryNoteSettledInCommonSharesDuringPeriod', window );">Interest on promissory note settled in common shares during 2020</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">169<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_InterestOnPromissoryNoteSettledInCommonSharesInJanuaryTwoThousandTwentyOne', window );">Interest on promissory note settled in common shares in January 2021</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 57<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=PXS_PyxisMaritimeMember', window );">Pyxis Maritime Corporation [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_DailyShipManagementFeesPayableToRelatedParty', window );">Ship management services per day per vessel</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.325<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_CharterHireAgreementCommissionRate', window );">Charter hire agreement commission rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.25%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_ManagementAgreementsInitialTerm', window );">Management agreements initial term</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_ManagementAgreementsRenewalPeriod', window );">Management agreements renewal period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_HeadManagementAgreementWithRelatedPartyCommencementDate', window );">Head management agreement commencement date</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Mar. 23,  2015<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_AdministrationFees', window );">Administration fees payable to related party</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,632<span></span>
</td>
<td class="nump">$ 1,628<span></span>
</td>
<td class="nump">$ 1,618<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionTermsAndMannerOfSettlement', window );">Head management agreement, terms and manner of settlement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">In the event of a change of control of the Company during the management period or within 12 months after the early termination of the Head Management Agreement, then the Company will pay to Maritime an amount equal to 2.5 times the then annual Administration Fees. Pursuant to the amendment of this agreement on March 18, 2020, in the event of such change of control and termination, the Company shall also pay to Maritime an amount equal to 12 months of the then daily Ship-management Fees.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_ShipmanagementAndAdministrationFeesPercentageIncrease', window );">Ship-management and administration fees percentage increase</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Effective January 1, 2019 and 2020, the Ship-management Fees and the Administration Fees were increased by 0.62%, and, 0.26% respectively, in line with the average inflation rate of Greece for 2018 and 2019. For 2020, the average rate in Greece was a deflation of 1.24% and as a result no adjustment shall be made to the Ship-management Fees and the Administration Fees effective January 1, 2021, which will remain, for the particular calendar year, as per the previous year.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=PXS_PyxisMaritimeMember', window );">Pyxis Maritime Corporation [Member] | Vessel Northsea Alpha [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_ManagementAgreementExpirationDate', window );">Management agreement expiration date</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">December 31, 2015. Following their initial expiration dates, the management agreements were automatically renewed for consecutive five year periods, or until terminated by either party on three months&#8217; notice.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=PXS_PyxisMaritimeMember', window );">Pyxis Maritime Corporation [Member] | Vessel Northsea Beta [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_ManagementAgreementExpirationDate', window );">Management agreement expiration date</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">December 31, 2015. Following their initial expiration dates, the management agreements were automatically renewed for consecutive five year periods, or until terminated by either party on three months&#8217; notice.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=PXS_PyxisMaritimeMember', window );">Pyxis Maritime Corporation [Member] | Pyxis Theta Vessel [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_ManagementAgreementExpirationDate', window );">Management agreement expiration date</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">December 31, 2017. Following their initial expiration dates, the management agreements were automatically renewed for consecutive five year periods, or until terminated by either party on three months&#8217; notice.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=PXS_PyxisMaritimeMember', window );">Pyxis Maritime Corporation [Member] | Pyxis Epsilon Vessel [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_ManagementAgreementExpirationDate', window );">Management agreement expiration date</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">December 31, 2018. Following their initial expiration dates, the management agreements were automatically renewed for consecutive five year periods, or until terminated by either party on three months&#8217; notice.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=PXS_PyxisMaritimeMember', window );">Pyxis Maritime Corporation [Member] | Pyxis Malou Vessel [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_ManagementAgreementExpirationDate', window );">Management agreement expiration date</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">December 31, 2018. Following their initial expiration dates, the management agreements were automatically renewed for consecutive five year periods, or until terminated by either party on three months&#8217; notice.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=PXS_PyxisMaritimeMember', window );">Pyxis Maritime Corporation [Member] | While Vessel is Under Construction [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_DailyShipManagementFeesPayableToRelatedParty', window );">Ship management services per day per vessel</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.450<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_AdministrationFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Administration fees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_AdministrationFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_CharterHireAgreementCommissionRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Charter hire commission percentage.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_CharterHireAgreementCommissionRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_DailyShipManagementFeesPayableToRelatedParty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Daily ship management fees payable to related party.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_DailyShipManagementFeesPayableToRelatedParty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_FuturePaymentsOfInterestOnPromissoryNoteInCash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Interest on promissory note to be paid in cash.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_FuturePaymentsOfInterestOnPromissoryNoteInCash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_HeadManagementAgreementWithRelatedPartyCommencementDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Head management agreement with related party commencement date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_HeadManagementAgreementWithRelatedPartyCommencementDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_InterestExpenseOnPromissoryNote">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Interest expense on promissory note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_InterestExpenseOnPromissoryNote</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_InterestOnPromissoryNoteSettledInCommonSharesDuringPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Interest on promissory note settled in common shares during 2020.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_InterestOnPromissoryNoteSettledInCommonSharesDuringPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_InterestOnPromissoryNoteSettledInCommonSharesDuringPriorPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Interest on promissory note settled in common shares during 2019.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_InterestOnPromissoryNoteSettledInCommonSharesDuringPriorPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_InterestOnPromissoryNoteSettledInCommonSharesInJanuaryTwoThousandTwenty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Interest on promissory note settled in common shares in January 2020.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_InterestOnPromissoryNoteSettledInCommonSharesInJanuaryTwoThousandTwenty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_InterestOnPromissoryNoteSettledInCommonSharesInJanuaryTwoThousandTwentyOne">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Interest on promissory note settled in common shares in January 2021.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_InterestOnPromissoryNoteSettledInCommonSharesInJanuaryTwoThousandTwentyOne</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_InterestOnPromissoryNoteToBeSettledInCommonShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Interest on promissory note to be settled in common shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_InterestOnPromissoryNoteToBeSettledInCommonShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_InterestRatePaidInCash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Interest rate paid in cash.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_InterestRatePaidInCash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_InterestRatePaidInRestrictedShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>4.5% shall be paid in common shares of the Company calculated on the volume weighted average closing share price for the 10 day period immediately prior to each quarter end.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_InterestRatePaidInRestrictedShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_ManagementAgreementExpirationDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Management agreement expiration date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_ManagementAgreementExpirationDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_ManagementAgreementsInitialTerm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Management agreements initial term.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_ManagementAgreementsInitialTerm</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_ManagementAgreementsRenewalPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Management agreements renewal period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_ManagementAgreementsRenewalPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_PromissoryNoteIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Value as of the issuance date of notes payable (with maturities initially due after one year or beyond the operating cycle if longer), excluding current portion.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_PromissoryNoteIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_ShipmanagementAndAdministrationFeesPercentageIncrease">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Ship-management and administration fees percentage increase description.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_ShipmanagementAndAdministrationFeesPercentageIncrease</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentInterestRateStatedPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Contractual interest rate for funds borrowed, under the debt agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22(a)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentInterestRateStatedPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentMaturityDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Date when the debt instrument is scheduled to be fully repaid, in CCYY-MM-DD format.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22(a)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=117815213&amp;loc=d3e19207-110258<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentMaturityDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentMaturityDateDescription">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Description of the maturity date of the debt instrument including whether the debt matures serially and, if so, a brief description of the serial maturities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22(a)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentMaturityDateDescription</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DueFromRelatedPartiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of receivables to be collected from related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth, at the financial statement date. which are usually due within one year (or one business cycle).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(k)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(11))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(3)(a)(2))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=121566466&amp;loc=d3e6676-107765<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DueFromRelatedPartiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DueToRelatedPartiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of obligations due all related parties. For classified balance sheets, represents the current portion of such liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(k)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e23780-122690<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DueToRelatedPartiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermNotesPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of notes payable (with maturities initially due after one year or beyond the operating cycle if longer), excluding current portion.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermNotesPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionTermsAndMannerOfSettlement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Description of the terms and manner of settlement of the related party transaction.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionTermsAndMannerOfSettlement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongtermDebtTypeAxis=PXS_MaritimeInvestorsPromissoryNoteMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongtermDebtTypeAxis=PXS_MaritimeInvestorsPromissoryNoteMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=PXS_PyxisMaritimeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=PXS_PyxisMaritimeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_NorthseaAlphaVesselMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_NorthseaAlphaVesselMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_NorthseaBetaVesselMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_NorthseaBetaVesselMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_PyxisThetaVesselMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_PyxisThetaVesselMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_PyxisEpsilonVesselMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_PyxisEpsilonVesselMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_PyxisMalouVesselMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_PyxisMalouVesselMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionAxis=PXS_WhileVesselIsUnderConstructionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionAxis=PXS_WhileVesselIsUnderConstructionMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>73
<FILENAME>R39.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625137808024">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Transactions with Related Parties - Schedule of Amounts Charged by Maritime Included in the Accompanying Consolidated Statements of Comprehensive Loss (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_ManagementFeesRelatedParties', window );">Ship-management fees</a></td>
<td class="num">$ (637)<span></span>
</td>
<td class="num">$ (724)<span></span>
</td>
<td class="num">$ (720)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=PXS_PyxisMaritimeMember', window );">Pyxis Maritime Corporation [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_CharterHireCommissions', window );">Charter hire commissions</a></td>
<td class="nump">276<span></span>
</td>
<td class="nump">351<span></span>
</td>
<td class="nump">354<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_ManagementFeesRelatedParties', window );">Ship-management fees</a></td>
<td class="nump">637<span></span>
</td>
<td class="nump">724<span></span>
</td>
<td class="nump">720<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_AdministrationFees', window );">Administration fees</a></td>
<td class="nump">1,632<span></span>
</td>
<td class="nump">1,628<span></span>
</td>
<td class="nump">1,618<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty', window );">Related party transaction expenses, total</a></td>
<td class="nump">$ 2,545<span></span>
</td>
<td class="nump">$ 2,703<span></span>
</td>
<td class="nump">$ 2,692<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_AdministrationFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Administration fees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_AdministrationFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_CharterHireCommissions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Charter hire commissions,</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_CharterHireCommissions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_ManagementFeesRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fees paid to related parties for providing the company with technical, crewing, bunkering, accounting, provisions, sale &amp;amp;amp;amp;amp;amp;amp;amp;amp;amp;amp; purchase services, as well as general administrative, certain commercial services, director and officer related insurance services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_ManagementFeesRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expenses recognized resulting from transactions (excluding transactions that are eliminated in consolidated or combined financial statements) with related party.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=PXS_PyxisMaritimeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=PXS_PyxisMaritimeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>74
<FILENAME>R40.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625170852840">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Inventories - Schedule of Inventories (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryLineItems', window );"><strong>Inventory [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryNet', window );">Inventories</a></td>
<td class="nump">$ 681<span></span>
</td>
<td class="nump">$ 501<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PublicUtilitiesInventoryAxis=PXS_LubricantsMember', window );">Lubricants [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryLineItems', window );"><strong>Inventory [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryNet', window );">Inventories</a></td>
<td class="nump">348<span></span>
</td>
<td class="nump">403<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PublicUtilitiesInventoryAxis=PXS_BunkersMember', window );">Bunkers [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryLineItems', window );"><strong>Inventory [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InventoryNet', window );">Inventories</a></td>
<td class="nump">$ 333<span></span>
</td>
<td class="nump">$ 98<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InventoryLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InventoryNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121566466&amp;loc=d3e6676-107765<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.6(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InventoryNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PublicUtilitiesInventoryAxis=PXS_LubricantsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PublicUtilitiesInventoryAxis=PXS_LubricantsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PublicUtilitiesInventoryAxis=PXS_BunkersMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PublicUtilitiesInventoryAxis=PXS_BunkersMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>75
<FILENAME>R41.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625139934392">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Vessels, Net (Details Narrative) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOfLongLivedAssetsHeldForUse', window );">Vessel impairment charge</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 2,282<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsHeldForSaleNotPartOfDisposalGroupCurrent', window );">Vessel held-for-sale</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">13,190<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_LossOnVesselHeldForSale', window );">Loss on vessel held-for-sale</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(2,756)<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentAdditions', window );">Vessel additions</a></td>
<td class="nump">685<span></span>
</td>
<td class="nump">625<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_PropertyPlantAndEquipmentAdditionsNet', window );">Vessels cost ballast water treatment system installation (BWTS)</a></td>
<td class="nump">660<span></span>
</td>
<td class="nump">625<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment', window );">Paid amount of ballast water treatment system installation (BWTS)</a></td>
<td class="nump">486<span></span>
</td>
<td class="nump">569<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_AccruedAndRemainsUnpaidAmountOfBallastWaterTreatmentSystemInstallation', window );">Accrued and remains unpaid amount of ballast water treatment system installation (BWTS)</a></td>
<td class="nump">$ 174<span></span>
</td>
<td class="nump">$ 56<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_VesselsMember', window );">Vessels [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGross', window );">Vessel including unamortized dry-dock and survey balance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">12,989<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOfLongLivedAssetsHeldForUse', window );">Vessel impairment charge</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,282<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_SaleOfPyxisDeltaMember', window );">Sale of Pyxis Delta [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_NetProceedsFromSaleOfVessel', window );">Net proceeds from sale of vessel</a></td>
<td class="text">The total net proceeds from the sale of the vessel were approximately $13.2 million, of which, $5.7 million was used for the prepayment of Pyxis Delta and Pyxis Theta loan facility and $7.5 million for the repayment of the Company's liabilities to its related party (Maritime) and for the repayment of obligations to its trade creditors.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_AccruedAndRemainsUnpaidAmountOfBallastWaterTreatmentSystemInstallation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Accrued and remains unpaid amount of ballast water treatment system installation (BWTS).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_AccruedAndRemainsUnpaidAmountOfBallastWaterTreatmentSystemInstallation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_LossOnVesselHeldForSale">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Loss on vessel held for sale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_LossOnVesselHeldForSale</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_NetProceedsFromSaleOfVessel">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_NetProceedsFromSaleOfVessel</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_PropertyPlantAndEquipmentAdditionsNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Vessels cost ballast water treatment system installation (BWTS).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_PropertyPlantAndEquipmentAdditionsNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsHeldForSaleNotPartOfDisposalGroupCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of assets held-for-sale that are not part of a disposal group, expected to be sold within a year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 15<br> -Paragraph 4<br> -Subparagraph (b)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=121558832&amp;loc=d3e400-110220<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsHeldForSaleNotPartOfDisposalGroupCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ImpairmentOfLongLivedAssetsHeldForUse">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of write-downs for impairments recognized during the period for long lived assets held for use (including those held for disposal by means other than sale).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109226691&amp;loc=d3e2921-110230<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=109226348&amp;loc=d3e2420-110228<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ImpairmentOfLongLivedAssetsHeldForUse</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3213-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquirePropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentAdditions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of acquisition of long-lived, physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentAdditions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.13)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_VesselsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_VesselsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_SaleOfPyxisDeltaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_SaleOfPyxisDeltaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>76
<FILENAME>R42.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625139997448">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Vessels, Net - Schedule of Vessels (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Beginning balance</a></td>
<td class="nump">$ 87,507<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Depreciation', window );">Depreciation</a></td>
<td class="num">(4,418)<span></span>
</td>
<td class="num">$ (5,320)<span></span>
</td>
<td class="num">$ (5,500)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentAdditions', window );">Additions</a></td>
<td class="nump">685<span></span>
</td>
<td class="nump">625<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Ending balance</a></td>
<td class="nump">83,774<span></span>
</td>
<td class="nump">87,507<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_VesselCostMember', window );">Vessel Cost [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGross', window );">Beginning balance</a></td>
<td class="nump">108,523<span></span>
</td>
<td class="nump">134,310<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Depreciation', window );">Depreciation</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentAdditions', window );">Additions</a></td>
<td class="nump">685<span></span>
</td>
<td class="nump">625<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentTransfersAndChanges', window );">Reclassification of vessel as held-for-sale</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(26,412)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGross', window );">Ending balance</a></td>
<td class="nump">109,208<span></span>
</td>
<td class="nump">108,523<span></span>
</td>
<td class="nump">134,310<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_AccumulatedDepreciationMember', window );">Accumulated Depreciation [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment', window );">Beginning balance</a></td>
<td class="num">(21,016)<span></span>
</td>
<td class="num">(26,318)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Depreciation', window );">Depreciation</a></td>
<td class="num">(4,418)<span></span>
</td>
<td class="num">(5,320)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentAdditions', window );">Additions</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentTransfersAndChanges', window );">Reclassification of vessel as held-for-sale</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10,622<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment', window );">Ending balance</a></td>
<td class="num">(25,434)<span></span>
</td>
<td class="num">(21,016)<span></span>
</td>
<td class="num">(26,318)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_NetBookValueMember', window );">Net Book Value [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentLineItems', window );"><strong>Property, Plant and Equipment [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Beginning balance</a></td>
<td class="nump">87,507<span></span>
</td>
<td class="nump">107,992<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Depreciation', window );">Depreciation</a></td>
<td class="num">(4,418)<span></span>
</td>
<td class="num">(5,320)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentAdditions', window );">Additions</a></td>
<td class="nump">685<span></span>
</td>
<td class="nump">625<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentTransfersAndChanges', window );">Reclassification of vessel as held-for-sale</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(15,790)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Ending balance</a></td>
<td class="nump">$ 83,774<span></span>
</td>
<td class="nump">$ 87,507<span></span>
</td>
<td class="nump">$ 107,992<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.14)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Depreciation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Depreciation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentAdditions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of acquisition of long-lived, physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentAdditions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.13)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(14))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400017&amp;loc=d3e572229-122910<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(13))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentTransfersAndChanges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) of physical assets used in the normal conduct of business and not intended for resale, from reclassification, impairment, donation, or changes classified as other. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109226691&amp;loc=d3e2921-110230<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentTransfersAndChanges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_VesselCostMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_VesselCostMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_AccumulatedDepreciationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_AccumulatedDepreciationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_NetBookValueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_NetBookValueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>77
<FILENAME>R43.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625140139800">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Deferred Charges, Net - Schedule of Deferred Charges (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_DeferredChargesNetAbstract', window );"><strong>Deferred Charges Net Abstract</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredCosts', window );">Deferred charges, beginning balance</a></td>
<td class="nump">$ 779<span></span>
</td>
<td class="nump">$ 740<span></span>
</td>
<td class="nump">$ 285<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_AdditionsToDeferredChargesAmount', window );">Additions</a></td>
<td class="nump">1,068<span></span>
</td>
<td class="nump">435<span></span>
</td>
<td class="nump">588<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AmortizationOfDeferredCharges', window );">Amortization</a></td>
<td class="num">(253)<span></span>
</td>
<td class="num">(240)<span></span>
</td>
<td class="num">(133)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_DeferredChargesTransferToVesselHeldforsale', window );">Transfer to vessel held-for-sale</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(156)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredCosts', window );">Deferred charges, ending balance</a></td>
<td class="nump">$ 1,594<span></span>
</td>
<td class="nump">$ 779<span></span>
</td>
<td class="nump">$ 740<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_AdditionsToDeferredChargesAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of additions to deferred charges during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_AdditionsToDeferredChargesAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_DeferredChargesNetAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_DeferredChargesNetAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_DeferredChargesTransferToVesselHeldforsale">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of Deferred Charges transferred to vessel held-for-sale account.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_DeferredChargesTransferToVesselHeldforsale</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AmortizationOfDeferredCharges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of amortization of deferred charges applied against earnings during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.3)<br> -URI http://asc.fasb.org/extlink&amp;oid=120395209&amp;loc=SL114868664-224227<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AmortizationOfDeferredCharges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred cost, excluding capitalized cost related to contract with customer; classified as noncurrent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(17))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(10))<br> -URI http://asc.fasb.org/extlink&amp;oid=120398452&amp;loc=d3e534808-122878<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(10))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400017&amp;loc=d3e572229-122910<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>78
<FILENAME>R44.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625137779176">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentCarryingAmount', window );">Total</a></td>
<td class="nump">$ 54,260<span></span>
</td>
<td class="nump">$ 58,919<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_LongTermDebtCurrentBeforeDeferredFinancingCost', window );">Current portion</a></td>
<td class="nump">3,410<span></span>
</td>
<td class="nump">9,241<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredFinanceCostsCurrentNet', window );">Less: Current portion of deferred financing costs</a></td>
<td class="num">(155)<span></span>
</td>
<td class="num">(257)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtCurrent', window );">Current portion of long-term debt, net of deferred financing costs, current</a></td>
<td class="nump">3,255<span></span>
</td>
<td class="nump">8,984<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_LongTermDebtNoncurrentBeforeDeferredFinancingCost', window );">Long-term portion</a></td>
<td class="nump">50,850<span></span>
</td>
<td class="nump">49,678<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredFinanceCostsNoncurrentNet', window );">Less: Non-current portion of deferred financing costs</a></td>
<td class="num">(519)<span></span>
</td>
<td class="num">(445)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtNoncurrent', window );">Long-term debt, net of current portion and deferred financing costs, non-current</a></td>
<td class="nump">50,331<span></span>
</td>
<td class="nump">49,233<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_NorthseaAlphaVesselMember', window );">Vessel Northsea Alpha [Member] | Secondone [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentCarryingAmount', window );">Total</a></td>
<td class="nump">3,290<span></span>
</td>
<td class="nump">3,690<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_NorthseaBetaVesselMember', window );">Vessel Northsea Beta [Member] | Thirdone [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentCarryingAmount', window );">Total</a></td>
<td class="nump">3,290<span></span>
</td>
<td class="nump">3,690<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_PyxisMalouVesselMember', window );">Pyxis Malou Vessel [Member] | Fourthone [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentCarryingAmount', window );">Total</a></td>
<td class="nump">8,730<span></span>
</td>
<td class="nump">10,020<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_PyxisDeltaVesselMember', window );">Pyxis Delta Vessel [Member] | Sixthone [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentCarryingAmount', window );">Total</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">4,050<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_PyxisThetaVesselMember', window );">Pyxis Theta Vessel [Member] | Seventhone [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentCarryingAmount', window );">Total</a></td>
<td class="nump">14,950<span></span>
</td>
<td class="nump">13,469<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_PyxisEpsilonVesselMember', window );">Pyxis Epsilon Vessel [Member] | Eighthone [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentCarryingAmount', window );">Total</a></td>
<td class="nump">$ 24,000<span></span>
</td>
<td class="nump">$ 24,000<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_LongTermDebtCurrentBeforeDeferredFinancingCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Long-term debt current before deferred financing cost.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_LongTermDebtCurrentBeforeDeferredFinancingCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_LongTermDebtNoncurrentBeforeDeferredFinancingCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Long-term debt noncurrent before deferred financing cost.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_LongTermDebtNoncurrentBeforeDeferredFinancingCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentCarryingAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, before unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 20<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (b)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=120520924&amp;loc=SL6031897-161870<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400017&amp;loc=d3e572229-122910<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=120398452&amp;loc=d3e534808-122878<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentCarryingAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredFinanceCostsCurrentNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after accumulated amortization, of debt issuance costs classified as current. Includes, but is not limited to, legal, accounting, underwriting, printing, and registration costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.8)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=119993939&amp;loc=d3e28555-108399<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredFinanceCostsCurrentNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredFinanceCostsNoncurrentNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after accumulated amortization, of debt issuance costs classified as noncurrent. Includes, but is not limited to, legal, accounting, underwriting, printing, and registration costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=119993939&amp;loc=d3e28555-108399<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredFinanceCostsNoncurrentNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt, classified as current. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19,20)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebtCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after unamortized (discount) premium and debt issuance costs of long-term debt classified as noncurrent and excluding amounts to be repaid within one year or the normal operating cycle, if longer. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebtNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_NorthseaAlphaVesselMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_NorthseaAlphaVesselMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=PXS_SecondoneMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=PXS_SecondoneMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_NorthseaBetaVesselMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_NorthseaBetaVesselMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=PXS_ThirdoneMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=PXS_ThirdoneMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_PyxisMalouVesselMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_PyxisMalouVesselMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=PXS_FourthoneMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=PXS_FourthoneMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_PyxisDeltaVesselMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_PyxisDeltaVesselMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=PXS_SixthoneMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=PXS_SixthoneMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_PyxisThetaVesselMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_PyxisThetaVesselMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=PXS_SeventhoneMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=PXS_SeventhoneMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_PyxisEpsilonVesselMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_PyxisEpsilonVesselMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=PXS_EighthoneMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=PXS_EighthoneMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>79
<FILENAME>R45.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625063387624">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Long-Term Debt - Schedule of Long-Term Debt (Details) (Parenthetical) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="3">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Mar. 20, 2021</div></th>
<th class="th"><div>Jul. 08, 2020</div></th>
<th class="th"><div>Sep. 27, 2018</div></th>
<th class="th"><div>Feb. 28, 2018</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Sep. 30, 2013</div></th>
<th class="th"><div>Feb. 28, 2013</div></th>
<th class="th"><div>Sep. 26, 2007</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity', window );">Maximum borrowing capacity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 24,560<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentCarryingAmount', window );">Total long-term debt outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 54,260<span></span>
</td>
<td class="nump">$ 58,919<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainsLossesOnExtinguishmentOfDebt', window );">Gain from debt extinguishment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 4,306<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment', window );">Proceeds from the sale of vessel, net</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 13,197<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongtermDebtWeightedAverageInterestRate', window );">Long-term debt, weighted average interest rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7.69%<span></span>
</td>
<td class="nump">8.18%<span></span>
</td>
<td class="nump">6.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=PXS_LongTermDebtAndPromissoryNoteMember', window );">Long Term Debt and Promissory Note [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_InterestExpenseOnLongtermDebtAndPromissoryNote', window );">Interest expense on long-term debt and promissory note</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4,636<span></span>
</td>
<td class="nump">$ 5,517<span></span>
</td>
<td class="nump">$ 4,048<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_SaleOfPyxisDeltaMember', window );">Sale of Pyxis Delta [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_NetProceedsFromSaleOfVessel', window );">Net proceeds from sale of vessel</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">The total net proceeds from the sale of the vessel were approximately $13.2 million, of which, $5.7 million was used for the prepayment of Pyxis Delta and Pyxis Theta loan facility and $7.5 million for the repayment of the Company's liabilities to its related party (Maritime) and for the repayment of obligations to its trade creditors.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_UseOfProceedsFromSaleOfPyxisDeltaMember', window );">Use of Proceeds from the Sale of Pyxis Delta [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_RepaymentsOfAssetCreditFacility', window );">Prepayment of Pyxis Delta and Pyxis Theta loan facility</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 5,674<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfRelatedPartyDebt', window );">Repayment of liabilities to Maritime and trade creditors</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7,523<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TypeOfArrangementAxis=PXS_PreviousSecuredLoanSecondoneThirdoneAndFourthoneMember', window );">Previous Secured Loan - Secondone, Thirdone and Fourthone [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentCarryingAmount', window );">Total long-term debt outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 26,906<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_CashUsedForRefinanceOfExistingIndebtedness', window );">Cash used for refinance of existing indebtedness</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainsLossesOnExtinguishmentOfDebt', window );">Gain from debt extinguishment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,306<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TypeOfArrangementAxis=PXS_SecondoneThirdoneAndFourthoneNewSecuredLoanMember', window );">New Secured Loan - Secondone, Thirdone and Fourthone [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentCarryingAmount', window );">Total long-term debt outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 20,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtTerm', window );">Secured loan term</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_DebtInstrumentBasisSpreadOnVariableRatePercentage', window );">Interest rate margin</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4.65%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_MinimumSecurityCollateralCoverRequiredTrancheTwoPercentOfOutstandingLoan', window );">Minimum security collateral cover required | Until February 2022</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">150.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_MinimumSecurityCollateralCoverRequiredTrancheThreePercentOfOutstandingLoan', window );">Minimum security collateral cover required | Thereafter 155%</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">155.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TypeOfArrangementAxis=PXS_NewSecuredLoanSecondoneThirdoneMember', window );">New Secured Loan - Secondone and Thirdone [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_DebtInstrumentCarryingAmountPerFacility', window );">Total long-term debt outstanding per facility</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3,290<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_LoanAmortizationProfile', window );">Loan amortization profile</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Each of Secondone's and Thirdone's outstanding loan balance at December 31, 2020, amounting to $3,290, is repayable in 9 remaining quarterly installments of $100 each amounting to $900 in the aggregate, the first falling due in February 2021, and the last installment accompanied by a balloon payment of $2,390 falling due in February 2023.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_QuarterlyInstallmentsPayableInAggregatePerFacility', window );">Quarterly installments payable in the aggregate, per facility</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 900<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_LongTermDebtFirstPeriodicPayment', window );">Long-term debt first periodic payment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">2021-02<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_LongTermDebtBalloonPaymentYear', window );">Long-term debt balloon payment year</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">2023-02<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_LongtermDebtBalloonPaymentPerFacility', window );">Long-term debt balloon payment, per facility</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,390<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TypeOfArrangementAxis=PXS_NewSecuredLoanFourthoneMember', window );">New Secured Loan - Fourthone [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_LoanAmortizationProfile', window );">Loan amortization profile</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">The outstanding balance of the Fourthone loan of $8,730 is repayable in 9 quarterly installments amounting to $3,330, the first falling due in February 2021, and the last installment accompanied by a balloon payment of $5,400 falling due in February 2023. The first installment, amounting to $330, is followed by four amounting to $360 each and four amounting to $390 each.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_LongTermDebtFirstPeriodicPayment', window );">Long-term debt first periodic payment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">2021-02<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_LongTermDebtBalloonPaymentYear', window );">Long-term debt balloon payment year</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">2023-02<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_QuarterlyInstallmentsPayable', window );">Quarterly installments payable (9 installments)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3,330<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TypeOfArrangementAxis=PXS_NewSecuredLoanFourthoneMember', window );">New Secured Loan - Fourthone [Member] | Pyxis Malou Vessel [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentCarryingAmount', window );">Total long-term debt outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8,730<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid', window );">Long term debt balloon payment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TypeOfArrangementAxis=PXS_NewSecuredLoanSecondoneThirdoneAndFourthoneMember', window );">New Secured Loan - Secondone, Thirdone and Fourthone [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_MinimumCashDeposits', window );">Minimum cash deposits</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,450<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TypeOfArrangementAxis=PXS_LoanAgreementDatedOctoberTwelveTwoThousandTwelveMember', window );">Loan Agreement Dated October 12, 2012 [Member] | Pyxis Delta Vessel [Member] | Tranche A [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentFaceAmount', window );">Amount borrowed</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 13,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total long-term debt outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,050<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_EarlyDebtPrepaymentFollowingSaleOfPyxisDelta', window );">Early debt prepayment following the sale of Pyxis Delta</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,050<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment', window );">Proceeds from the sale of vessel, net</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 13,197<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TypeOfArrangementAxis=PXS_LoanAgreementDatedOctoberTwelveTwoThousandTwelveMember', window );">Loan Agreement Dated October 12, 2012 [Member] | Pyxis Theta Vessel [Member] | Tranche B [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentFaceAmount', window );">Amount borrowed</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 21,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TypeOfArrangementAxis=PXS_SecuredLoanSeventhoneCorpMember', window );">Secured Loan - Seventhone Corp. [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_LongTermDebtFirstPeriodicPayment', window );">Long-term debt first periodic payment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">2021-01<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_LongTermDebtBalloonPaymentYear', window );">Long-term debt balloon payment year</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">2025-07<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid', window );">Long term debt balloon payment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 9,250<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_MinimumCashDeposits', window );">Minimum cash deposits</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total long-term debt outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 14,950<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_DebtToMarketValueOfAdjustedAssetsMaximumRequiredRatio', window );">Maximum required leverage ratio</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">75.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_DebtToMarketValueOfAdjustedAssetsRatioActual', window );">Actual leverage ratio</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">71.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_RatioDifferenceByWhichActualExceedsRequiredDebtToAssetsRatioThreshold', window );">Difference between actual ratio and required threshold</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_MinimumSecurityCollateralCoverRequired', window );">Minimum security collateral cover required</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">125.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_DebtCurrent1', window );">Total long-term debt outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 15,250<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1', window );">Interest rate margin</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3.35%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_QuarterlyInstallmentsPayableNineteenInstallments', window );">Quarterly installments payable (19 installments)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentCovenantDescription', window );">Covenant description</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">No change shall be made directly or indirectly in the ownership, beneficial ownership, control or management of Seventhone or of the Company or any share therein or the Pyxis Theta, as a result of which less than 100% of the shares and voting rights in Seventhone or less than 40% of the shares and voting rights in the Company remain in the ultimate legal and beneficial owners disclosed at the negotiation of this loan agreement.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TypeOfArrangementAxis=PXS_SeventhonePreviousSecuredLoanMember', window );">Previous Secured Loan - Seventhone Corp [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_DebtCurrent1', window );">Total long-term debt outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 11,293<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TypeOfArrangementAxis=PXS_EighthoneNewSecuredLoanMember', window );">Secured Loan - Eighthone Corp [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentCarryingAmount', window );">Total long-term debt outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 24,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_DebtInstrumentBasisSpreadOnVariableRatePercentage', window );">Interest rate margin</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">11.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_FacilityMaturityPeriod', window );">Facility maturity period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">2023-09<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_QuarterlyInstallmentsPayableTenInstallments', window );">Quarterly installments payable (10 installments)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Equal to the lower of $400 and excess cash computed through a cash sweep mechanism, plus a balloon payment due at maturity<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_DeferredFeeDescription', window );">Deferred fee</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">If payable, the amount due is calculated as the lesser of (a) 15% of the amount of the loan borrowed under the facility agreement and (b) 15% of the difference between (i) the charter-free fair market value of the vessel plus any dry dock reserve account balance and (ii) any outstanding loan amount at the time of the repayment or maturity of the facility.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_MinimumLiquidityAmountDescription', window );">Minimum liquidity amount following the first supplemental letter dated 9, July 2020</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Based on the first supplemental letter dated 9, July 2020, the Company undertook to maintain the credit balance of the Liquidity Account not falling at any time below $375 and to credit on each Quarter End Date (such first Quarter End Date being the December 31, 2020) an amount equal to $1 per day to the Liquidity Account calculated on and from October 1, 2020, until such time that the amount standing to the credit of the Liquidity Account is no less than the Minimum Liquidity Amount of $750.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TypeOfArrangementAxis=PXS_EighthoneNewSecuredLoanMember', window );">Secured Loan - Eighthone Corp [Member] | Until December 2020 (Following the Second Supplemental Letter signed on September 25, 2020) [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_MinimumSecurityCollateralCoverRequired', window );">Minimum security collateral cover required</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">115.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TypeOfArrangementAxis=PXS_EighthoneNewSecuredLoanMember', window );">Secured Loan - Eighthone Corp [Member] | Thereafter (Following the Second Supplemental Letter signed on September 25, 2020) [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_MinimumSecurityCollateralCoverRequired', window );">Minimum security collateral cover required</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">125.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TypeOfArrangementAxis=PXS_EighthoneNewSecuredLoanMember', window );">Secured Loan - Eighthone Corp [Member] | Subsequent Event [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_PrepaymentFee', window );">Prepayment fee paid</a></td>
<td class="nump">$ 200<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TypeOfArrangementAxis=PXS_EighthonePreviousSecuredLoanMember', window );">Previous Secured Loan - Eighthone Corp [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentCarryingAmount', window );">Total long-term debt outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 16,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_CashUsedForRefinanceOfExistingIndebtedness">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cash used for refinance of existing Indebtedness.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_CashUsedForRefinanceOfExistingIndebtedness</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_DebtCurrent1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, before unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_DebtCurrent1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_DebtInstrumentBasisSpreadOnVariableRatePercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage points added to the reference rate to compute the variable rate on the debt instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_DebtInstrumentBasisSpreadOnVariableRatePercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_DebtInstrumentCarryingAmountPerFacility">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total long-term debt outstanding per facility.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_DebtInstrumentCarryingAmountPerFacility</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_DebtToMarketValueOfAdjustedAssetsMaximumRequiredRatio">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Maximum required ratio of total liabilities to market value adjusted total assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_DebtToMarketValueOfAdjustedAssetsMaximumRequiredRatio</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_DebtToMarketValueOfAdjustedAssetsRatioActual">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Ratio of total liabilities to market value adjusted total assets - actual.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_DebtToMarketValueOfAdjustedAssetsRatioActual</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_DeferredFeeDescription">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Deferred fee, description.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_DeferredFeeDescription</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_EarlyDebtPrepaymentFollowingSaleOfPyxisDelta">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Early debt prepayment following the sale of Pyxis Delta.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_EarlyDebtPrepaymentFollowingSaleOfPyxisDelta</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_FacilityMaturityPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Facility maturity period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_FacilityMaturityPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gYearMonthItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_InterestExpenseOnLongtermDebtAndPromissoryNote">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Interest expense on long-term debt and promissory note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_InterestExpenseOnLongtermDebtAndPromissoryNote</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_LoanAmortizationProfile">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Loan amortization profile.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_LoanAmortizationProfile</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_LongTermDebtBalloonPaymentYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Long-term debt balloon payment year.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_LongTermDebtBalloonPaymentYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gYearMonthItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_LongTermDebtFirstPeriodicPayment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Long-term debt first periodic payment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_LongTermDebtFirstPeriodicPayment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gYearMonthItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_LongtermDebtBalloonPaymentPerFacility">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Long-term debt balloon payment, per facility.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_LongtermDebtBalloonPaymentPerFacility</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_MinimumCashDeposits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Minimum cash deposits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_MinimumCashDeposits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_MinimumLiquidityAmountDescription">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Minimum liquidity amount following the first supplemental letter dated 9, July 2020.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_MinimumLiquidityAmountDescription</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_MinimumSecurityCollateralCoverRequired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Minimum security collateral cover required.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_MinimumSecurityCollateralCoverRequired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_MinimumSecurityCollateralCoverRequiredTrancheThreePercentOfOutstandingLoan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Minimum security collateral cover required.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_MinimumSecurityCollateralCoverRequiredTrancheThreePercentOfOutstandingLoan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_MinimumSecurityCollateralCoverRequiredTrancheTwoPercentOfOutstandingLoan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Minimum security collateral cover required.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_MinimumSecurityCollateralCoverRequiredTrancheTwoPercentOfOutstandingLoan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_NetProceedsFromSaleOfVessel">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_NetProceedsFromSaleOfVessel</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_PrepaymentFee">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Prepayment fee paid.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_PrepaymentFee</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_QuarterlyInstallmentsPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Quarterly installments payable (9 installments).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_QuarterlyInstallmentsPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_QuarterlyInstallmentsPayableInAggregatePerFacility">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Quarterly installments payable in the aggregate, per facility.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_QuarterlyInstallmentsPayableInAggregatePerFacility</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_QuarterlyInstallmentsPayableNineteenInstallments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Quarterly installments payable (19 installments).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_QuarterlyInstallmentsPayableNineteenInstallments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_QuarterlyInstallmentsPayableTenInstallments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Quarterly installments payable (10 installments).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_QuarterlyInstallmentsPayableTenInstallments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_RatioDifferenceByWhichActualExceedsRequiredDebtToAssetsRatioThreshold">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Difference between actual ratio and required threshold.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_RatioDifferenceByWhichActualExceedsRequiredDebtToAssetsRatioThreshold</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_RepaymentsOfAssetCreditFacility">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Prepayment of Pyxis Delta and Pyxis Theta loan facility.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_RepaymentsOfAssetCreditFacility</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentBasisSpreadOnVariableRate1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage points added to the reference rate to compute the variable rate on the debt instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentBasisSpreadOnVariableRate1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentCarryingAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, before unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 20<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (b)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=120520924&amp;loc=SL6031897-161870<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400017&amp;loc=d3e572229-122910<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=120398452&amp;loc=d3e534808-122878<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentCarryingAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentCovenantDescription">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Description of minimum financial levels (for example, tangible net worth and working capital) and achievement of certain financial ratios (for example, working capital ratio and debt service coverage ratio), and adherence to certain clauses which generally require or restrict certain actions (for example, entering into a debt arrangement with equal or greater seniority, and selling or discontinuing a certain business segment or material subsidiary) to be in compliance with the covenant clauses of the debt agreement. May also include a discussion of the adverse consequences that would result if the entity violates or fails to satisfy the covenants.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 470<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (g)<br> -URI http://asc.fasb.org/extlink&amp;oid=75038535&amp;loc=d3e64711-112823<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentCovenantDescription</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentFaceAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face (par) amount of debt instrument at time of issuance.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=119993939&amp;loc=d3e28551-108399<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 55<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=114775985&amp;loc=d3e28878-108400<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentFaceAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of payment greater than the preceding installment payments to be paid at final maturity date of debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainsLossesOnExtinguishmentOfDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 50<br> -Section 40<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=117329964&amp;loc=d3e12355-112629<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 50<br> -Section 40<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=117329964&amp;loc=d3e12317-112629<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainsLossesOnExtinguishmentOfDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Maximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(b),22(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 20<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (b)(3)<br> -URI http://asc.fasb.org/extlink&amp;oid=120520924&amp;loc=SL6031897-161870<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400017&amp;loc=d3e572229-122910<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=120398452&amp;loc=d3e534808-122878<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtTerm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Period between issuance and maturity of long-term debt, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (bbb)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=117815213&amp;loc=d3e19207-110258<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebtTerm</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongtermDebtWeightedAverageInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Weighted average interest rate of long-term debt outstanding calculated at point in time.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongtermDebtWeightedAverageInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3179-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RepaymentsOfRelatedPartyDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the payment of a long-term borrowing made from a related party where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth. Alternate caption: Payments for Advances from Affiliates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3291-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RepaymentsOfRelatedPartyDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentAxis=PXS_LongTermDebtAndPromissoryNoteMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentAxis=PXS_LongTermDebtAndPromissoryNoteMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_SaleOfPyxisDeltaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_SaleOfPyxisDeltaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_UseOfProceedsFromSaleOfPyxisDeltaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_UseOfProceedsFromSaleOfPyxisDeltaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TypeOfArrangementAxis=PXS_PreviousSecuredLoanSecondoneThirdoneAndFourthoneMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TypeOfArrangementAxis=PXS_PreviousSecuredLoanSecondoneThirdoneAndFourthoneMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TypeOfArrangementAxis=PXS_SecondoneThirdoneAndFourthoneNewSecuredLoanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TypeOfArrangementAxis=PXS_SecondoneThirdoneAndFourthoneNewSecuredLoanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TypeOfArrangementAxis=PXS_NewSecuredLoanSecondoneThirdoneMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TypeOfArrangementAxis=PXS_NewSecuredLoanSecondoneThirdoneMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TypeOfArrangementAxis=PXS_NewSecuredLoanFourthoneMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TypeOfArrangementAxis=PXS_NewSecuredLoanFourthoneMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_PyxisMalouVesselMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_PyxisMalouVesselMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TypeOfArrangementAxis=PXS_NewSecuredLoanSecondoneThirdoneAndFourthoneMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TypeOfArrangementAxis=PXS_NewSecuredLoanSecondoneThirdoneAndFourthoneMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TypeOfArrangementAxis=PXS_LoanAgreementDatedOctoberTwelveTwoThousandTwelveMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TypeOfArrangementAxis=PXS_LoanAgreementDatedOctoberTwelveTwoThousandTwelveMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_PyxisDeltaVesselMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_PyxisDeltaVesselMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_VestingAxis=us-gaap_ShareBasedCompensationAwardTrancheOneMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_VestingAxis=us-gaap_ShareBasedCompensationAwardTrancheOneMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_PyxisThetaVesselMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_PyxisThetaVesselMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_VestingAxis=us-gaap_ShareBasedCompensationAwardTrancheTwoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_VestingAxis=us-gaap_ShareBasedCompensationAwardTrancheTwoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TypeOfArrangementAxis=PXS_SecuredLoanSeventhoneCorpMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TypeOfArrangementAxis=PXS_SecuredLoanSeventhoneCorpMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TypeOfArrangementAxis=PXS_SeventhonePreviousSecuredLoanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TypeOfArrangementAxis=PXS_SeventhonePreviousSecuredLoanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TypeOfArrangementAxis=PXS_EighthoneNewSecuredLoanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TypeOfArrangementAxis=PXS_EighthoneNewSecuredLoanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AwardDateAxis=PXS_UntilDecemberTwoThousandAndTwentyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AwardDateAxis=PXS_UntilDecemberTwoThousandAndTwentyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AwardDateAxis=PXS_ThereafterOnSeptemberTwentyFiveTwoThousandTwentyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AwardDateAxis=PXS_ThereafterOnSeptemberTwentyFiveTwoThousandTwentyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TypeOfArrangementAxis=PXS_EighthonePreviousSecuredLoanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TypeOfArrangementAxis=PXS_EighthonePreviousSecuredLoanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>80
<FILENAME>R46.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625146392424">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Long-Term Debt - Schedule of Principal Payments (Details)<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2020 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentsAbstract', window );"><strong>Debt Instruments [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths', window );">2021</a></td>
<td class="nump">$ 3,410<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo', window );">2022</a></td>
<td class="nump">3,530<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree', window );">2023</a></td>
<td class="nump">35,970<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour', window );">2024</a></td>
<td class="nump">1,200<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive', window );">2025 and thereafter</a></td>
<td class="nump">$ 10,150<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of long-term debt payable, sinking fund requirement, and other securities issued that are redeemable by holder at fixed or determinable price and date, maturing after fifth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-04.(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e24072-122690<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6802200&amp;loc=d3e1835-112601<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of long-term debt payable, sinking fund requirement, and other securities issued that are redeemable by holder at fixed or determinable price and date, maturing in next fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-04.(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e24072-122690<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6802200&amp;loc=d3e1835-112601<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of long-term debt payable, sinking fund requirement, and other securities issued that are redeemable by holder at fixed or determinable price and date, maturing in fourth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-04.(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e24072-122690<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6802200&amp;loc=d3e1835-112601<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of long-term debt payable, sinking fund requirement, and other securities issued that are redeemable by holder at fixed or determinable price and date, maturing in third fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-04.(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e24072-122690<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6802200&amp;loc=d3e1835-112601<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of long-term debt payable, sinking fund requirement, and other securities issued that are redeemable by holder at fixed or determinable price and date, maturing in second fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.12-04.(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395691&amp;loc=d3e24072-122690<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6802200&amp;loc=d3e1835-112601<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>81
<FILENAME>R47.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625064906760">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Equity Capital Structure and Equity Incentive Plan (Details Narrative) - USD ($)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="3">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 21, 2020</div></th>
<th class="th"><div>Nov. 20, 2020</div></th>
<th class="th"><div>Oct. 13, 2020</div></th>
<th class="th"><div>Oct. 08, 2020</div></th>
<th class="th"><div>Nov. 19, 2018</div></th>
<th class="th"><div>Mar. 30, 2018</div></th>
<th class="th"><div>Feb. 02, 2018</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
<th class="th"><div>Dec. 31, 2017</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Common stock, shares authorized</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">450,000,000<span></span>
</td>
<td class="nump">450,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesAuthorized', window );">Series A Convertible Preferred Shares authorized</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">50,000,000<span></span>
</td>
<td class="nump">50,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Common stock, par value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockParOrStatedValuePerShare', window );">Preferred stock, par value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
<td class="nump">$ 0.001<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_OfferingUnits', window );">Offering units</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">200,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_OfferingPrice', window );">Offering price</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 25.00<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_PercentageOfPreferredShares', window );">Percentage of preferred shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7.75%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfWarrantOrRightOutstanding', window );">Outstanding number of Warrants</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,735,040<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_GrossProceedsFromOffering', window );">Gross proceeds from the Offering</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 5,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_NetProceedsFromPublicOffering', window );">Net proceeds from the Offering</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 4,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConvertiblePreferredStockTermsOfConversion', window );">Series A Convertible Preferred Shares - automatic conversion upon market trigger</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">If the trading price of Pyxis Tankers' common stock equals or exceeds $2.38 per share for at least 20 days in any 30 consecutive trading day period ending 5 days prior to notice, the Company can call for mandatory conversion of the Series A Convertible Preferred Shares.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_ChangeOfControlTerms', window );">Change of control terms line item</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">In the case of a change of control that is pre-approved by the Company's Board of Directors, holders of Series A Convertible Preferred Shares have the option to (i) demand that the Company redeem the Series A Convertible Preferred Shares at (a) $26.63 per Series A Convertible Preferred Share from the date of issuance until October 13, 2021, (b) $25.81 per Series A Convertible Preferred Share from October 13, 2021 until October 13, 2022 and (c) $25.00 after October 13, 2022, or (ii) continue to hold the Series A Convertible Preferred Shares. Upon a change of control, the holders also have the option to convert some or all of the Series A Convertible Preferred Shares, together with any accrued or unpaid dividends, into shares of common stock at the conversion rate. Change of Control means that (i) Mr. Valentios Valentis and his affiliates cease to own at least 20% of the voting securities of the Company, or (ii) a person or group acquires at least 50% voting control of the Company, and in the case of each of either (i) or (ii), neither the Company nor any surviving entity has its common stock listed on a recognized U.S. exchange.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common stock, shares outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">21,962,881<span></span>
</td>
<td class="nump">21,370,280<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common stock, shares issued</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">21,962,881<span></span>
</td>
<td class="nump">21,370,280<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsidiarySaleOfStockAxis=us-gaap_OverAllotmentOptionMember', window );">Overallotment Option [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_AdditionalNumberOfSeriesConvertiblePreferredSharesOptionalPreferredShares', window );">Additional number of Series A Convertible Preferred Shares (optional preferred shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">up to 30,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_PurchasePricePerOptionalPreferredShare', window );">Purchase price per optional preferred share</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 23.051<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_AdditionalNumberOfWarrantsOptionalWarrants', window );">Additional number of warrants (optional warrants)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">240,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_PurchasePricePerOptionalWarrant', window );">Purchase price per optional warrant</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.00925<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_PartialOverallotmentOfWarrantsExercisedByUnderwriter', window );">Partial overallotment of warrants exercised by the underwriter</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">135,040<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_GrossProceedsFromOverallotmentOptionGranted', window );">Gross proceeds</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementEquityComponentsAxis=PXS_UnderwritersWarrantsMember', window );">Underwriter's Warrants [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_WarrantAggregatePurchasePrice', window );">Warrant aggregate purchase price</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_TerminationDate', window );">Termination date</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">at any time on or after April 6, 2021 and prior to October 8, 2025<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_FirstTypeWarrantForPurchaseOfAggregateSeriesConvertiblePreferredShares', window );">First type - Warrant for the purchase of an aggregate Series A Convertible Preferred Shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_FirstTypeWarrantsExercisePrice', window );">First type - Exercise price</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 24.92<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_SecondTypeWarrantForPurchaseOfAggregateSeriesConvertiblePreferredShares', window );">Second type - Warrant for the purchase of an aggregate Series A Convertible Preferred Shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">16,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_SecondTypeWarrantsExercisePrice', window );">Second type - Exercise price</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.01<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember', window );">Common Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities', window );">Conversion of Series A convertible preferred shares to common stock, shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">332,106<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_IssuanceOfCommonStockUnderPromissoryNoteShares', window );">Issuance of common stock under the promissory note, shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">260,495<span></span>
</td>
<td class="nump">95,262<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TypeOfArrangementAxis=PXS_FThreeRegistrationStatementMember', window );">F-3 Registration Statement [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_MaximumOfferingAmountUnderRegistrationStatement', window );">Maximum offering amount under registration statement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 100,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_MaximumNumberOfSharesForSaleUnderRegistrationStatement', window );">Maximum number of shares for sale under registration statement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,233,222<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TypeOfArrangementAxis=PXS_ProspectusSupplementFiledForShelfRegistrationStatementRelatedToAtTheMarketProgramMember', window );">Prospectus Supplement Filed for Shelf Registration Statement Related to ATM Program [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_MaximumOfferingAmountUnderRegistrationStatement', window );">Maximum offering amount under registration statement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TypeOfArrangementAxis=PXS_ProspectusSupplementAmendedForShelfRegistrationStatementRelatedToAtTheMarketProgramMember', window );">Prospectus Supplement Amended for Shelf Registration Statement Related to ATM Program [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_MaximumOfferingAmountUnderRegistrationStatement', window );">Maximum offering amount under registration statement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3,675<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TypeOfArrangementAxis=PXS_ATMProgramMember', window );">ATM Program [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_StockIssuedDuringPeriodShares', window );">Number of common stock offered and sold under the atm</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">214,828<span></span>
</td>
<td class="nump">182,297<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common stock, shares outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">21,060,190<span></span>
</td>
<td class="nump">20,877,893<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_AverageGrossAmountUnderProgram', window );">Gross proceeds under the atm</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 354<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=PXS_SeriesAConvertiblePreferredSharesMember', window );">Series A Convertible Preferred Shares [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesAuthorized', window );">Series A Convertible Preferred Shares authorized</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesIssued', window );">Series A Convertible Preferred Shares issued</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">181,475<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesOutstanding', window );">Series A Convertible Preferred Shares outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">181,475<span></span>
</td>
<td class="nump">0<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_InitialConversionPricePerCommonShare', window );">Initial conversion price per common share</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1.40<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_ConvertiblePreferredStockConversionDescription', window );">Series A Convertible Preferred Share, description</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Each Series A Convertible Preferred Share is convertible into common shares at an initial conversion price of $1.40 per common share, or 17.86 common shares, at any time at the option of the holder, subject to certain customary adjustments.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities', window );">Conversion of Series A convertible preferred shares to common stock, shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">18,525<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=PXS_SeriesAConvertiblePreferredSharesAndDetachableWarrantsMember', window );">Series A Convertible Preferred Shares and detachable Warrants [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_NumberOfDetachableWarrantsPerSeriesConvertiblePreferredShare', window );">Number of detachable Warrants per Series A Convertible Preferred Share</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_NumberOfCommonSharesFromExerciseOfDetachableWarrants', window );">Number of common shares from the exercise of detachable warrants</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">up to 1,600,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1', window );">Warrant exercise price</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1.40<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_WarrantExercisableDate', window );">Warrant exercisable date</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">at any time prior to October 13, 2025 or, in case of absence of an effective registration statement, to exchange those cashless based on a formula.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_CashDividendPerShare', window );">Cash dividend per share</a></td>
<td class="nump">$ 0.1615<span></span>
</td>
<td class="nump">$ 0.1991<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_AnnualCashDividendPerShare', window );">Annual cash dividend per share</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1.9375<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockDividendRatePercentage', window );">Preferred dividend percentage</a></td>
<td class="nump">7.75%<span></span>
</td>
<td class="nump">7.75%<span></span>
</td>
<td class="nump">7.75%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_AdditionalNumberOfSeriesConvertiblePreferredSharesOptionalPreferredShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Additional number of Series A Convertible Preferred Shares (optional preferred shares).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_AdditionalNumberOfSeriesConvertiblePreferredSharesOptionalPreferredShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_AdditionalNumberOfWarrantsOptionalWarrants">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Additional number of Warrants (optional warrants).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_AdditionalNumberOfWarrantsOptionalWarrants</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_AnnualCashDividendPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Annual cash dividend per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_AnnualCashDividendPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_AverageGrossAmountUnderProgram">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Gross proceeds under the At-The-Market (ATM) Program.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_AverageGrossAmountUnderProgram</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_CashDividendPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount per share used to calculate dividend payments on preferred stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_CashDividendPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_ChangeOfControlTerms">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Change of control terms.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_ChangeOfControlTerms</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_ConvertiblePreferredStockConversionDescription">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Convertible preferred stock conversion description.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_ConvertiblePreferredStockConversionDescription</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_FirstTypeWarrantForPurchaseOfAggregateSeriesConvertiblePreferredShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>First type - Warrant for the purchase of an aggregate Series A Convertible Preferred Shares</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_FirstTypeWarrantForPurchaseOfAggregateSeriesConvertiblePreferredShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_FirstTypeWarrantsExercisePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>First type - warrants exercise price.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_FirstTypeWarrantsExercisePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_GrossProceedsFromOffering">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Gross proceeds from the Offering.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_GrossProceedsFromOffering</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_GrossProceedsFromOverallotmentOptionGranted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Gross proceeds from the over-allotment option granted.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_GrossProceedsFromOverallotmentOptionGranted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_InitialConversionPricePerCommonShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Initial conversion price per common share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_InitialConversionPricePerCommonShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_IssuanceOfCommonStockUnderPromissoryNoteShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Issuance of common stock under the promissory note, shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_IssuanceOfCommonStockUnderPromissoryNoteShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_MaximumNumberOfSharesForSaleUnderRegistrationStatement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Maximum number of shares for sale under registration statement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_MaximumNumberOfSharesForSaleUnderRegistrationStatement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_MaximumOfferingAmountUnderRegistrationStatement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Maximum offering amount under registration statement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_MaximumOfferingAmountUnderRegistrationStatement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_NetProceedsFromPublicOffering">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Net proceeds from public offering.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_NetProceedsFromPublicOffering</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_NumberOfCommonSharesFromExerciseOfDetachableWarrants">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of common shares from exercise of detachable warrants.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_NumberOfCommonSharesFromExerciseOfDetachableWarrants</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_NumberOfDetachableWarrantsPerSeriesConvertiblePreferredShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of detachable Warrants per Series A Convertible Preferred Share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_NumberOfDetachableWarrantsPerSeriesConvertiblePreferredShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_OfferingPrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Offering price per unit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_OfferingPrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_OfferingUnits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of units offered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_OfferingUnits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_PartialOverallotmentOfWarrantsExercisedByUnderwriter">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Partial overallotment of warrants exercised by underwriter.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_PartialOverallotmentOfWarrantsExercisedByUnderwriter</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_PercentageOfPreferredShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of preferred shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_PercentageOfPreferredShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_PurchasePricePerOptionalPreferredShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Purchase price per optional preferred share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_PurchasePricePerOptionalPreferredShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_PurchasePricePerOptionalWarrant">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Purchase price per optional warrant.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_PurchasePricePerOptionalWarrant</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_SecondTypeWarrantForPurchaseOfAggregateSeriesConvertiblePreferredShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Second type - Warrant for the purchase of an aggregate Series A Convertible Preferred Shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_SecondTypeWarrantForPurchaseOfAggregateSeriesConvertiblePreferredShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_SecondTypeWarrantsExercisePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Second type warrants exercise price.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_SecondTypeWarrantsExercisePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_StockIssuedDuringPeriodShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of common stock offered and sold under the At-The-Market (ATM) Program.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_StockIssuedDuringPeriodShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_TerminationDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Termination date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_TerminationDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_WarrantAggregatePurchasePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Warrant aggregate purchase price.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_WarrantAggregatePurchasePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_WarrantExercisableDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Warrant exercisable date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_WarrantExercisableDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Exercise price per share or per unit of warrants or rights outstanding.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21475-112644<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ClassOfWarrantOrRightOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of warrants or rights outstanding.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ClassOfWarrantOrRightOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockParOrStatedValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face amount or stated value per share of common stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockParOrStatedValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesAuthorized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesAuthorized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21463-112644<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConvertiblePreferredStockTermsOfConversion">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Specific terms relevant to convertibility. Includes class of preferred stock and number of shares convertible into, exercise (or conversion) price or rates, dates relevant to conversion timing and events relevant to conversion. Describe also any beneficial conversion features. where convertible preferred stock with a nondetachable conversion feature is in-the-money at commitment date. For contingently convertible preferred stock, discuss the circumstances of the contingency, including the events or changes in circumstance that would cause the contingency to be met and any of the significant features necessary to understand the conversion rights and the timing of those rights. Include also an events or changes in circumstance, if any, that could adjust or change the contingency, conversion price, or number of shares, including significant terms of those changes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21538-112644<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21521-112644<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(27))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21506-112644<br><br>Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21475-112644<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConvertiblePreferredStockTermsOfConversion</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockDividendRatePercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage rate used to calculate dividend payments on preferred stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockDividendRatePercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockParOrStatedValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face amount or stated value per share of preferred stock nonredeemable or redeemable solely at the option of the issuer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockParOrStatedValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesAuthorized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockSharesAuthorized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares issued during the period as a result of the conversion of convertible securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=120397183&amp;loc=d3e187085-122770<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29-30)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21475-112644<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21463-112644<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsidiarySaleOfStockAxis=us-gaap_OverAllotmentOptionMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsidiarySaleOfStockAxis=us-gaap_OverAllotmentOptionMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=PXS_UnderwritersWarrantsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=PXS_UnderwritersWarrantsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TypeOfArrangementAxis=PXS_FThreeRegistrationStatementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TypeOfArrangementAxis=PXS_FThreeRegistrationStatementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TypeOfArrangementAxis=PXS_ProspectusSupplementFiledForShelfRegistrationStatementRelatedToAtTheMarketProgramMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TypeOfArrangementAxis=PXS_ProspectusSupplementFiledForShelfRegistrationStatementRelatedToAtTheMarketProgramMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TypeOfArrangementAxis=PXS_ProspectusSupplementAmendedForShelfRegistrationStatementRelatedToAtTheMarketProgramMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TypeOfArrangementAxis=PXS_ProspectusSupplementAmendedForShelfRegistrationStatementRelatedToAtTheMarketProgramMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TypeOfArrangementAxis=PXS_ATMProgramMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TypeOfArrangementAxis=PXS_ATMProgramMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=PXS_SeriesAConvertiblePreferredSharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=PXS_SeriesAConvertiblePreferredSharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=PXS_SeriesAConvertiblePreferredSharesAndDetachableWarrantsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=PXS_SeriesAConvertiblePreferredSharesAndDetachableWarrantsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>82
<FILENAME>R48.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625146270088">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Loss Per Common Share - Schedule of Loss Per Common Share (Details) - USD ($)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareAbstract', window );"><strong>Earnings Per Share [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic', window );">Net loss available to common stockholders</a></td>
<td class="num">$ (6,982)<span></span>
</td>
<td class="num">$ (8,330)<span></span>
</td>
<td class="num">$ (8,214)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted', window );">Weighted average number of common shares, basic and diluted</a></td>
<td class="nump">21,548,126<span></span>
</td>
<td class="nump">21,161,164<span></span>
</td>
<td class="nump">20,894,202<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasicAndDiluted', window );">Loss per common share, basic and diluted</a></td>
<td class="num">$ (0.32)<span></span>
</td>
<td class="num">$ (0.39)<span></span>
</td>
<td class="num">$ (0.39)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasicAndDiluted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements.  Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period.  Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=121326447&amp;loc=d3e1337-109256<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareBasicAndDiluted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22595-107794<br><br>Reference 2: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=121326447&amp;loc=d3e1448-109256<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22694-107794<br><br>Reference 4: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=121326447&amp;loc=d3e1377-109256<br><br>Reference 5: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 6: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8736-108599<br><br>Reference 7: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 11<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22694-107794<br><br>Reference 8: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 60B<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=121326447&amp;loc=SL5780133-109256<br><br>Reference 9: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (f)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8933-108599<br><br>Reference 10: http://www.xbrl.org/2003/role/exampleRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 31<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8924-108599<br><br>Reference 11: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 30<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8906-108599<br><br>Reference 12: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 250<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=109234566&amp;loc=d3e22583-107794<br><br>Reference 13: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=120311839&amp;loc=d3e8933-108599<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Average number of shares or units issued and outstanding that are used in calculating basic and diluted earnings per share (EPS).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>83
<FILENAME>R49.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625141289464">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Risk Management and Fair Value Measurements (Details Narrative) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Jan. 19, 2018</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairmentOfLongLivedAssetsHeldForUse', window );">Vessel impairment charge</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 2,282<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsHeldForSaleNotPartOfDisposalGroupCurrent', window );">Vessel held-for-sale</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 13,190<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TypeOfArrangementAxis=us-gaap_InterestRateCapMember', window );">Interest Rate Cap [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_DerivativesNotionalAmount', window );">Notional amount</a></td>
<td class="nump">$ 10,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeCapInterestRate', window );">Interest rate cap percentage</a></td>
<td class="nump">3.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_InterestRateCapTerminationDate', window );">Interest rate cap termination date</a></td>
<td class="text">Jul. 18,  2022<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_DerivativesNotionalAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate notional amount specified by the derivative(s). Expressed as an absolute value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_DerivativesNotionalAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_InterestRateCapTerminationDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Interest rate cap termination date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_InterestRateCapTerminationDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsHeldForSaleNotPartOfDisposalGroupCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of assets held-for-sale that are not part of a disposal group, expected to be sold within a year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 15<br> -Paragraph 4<br> -Subparagraph (b)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=121558832&amp;loc=d3e400-110220<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsHeldForSaleNotPartOfDisposalGroupCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeCapInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cap rate on an interest rate derivative such as an interest rate cap or collar. If market rates exceed the cap rate, a payment or receipt is triggered on the contract.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeCapInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ImpairmentOfLongLivedAssetsHeldForUse">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of write-downs for impairments recognized during the period for long lived assets held for use (including those held for disposal by means other than sale).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109226691&amp;loc=d3e2921-110230<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=109226348&amp;loc=d3e2420-110228<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ImpairmentOfLongLivedAssetsHeldForUse</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TypeOfArrangementAxis=us-gaap_InterestRateCapMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TypeOfArrangementAxis=us-gaap_InterestRateCapMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>84
<FILENAME>R50.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625137773464">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>Risk Management and Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_TradeAccountsReceivableNet', window );">Trade accounts receivable, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 663<span></span>
</td>
<td class="nump">$ 1,243<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableCurrent', window );">Trade accounts payable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,642<span></span>
</td>
<td class="nump">$ 4,538<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_ConsolidatedEntitiesAxis=PXS_CarryingValueMember', window );">Carrying Value [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_CashAndCashEquivalent', window );">Cash and cash equivalents</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">4,037<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_TradeAccountsReceivableNet', window );">Trade accounts receivable, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">663<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableCurrent', window );">Trade accounts payable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,642<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_LongtermDebtWithVariableInterestRatesNet', window );">Long-term debt with variable interest rates, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">30,260<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_LongtermLoansAndPromissoryNoteWithNonvariableInterestRatesNet', window );">Long-term loans and promissory note with non-variable interest rates, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">29,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_ConsolidatedEntitiesAxis=PXS_FairValueMember', window );">Fair Value [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_CashAndCashEquivalent', window );">Cash and cash equivalents</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">4,037<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_TradeAccountsReceivableNet', window );">Trade accounts receivable, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">663<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableCurrent', window );">Trade accounts payable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,642<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_LongtermDebtWithVariableInterestRatesNet', window );">Long-term debt with variable interest rates, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">30,260<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_LongtermLoansAndPromissoryNoteWithNonvariableInterestRatesNet', window );">Long-term loans and promissory note with non-variable interest rates, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 33,864<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">As at December 31, 2020, Carrying Value of Eighthone Loan and Amended &amp; Restated Promissory Note is $24,000 and $5,000, respectively. Theoretical Fair Value of Eighthone Loan and Amended &amp; Restated Promissory Note is $28,121 and $5,743, respectively.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_CashAndCashEquivalent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Also includes amount of cash and cash equivalents restricted as to withdrawal or usage, classified as current and con-current.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_CashAndCashEquivalent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_LongtermDebtWithVariableInterestRatesNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after unamortized (discount) premium and debt issuance costs of long-term debt classified as noncurrent and excluding amounts to be repaid within one year or the normal operating cycle, if longer. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_LongtermDebtWithVariableInterestRatesNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_LongtermLoansAndPromissoryNoteWithNonvariableInterestRatesNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after unamortized (discount) premium and debt issuance costs of long-term debt classified as noncurrent and excluding amounts to be repaid within one year or the normal operating cycle, if longer. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations. Also includes carrying value as of the balance sheet date of notes payable (with maturities initially due after one year or beyond the operating cycle if longer), excluding current portion.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_LongtermLoansAndPromissoryNoteWithNonvariableInterestRatesNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_TradeAccountsReceivableNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_TradeAccountsReceivableNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_ConsolidatedEntitiesAxis=PXS_CarryingValueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_ConsolidatedEntitiesAxis=PXS_CarryingValueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_ConsolidatedEntitiesAxis=PXS_FairValueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_ConsolidatedEntitiesAxis=PXS_FairValueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>85
<FILENAME>R51.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625143415096">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Risk Management and Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities (Details) (Parenthetical) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentCarryingAmount', window );">Long-term debt, carrying value</a></td>
<td class="nump">$ 54,260<span></span>
</td>
<td class="nump">$ 58,919<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TypeOfArrangementAxis=PXS_EighthoneLoanAmendedAndRestatedPromissoryNoteMember', window );">Eighthone Loan and Amended and Restated Promissory Note [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentCarryingAmount', window );">Long-term debt, carrying value</a></td>
<td class="nump">24,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebtFairValue', window );">Long term debt, fair value</a></td>
<td class="nump">$ 28,121<span></span>
</td>
<td class="nump">$ 5,743<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentCarryingAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, before unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 20<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (b)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=120520924&amp;loc=SL6031897-161870<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400017&amp;loc=d3e572229-122910<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=120398452&amp;loc=d3e534808-122878<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentCarryingAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebtFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value amount of long-term debt whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebtFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TypeOfArrangementAxis=PXS_EighthoneLoanAmendedAndRestatedPromissoryNoteMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TypeOfArrangementAxis=PXS_EighthoneLoanAmendedAndRestatedPromissoryNoteMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>86
<FILENAME>R52.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625145782472">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Risk Management and Fair Value Measurements - Schedule of Financial Derivative Instrument Location (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_RiskManagementAndFairValueMeasurementsAbstract', window );"><strong>Vessel Name</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentsAndHedgesNoncurrent', window );">Financial derivative instrument - Other non-current assets</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">$ 1<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_RiskManagementAndFairValueMeasurementsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_RiskManagementAndFairValueMeasurementsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeInstrumentsAndHedgesNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of the assets arising from derivative contracts and hedging activities, which are expected to be converted into cash or otherwise disposed of after a year or beyond the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeInstrumentsAndHedgesNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>87
<FILENAME>R53.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625138929288">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Risk Management and Fair Value Measurements - Schedule of Gains Losses on Derivative Instruments (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_RiskManagementAndFairValueMeasurementsAbstract', window );"><strong>Vessel Name</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_InitialCostOfDerivativeInstrument', window );">Financial derivative instrument - Fair value at the beginning of the period</a></td>
<td class="num">$ (1)<span></span>
</td>
<td class="num">$ (28)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DerivativeInstrumentsAndHedgesNoncurrent', window );">Financial derivative instrument - Fair value as at period end</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnDerivativeInstrumentsNetPretax', window );">Loss from financial derivative instrument</a></td>
<td class="num">$ (1)<span></span>
</td>
<td class="num">$ (27)<span></span>
</td>
<td class="num">$ (19)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_InitialCostOfDerivativeInstrument">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of the assets arising from derivative contracts and hedging activities, which are expected to be converted into cash or otherwise disposed of after a year or beyond the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_InitialCostOfDerivativeInstrument</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_RiskManagementAndFairValueMeasurementsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_RiskManagementAndFairValueMeasurementsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DerivativeInstrumentsAndHedgesNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of the assets arising from derivative contracts and hedging activities, which are expected to be converted into cash or otherwise disposed of after a year or beyond the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DerivativeInstrumentsAndHedgesNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnDerivativeInstrumentsNetPretax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate net gain (loss) on all derivative instruments recognized in earnings during the period, before tax effects.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 815<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4A<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121590274&amp;loc=SL5618551-113959<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnDerivativeInstrumentsNetPretax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>88
<FILENAME>R54.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625139997192">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Risk Management and Fair Value Measurements - Schedule of Assets Measured at Fair Value on a Non-recurring Basis Long Lived Assets Held and Used and Held for Sale (Details)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th">
<div>Dec. 31, 2018 </div>
<div>USD ($)</div>
</th></tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_SignificantOtherObservableInputsLevel2NorthseaAlphaVesselMember', window );">Significant Other Observable Inputs (Level 2) Northsea Alpha [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairedLongLivedAssetsHeldAndUsedLineItems', window );"><strong>Impaired Long-Lived Assets Held and Used [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosure', window );">Fair value of vessel</a></td>
<td class="nump">$ 6,125<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_ImpairmentChargesOnVesselsNet', window );">Impairment Loss charged against Vessels, net</a></td>
<td class="nump">1,142<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_SignificantOtherObservableInputsLevel2NorthseaBetaVesselMember', window );">Significant Other Observable Inputs (Level 2) Northsea Beta [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairedLongLivedAssetsHeldAndUsedLineItems', window );"><strong>Impaired Long-Lived Assets Held and Used [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosure', window );">Fair value of vessel</a></td>
<td class="nump">6,125<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_ImpairmentChargesOnVesselsNet', window );">Impairment Loss charged against Vessels, net</a></td>
<td class="nump">1,140<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_SignificantOtherObservableInputsLevel2NorthseaAlphaAndNorthseaBetaMember', window );">Significant Other Observable Inputs (Level 2) Northsea Alpha and Northsea Beta [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ImpairedLongLivedAssetsHeldAndUsedLineItems', window );"><strong>Impaired Long-Lived Assets Held and Used [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosure', window );">Fair value of vessel</a></td>
<td class="nump">12,250<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_ImpairmentChargesOnVesselsNet', window );">Impairment Loss charged against Vessels, net</a></td>
<td class="nump">$ 2,282<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_ImpairmentChargesOnVesselsNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Portion of impairment loss charged against vessels, net.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_ImpairmentChargesOnVesselsNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsFairValueDisclosure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value portion of probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 820<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=117815213&amp;loc=d3e19207-110258<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsFairValueDisclosure</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ImpairedLongLivedAssetsHeldAndUsedLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ImpairedLongLivedAssetsHeldAndUsedLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_SignificantOtherObservableInputsLevel2NorthseaAlphaVesselMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_SignificantOtherObservableInputsLevel2NorthseaAlphaVesselMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_SignificantOtherObservableInputsLevel2NorthseaBetaVesselMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_SignificantOtherObservableInputsLevel2NorthseaBetaVesselMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_SignificantOtherObservableInputsLevel2NorthseaAlphaAndNorthseaBetaMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=PXS_SignificantOtherObservableInputsLevel2NorthseaAlphaAndNorthseaBetaMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>89
<FILENAME>R55.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625146200328">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Commitments and Contingencies - Schedule of Future Minimum Contractual Charter Revenues (Details)<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Dec. 31, 2020 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesDisclosureAbstract', window );"><strong>Commitments and Contingencies Disclosure [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableCurrent', window );">2021</a></td>
<td class="nump">$ 4,358<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivable', window );">Total</a></td>
<td class="nump">$ 4,358<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingenciesDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommitmentsAndContingenciesDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Future minimum rental payments in aggregate as of the balance sheet date under operating leases.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121578510&amp;loc=d3e41551-112718<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Future rental payments receivable within one year of the balance sheet date under an operating lease.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 840<br> -SubTopic 20<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121578510&amp;loc=d3e41551-112718<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsReceivableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>90
<FILENAME>R56.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625155282904">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Interest and Finance Costs, Net - Schedule of Interest and Finance Costs (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
<th class="th"><div>Dec. 31, 2018</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_InterestAndFinanceCostsNetAbstract', window );"><strong>Pyxis Maritime Corporation</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpenseLongTermDebt', window );">Interest on long-term debt</a></td>
<td class="nump">$ 4,184<span></span>
</td>
<td class="nump">$ 5,122<span></span>
</td>
<td class="nump">$ 3,835<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_InterestOnPromissoryNote', window );">Interest on promissory note</a></td>
<td class="nump">452<span></span>
</td>
<td class="nump">395<span></span>
</td>
<td class="nump">213<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_LongtermDebtPrepaymentFees', window );">Long-term debt prepayment fees</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="nump">56<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AmortizationOfFinancingCosts', window );">Amortization and write-off of financing costs</a></td>
<td class="nump">328<span></span>
</td>
<td class="nump">258<span></span>
</td>
<td class="nump">386<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestAndDebtExpense', window );">Total</a></td>
<td class="nump">$ 4,964<span></span>
</td>
<td class="nump">$ 5,775<span></span>
</td>
<td class="nump">$ 4,490<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_InterestAndFinanceCostsNetAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_InterestAndFinanceCostsNetAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_InterestOnPromissoryNote">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Interest expense on promissory note.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_InterestOnPromissoryNote</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_LongtermDebtPrepaymentFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Long-term debt prepayment fees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_LongtermDebtPrepaymentFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AmortizationOfFinancingCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of amortization expense attributable to debt issuance costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3602-108585<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=120395209&amp;loc=SL114868664-224227<br><br>Reference 3: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=119993939&amp;loc=d3e28555-108399<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AmortizationOfFinancingCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestAndDebtExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Interest and debt related expenses associated with nonoperating financing activities of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestAndDebtExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpenseLongTermDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate amount of interest paid or due on all long-term debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 220<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04.8)<br> -URI http://asc.fasb.org/extlink&amp;oid=120399700&amp;loc=SL114874048-224260<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestExpenseLongTermDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>91
<FILENAME>R57.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.21.1</span><table class="report" border="0" cellspacing="2" id="idm140625063498936">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Subsequent Events (Details Narrative) - USD ($)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Apr. 06, 2021</div></th>
<th class="th"><div>Mar. 22, 2021</div></th>
<th class="th"><div>Mar. 17, 2021</div></th>
<th class="th"><div>Mar. 04, 2021</div></th>
<th class="th"><div>Feb. 24, 2021</div></th>
<th class="th"><div>Feb. 22, 2021</div></th>
<th class="th"><div>Jan. 20, 2021</div></th>
<th class="th"><div>Dec. 31, 2020</div></th>
<th class="th"><div>Apr. 02, 2021</div></th>
<th class="th"><div>Jan. 04, 2021</div></th>
<th class="th"><div>Dec. 31, 2019</div></th>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_BidPriceRule', window );">Bid price rule</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">On July 2, 2020, NASDAQ had notified the Company of its noncompliance with the minimum bid price of $1.00 over the previous 30 consecutive business days as required by the Listing Rules of the NASDAQ Stock Market. On December 29, 2020, the Company received written notification granting the Company a 180-day extension, or until June 28, 2021, to regain compliance with the minimum bid price requirement. Subsequently, from January 28, 2021 to February 16, 2021, the Company's closing bid price for its common shares were $1.00 per share or greater and, On February 17, 2021, NASDAQ informed the Company that it had regained compliance with the exchange's minimum closing bid price rule (NASDAQ Listing Rule 5550(a)(2)).<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common stock, shares issued</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">21,962,881<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">21,370,280<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common stock, shares outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">21,962,881<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">21,370,280<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentCarryingAmount', window );">Total long-term debt outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 54,260<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 58,919<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_srt_TitleOfIndividualAxis=PXS_MrValentisMember', window );">Mr. Valentis [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_PercentageOfCommonStockBeneficiallyOwned', window );">Percentage of beneficially owned common stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">79.60%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember', window );">Subsequent Event [Member] | Eighthone Corp [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_MinimumLiquidityAmountRequired', window );">Minimum liquidity amount required</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember', window );">Subsequent Event [Member] | Mr. Valentis [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_PercentageOfCommonStockBeneficiallyOwned', window );">Percentage of beneficially owned common stock</a></td>
<td class="nump">47.30%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember', window );">Subsequent Event [Member] | Series A Convertible Preferred Shares [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_ConvertiblePreferredSharesDividendPerShare', window );">Convertible preferred shares, dividend per share</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.1615<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 0.1615<span></span>
</td>
<td class="nump">$ 0.1615<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock', window );">Convertible preferred stock dividends paid</a></td>
<td class="nump">$ 83<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember', window );">Subsequent Event [Member] | Warrant Exercises [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_NumberOfWarrantsExercisedDuringPeriod', window );">Exercised warrants</a></td>
<td class="nump">144,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromWarrantExercises', window );">Proceeds from warrants exercised</a></td>
<td class="nump">$ 200<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common stock, shares issued</a></td>
<td class="nump">37,225,792<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common stock, shares outstanding</a></td>
<td class="nump">37,225,792<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember', window );">Subsequent Event [Member] | Amendment to Eighthone Loan [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_DescriptionOfMinimumLiquidityAmountAndMinimumSecurityCover', window );">Minimum Liquidity amount &amp; Minimum Security Cover description</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">The Minimum Liquidity amount shall remain at $0.5 million through 2021 and increase to $0.75 million thereafter until maturity. The Minimum Security Cover shall remain at 115% of the outstanding loan (currently $24 million) through 2021 and increase to 125% thereafter. All other terms and conditions shall remain in full force and effect.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember', window );">Subsequent Event [Member] | Refinance of Eighthone Loan [Member] | Eighthone Corp [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentCarryingAmount', window );">Total long-term debt outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 17,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfDebt', window );">Cash used to repay the existing loan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 7,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_LoanAmortizationProfile', window );">Loan amortization profile</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">The new five year loan has quarterly amortization of $0.3 million with $11 million due at maturity. The loan is priced at Libor + 3.35%.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_LongTermDebtBalloonPayment', window );">Long term debt balloon payment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 11,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember', window );">Subsequent Event [Member] | Series A Convertible Preferred Shares Conversions [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_ConversionOfPreferredShares', window );">Conversion of preferred shares</a></td>
<td class="text">58,814 of Series A Convertible Preferred Shares were converted into 1,052,529 registered common shares<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConvertiblePreferredStockSharesIssuedUponConversion', window );">Shares issued upon conversion</a></td>
<td class="nump">1,052,529<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember', window );">Subsequent Event [Member] | $25.0 Million Private Placement of Common Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfPrivatePlacement', window );">Gross proceeds from private placement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 25,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_NumberOfCommonStockIssued', window );">Number of common stock issued</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">14,285,715<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SaleOfStockPricePerShare', window );">Price per share of common stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1.75<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember', window );">Subsequent Event [Member] | Amended &amp; Restated Promissory Note [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_PXS_StockIssuedDuringPeriodSharesNewIssue', window );">Number of common shares issued</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">47,827<span></span>
</td>
<td class="nump">64,446<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_BidPriceRule">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Bid price rule.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_BidPriceRule</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_ConversionOfPreferredShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Conversion of preferred shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_ConversionOfPreferredShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_ConvertiblePreferredSharesDividendPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount per share used to calculate dividend payments on preferred stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_ConvertiblePreferredSharesDividendPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_DescriptionOfMinimumLiquidityAmountAndMinimumSecurityCover">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Description of Minimum Liquidity amount and Minimum Security Cover.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_DescriptionOfMinimumLiquidityAmountAndMinimumSecurityCover</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_LoanAmortizationProfile">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Loan amortization profile.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_LoanAmortizationProfile</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_LongTermDebtBalloonPayment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Long-term debt balloon payment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_LongTermDebtBalloonPayment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_MinimumLiquidityAmountRequired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Minimum liquidity amount required.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_MinimumLiquidityAmountRequired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_NumberOfCommonStockIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of common stock issued.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_NumberOfCommonStockIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_NumberOfWarrantsExercisedDuringPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of warrants exercised during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_NumberOfWarrantsExercisedDuringPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_PercentageOfCommonStockBeneficiallyOwned">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of common stock beneficially owned.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_PercentageOfCommonStockBeneficiallyOwned</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_PXS_StockIssuedDuringPeriodSharesNewIssue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of new stock issued during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">PXS_StockIssuedDuringPeriodSharesNewIssue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>PXS_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21463-112644<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConvertiblePreferredStockSharesIssuedUponConversion">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares issued for each share of convertible preferred stock that is converted.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(27))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21475-112644<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=109259400&amp;loc=d3e21506-112644<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConvertiblePreferredStockSharesIssuedUponConversion</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentCarryingAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, before unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/disclosureRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 470<br> -SubTopic 20<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (b)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=120520924&amp;loc=SL6031897-161870<br><br>Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=120400017&amp;loc=d3e572229-122910<br><br>Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=120391452&amp;loc=d3e13212-122682<br><br>Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=120398452&amp;loc=d3e534808-122878<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentCarryingAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash outflow in the form of ordinary dividends to preferred shareholders of the parent entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3291-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfPrivatePlacement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow associated with the amount received from entity's raising of capital via private rather than public placement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3255-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromIssuanceOfPrivatePlacement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromWarrantExercises">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow associated with the amount received from holders exercising their stock warrants.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3255-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromWarrantExercises</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RepaymentsOfDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow during the period from the repayment of aggregate short-term and long-term debt. Excludes payment of capital lease obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=121586364&amp;loc=d3e3291-108585<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RepaymentsOfDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SaleOfStockPricePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Per share amount received by subsidiary or equity investee for each share of common stock issued or sold in the stock transaction.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SaleOfStockPricePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_srt_TitleOfIndividualAxis=PXS_MrValentisMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">srt_TitleOfIndividualAxis=PXS_MrValentisMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=PXS_EighthoneCorpMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=PXS_EighthoneCorpMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=PXS_SeriesAConvertiblePreferredSharesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=PXS_SeriesAConvertiblePreferredSharesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TypeOfArrangementAxis=PXS_WarrantExercisesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TypeOfArrangementAxis=PXS_WarrantExercisesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TypeOfArrangementAxis=PXS_AmendmentToEighthoneLoanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TypeOfArrangementAxis=PXS_AmendmentToEighthoneLoanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TypeOfArrangementAxis=PXS_RefinanceOfEighthoneLoanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TypeOfArrangementAxis=PXS_RefinanceOfEighthoneLoanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=PXS_SeriesAConvertiblePreferredSharesConversionsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=PXS_SeriesAConvertiblePreferredSharesConversionsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsidiarySaleOfStockAxis=us-gaap_PrivatePlacementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsidiarySaleOfStockAxis=us-gaap_PrivatePlacementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentAxis=PXS_AmendedAndRestatedPromissoryNoteMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentAxis=PXS_AmendedAndRestatedPromissoryNoteMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EXCEL
<SEQUENCE>92
<FILENAME>Financial_Report.xlsx
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 Financial_Report.xlsx
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M0=5 Y3_;U UH]@TT')$%7C&9MC:CY$X*/-S^[PVPPL2.X>V+OP%02P,$%
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MZJ&4+>--KA[X\U>V-RC0^A*>R^H_>M[+>CV4;*3BQ7XP("BR<O<9_]P[XF
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MVI1JE0W)]&M<2:Z>$J63X8)E@E$28PDQNL<49Q&@E;83Z/T2<\AD I)$F'Y
M']$[9"*1J+LB,*4:77N843W2?362TS/2 T0C-+9OD&,Y5H=\,5ANSP[EILJY
M2=QI$G=*/[?';ZFF"W"NLE8UCIYN4(XYVF%:0%=JE9=?>NF5L0NMD679@;EK
M9W IZ@!TW(".KP.M7@#"A4P8)W\A[@*N/+T6BF=5OR/F 8$'V&Z#[9[%7K T
M5<MT2''=0<6]%'5 Z364WA64@RKKG13,[2GMD,@#ZDE#/;F>F@A1=!-/3C@<
M>S9QIM/C$G<%CGW+F?;P^@VO?SVOVE.$Q%E,LFT7M#\4NBOP'/2T@9Z>A5X!
M)PKS#JE/Y ZX)&L*Z'4QKJHL?GZ%= W\UYDOTJP9</8?%OKL)'W[W!2SK=>-
MP7H33O\\JPT/6*:VZWM';ZPCKH^VM8W9;Z*],,MJU\O(IW''R&9K$]8GH*^8
M;TDF$(6-TE@C7XEY=:BH.I+EY;Z\9E+M\F4S40<QX#I /=\P)E\Z>JMOCG;A
M/U!+ P04    " ":2XQ2P>=9QAX&  !A&0  &    'AL+W=O<FMS:&5E=',O
M<VAE970T+GAM;*U9VV[;.!#]%<+H0PLTL4A=+ >)@<3N[A9HMT'3R\-B'VB+
MCH5*HE>DG72_?H>4+=GTB$VP 8)8DL^,>(;#F4/Z\D'6/]1*"$T>RZ)25X.5
MUNN+X5 M5J+DZERN107?+&5=<@VW]?U0K6O!,VM4%D,6!,FPY'DUF%S:9[?U
MY%)N=)%7XK8F:E.6O/YY(PKY<#6@@_V#S_G]2IL'P\GEFM^+.Z&_KF]KN!NV
M7K*\%)7*945JL;P:7-.+&1L9 XOXEHL'=7!-#)6YE#_,S?OL:A"8$8E"++1Q
MP>%C*Z:B*(PG&,<_.Z>#]IW&\/!Z[_TW2Q[(S+D24UE\SS.]NAJD Y*))=\4
M^K-\^$/L",7&WT(6ROXG#PUV!&]<;)26Y<X8[LN\:C[YXRX0!P8TZ3%@.P/F
M&D0]!N'.('RJ0;0SB&QD&BHV#C.N^>2RE@^D-FCP9BYL,*TUT,\K,^]WNH9O
M<[#3DZFLE"SRC&N1D3L-'S"I6A&Y)%-90BJMS!QO!?D@E2)GY.O=C+Q^]8:\
M(GE%OJSD1O$J4Y=##6,Q'H>+W7MOFO>RGO=21C[*2J\4>5=E(CMV, 02+1.V
M9W+#O!YG8G%.0OJ6L( %R("F3S:G8\1\]G3SU,,F;.<EM/["'G_OJX4L13<C
MY*_KN=(U+)._/=ZCUGMDO4<]WC^+K:@V0KTEE=#8Y#7FB34WI6,[871$Z>5P
M>QA1!#4:Q>$Q:H:@TB@>M:@C!G'+(/;&Y]TC5#XEU(4G&DGK*_%&XYO\"24.
MJEAA5\%"*E@ D-9P59:Y,B4.S?#&:WQ ["QB2>H$"4'%E#$G2 B*TI3V1&G4
M,AOYF0D%)99 EZBYSJM[(G9AP^B,D"$$:1HX?# 8&\6)0PB%)<D8)Y2VA%(O
MH=]%!50*.SL\@WJ8FT5A6H>76GHZ&!:.W)G"4%$P<HCAJ CG-6YYC;V\/O(*
M4M N]*4PZW*?C&M>ZQPG-3X=2!(ZHYTBH!&+'$HH*, 9T:#K+,'S.$F]$C7:
M*H+3 :1T[%#!4./02<_9KU#'9 [:)/62N2XE3,2_W(H5:(YJ+18Y)*+:U%OQ
MLZD9*#6*I(M;(J<H*CJAAJ!H&/908QTUYJ4V$]#F@8RAAE)@2)V+J+MZ,%@<
MLA,2&"P.^B:HZY<T?$JIR\LUSVN;=(L5K^\%RLCKRDCM"[7F"W$U@,@H 3,\
MF!!,4KR4H]G.T7$"L)3U1*7K\]3?Z*UJ@XS=-M%9B2([@\W"F>(%'AFON^=$
M)D((G7:)%WC?<60Z_4!C?R>!/1%9UK(D4)6(B8=9UDV<>F71SN<A*[?@^E_[
MG)3X_XZ.0]/)(>K70S<\@ZW37)-U+;=YK_SQ>WE.KB#BAYUD"J:0^FI?IX^H
M7R!]:I51 2L%98D)F7$8N]..P%C,4I<% DN# V%]S*.3133URN%/IK7"ELQN
M&H;D]5X,O?'I8]JI$^J7)]UBL7DA'DW(-KE:F4*+1LWK[SFY\4*.9O14Y$1A
MD."!9YW(87Z18PNLC<PRKWAE-4$FZGS;B-*\ GVZZ8L20[2*N\?",,S5I*BC
M'JG-.LW#_)KG?:4%!%5;M=W0$XW2Z2V0#)$HT3B)7%((+(:MHTL+\Q:->[0"
MZQ0/\RN>+U+#-%DYVFX;^BEA\F><N 4 @\5IX.[S,!@+>NH8Z]0/\ZN?/X7N
MK6 ,T1;).'#W=1@L#4_T-0ICM&?_PSJEPOQ*999O\TQ HMW!ZA&*7).IK+8"
M1/<<6O-M+9:BKLT9%:@Z?#_$$,F1,I?E"PF<V0LX.HY4IUR87[GLYYIPK>M\
MOM'<1$A+>UP!6D^9"*UD 64(CU-\<B #^7 :*02&Y0,&Z\^'3H0POPBQA16Z
M\Q&KM^:,-U_8@I3EQ4:[)X<[AHWK]'!,P7EXPA"'C5V&OX(=,^RT!_-KC^_V
M3!I2FD.:FP.H:E/.@;#97=HD?RK;4TW!:!REU-504Q1)$_AS3P0P9)".(Q:X
M6Y+AP=ES*6##9<[P%<S:IM+-X6W[M/V=X-J>CCO/;^C%K#GM[]PT/SY\A'T<
M-%)2B"6X#,Y',*RZ.<]O;K1<VQ/NN=1:EO9R)3CDOP' ]TLI]?[&O*#]567R
M'U!+ P04    " ":2XQ2B=&D[ $&  #0(P  &    'AL+W=O<FMS:&5E=',O
M<VAE970U+GAM;+U:6X^;.!3^*U94[45J"C;W;B;2-!=M'[H:==KMPVH?/.!,
M4 &GMC-I__T:0D, 8X:M=U\22,[YSI5C?\#B1-EGOB=$@*]Y5O";V5Z(PVO+
MXO&>Y)B_H@=2R']VE.58R%/V:/$#(SBIE/+,0K;M6SE.B]ER4?UVQY8+>A19
M6I [!O@QSS'[]H9D]'0S@[/O/[Q/'_>B_,%:+@[XD=P3\?%PQ^29=4%)TIP4
M/*4%8&1W,[N%K[?(+Q4JB3]3<N)7QZ ,Y8'2S^7)V^1F9I<>D8S$HH3 \NN)
MK$B6E4C2CR\UZ.QBLU2\/OZ.OJV"E\$\8$Y6-/N4)F)_,PMG("$[?,S$>WKZ
MG=0!>25>3#->?8+363;P9R ^<D'S6EEZD*?%^1M_K1-QI> & PJH5D =!80&
M%)Q:P>DH.$,NN;6"V[40#2AXM8+748#.@()?*U3%M,[)JC*]Q@(O%XR> "NE
M)5IY4)6KTI8)3HNRL^X%D_^F4D\L5[3@-$L3+$@"[H7\DFTC.* [>4;CSWN:
M)83QG\'FRS$5W\ <?+Q?@U]>_ I>@+0 '_;TR'&1\(4EI#<EIA77EM^<+:,!
MR_>$I82#6R!=>"),I \9 7>RKPACI2][S.3??[TC^0-A?ROP5WK\%<USV;I5
M%#J8M1[F-DG2\AK &;C#:3*70:_P(17R7 .Z&0&-XV-^S*JDK\DNC5.A0]OJ
MT3Y0Z4U;S9)M<.D%=.D%5.&X SAO<(:+F  LI%/Q*^# EP#9,%#55HM4CL/7
M_(!C<C.3\XX3]D1F2Z"JX1G'KW#**?BT1'!A/5W7IR\2N('OMZ4V?:DY\GVG
M [;MB[DA]!JP5N*<2^*<YR3N)>#GIGU. K6($Q)XQO&N$VB'01!&CCHF]Q*3
MJXWI#[FJ'1B-"4DXV#&: [$G(.7\6/6(G _Q^0+CY06FBE"+/R%"0SAKMY>I
M3G-L#%G:ZBRUBN%=BN$9+,;W/E0516MG0E&\?H@A0E&@CM._Q.F/QIE1KO1<
MJSG!<T,X:T,X&[^7R7F(H-N96V-2K70'EW0'_V;@AZKT:Y$FI#\8'_A!+]9R
MX >=B[4O-7?<T/4ZB>N+.5'D#@S'\)*X\$<&OC*!6L0)"0S[ Q_:O@TC6QU3
M=(DI^H\'OA9_0H2&<-91/U-!Y[K:&+*UU=MJ%03:S=[<_I_&OM[0A-K40.WV
M<T,4#L1ZQ4.@-M:W U&!8R$)2!6X3$4N@Z?L&RBH(,HXM4:FQ&D(:%T#M59*
MZ'2ZT)2U[8BU=FT:7@#UQ&!Z;;2]:(H[U$#7P48>\M% N,UN'NJW\[I=B%YU
MBO.&@-:F@#:P3R7FH>/8G05U5*R=]89O0#WA&-B,1,HJF.(6-9!V.P+[V_G
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M ?G_CLH];7U2OD%Q>8EG^0]02P,$%     @ FDN,4HS.$'.."0  ,C   !@
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M0OV0QA^EQ(*_G LP1GR0NP.0 DD$=T+BA.-Y>OUY>+:/(3H@V6/\>U\6%]O
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M% NO/34T4FY86# MA;6)5D6UMTZ^(QAY[N3+FE;4CNF1'G\MH3Z.L;/=!%S
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MC71U9 <PD22FS_^#LQNU=2' 9):9FILE#Q>'/F6E+A>%6\[9M^VM3>U 86X
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M<1IR==>+^,R[\J7M![FN?A1?%*=%+FXZ;^!XVJC(T<61/O86^&)8*T"Z;6V
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M"NIPO/:RH[Q5@[LN4OML=#%UZVB4&X#!>#J:)!=#XHCIBV-U2U=X7K+EP^7
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M4;H:S89/!$5_ULLY8RMANPIA3=90<@DY!SVVOR<XN;%"=7H"PBLP:=UIH0I
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M=/-J/!T0?L-YM%"=TZ[69#_:U<Y> 4,IWO$ZTE.R7ILX@9&E%#\ B2@] C=
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MTA/C9>?LW-2D?Z7S3AS:0^FN4![Z23PCQ5&I7!=/D#0.D[H:"B_WK@.\HHU
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M]+%".A<10MA>:M5+%,1R^]&=7ZGR(#9TIV-:R.W?/VJ&?AN3E;8%6&US.U\
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MZKW\6K-=+K]Y_0 S2@ N4K/ JT.4SF=R]^G^J/(-_W9SGE= )_QQ932B$BW
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MN:)V!K1>*4IDF+@ XW6]^1=02P,$%     @ FDN,4K$J!+];"   U14  !D
M  !X;"]W;W)K<VAE971S+W-H965T,38N>&ULM5AK;]LX%OVN7T%X@\%TH?@A
M.X\V#R!)IY@"Z;1HNMW/M$1;W$BB2M)VO;]^S[V49-E-LIW%[(?$DDB>^S[W
M2I<;8Q]=KI07W\NB<E>#W/OZS6CDTER5T@U-K2JL+(PMI<>M78Y<;97,^%!9
MC)+Q^'142ET-KB_YV2=[?6E6OM"5^F2%6Y6EM-M;59C-U6 R:!]\ULO<TX/1
M]64ME^I!^7_4GRSN1AU*IDM5.6TJ8=7B:G S>7,[H_V\X:M6&]>[%F3)W)A'
MNGF?70W&I) J5.H)0>)GK>Y441 0U/C68 XZD72P?]VBOV/;8<M<.G5GBG_J
MS.=7@_.!R-1"K@K_V6Q^5XT])X27FL+Q?[$)>V>S@4A7SINR.0P-2EV%7_F]
M\4/OP/GXF0-)<R!AO8,@UO*M]/+ZTIJ-L+0;:'3!IO)I**<K"LJ#MUC5..>O
M/VOW*#[("@& J[V052;>26W%5UFLE/B@I%M97G*7(P^!=&R4-N"W 3QY!GR2
MB ^F\KD3OU69RO8!1M"T4S=IU;U-7D1\J]*AF$YBD8R3\0MXT\[\*>--G\'[
MJAPR1/PA2_4"VJQ#FS':[/_CS)?!)^.A^!,"WD1?<B5JJZM4U[(0"UU)7.)*
MPF3OA%D(CQUWIJQEM16I0:$Y'^%Q*EW.T'RAOJWT6A:$&0MO9:902JE9X1Y5
MF2HLS@LE,LA?6%.*-)?6*ZNL8PQ9AJW=NE6%]"H3-;9IY8;B&3VC0LNY+C1M
M>D99>ER8:GD,>26*LWK$K:Q^U+.66U:2%8(P4VKGC-V*RG@U%.\K4AAX%IH)
M2TZ^LRK3OKE>6:NJ=!ONV-]K\O>;Z$Y:N]75,O@_VH4"*\_X4!R)63R>GK6_
MT9?G7!J+"J1\)$Y/I^'_X=;6JB,QC4]G2?L;W7<NR=3<@U!\#H6MYLVZ;ZMK
M94S'<7(Z[BYZ$.Q0MN3 ;0&W,M7QB]A_!VCR.AZ/&7T:GY_.\.P&D%Z@FE4Y
M5[:KZ%CL>Y0"_!OQ:FXJ!:5DQ9K<(,/!)^(76=87XC,D<D9]VBGX!RFHX>QD
MQJ+IU-$)7<;PL*L5-X-BR]EGK/(Z1>[U2JDO6!P*CGY&\'D\22:MX+/9]%#P
M32C#,M1L1OY8=*DEJ&%1+B#UR!MH/!HEO9^HJ:RY>)JJ^.5OY\GD[,+MAX%W
M908UA*");RM9Z,4V0C<7N<J6739!R+ /)F3V+W0?@/FG %& *+'4"V^"UNCH
MCXAV4!ZF4+7"5^1'M59P3*VL-AG[ V89FSG:$P$6_9-,7&*"$%"K,([8@LTF
ME.8@%NF.*M\4.F._L_N9[4A."LVMRFE@6"N&H<H.<PL- *9!*$" >H& T].8
MM<@@8RTI,OT8D*YT@C5B[MJ1:.^$KIRW*^9CD%BQHLQ\2MO=X9[>2!67FTTE
MYC0?@5'Z)VYE@1-*/%![=X(#/+E .@;=]^NG?Q.]^R^*ME ?H:7E(DZ9Y'S;
M'8[$!'^\+;G8U^IAS^MW>UZ_)U<=_Y4:ONO%(Z357"UU55%Z-%VAR9 C\6MR
M+E[1[T2\^I\$,"LU<)2]D\X#]S^= Z3&6:?&7UCF_6-[[?#IPH_HG%Q:%48%
M)%JFB-$Q5F0\R&8D/=3M<;B_?W_[\7,@[V'_1D@+F7.G;.CUL '%5IJJV()1
MC.>$][1:P$FH85)NL2H*00*C1EO6)Y04)F^0;LRXW,OA2I(/JBA$ LY1)5G#
MY&0SK@'N-G[?#;E65MHT_SDVI2SO7!T%5PMJ=*) "+,V\W-5!)I:D4OHXG=Z
M0F8YM'!J73#HH'5-SN.] <6J-=X?%!N+0#0]+<Q"9!B,KIKWDLXP!$Z77&%$
MD"#-X.MPAL0KF>8DFRAYS8,K3T_:->( G!&ML5@XP*VPOQ4>-4 ;&3H!A6>[
M)ZD-W&%6-:+0VBQ&>27%35'G<G=[J[R,FD'Z02\KYE9("MS2++P'IK:4B=$!
M#D8;=,H38IQX@NEE#[=9HY5Q].7CEYM[VI?$R0F-$_@]3PYK ^[HLKMH$ZJJ
M5[N1ES9'!QG4-*8%O2VZ)]TPI\)J8]1"=>7(L0F>"MF&?:J=A4$<2H7B9CE$
M^JNZAJ&8)>:0W9XDN*99+;"3 JIJ&CG@3I?K>F[-(^ VN88TH-!;-Z+8V4O#
M(VU%GC8SVPK&894&XLI)SCCV@].E+J3MY]$N>\& U#8=J] %3JCORJ8:8!O0
M/77UB$N9J[A)/6,9?7=H'YC2#0GR[U 8&!X\:+3)D-V9B-RV9+<>A1!W!A\V
M6"((AJ;R^E.S09?N6P4WA'GRAZ(>(LO['N"#5$$]0_HX+@!%AT"O.1@TX0[%
MQPJ@Z[ \F8;E??+(5*I)'<Q6I7Q4$2I85LO&&#R$MPKQ:?L=_GBK"B_C;E+I
MO1\U?F(BD,3$Q, 6S(I9'>KCA81H$LE'"W@G4VNJV=TT2 ZL,FFS6-P\W(GI
MZ?AX,CZ>G1R_CJ/6Y/U1JJN)$$\9!I9D?)'W^9.?32YBL:'4*14RY$<.;H'Y
M"3/R,<X?,_]*/A9H/FI& HQ.\&:0#R(X)%R([A$$:@,2C-LY<_CT^\AA7%!(
M?<UZ$8A6"'O'=?OZFB=&P7DSV/%WFYA$RQV5'"$K)J_'" I2UJD0C?T&\>/(
M'6R/@N_#FQ>G?<_*>,<3A+:TE,RT0/AX 4\[5MM-#0Y\CB/<H\!IN;;AQ7W;
MY>$NXK'H#7S1I''A4/QZ_RP+'_;Q5\-GVNNN@ Y*16<1=;-<KFE>WPK#3:?]
MQ(&WB=Y'A)\>#@)5#Y_Z(C3J?6HK%5B*/BA2.B'/PE>W[FGWS?(F?*K;;0\?
M/#^ Y# W(A\7.#H>GIT,A T?$<.--S5_N)L;[TW)E[F22#3:@/6%P>C5W)"
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MHS=' _+Y$I87T;7IXC-W$4,Q/=:XM[(7 ^PO'-AO%W) ?Q,^_P=02P,$%
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M9L;\A:QBJ0J,U$M+%"-/0&"Q8H^S9MF$]KT2F9+PJH1Y_RQ*7.5HK7*8+\N
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M07!'%J)H1X[/,[B2-WXE;P97\B$W=4F>P7TF]=:(+Z0^48WTK6,8V&@U%@,
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M:@I.;PI!TFJZT<B2N/<(IH><K,ZLJF%R @G[9 O)".XAZ#&6Y8YY)W'6O(Q
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M&+Z)D/\-@'_J_XO"'?_O@.9U_A<,G\@3-")3*Q@ZGUU?ON*;K-T?H,SI/PF
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MC<+\D$E[H!T3#P35!&*>R:KBVF:A]DB3<J [9$H#6L\"^06K!:K&-^'8?2?
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MUX:>*C3>@>RUUNX@^ 3#XY?_ 5!+ P04    " ":2XQ2R]J@\1L#  !C!@
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MEP*7"G1354P]+9#+_<R+O,/"UW*[,W8AF$]KML5[-+_72T6SH&<IR@J%+J4
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M_USI2U62\9IV?,F>J%49_5:UG^0[4>U"-,1<]S;JS@8UPQ]-::,W$M9([:#
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MW/]\%8!N9[U=6+7Q\[54EJ;5FR5=CZB= [U?*67W"Y>@NW"G_P!02P,$%
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MV].\1AL<Z'MGZ/D.1KA@^@=8_0]02P,$%     @ FDN,4FZDK$6> @  B@8
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M6E(5"#R%6WQ$5B%$5)(L$Y@1A0FLG[N-%:]$C' 6H2*TD.<:?[^*X.S#.7P
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M1IF$ E--Z5R&^B9%TU6:B>*;NLZNN=)5NQ[FNA&C, %Z/^5<[2;F@*ZUS_X
M4$L#!!0    ( )I+C%)&H;R#L@(  -@)   9    >&PO=V]R:W-H965T<R]S
M:&5E=#,V+GAM;*V6VXZ;,!"&7\5"6JF5VG#,:95$2D*K]B)2M%';BZH7#@Q@
M!6QJ.YOMV]<VA&:W@:55;O#Q^YGYP?+,3HP?1 8@T5.14S&W,BG+>]L6408%
M%@-6 E4K">,%EFK(4UN4''!LH"*W/<<9V04FU%K,S-R6+V;L*'-"8<N1.!8%
MYK]6D+/3W'*M\\0#23.I)^S%K,0I[$!^*;=<C>Q&)28%4$$811R2N;5T[\.I
MWF\V?"5P$A=]I#/9,W;0@\_QW')T0)!#)+4"5LTCK"'/M9 *XV>M:36OU.!E
M_ZS^T>2N<MEC 6N6?R.QS.;6Q$(Q)/B8RP=V^@1U/D.M%[%<F"<ZU7L="T5'
M(5E1PRJ"@M"JQ4^U#Q> .VH!O!KP7@)!"^#7@-\7"&H@,,Y4J1@?0BSQ8L;9
M"7&]6ZGICC'3T"I]0O5GWTFN5HGBY&)'4DH2$F$JT3**V)%*0E.T93F)" CT
M'NVJ'P*Q!#W (] CH(2S EV2ZPQS"1RX0.I/1*YSAU2S81PNL3<A2$QR\79F
M2Q6Z#L".ZC!759A>2YBNI]2HS 3Z0&.(GPO8*N<F<>^<^,KK5 PA&B#??8<\
MQW.N!+3NC;O3*WC8'Y]T9.,WG]$W>D&+WIK1"*CDV!PF3L0!E<#UE#J[U^SN
MEAL' \>YN^;**YS;PH7=G#_YFWOF0]#X$'3[</X1T1)]WT"Q!_ZC0W;8R YO
M:V^WW/!*NI6]W5R[O=V<Y[]B[ZCQ8=33WE4?>\>-[/BV]G;+.6WN_A\6=F/N
M\!5S)XT+DY[FKON8.VUDI[<UMUO.';6YV\VUNOO/6.6"?7'G%<!34SL(9&ZP
MZA9H9IOR9&ENY1?S*U6V5%7&'YFJYME@GA(J4 Z)DG0&8W7*>%5'5 /)2G.S
M[IE4][3I9JKT JXWJ/6$,7D>Z!<TQ=SB-U!+ P04    " ":2XQ2\A/SBLH"
M   )"   &0   'AL+W=O<FMS:&5E=',O<VAE970S-RYX;6R5E5UOVC 4AO^*
M%?6BE;KF.^TJB-3"INUB$H)VNYAV8<R!6'7LU':@_?>SG33C(R!V _XX[VL_
MYSCV8"/DBRH -'HK&5=#K]"ZNO=]10HHL;H1%7 SLQ2RQ-ITY<I7E02\<**2
M^5$09'Z)*??R@1N;R'P@:LTHAXE$JBY++-\?@8G-T N]CX$I717:#OCYH,(K
MF(%^KB;2]/S.94%+X(H*CB0LA]Y#>#_.;+P+^$EAH[;:R)+,A7BQG>^+H1?8
M#0$#HJT#-G]K& %CULALX[7U]+HEK7"[_>'^U;$;ECE6,!+L%UWH8NC=>6@!
M2UPS/16;;]#RI-:/"*;<+]JTL8&'2*VT*%NQV4%)>?./W]H\; G"Y(@@:@71
MN8*X%<3G"I)6D+C,-"@N#V.L<3Z08H.DC39NMN&2Z=0&GW);]IF69I8:G<YG
M=,7IDA+,-7H@1-1<4[Y"$\$HH:#0)S0S)VU1,T!BB:9 !">44>R*9D9&6!4(
M\T73^/):TS5FP+5R@U-06E*BH9V_'(/&E*DKX_L\&Z/+BRMT@2A'3X6HE5&H
M@:\-E=V;3UJ"QX8@.D(P!G*#XO :14$4],A'9\O#SSWR\?GRNUVY;TK1U2/J
MZA$YO_B(7U\-?C_,31K-%_+GQ )QMT#L%DB.+- 5C-@&_"M87^8;J\Q9V0MD
MG8>93?)Z.[\]04D2[@:-#X/2).UB=DB2CB0Y2;)UN"S+M?E<I#0DJ!+2'L\^
MH)..]HJ]5Q4F,/3,':I KL'+4=^9:GS2;9PXW4,^C(G2(\AIAYS^'S(W#X/Y
M"L\@3P]WDX2W>Z4\#(K-^[''U1.4!$D_6-:!92?!GH3&K#F2?6?3#<I=^#[(
M[."4)4&\#WD8E(:WV1YDCU-T .EOW;OVD?R!Y8IRA1@LC2RXN35)DLW#TW2T
MJ-Q5/!?:7.RN69BW&J0-,/-+(?1'Q][NW>N?_P502P,$%     @ FDN,4C'"
MPA<7"0  ,2<  !D   !X;"]W;W)K<VAE971S+W-H965T,S@N>&ULY5K=;^,V
M$G_N_16$KULD@&-;DF4[VR1 $B=MKLA>L-EM'P[WP$ATQ"LMJB05QT#_^)NA
M9,D?$NVD?6H?XD@B9SA?G/D-I;.%5+_JA#%#7N<BU>>=Q)CL8[^OHX3-J>[)
MC*4P,I-J3@W<JN>^SA2CL26:B[X_&(SZ<\K3SL69??:@+LYD;@1/V8,B.I_/
MJ5I>,2$7YQVOLWKPF3\G!A_T+\XR^LP>F?F:/2BXZU=<8CYGJ>8R)8K-SCN7
MWL?;X!0)[(R?.5OHM6N"JCQ)^2O>W,7GG0%*Q 2+#+*@\.^%73,AD!/(\5O)
MM%.MB83KURONMU9Y4.:):G8MQ2\\-LEY9](A,9O17)C/<O$C*Q4*D5\DA;:_
M9%'.'71(E&LCYR4Q2##G:?&?OI:&.(3 +PG\+0)OU$(0E 3!H2L,2X+AH2N$
M)4&X33!L(1B5!"-K^\)8UM)3:NC%F9(+HG V<,,+ZRY+#0;F*4;6HU$PRH'.
M7'Q1--74>EG#TB8AGYF@AL7D@2K#F29'4V8H%YI\HDI1C(-C<D*^/D[)T;?'
MY%O2)SJA"B;RE'Q-N=%=> C77Q*9:YK&^JQO0%!<KA^50ET50ODM0MW3)?&&
M7>(/O-,&ZFLW];\CTR/^Q)*'#>13-_F413T2>$CN#QK(;PXF;Q3^]G#RR29Y
M'UQ;^=>O_.M;?L,6?@]*SKG64BU)*@UK,D?!8&098")ZN0@' ]#\95WI/9,V
M9 LJV0*G;-.<$2,A/Q4!EQ4!UR2BDP\FWX\ZHQ$[[T!VU4R]L,X%:7)=P2=<
MTV(T&9XV:S&LM!CNU6(&5CY$C^'.^GXPF&R9VKG<0<INZ!%6>H1./>ZIX@:*
M!KE+7QCD':7)6O!\@N A_[EG\R>F_NM8;52M-GI+7!*XSEG<M-E'.Y'GAVV1
M-ZY6'[]M]=0P,*8AD.":]LB5F]UI;S#XT"2[F\SOC<,/#EM.*FTF;](&ZFT.
MOER2N%F;:S>[?]&T1[RP^X]OOH$D-&[:1VX&$$DVAUD&VSET0\/32L/3]VL(
M0$)'BF=8PYI\YV;])6'D6LXSFBX)LV$08SA(0HEFD4QC0@%(Q?!G,%D9F'Z)
M#V#:=W2>?0_U4INB8&[MED7"HX0<\6/"7DU!@=2*971IV<F9?0!X#SBD,4^?
M2:9X&O&,BBZ6T$4B!8PKO,:LTB5Y:KBP5(PJP9E")O28R)21)3PB= 8J-*\3
M@6K<D!F-N$#;P>,;Q%T)$MO2?Y,:!9"#_"#D$Q7D"*DZUP79;4G6P<7((\N,
MS058)0-RI!DKE!X?=\G3,8$8R@&H8ACAC"$!_4ATO"D4FOR!\OCD+CWYB<.$
MH\[#W4^P0+4=D:HR"0)&'G&61DOPB013@#GB4MLM*1TQYPUJ:#1PAL;=>E8
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M99)!CF6+;X#IS)*+'"L=BI4K-P)P:D$Y=7W/Z[DY)LR)([LW$W'$"T4)@YE
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M P^D$<#UI1!Z/S ;5$_&Z7]02P,$%     @ FDN,4@DJ-@AV!   #10  !D
M  !X;"]W;W)K<VAE971S+W-H965T-#(N>&ULO5AM;]LV$/XKA- /+1!'(O7J
MP#806QU68!F,9,T^#/O 2+0M5!)=D;+;?S]24O1B4XPW=_UBB]+=<W?DW7,D
M9T=:?&$[0CCXEJ4YFQL[SO=WILFB'<DPNZ5[DHLO&UIDF(MAL379OB XKI2R
MU$26Y9D93G)C,:O>K8O%C)8\37*R+@ KLPP7WY<DI<>Y 8W7%X_)=L?E"W,Q
MV^,M>2+\\WY=B)'9HL1)1G*6T!P49#,W[N%=B *I4$D\)^3(>L] AO)"Z1<Y
M^!3/#4MZ1%(2<0F!Q=^!K$B:2B3AQ]<&U&AM2L7^\ROZ+U7P(I@7S,B*IG\F
M,=_-C<  ,=G@,N6/]/@K:0)R)5Y$4U;]@F,MZUL&B$K&:=8H"P^R)*__\;=F
M(GH*T!M10(T".E5P1A3L1L&^5,%I%)QJ9NI0JGD(,<>+64&/H)#2 DT^5)-9
M:8OPDURN^Q,OQ-=$Z/'%,V%B$=@-^%WDV 0\B;R*RY0 N@'-)_ ^)!PG*?L@
MOG]^"L'[=Q_ .Y#DX(\=+1G.8S8SN7!% II18W99FT4C9B$"#S3G.P8^YC&)
MAP"FB*$-!+T&LD1:Q)!$M\"&-P!9R%(XM+I8'4X5ZN'EZH$F&KM=%KO"LT?P
MUH6H[()_OP'K%.<<B%D&'[^6R5Z4' =__2;$P2=.,O:WQIC3&G,J8\Z(L279
M)GF>Y%M10<):1%3K64-X%80DD\,B\%W+GYD'A66WM>QJ+8=$D%648$D!*J.U
MMMLS.G$<.<&'_LJZ9ZY-7%LF05\J5$FYEJ4.P&L#\+0!W,=Q(IU7EH!WYKT7
MN">^*V20J_;);WWRM3Z)BGIC+?TSHX'M^\Z):PJI\14/6N<"K7,UJ8 592*-
M'TCV0@I="D];V.G_7R_0ZDC3NKYB&HS^!$(K<)%],L\J.=NQX4AJPAZUPZNJ
M2Z\N=QQW;(\C,C<$#B/%@1@+H*+6'P T#!%U(:+_7G^-KKX 54)C%0@[^H:V
MUJ]'$J68L6231-7TRWYZJ%,?,[ C:3P1>[8)PZDJ=58-^H#XD.= -.)7Q_10
M3_5O<T,#,,S:*;).25<I=Y[=H4I.E]U=ZX#ZWG$?1656IIB3&/0S_1):@1V_
M0^\G$$M'W5#/W9<1RSDS3Q"TH'>Z1"HYS^[USZ&7'8=#/8F_22S!17U;)39H
MW$/WNEX IU>0@E;WWY#>]4##C6[7?9"^^UQ)+DC5ESPTPBVH:S=(WV[>YI8&
M8)B0KF.?[CR4<N<)'BKEQA,<=6T%Z=N*/ PMQ5D5/..T))<P"NI: _H)6WO4
M,3[Z 9M[=$[2P[U>LRXJSO>GT['4Z;@<77<.0)<=!%1BXX2"NB: KMCEHTNV
M^2JAL5T&ZKH%TG>+:XE T1^@ZT_'YJOK#TC?'RY@@N#\.*DX@JC$SO,R5(@I
M\]+LW9-DI-A6]TT,1+3,>7W3T+YM[[3NJYN<D_=+>!?6-U,=3'U1]H +46\,
MI&0C(*U;7\QN4=\]U0-.]]5MS OEG&;5XX[@F!120'S?4,I?!]) >P.X^ =0
M2P,$%     @ FDN,4LY/F*'B @  F@@  !D   !X;"]W;W)K<VAE971S+W-H
M965T-#,N>&ULE59=;]HP%/TK5K2'5FJ;[Y!6@ 1DT_;0J2KM]FR2"['JV,PV
MT.W7SW9"1DE*V0O8SCG'YU[?^&:XX^)%E@ *O5:4R9%3*K6^<UV9EU!A></7
MP/23)1<55GHJ5JY<"\"%)574#3PO<2M,F#,>VK4',1[RC:*$P8- <E-56/R>
M N6[D>,[^X5'LBJ567#'PS5>P1S4\_I!Z)G;JA2D B8)9TC <N1,_+LL-7@+
M^$%@)P_&R$2RX/S%3+X5(\<SAH!"KHP"UG];F &E1DC;^-5H.NV6AG@XWJM_
ML;'K6!98PHS3GZ10Y<A)'53 $F^H>N2[K]#$$QN]G%-I?]&NP7H.RC=2\:HA
M:P<58?4_?FWR<$#PDW<(04,(C@G1.X2P(83G$J*&$-G,U*'8/&18X?%0\!T2
M!JW5S, FT[)U^(298Y\KH9\2S5/C#)8@!!1H5F*Q GF%ONM:NT9S75_%A@+B
M2W2,01<9*$RHO-3 YWF&+CY=HD^(,/14\HW$K)!#5VES9@LW;XQ,:R/!.T;\
M -USIDJ)/K,"BK<"KHZJ#2W8AS8-3BIFD-^@T+]"@1=X/89F9]/]VQYZ=CX]
M/1%-V!Y4:/7",P_*GM-D(970K\X)_:C5CZQ^])%^OB^$!:P(8X2M](M%,<NA
M[U!KT<2*FBMF.QX,=+:VAWGNP43>6TS6Q01IW&+>1!2W$<4G(YH4!3%W2V\Q
MUM3X8#_?2](CXUU0%,9'QKN8.$W[C2>M\>2T\8H+1?Y@8[[/>]+9\CJ(PR/O
M?:!.UGM ?ACVNQ^T[@<GW3\)S*2N):0XVH+45SPJ@1;7ND5=2TS[JF@VZ/$1
M)_T^TM9'^I\%#:SXH)K33A7Z\6UTE-DNJ%/R60_F(/EU/.[!K5V!MFBZGT0Y
MWS!5WW+M:MM@)[:O'*U/=>.M^^0_F;IKW^O("9.(PE)+>C<#G6)1=\)ZHOC:
M]H8%5[K3V&&I/QY &(!^ON1<[2=F@_9S9/P74$L#!!0    ( )I+C%(BRY@\
M1 0  )@1   9    >&PO=V]R:W-H965T<R]S:&5E=#0T+GAM;+58WV^;.A3^
M5RRTATUJ"S:0A"J)M#:;;J7VJEJR[6':@PLG 0UPKNTDG;0__MI @0;#<G>5
MEX0?YQR?[SO'GVVF!\9_B!A HN<LS<7,BJ7<7MNV"&/(J+AB6\C5FS7C&97J
MEF]LL>5 H\(I2VWB.",[HTENS:?%LT<^G[*=3),<'CD2NRRC_.<-I.PPL[#U
M\N!3LHFE?F#/IUNZ@27(S]M'KN[L.DJ49)"+A.6(PWIFO<?7MV2L'0J++PD<
M1.L::2A/C/W0-W?1S')T1I!"*'4(JO[V< MIJB.I//ZI@EKUF-JQ??T2_6,!
M7H%YH@)N6?HUB60\LR86BF!-=ZG\Q Y_007(U_%"EHKB%QTJ6\="X4Y(EE7.
M*H,LR<M_^EP1T7+ 7H\#J1S(J0YNY> 60,O,"E@+*NE\RMD!<6VMHNF+@IO"
M6Z%)<EW&I>3J;:+\Y/R>Y9O+%? ,+>!)HDNT5(T2[5) ;(V.7KY=@*1)*MXI
ML\_+!7K[YAUZ@Y(<K6*V$S2/Q-26*B<=V0ZK\6_*\4G/^ L(KY"++Q!QB&-P
MOSW9'0>OW6W%1$T'J>D@13RW-Y[">9<+R7>J5R7Z=J\,T)V$3'P?"._6X=TB
MO-<3?L4D34TDE6ZCPDW/O/W<]\A($;)O<V&PF@0:]]Z0DU?GY WF=+OC7$/=
M,JXGEBF[,H#?&M?U\'%R7:. >-B<FU_GY@_F=@]"7*.C#'5GJHD*ZF&$UDE.
M\S#)-RAD0AH;T.\D=HE]_RA[@Q'QQ^;L1W7VH__"K,X[U3-*ZAD5J4Z[0+D2
MZ@$X%TH"BA@F7*-N54@'5]=H$DP\,ZYQC6L\7)4:Q$#/C#L#^\[$/VZ:KI47
MC,83<WZ3.K_)"5WS-\LOP__7.9-N4_BMZ59",!AYGF]&$-0(@A,9?M4FQW"4
MY ZT3MX08 (7& KDNO@(7=?*"XCKFN%AIUEUG$& 7U2)(%4UXC(60-'[=!M3
M].T!LB?@W]$OM(20Y1%3XOOR<$!^<6NUP^?0=]RL'YC\F<)7?J^G:W \'TQ6
MHY;5ZZR:90</KSO'=-^HA;S-]BI.^,ED-PL+]LY"=K,ZX.'EH9_LKIR;R#98
M]9/=J#X>EOW'G\^)0 \T93M4$=^B^B/;J2*<RG4CR7A\%JX;3<7#HMK/=5<
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MU@Q3S5 5U(?+) WJ?Q>3AZ8BAZQL21T?I(Z]4M\13D'.-^B*E0^$2WJ?0R*
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M9@'.+X70;QUC]_7W0_0/4$L#!!0    ( )I+C%+<H5\J[0,  /T-   9
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M$>7@[(+"K)K&T$R,K%RI7$I#A=<-<^JEJ*P![6=2FNW$'M!UY^@/4$L#!!0
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M+ L:_]#X"_1\H;7;;KR#=J <?0-02P,$%     @ FDN,4NOD_U<9 @  @P0
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M!WM+HBA)_ A@?@=1A"'P-N((Y@ \8$@4U?O@SGX4KO:I</V_MM%O4$L#!!0
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M>>D!   2(@  &@   'AL+U]R96QS+W=O<FMB;V]K+GAM;"YR96QSS=H[3L-
M%(7AK41> )/[F/!00D5#B]B %28/D<269Q#)[HE"$8Y%08/F5-;8\O5??;+&
MGK^D75NVW2%OMGV>'/>[0UXTFU+ZAQ#R<I/V;;[I^G0X7UEUP[XMY^6P#GV[
M?&_7*>AT.@O#SQG-X_SGS,GKJ4]_F=BM5MME>NJ6'_MT*+\,#I_=\)XW*95F
M\MH.ZU0633CNKJ=SN!SDYCRYF3R_+9KA^4V:4#M((4CK!QD$6?T@AR"O'Q0A
M*-8/FD'0K'[0+03=U@^Z@Z"[^D'W$'1?/TBF*..4(&F$-8'6@EP+@=>"8 N!
MV()D"X'9@F@+@=J"; N!VX)P"X'<@G0+@=V"> N!WHIZ*X'>BGHK@=XZ>MDF
MT%M1;R706U%O)=!;46\ET%M1;R706U%O)=!;46\ET%M1;R70VU!O(]#;4&\C
MT-M0;R/0VT:;)01Z&^IM!'H;ZFT$>AOJ;01Z&^IM!'H;ZFT$>AOJ;01Z.^KM
M!'H[ZNT$>COJ[01Z.^KM!'K[:+.;0&]'O9U ;T>]G4!O1[V=0&]'O9U ;T>]
MG4#OB'I' KTCZAT)](ZH=R30.Z+>D4#OB'I' KWCZ&,E@=X1]8X$>D?4._ZG
MWKF<=BE?>[[7^/S_I+J<[TW7QU^6WR='[%QP#O +R.,74$L#!!0    ( )I+
MC%*R:$G8U0$  +\A   3    6T-O;G1E;G1?5'EP97-=+GAM;,W:74^#,!0&
MX+^R<&M&UZ_Y$>>->JM>^ <JG TRH$W;S?GO+4Q--$I<9N)[ X&VYSVTR7/%
MY>.+HS#9M4T7%ED5H[M@+!05M2;DUE&71I;6MR:F1[]BSA1KLR(F9K,Y*VP7
MJ8O3V-?(KBYO:&DV39S<[M+K4-MND7EJ0C:YWD_LLQ:9<:ZI"Q/3.-MVY9>4
MZ5M"GE8.<T)5NW"2)F3LVX1^Y.> MW7W6_*^+FGR8'R\,VV:Q78-"_&EH9"/
ME_BF1[M<U@65MMBT:4D>G"=3AHHHMDV^+WHRGAS3#M/^RH_.'\J,!::9#]ZZ
MD$[,T^%Q[T?2KYZZ5(A\K,<_\2,QE3[Z^Z@_[9+*7V:G[7VV?CV<1V##[?@]
M_GS&'_4/[$. ]"%!^E @?6B0/N8@?9R"]'$&TL<Y2!]\AM((BJ@<A52.8BI'
M096CJ,I16.4HKG(46#F*K )%5H$BJT"15:#(*E!D%2BR"A19!8JL D56@2*K
M1)%5HL@J4625*+)*%%DEBJP215:)(JM$D56BR*I09%4HLBH4616*K I%5H4B
MJT*15:'(JE!D52BR:A19-8JL&D56C2*K1I%5H\BJ4635_RGKD[7KO_ZEH+_G
MK:F[]WPV_+=Q]0I02P$"% ,4    " ":2XQ2!T%-8H$   "Q    $
M        @ $     9&]C4')O<',O87!P+GAM;%!+ 0(4 Q0    ( )I+C%*+
MR0H&\    "L"   1              "  :\   !D;V-0<F]P<R]C;W)E+GAM
M;%!+ 0(4 Q0    ( )I+C%*97)PC$ 8  )PG   3              "  <X!
M  !X;"]T:&5M92]T:&5M93$N>&UL4$L! A0#%     @ FDN,4LB]NG[B P
MYPX  !@              ("!#P@  'AL+W=O<FMS:&5E=',O<VAE970Q+GAM
M;%!+ 0(4 Q0    ( )I+C%(PA#O\4 <  $L?   8              " @2<,
M  !X;"]W;W)K<VAE971S+W-H965T,BYX;6Q02P$"% ,4    " ":2XQ2$>ZV
M9LL"  #F"0  &               @(&M$P  >&PO=V]R:W-H965T<R]S:&5E
M=#,N>&UL4$L! A0#%     @ FDN,4L'G6<8>!@  81D  !@
M ("!KA8  'AL+W=O<FMS:&5E=',O<VAE970T+GAM;%!+ 0(4 Q0    ( )I+
MC%*)T:3L 08  - C   8              " @0(=  !X;"]W;W)K<VAE971S
M+W-H965T-2YX;6Q02P$"% ,4    " ":2XQ2C,X0<XX)   R,   &
M        @($Y(P  >&PO=V]R:W-H965T<R]S:&5E=#8N>&UL4$L! A0#%
M  @ FDN,4EI\_B)I#@  R"4  !@              ("!_2P  'AL+W=O<FMS
M:&5E=',O<VAE970W+GAM;%!+ 0(4 Q0    ( )I+C%*9RJ8[:AT  -%2   8
M              " @9P[  !X;"]W;W)K<VAE971S+W-H965T."YX;6Q02P$"
M% ,4    " ":2XQ29GO?H#<-  ">(P  &               @($\60  >&PO
M=V]R:W-H965T<R]S:&5E=#DN>&UL4$L! A0#%     @ FDN,4D[4V^Q; @
M P4  !D              ("!J68  'AL+W=O<FMS:&5E=',O<VAE970Q,"YX
M;6Q02P$"% ,4    " ":2XQ2AT%^_8(&  #(#@  &0              @($[
M:0  >&PO=V]R:W-H965T<R]S:&5E=#$Q+GAM;%!+ 0(4 Q0    ( )I+C%+!
M<NA,TP(  '$&   9              " @?1O  !X;"]W;W)K<VAE971S+W-H
M965T,3(N>&UL4$L! A0#%     @ FDN,4L'H4<->$P  53<  !D
M     ("!_G(  'AL+W=O<FMS:&5E=',O<VAE970Q,RYX;6Q02P$"% ,4
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M+GAM;%!+ 0(4 Q0    ( )I+C%+A V%],P0  .X(   9              "
M@1"L  !X;"]W;W)K<VAE971S+W-H965T,3@N>&UL4$L! A0#%     @ FDN,
M4I''RFGT @  .@8  !D              ("!>K   'AL+W=O<FMS:&5E=',O
M<VAE970Q.2YX;6Q02P$"% ,4    " ":2XQ2OYW^VH@?  !G8@  &0
M        @(&ELP  >&PO=V]R:W-H965T<R]S:&5E=#(P+GAM;%!+ 0(4 Q0
M   ( )I+C%*[!D=VJ@,  )X'   9              " @633  !X;"]W;W)K
M<VAE971S+W-H965T,C$N>&UL4$L! A0#%     @ FDN,4AUIH$P]!   X H
M !D              ("!1=<  'AL+W=O<FMS:&5E=',O<VAE970R,BYX;6Q0
M2P$"% ,4    " ":2XQ2G-LS:#8#  #Q!@  &0              @(&YVP
M>&PO=V]R:W-H965T<R]S:&5E=#(S+GAM;%!+ 0(4 Q0    ( )I+C%(3\-,5
M:@(   @%   9              " @2;?  !X;"]W;W)K<VAE971S+W-H965T
M,C0N>&UL4$L! A0#%     @ FDN,4LO:H/$; P  8P8  !D
M ("!Q^$  'AL+W=O<FMS:&5E=',O<VAE970R-2YX;6Q02P$"% ,4    " ":
M2XQ2O)=F:;L"  #X!0  &0              @($9Y0  >&PO=V]R:W-H965T
M<R]S:&5E=#(V+GAM;%!+ 0(4 Q0    ( )I+C%( SE)'  0  !L)   9
M          " @0OH  !X;"]W;W)K<VAE971S+W-H965T,C<N>&UL4$L! A0#
M%     @ FDN,4L34UW:0 @  ? 4  !D              ("!0NP  'AL+W=O
M<FMS:&5E=',O<VAE970R."YX;6Q02P$"% ,4    " ":2XQ2$=D,B$L%  ";
M#0  &0              @($)[P  >&PO=V]R:W-H965T<R]S:&5E=#(Y+GAM
M;%!+ 0(4 Q0    ( )I+C%( ?=EH1 (  -P$   9              " @8OT
M  !X;"]W;W)K<VAE971S+W-H965T,S N>&UL4$L! A0#%     @ FDN,4O:C
ML-#Z @  #08  !D              ("!!O<  'AL+W=O<FMS:&5E=',O<VAE
M970S,2YX;6Q02P$"% ,4    " ":2XQ2;J2L19X"  "*!@  &0
M    @($W^@  >&PO=V]R:W-H965T<R]S:&5E=#,R+GAM;%!+ 0(4 Q0    (
M )I+C%)!A;NW; 4  !0;   9              " @0S]  !X;"]W;W)K<VAE
M971S+W-H965T,S,N>&UL4$L! A0#%     @ FDN,4I8Q,XUU!0  '!0  !D
M             ("!KP(! 'AL+W=O<FMS:&5E=',O<VAE970S-"YX;6Q02P$"
M% ,4    " ":2XQ21.(X1\L"  #F!P  &0              @(%;" $ >&PO
M=V]R:W-H965T<R]S:&5E=#,U+GAM;%!+ 0(4 Q0    ( )I+C%)&H;R#L@(
M -@)   9              " @5T+ 0!X;"]W;W)K<VAE971S+W-H965T,S8N
M>&UL4$L! A0#%     @ FDN,4O(3\XK* @  "0@  !D              ("!
M1@X! 'AL+W=O<FMS:&5E=',O<VAE970S-RYX;6Q02P$"% ,4    " ":2XQ2
M,<+"%Q<)   Q)P  &0              @(%'$0$ >&PO=V]R:W-H965T<R]S
M:&5E=#,X+GAM;%!+ 0(4 Q0    ( )I+C%)/:F+]8P,  "D*   9
M      " @94: 0!X;"]W;W)K<VAE971S+W-H965T,SDN>&UL4$L! A0#%
M  @ FDN,4AU!JBI7 @  Z@8  !D              ("!+QX! 'AL+W=O<FMS
M:&5E=',O<VAE970T,"YX;6Q02P$"% ,4    " ":2XQ2 WC92%$$   ^#@
M&0              @(&]( $ >&PO=V]R:W-H965T<R]S:&5E=#0Q+GAM;%!+
M 0(4 Q0    ( )I+C%()*C8(=@0   T4   9              " @44E 0!X
M;"]W;W)K<VAE971S+W-H965T-#(N>&UL4$L! A0#%     @ FDN,4LY/F*'B
M @  F@@  !D              ("!\BD! 'AL+W=O<FMS:&5E=',O<VAE970T
M,RYX;6Q02P$"% ,4    " ":2XQ2(LN8/$0$  "8$0  &0
M@($++0$ >&PO=V]R:W-H965T<R]S:&5E=#0T+GAM;%!+ 0(4 Q0    ( )I+
MC%+3JJ3#; T  ,L^   9              " @88Q 0!X;"]W;W)K<VAE971S
M+W-H965T-#4N>&UL4$L! A0#%     @ FDN,4N\C;2M# @  EP4  !D
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M=#4P+GAM;%!+ 0(4 Q0    ( )I+C%)16CC,C (  !T&   9
M  " @:)7 0!X;"]W;W)K<VAE971S+W-H965T-3$N>&UL4$L! A0#%     @
MFDN,4H@,6+X_ @  YP0  !D              ("!95H! 'AL+W=O<FMS:&5E
M=',O<VAE970U,BYX;6Q02P$"% ,4    " ":2XQ2\!SMEM("  "I!P  &0
M            @(';7 $ >&PO=V]R:W-H965T<R]S:&5E=#4S+GAM;%!+ 0(4
M Q0    ( )I+C%+U $3U.@,  %P*   9              " @>1? 0!X;"]W
M;W)K<VAE971S+W-H965T-30N>&UL4$L! A0#%     @ FDN,4NOD_U<9 @
M@P0  !D              ("!56,! 'AL+W=O<FMS:&5E=',O<VAE970U-2YX
M;6Q02P$"% ,4    " ":2XQ2B[<=QA\#  !'"0  &0              @(&E
M90$ >&PO=V]R:W-H965T<R]S:&5E=#4V+GAM;%!+ 0(4 Q0    ( )I+C%+5
M8-\$< @  #T@   9              " @?MH 0!X;"]W;W)K<VAE971S+W-H
M965T-3<N>&UL4$L! A0#%     @ FDN,4HPK9O<O P  >!,   T
M     ( !HG$! 'AL+W-T>6QE<RYX;6Q02P$"% ,4    " ":2XQ2EXJ[',
M   3 @  "P              @ '\= $ 7W)E;',O+G)E;'-02P$"% ,4
M" ":2XQ2*2^GQ'\$   U)@  #P              @ 'E=0$ >&PO=V]R:V)O
M;VLN>&UL4$L! A0#%     @ FDN,4O,@BWGI 0  $B(  !H
M ( !D7H! 'AL+U]R96QS+W=O<FMB;V]K+GAM;"YR96QS4$L! A0#%     @
MFDN,4K)H2=C5 0  OR$  !,              ( !LGP! %M#;VYT96YT7U1Y
><&5S72YX;6Q02P4&     $$ 00"^$0  N'X!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>93
<FILENAME>Show.js
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
// Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission.  Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105.
var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0);
e.removeAttribute('id');a.parentNode.appendChild(e)}}
if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'}
e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>94
<FILENAME>report.css
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/* Updated 2009-11-04 */
/* v2.2.0.24 */

/* DefRef Styles */
..report table.authRefData{
	background-color: #def;
	border: 2px solid #2F4497;
	font-size: 1em;
	position: absolute;
}

..report table.authRefData a {
	display: block;
	font-weight: bold;
}

..report table.authRefData p {
	margin-top: 0px;
}

..report table.authRefData .hide {
	background-color: #2F4497;
	padding: 1px 3px 0px 0px;
	text-align: right;
}

..report table.authRefData .hide a:hover {
	background-color: #2F4497;
}

..report table.authRefData .body {
	height: 150px;
	overflow: auto;
	width: 400px;
}

..report table.authRefData table{
	font-size: 1em;
}

/* Report Styles */
..pl a, .pl a:visited {
	color: black;
	text-decoration: none;
}

/* table */
..report {
	background-color: white;
	border: 2px solid #acf;
	clear: both;
	color: black;
	font: normal 8pt Helvetica, Arial, san-serif;
	margin-bottom: 2em;
}

..report hr {
	border: 1px solid #acf;
}

/* Top labels */
..report th {
	background-color: #acf;
	color: black;
	font-weight: bold;
	text-align: center;
}

..report th.void	{
	background-color: transparent;
	color: #000000;
	font: bold 10pt Helvetica, Arial, san-serif;
	text-align: left;
}

..report .pl {
	text-align: left;
	vertical-align: top;
	white-space: normal;
	width: 200px;
	white-space: normal; /* word-wrap: break-word; */
}

..report td.pl a.a {
	cursor: pointer;
	display: block;
	width: 200px;
	overflow: hidden;
}

..report td.pl div.a {
	width: 200px;
}

..report td.pl a:hover {
	background-color: #ffc;
}

/* Header rows... */
..report tr.rh {
	background-color: #acf;
	color: black;
	font-weight: bold;
}

/* Calendars... */
..report .rc {
	background-color: #f0f0f0;
}

/* Even rows... */
..report .re, .report .reu {
	background-color: #def;
}

..report .reu td {
	border-bottom: 1px solid black;
}

/* Odd rows... */
..report .ro, .report .rou {
	background-color: white;
}

..report .rou td {
	border-bottom: 1px solid black;
}

..report .rou table td, .report .reu table td {
	border-bottom: 0px solid black;
}

/* styles for footnote marker */
..report .fn {
	white-space: nowrap;
}

/* styles for numeric types */
..report .num, .report .nump {
	text-align: right;
	white-space: nowrap;
}

..report .nump {
	padding-left: 2em;
}

..report .nump {
	padding: 0px 0.4em 0px 2em;
}

/* styles for text types */
..report .text {
	text-align: left;
	white-space: normal;
}

..report .text .big {
	margin-bottom: 1em;
	width: 17em;
}

..report .text .more {
	display: none;
}

..report .text .note {
	font-style: italic;
	font-weight: bold;
}

..report .text .small {
	width: 10em;
}

..report sup {
	font-style: italic;
}

..report .outerFootnotes {
	font-size: 1em;
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>95
<FILENAME>FilingSummary.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XML>
<?xml version='1.0' encoding='utf-8'?>
<FilingSummary>
  <Version>3.21.1</Version>
  <ProcessingTime/>
  <ReportFormat>html</ReportFormat>
  <ContextCount>194</ContextCount>
  <ElementCount>432</ElementCount>
  <EntityCount>1</EntityCount>
  <FootnotesReported>true</FootnotesReported>
  <SegmentCount>79</SegmentCount>
  <ScenarioCount>0</ScenarioCount>
  <TuplesReported>false</TuplesReported>
  <UnitCount>6</UnitCount>
  <MyReports>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R1.htm</HtmlFileName>
      <LongName>00000001 - Document - Document and Entity Information</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/DocumentAndEntityInformation</Role>
      <ShortName>Document and Entity Information</ShortName>
      <MenuCategory>Cover</MenuCategory>
      <Position>1</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R2.htm</HtmlFileName>
      <LongName>00000002 - Statement - Consolidated Balance Sheets</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/BalanceSheets</Role>
      <ShortName>Consolidated Balance Sheets</ShortName>
      <MenuCategory>Statements</MenuCategory>
      <Position>2</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R3.htm</HtmlFileName>
      <LongName>00000003 - Statement - Consolidated Balance Sheets (Parenthetical)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/BalanceSheetsParenthetical</Role>
      <ShortName>Consolidated Balance Sheets (Parenthetical)</ShortName>
      <MenuCategory>Statements</MenuCategory>
      <Position>3</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R4.htm</HtmlFileName>
      <LongName>00000004 - Statement - Consolidated Statements of Comprehensive Loss</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/StatementsOfComprehensiveLoss</Role>
      <ShortName>Consolidated Statements of Comprehensive Loss</ShortName>
      <MenuCategory>Statements</MenuCategory>
      <Position>4</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R5.htm</HtmlFileName>
      <LongName>00000005 - Statement - Consolidated Statements of Stockholders' Equity</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/StatementsOfStockholdersEquity</Role>
      <ShortName>Consolidated Statements of Stockholders' Equity</ShortName>
      <MenuCategory>Statements</MenuCategory>
      <Position>5</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R6.htm</HtmlFileName>
      <LongName>00000006 - Statement - Consolidated Statements of Cash Flows</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/StatementsOfCashFlows</Role>
      <ShortName>Consolidated Statements of Cash Flows</ShortName>
      <MenuCategory>Statements</MenuCategory>
      <Position>6</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R7.htm</HtmlFileName>
      <LongName>00000007 - Disclosure - Basis of Presentation and General Information</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/BasisOfPresentationAndGeneralInformation</Role>
      <ShortName>Basis of Presentation and General Information</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>7</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R8.htm</HtmlFileName>
      <LongName>00000008 - Disclosure - Significant Accounting Policies</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/SignificantAccountingPolicies</Role>
      <ShortName>Significant Accounting Policies</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>8</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R9.htm</HtmlFileName>
      <LongName>00000009 - Disclosure - Transactions with Related Parties</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/TransactionsWithRelatedParties</Role>
      <ShortName>Transactions with Related Parties</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>9</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R10.htm</HtmlFileName>
      <LongName>00000010 - Disclosure - Inventories</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/Inventories</Role>
      <ShortName>Inventories</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>10</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R11.htm</HtmlFileName>
      <LongName>00000011 - Disclosure - Vessels, Net</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/VesselsNet</Role>
      <ShortName>Vessels, Net</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>11</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R12.htm</HtmlFileName>
      <LongName>00000012 - Disclosure - Deferred Charges, Net</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/DeferredChargesNet</Role>
      <ShortName>Deferred Charges, Net</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>12</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R13.htm</HtmlFileName>
      <LongName>00000013 - Disclosure - Long-term Debt</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/Long-termDebt</Role>
      <ShortName>Long-term Debt</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>13</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R14.htm</HtmlFileName>
      <LongName>00000014 - Disclosure - Equity Capital Structure and Equity Incentive Plan</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/EquityCapitalStructureAndEquityIncentivePlan</Role>
      <ShortName>Equity Capital Structure and Equity Incentive Plan</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>14</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R15.htm</HtmlFileName>
      <LongName>00000015 - Disclosure - Loss Per Common Share</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/LossPerCommonShare</Role>
      <ShortName>Loss Per Common Share</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>15</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R16.htm</HtmlFileName>
      <LongName>00000016 - Disclosure - Risk Management and Fair Value Measurements</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/RiskManagementAndFairValueMeasurements</Role>
      <ShortName>Risk Management and Fair Value Measurements</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>16</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R17.htm</HtmlFileName>
      <LongName>00000017 - Disclosure - Commitments and Contingencies</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/CommitmentsAndContingencies</Role>
      <ShortName>Commitments and Contingencies</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>17</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R18.htm</HtmlFileName>
      <LongName>00000018 - Disclosure - Interest and Finance Costs, Net</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/InterestAndFinanceCostsNet</Role>
      <ShortName>Interest and Finance Costs, Net</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>18</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R19.htm</HtmlFileName>
      <LongName>00000019 - Disclosure - Subsequent Events</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/SubsequentEvents</Role>
      <ShortName>Subsequent Events</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>19</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R20.htm</HtmlFileName>
      <LongName>00000020 - Disclosure - Significant Accounting Policies (Policies)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/SignificantAccountingPoliciesPolicies</Role>
      <ShortName>Significant Accounting Policies (Policies)</ShortName>
      <MenuCategory>Policies</MenuCategory>
      <ParentRole>http://pyxistankers.com/role/SignificantAccountingPolicies</ParentRole>
      <Position>20</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R21.htm</HtmlFileName>
      <LongName>00000021 - Disclosure - Basis of Presentation and General Information (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/BasisOfPresentationAndGeneralInformationTables</Role>
      <ShortName>Basis of Presentation and General Information (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://pyxistankers.com/role/BasisOfPresentationAndGeneralInformation</ParentRole>
      <Position>21</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R22.htm</HtmlFileName>
      <LongName>00000022 - Disclosure - Significant Accounting Policies (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/SignificantAccountingPoliciesTables</Role>
      <ShortName>Significant Accounting Policies (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://pyxistankers.com/role/SignificantAccountingPolicies</ParentRole>
      <Position>22</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R23.htm</HtmlFileName>
      <LongName>00000023 - Disclosure - Transactions with Related Parties (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/TransactionsWithRelatedPartiesTables</Role>
      <ShortName>Transactions with Related Parties (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://pyxistankers.com/role/TransactionsWithRelatedParties</ParentRole>
      <Position>23</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R24.htm</HtmlFileName>
      <LongName>00000024 - Disclosure - Inventories (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/InventoriesTables</Role>
      <ShortName>Inventories (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://pyxistankers.com/role/Inventories</ParentRole>
      <Position>24</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R25.htm</HtmlFileName>
      <LongName>00000025 - Disclosure - Vessels, Net (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/VesselsNetTables</Role>
      <ShortName>Vessels, Net (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://pyxistankers.com/role/VesselsNet</ParentRole>
      <Position>25</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R26.htm</HtmlFileName>
      <LongName>00000026 - Disclosure - Deferred Charges, Net (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/DeferredChargesNetTables</Role>
      <ShortName>Deferred Charges, Net (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://pyxistankers.com/role/DeferredChargesNet</ParentRole>
      <Position>26</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R27.htm</HtmlFileName>
      <LongName>00000027 - Disclosure - Long-term Debt (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/Long-termDebtTables</Role>
      <ShortName>Long-term Debt (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://pyxistankers.com/role/Long-termDebt</ParentRole>
      <Position>27</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R28.htm</HtmlFileName>
      <LongName>00000028 - Disclosure - Loss Per Common Share (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/LossPerCommonShareTables</Role>
      <ShortName>Loss Per Common Share (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://pyxistankers.com/role/LossPerCommonShare</ParentRole>
      <Position>28</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R29.htm</HtmlFileName>
      <LongName>00000029 - Disclosure - Risk Management and Fair Value Measurements (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/RiskManagementAndFairValueMeasurementsTables</Role>
      <ShortName>Risk Management and Fair Value Measurements (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://pyxistankers.com/role/RiskManagementAndFairValueMeasurements</ParentRole>
      <Position>29</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R30.htm</HtmlFileName>
      <LongName>00000030 - Disclosure - Commitments and Contingencies (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/CommitmentsAndContingenciesTables</Role>
      <ShortName>Commitments and Contingencies (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://pyxistankers.com/role/CommitmentsAndContingencies</ParentRole>
      <Position>30</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R31.htm</HtmlFileName>
      <LongName>00000031 - Disclosure - Interest and Finance Costs, Net (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/InterestAndFinanceCostsNetTables</Role>
      <ShortName>Interest and Finance Costs, Net (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://pyxistankers.com/role/InterestAndFinanceCostsNet</ParentRole>
      <Position>31</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R32.htm</HtmlFileName>
      <LongName>00000032 - Disclosure - Basis of Presentation and General Information (Details Narrative)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/BasisOfPresentationAndGeneralInformationDetailsNarrative</Role>
      <ShortName>Basis of Presentation and General Information (Details Narrative)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://pyxistankers.com/role/BasisOfPresentationAndGeneralInformationTables</ParentRole>
      <Position>32</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R33.htm</HtmlFileName>
      <LongName>00000033 - Disclosure - Basis of Presentation and General Information - Schedule of Ownership and Operation of Tanker Vessels (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/BasisOfPresentationAndGeneralInformation-ScheduleOfOwnershipAndOperationOfTankerVesselsDetails</Role>
      <ShortName>Basis of Presentation and General Information - Schedule of Ownership and Operation of Tanker Vessels (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <Position>33</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R34.htm</HtmlFileName>
      <LongName>00000034 - Disclosure - Significant Accounting Policies (Details Narrative)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/SignificantAccountingPoliciesDetailsNarrative</Role>
      <ShortName>Significant Accounting Policies (Details Narrative)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://pyxistankers.com/role/SignificantAccountingPoliciesTables</ParentRole>
      <Position>34</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R35.htm</HtmlFileName>
      <LongName>00000035 - Disclosure - Significant Accounting Policies - Schedule of Revenue Disaggregated by Revenue Source (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/SignificantAccountingPolicies-ScheduleOfRevenueDisaggregatedByRevenueSourceDetails</Role>
      <ShortName>Significant Accounting Policies - Schedule of Revenue Disaggregated by Revenue Source (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <Position>35</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R36.htm</HtmlFileName>
      <LongName>00000036 - Disclosure - Significant Accounting Policies - Summary of Revenue from Significant Charterers for 10% or More of Revenue (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/SignificantAccountingPolicies-SummaryOfRevenueFromSignificantCharterersFor10OrMoreOfRevenueDetails</Role>
      <ShortName>Significant Accounting Policies - Summary of Revenue from Significant Charterers for 10% or More of Revenue (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <Position>36</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R37.htm</HtmlFileName>
      <LongName>00000037 - Disclosure - Significant Accounting Policies - Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/SignificantAccountingPolicies-ScheduleOfReconciliationOfCashAndCashEquivalentsAndRestrictedCashDetails</Role>
      <ShortName>Significant Accounting Policies - Schedule of Reconciliation of Cash and Cash Equivalents and Restricted Cash (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <Position>37</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R38.htm</HtmlFileName>
      <LongName>00000038 - Disclosure - Transactions with Related Parties (Details Narrative)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/TransactionsWithRelatedPartiesDetailsNarrative</Role>
      <ShortName>Transactions with Related Parties (Details Narrative)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://pyxistankers.com/role/TransactionsWithRelatedPartiesTables</ParentRole>
      <Position>38</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R39.htm</HtmlFileName>
      <LongName>00000039 - Disclosure - Transactions with Related Parties - Schedule of Amounts Charged by Maritime Included in the Accompanying Consolidated Statements of Comprehensive Loss (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/TransactionsWithRelatedParties-ScheduleOfAmountsChargedByMaritimeIncludedInAccompanyingConsolidatedStatementsOfComprehensiveLossDetails</Role>
      <ShortName>Transactions with Related Parties - Schedule of Amounts Charged by Maritime Included in the Accompanying Consolidated Statements of Comprehensive Loss (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <Position>39</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R40.htm</HtmlFileName>
      <LongName>00000040 - Disclosure - Inventories - Schedule of Inventories (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/Inventories-ScheduleOfInventoriesDetails</Role>
      <ShortName>Inventories - Schedule of Inventories (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <Position>40</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R41.htm</HtmlFileName>
      <LongName>00000041 - Disclosure - Vessels, Net (Details Narrative)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/VesselsNetDetailsNarrative</Role>
      <ShortName>Vessels, Net (Details Narrative)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://pyxistankers.com/role/VesselsNetTables</ParentRole>
      <Position>41</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R42.htm</HtmlFileName>
      <LongName>00000042 - Disclosure - Vessels, Net - Schedule of Vessels (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/VesselsNet-ScheduleOfVesselsDetails</Role>
      <ShortName>Vessels, Net - Schedule of Vessels (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <Position>42</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R43.htm</HtmlFileName>
      <LongName>00000043 - Disclosure - Deferred Charges, Net - Schedule of Deferred Charges (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/DeferredChargesNet-ScheduleOfDeferredChargesDetails</Role>
      <ShortName>Deferred Charges, Net - Schedule of Deferred Charges (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <Position>43</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R44.htm</HtmlFileName>
      <LongName>00000044 - Disclosure - Long-Term Debt - Schedule of Long-Term Debt (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/Long-termDebt-ScheduleOfLong-termDebtDetails</Role>
      <ShortName>Long-Term Debt - Schedule of Long-Term Debt (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <Position>44</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R45.htm</HtmlFileName>
      <LongName>00000045 - Disclosure - Long-Term Debt - Schedule of Long-Term Debt (Details) (Parenthetical)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/Long-termDebt-ScheduleOfLong-termDebtDetailsParenthetical</Role>
      <ShortName>Long-Term Debt - Schedule of Long-Term Debt (Details) (Parenthetical)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <Position>45</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R46.htm</HtmlFileName>
      <LongName>00000046 - Disclosure - Long-Term Debt - Schedule of Principal Payments (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/Long-termDebt-ScheduleOfPrincipalPaymentsDetails</Role>
      <ShortName>Long-Term Debt - Schedule of Principal Payments (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <Position>46</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R47.htm</HtmlFileName>
      <LongName>00000047 - Disclosure - Equity Capital Structure and Equity Incentive Plan (Details Narrative)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/EquityCapitalStructureAndEquityIncentivePlanDetailsNarrative</Role>
      <ShortName>Equity Capital Structure and Equity Incentive Plan (Details Narrative)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://pyxistankers.com/role/EquityCapitalStructureAndEquityIncentivePlan</ParentRole>
      <Position>47</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R48.htm</HtmlFileName>
      <LongName>00000048 - Disclosure - Loss Per Common Share - Schedule of Loss Per Common Share (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/LossPerCommonShare-ScheduleOfLossPerCommonShareDetails</Role>
      <ShortName>Loss Per Common Share - Schedule of Loss Per Common Share (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <Position>48</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R49.htm</HtmlFileName>
      <LongName>00000049 - Disclosure - Risk Management and Fair Value Measurements (Details Narrative)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/RiskManagementAndFairValueMeasurementsDetailsNarrative</Role>
      <ShortName>Risk Management and Fair Value Measurements (Details Narrative)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://pyxistankers.com/role/RiskManagementAndFairValueMeasurementsTables</ParentRole>
      <Position>49</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R50.htm</HtmlFileName>
      <LongName>00000050 - Disclosure - Risk Management and Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/RiskManagementAndFairValueMeasurements-ScheduleOfFairValueOfAssetsAndLiabilitiesDetails</Role>
      <ShortName>Risk Management and Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <Position>50</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R51.htm</HtmlFileName>
      <LongName>00000051 - Disclosure - Risk Management and Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities (Details) (Parenthetical)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/RiskManagementAndFairValueMeasurements-ScheduleOfFairValueOfAssetsAndLiabilitiesDetailsParenthetical</Role>
      <ShortName>Risk Management and Fair Value Measurements - Schedule of Fair Value of Assets and Liabilities (Details) (Parenthetical)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <Position>51</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R52.htm</HtmlFileName>
      <LongName>00000052 - Disclosure - Risk Management and Fair Value Measurements - Schedule of Financial Derivative Instrument Location (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/RiskManagementAndFairValueMeasurements-ScheduleOfFinancialDerivativeInstrumentLocationDetails</Role>
      <ShortName>Risk Management and Fair Value Measurements - Schedule of Financial Derivative Instrument Location (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <Position>52</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R53.htm</HtmlFileName>
      <LongName>00000053 - Disclosure - Risk Management and Fair Value Measurements - Schedule of Gains Losses on Derivative Instruments (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/RiskManagementAndFairValueMeasurements-ScheduleOfGainsLossesOnDerivativeInstrumentsDetails</Role>
      <ShortName>Risk Management and Fair Value Measurements - Schedule of Gains Losses on Derivative Instruments (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <Position>53</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R54.htm</HtmlFileName>
      <LongName>00000054 - Disclosure - Risk Management and Fair Value Measurements - Schedule of Assets Measured at Fair Value on a Non-recurring Basis Long Lived Assets Held and Used and Held for Sale (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/RiskManagementAndFairValueMeasurements-ScheduleOfAssetsMeasuredAtFairValueOnNon-recurringBasisLongLivedAssetsHeldAndUsedAndHeldForSaleDetails</Role>
      <ShortName>Risk Management and Fair Value Measurements - Schedule of Assets Measured at Fair Value on a Non-recurring Basis Long Lived Assets Held and Used and Held for Sale (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <Position>54</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R55.htm</HtmlFileName>
      <LongName>00000055 - Disclosure - Commitments and Contingencies - Schedule of Future Minimum Contractual Charter Revenues (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/CommitmentsAndContingencies-ScheduleOfFutureMinimumContractualCharterRevenuesDetails</Role>
      <ShortName>Commitments and Contingencies - Schedule of Future Minimum Contractual Charter Revenues (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <Position>55</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R56.htm</HtmlFileName>
      <LongName>00000056 - Disclosure - Interest and Finance Costs, Net - Schedule of Interest and Finance Costs (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/InterestAndFinanceCostsNet-ScheduleOfInterestAndFinanceCostsDetails</Role>
      <ShortName>Interest and Finance Costs, Net - Schedule of Interest and Finance Costs (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <Position>56</Position>
    </Report>
    <Report instance="pxs-20201231.xml">
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R57.htm</HtmlFileName>
      <LongName>00000057 - Disclosure - Subsequent Events (Details Narrative)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://pyxistankers.com/role/SubsequentEventsDetailsNarrative</Role>
      <ShortName>Subsequent Events (Details Narrative)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://pyxistankers.com/role/SubsequentEvents</ParentRole>
      <Position>57</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <LongName>All Reports</LongName>
      <ReportType>Book</ReportType>
      <ShortName>All Reports</ShortName>
    </Report>
  </MyReports>
  <InputFiles>
    <File>pxs-20201231.xml</File>
    <File>pxs-20201231.xsd</File>
    <File>pxs-20201231_cal.xml</File>
    <File>pxs-20201231_def.xml</File>
    <File>pxs-20201231_lab.xml</File>
    <File>pxs-20201231_pre.xml</File>
  </InputFiles>
  <SupplementalFiles/>
  <BaseTaxonomies>
    <BaseTaxonomy>http://fasb.org/us-gaap/2020-01-31</BaseTaxonomy>
    <BaseTaxonomy>http://xbrl.sec.gov/dei/2020-01-31</BaseTaxonomy>
    <BaseTaxonomy>http://fasb.org/srt/2020-01-31</BaseTaxonomy>
  </BaseTaxonomies>
  <HasPresentationLinkbase>true</HasPresentationLinkbase>
  <HasCalculationLinkbase>true</HasCalculationLinkbase>
</FilingSummary>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ZIP
<SEQUENCE>97
<FILENAME>0001493152-21-008493-xbrl.zip
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 0001493152-21-008493-xbrl.zip
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MY6BZ]YGSB=GFL+V.L0P%H-#UD?G]&BU'CA3]MO0:,.OH)5IW-+V1>$5^GP!
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M93D^8N!J[@/^7PCMK*\_O'+M^^8EVVHEL+JO14,/AT0/SZIM1Y.,]Z*2\0Z
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M,.4/D];3AF6!N71L)_E4G5+I47?43V[6RODV :S"QFFI3,KMP%5!)1RVM8J
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M(FZ9=7/KH5)M[6U6!):MK:A*L(>VCB3WNZ+R,I':WLJ"?.8RSZ>>F/=^G8%
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M>VP"@^"S1D"3?6;W+O4(0#VK1<O#9RT='HU-&69GFKQFI(X+M1S'5N8\R99
MTEJ=43MOALZQO 8SMW';.YVFUE\Q8S:^A7+W8#&(A?!YOK>XQ&$+--^,+5NQ
M4>D-[W3:N]J,7@L4B_S-4.Y"2&+#+Y%IAQ,I3RWF4TX ,^G'^I(> >RLWT?\
M]ZV0 #<14#7N79D+B'AL]@0(?.0YR)Q*IKH7HP8]!C]M2_NXH\Q,V!3X&Y.H
MX2"KX1>X2\ Y9KH?N" 3\ VB40'_<]<< _;A]R_FO>,J_Z_2.>[T?BZ.SZ_
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M+90.3:YPY J*SL.^VHN#+0'<+NBYQ[(PY-W![B'//[M%]95VO[\'V+/.>#&
MN_V^VM\#P/EVD7P<JX/1'B@[BTD4I@JM*,2? M.JTK^YF@8AH]]3<V\9K'7:
MP'Z@6B_9C_8!5K:4WN[O!995$G=G']"LDIY[!8$Y&?\[,'GZ.0K4.SIPI.@.
MXR"FX-@)H.N/(,'9VS><!0XEZDK)*VP?@*Y6ID&9Z^X=NI4'%W.J]H^]E4>9
M;!%%T7?#/&K[1HD2UYCC#:,^,?SW74IASPLVOX:',ZR&'>F5R9\F(\HE.]KH
MF\<F@?7%G!2NX_#KM19/J2PP<AP[YQ[W(AB?+<;\;[YIF?^A\X0^P#,V9U2?
M^\J^6\S#' +1(/BF^#87MC#+CLT;@K7Q"O4?6UKA:-C?8(416(57&!9TDU7Z
MC:O)!/@\.],7Z'5 .K&9<>8NSISQ=ZP)"D3#I[L-W$>V\+:XW<,"N*AU ;M$
MV_9HJ%/DE-2Z@J4D .%ZX]5R= H??BB33E]425)C(?\KYXSOZI^.BXL1M7K/
MR&6S096NX2@*;<H<>CE,(EY9L7(N56?0Z:4B%^+CEIZUX'*[:KIEQ4:S%DM1
MZ?1[HQ*S7LSFNNE2B;@)1C5],1^9D6B] %==Q;"VM67$*LY=H7V(ELH]*C1U
M;?#6$#Q;)ZXRY<1M(I!$2V<!#'A+O6B6)R@U=5Y0OGSM#/LBP^6 ,>XED]2'
M[?Z@%C!S]K(&,-7^*!;BN#MTELY:'_6'_3W@LS2<:G=[^UZT7=(6MK)HRZ0-
MI\[3<&N@]D%;T_8 9FDBZO:'HS5PQHJPH9S+33@WIO<]$GQ7!<M65C:ZB=IO
M*Z?=$,0UE)\+8F>X&Q#S3T@^%M6=@)A'HF%S]I-R 5Z]W6"W$.B?2D9PMP\'
M]-.2M93Z>SMVFQ(,1IX="N@E"4;M'0[H)0EF1[2>)_%5)9@=,<="H!\FARD$
M^JX(9I,^&94-._4VT=GVF@KF)=?:YF;K^[2'MBJ)-#;=M!:W4W/^-<Q:^<Q8
M6*33B56D+QNB0M%ILI)4EJQ^O:)^!,B>TJU;!KS]+4O^].?4M!BW"EUX5!46
M6 !FK(R1 Y1#05=ZGZJB0'"PWTV7A441,(/ ]#QAE*]U/_.YHBHW=#U4\35$
M2PX?]BY@1E.WEHK"5EL +P%;8*YU8-TPFSWI%J]MLG7 $K/%0?N=Z4;&"UA7
M/$XHB'*L5R K9=0!,'>&=RA'8@-0XJLY,6:F;7KB"D6RKYL'+1OQ.I%98WGZ
MTL#E":45@%.'M0*7(P!5 $XK ESD5HE(@)ILZ,0D\:BA[^\K^@/=J\DM\WWN
MC:N#1"]XMB*%FF#&H2YS0>%SF,&93-$TJ&01?15+[)SS8^ZXRA.0LVDKJJ;,
M8("II^@3X&]\&MVU%@KFN9MV+,F1*7@RE.AH*.'9:.'/R3S+)].RL,HV%EF4
MRU$P17*&U005)DM\:\<]!7_SZ&T:1J<^*4IR+Q3<C&/E.G"QG(DOJX/K,+T1
ME8LTO2@'4X&78.;Q5%&'+04QW9)IGR$BO0!^7L8EYH'&UM]*K(SGWP+].$76
M%R%8()&6:.#EJ.#M>!3;'5IBW(-7DM3B!PG'CH:&QY=).[KZ9&.?.FCU?#)A
MU%1'^=\Z[*.[4%3$OCHBK/)M0#QD+9XC'G[,V'M>M-04D!K*_4)I'_>UGUOX
M4@L^:_V?,=5XSF>W%K3;EFDSHG5.+8_,Q1+8ICT1;<)<O$1@9WX#HADS*AF*
M#$_ JHZ.E<_TE81:CD#OP?CBO2=*=#:8'!9&5(^U[L\T3CP)VG84W?A7P+MS
MI5*Y!4F71@S+QK@&_^8)UW06>>)S*ZK<BLV:QH&%$:,H7QOP80%'GY*VYRPL
M[TI%'^@741BU$F4EJ[;$6P[P"FM9*D;O2&W'*K%+0N/=S1S72XY3R)T9+\R<
M!49^FK_,B49Q[]:GLYE;5GW#!>2+IMI@93V*/#CK7>$(8UG5[G96.&K7O\"O
MHM'#"N$Q3[(HMKA?.<OL4);D>A@V@Y83V$#DU%<@-A1^!T<B*[4XM'A\P@(!
M/["J'+NR-VI=7</A[L2BC-8 M^$Z<F3C.IA4O&_+-M>1=[77L(YN3ZNRCL\!
MT!N+"JC)5]/O8"OY5+S43LA,B]7I*@=KK:O<\N;%>]=57^6J)^^<3XR+K0:\
MQ,M#\/HM.]].-=;BM32X=:]UAYNZE;5FOGAA"[$T6<C4]A=7]A[84BQ IKYE
M; $YNS\*]6-FA5TW,IQNW2ZF#2*2SX:@$HRUFL<ZO>Y68*S32M;IJ05A7&.]
M$!( E::-?>VES:M;)XQ>-QT;OA&\VU]^K32G]4?:,UM^G>2L#=J=;2Y_90)9
MO25C^\,D#:^?MA9 \[9"9.$[GE^HDIMV< LX&8^#64!;>\;F+H"KK_*"%BK$
M72]TE\S_Y#C?BS>L.AP$'R2@Z_-I"Y/R?LYBW@+V3\IYT)4FY<T1+%38.X=2
MG4&GW6H+CNXP&:14?/I: :_0$7I%:?WB@),O=3P&2C(HH@==#Q[O+GU"#K*K
M"=;/UCW_3Z!.]\YE.GE$;A>>SV8BF;%,,;AU2GXD8=<#UDX66F7GMKA.WK>,
M<T61[(5M/VK.$BPWTZ9E[4O,5+[AEC:([<>*F0JSV=]<Q\N+Q*MV:ZF=;D=M
M%^.K!,'F\&XD,*KM84_K[!+>S:0"M0UZUG"G^*V>[:EJH^%H UA7R!OPV6+X
M 7W%,\?U18)]L4LL>U6E1)NTZMM1DSM2%]R[Q,<F6DO:W]16^\\='QN)ODN6
MH4YW)_A8^2"9&B;,Q3"?4XI.VJX:?J3UNZI6[.1GP+;#=6VPKVJ[KSV+-995
MC([4WF!4\ [/61F/?Q2JTYUS)EHKH;47GN)R8SW2>+L?C[C,GW%#Z,KG4/>&
MNP.NM$C9[?0J 9=Z0%+!G1/)HQ/']6J3?-68X%M\[F2L.M7-D3V]^)(H-^&&
M/83!9A3\LTKO'5*M;[GU^%F31^SSW=1E+'.D8JQ$_)^,="\%:_W+[!QI([G,
MSE&G'=K%04K#>,C NPWF<QXD^MFT&"D?4V9-,B<1AFW0]OV[*?NJN]^I%?J#
MJ\\*W9^= T*-JAZI0WGXX?,H#S4G&$R\7>1T^H->C<B1Y9RX(U:HE'LY)2L2
M@D!9ZVB:EEAO2:"74MDL'33IR9^Z"YS$OW)OL#S@5>![OD[EWHIEX*WJ 8PE
MH[KQC+4ULQ6"[OP'<\>FQZY=$UMPB1\]\:NWHA&;"O^$/7+6=CN&"_V,^?IX
MBNE5<H8RN5OJ\=IUKUM'(@ ]KWUR2??FR=W756=L92]G31N)<N&YD&P"<J[M
M?3W(>7:ITMC+DYE+8T]3NT-92;<P]DZY8&X^,IX"<#5)".M4Z T..U:0HA\-
MA]I?7=F7[ F>1-Z'A?;P7.DN,N%3H&W31[M9386CCJ***EL%]M"P$O9\BG5B
M*N<$.KB52.%7MZYU$^.1>#W!9[ZJ&V#@ILV,<]VUL9AD(>WOM1)U@8NQ/*'+
MZV\%UR.=G$^%04_8VRR<EEHX+G?GJZ]NXBY@*LXJEC6B2'C8"-*]+KL47TDK
MO2\$!\6XT$%0ZU9YP$F8J(>>[VS""-N[7]CG/\8,1>8T^NH1709)ZJH)MOTN
M>7.Y9,]PUR*%['D-E62.%TF-6V4FR3%"J$%KO\(&RK&EUL,OAFE71]'I:P5\
MD_",>@#8H 8S-UZ[YB-)NMZEP\DOPYP?^JC;9&*41RN>I@KD6L:R+$WG*V9?
M3AN5#\(\\6GK #,_2[>3R!Q= 496?HR8[BZJL[ JS94#/) FR@+ 8Q:NAJWC
MU6$RH25[TH1NPZM0)6M/%? XG^JNNP!V4]AM%Q;\6CEK'6!]UDUW2R!A_6^L
MDH'YPA@0_X?NFFA\C./:NV1;05ZG3;EL86Q5,4BV!'TI'-<'^1='MY$-)E.T
M<)1+N+NVNAE1EU-@KDL.H%&<AVT$[2Z7O687XTM6ES:U,^QWZU^RJ..%81Q7
MDXBY1LGY]<@*46K7V@DWA:Y*%.6P/'BA!$F="<*=/3.]L>5X@;OB7DS*@>:#
M;4[,,;H_4-"XNO>8^\BW;![XWA?VR"Q-MD.F'LVPU_)O[(Y<+.:.%R6)"=.K
M8-[SXD3[I"*1^FHJF>, EX3[L\T5$;F&S3)$[(.,_UWB2.M=8%O=,%7MQFHU
MY$%]&,LKMWFPNO9S6EU55A(V:RF\3DG-5W.&3G?[X0O6:O)XP0?1\4LF?]RP
M,3,)YM, M+%<X7-M$%,R_K;2])NM85_ %RD44$_R44;UE2+E8RK6ORE?TJ8N
M8$H+%%EU@O* B8OHURZ;\STM4=2S7#Y*B<DJ!#?V,S6/Y$S5X:FCX56R4A#.
M?R?FK^=<J,-D<'?.A)O!5GYW.L-4O[KMP58^LTQ-!4\7@ T)Z)-I4+3035 \
M4^S7*UOYWX&U4#19M_/RY/;LY/\H4]U0;,>'JY09B9J<SD0Q?0]^L\?PC67J
M]CA6]G'&N;%R;QK*'('!YW]2C]MMQ7E,5SKLM!%,CXT#*JEX'WBF#1>G8N@+
M#TLCNHQ2(*D );[XQ?20^RNXP+#(IX"7+)8*#Q(\5F!59W 1X$6N:*-6K*JD
M7(9+]P2,_>2:OL]LL=@Q3Q!\P& K6=15OJ(KZK!]!, I@%C8""I7ZK@*NM@M
MP*+-%&THRT'Z#DSQH)N8;%@$36*M>.2/E=L I)9_!_ 9:VM.8/O">I-R!IS@
M,[MW>1'*?CAM!.]_ =\ 01E7$4V#)2E-,M^B&PBK8KJRWB??)2Q'2=_BRAXP
M6Q&^H+*?5W9LPH&<4*#?M&'D68I4_*GNPVQ$2QP95'UR&1WL!R\,"R!+S"R#
M[B)9OQ7SQ4E!Z?5Z[;?ZN[?:NW>B<&;\*"QY2W6+74V(7NB9:^92A%66G*)B
ME*;6#4V@T<:</X:AF>&OUZ0ELVM+'Z^,;UX=$A@O,KD*QHQV%MF>$U$NB'S"
MW^:.';F!5RRS>]3NKUEFT?#(:*YE#]>JU;=[6D\;)1ICE%U81MK(F#&#"HJ(
M\$D95)DI3G D=(D]ED)(>O!""D1[*8MD);!Q'G])(=#AH]?!O66.951S-M/'
MV%9-,GV,<UTG=<<LBKG3%?,>H;%M1673"$3T,T@0U2.M79C6BH7BYKM5!O&3
M5V01-2X\O3>O9N' 5MN1)*(5<@GO?^&BF/&:8AC95HL*-8=BWHM"L]8!9O5Z
M,J7!E#OP20A^9\P;N^9<Y'E^TCT3KB?8'@\W@==C_^%_LE#0*RK>_M7R/\X5
MSU]8[)<W$WCI@Z*VY[YR1W7P+]F3<N/,=)#CZ(N6@N0W^:C,=/?!M#\H;?J?
MUCWNS?V/"LYXI%OF _R"GG!SLA!?FC;0#(Q]Q!]]\]<'_R-.?8\?U&.%UH(2
M:WPU?_V+VOF(U<9_8S9S=4NY("&*_P8OO[^7P[R?TR=\GO]KPU5E+H4#K<_F
M'_^B]ML[GO?Z'_]S<:O<G5S^_?SF5KFX/#U6WG)8AJ ,?:2J8^'?ZL=W"K8?
M "IPYXX;(=.TY3<@:(H&!#=L3K>6U!= 1>"UX"\\H%'#BWH7:!VJGM\[5DYH
MKT(-HJ-*#8+@4)PGVX.%MW_&3R!\3,TYS,9U-/A H.!4$\>RG">\F">HWSR2
M4? (WN%W-0K)P.L^'-H.^]QJQRS+F^MC@/67-^TW]/=<-PSY=Q(V;3UL3Z;A
M3S\0WCXJ]XYK,/=H#!C2YQ[[H,A/;T)X%(6 <>5,=!^,=4LNRG?F\8?%XX9\
M7$RG=><_<I !K^ *XJLY\LS_,([N&,)&_<&(8PR?"0^F;^2 L,FLM^>G5Y=G
M5Y?GRNG5S?75S<G=Q=6E\N7NK*4 E<$.F=X4B#S 7"ZB:TM_"G7B.,U_U2U?
M3QRF6P;<TW!L%C]0J]=&']VZMN7Y[<3=[Q<WV]F(NZGI-OM0=-;/5]]N[G[?
MRD9\=@+7GS8[49@W_7%^&6W%<=D-R+R&DQP*M>RE#4$[5+,I*V8]O_CM]VWN
MR3GFG>*6M&)[0LUR\.J6G8"X32^\84 &$#RNI82'C-H(*=$><ZME;*H_L@6E
M."T<EZ.#]R331*+.BY.?_V2\3=:8>VQA(P![.3(JHIQ BF14V[&/N(BJ-")J
M(Z(6N 8N_F>KEX#YH[F3"\_Z]>3FXN[BZ[ER=W[Z^^75EZO?+LYOB^W,&8-/
MNLM*(K=FGLK_=ZSU3+N0I84_NE>F>P*4BXCT@GO/-$P=+9>2M%?=863S<9G"
M[ ?](;)2P&S8/L_'BCUSQ_7#WG:6^>_ A#L6H'&H<Z/K! _<:Q8Q=KQ/'1X<
M(UI(ZO9WV&7.SCWJ,P?;CU:1>P;LON'GU?CYO>/[SBR/<8A)^(/P@J6/ORLJ
MV@05S[%,8_G=^E".MFKF)FV/"3)<:53<#2S\$"PRH5C+&P4=A)A5(SMKDKIR
M1SFT[;FPXR;,_6Z/H?OLD/<F=P5K+^7D@4BML_@5O>%2@>4 @[-_>:.]V>VR
MS_Z\V]>:]X:Y71_F?S#=W?,9O@],R]_G(7Z9;)IJ\7OF,V'2)54ACF60CP#)
M#R!=V@;*2([[0?G+Z>GY^>?/1538]L_%U<;0_5".#4EA[N?2Y"3?[/V\$3-M
M]]YKG?=:NSUX;I#C,R9^D'D."B4^T/QFA1MA\P55?[.30H6+=LG"F!BV^FKO
M&:VV/CR5)!FMK;:?$9YJ.-K#][EKKHVK/DU-GV7QU*+ AF[#8MM3%J6[Y) [
MA&V9!V*R5VD66!3B3596FJ5UZ\;W+E:Y/89T@-#CR>CMB,'DB&U%P8T<X@=W
MC@&3G?:A\Q@>)_95MYS@!7"87KO5[[\*%M,>'= FE3T8VGNU_SYW#8<CPX3.
MO8,[PVWUO;J&4Q\*?SECEJ__]PM@,-T^J&7]5\%@]K7*.DY&YWV[^WQDF%@0
MV<$=9!1B5$2E>GBPI9C,W?1EJ$D]M348%37]/&L>HW8.:)/*'HP1%V)RUG X
M0DP8$GEXAQB$P?8P'X^'PF#.YYYI"<?*,V<Q[9;V2EC,OE99DX!/8LSJ-62R
MF!<?0_S?2DRM:"%['$^5)YWRW7@1#JFU*:>..S]>&ZW9(H!Q!,^Q#*Q8H=M*
M8.N3B6F9E*/GHRE;F>NNO\ \/%GD0NWPA+O=KG]?>,^(EJ>(OM (Q^MSF+PB
MH[6(AW,2:-6";5NQ4%!;QT4D<\Z. 9QXZM,Q!RJ1A0//N(R:NU'T_S&!<R$3
M*O'YD[EK6IA6.:0P?V]E&B0O#,(X53#3A8&/#&=FCHE6,*XQ O=?@6MZACD.
MPQVS,GP(%@2!L.<R7*.!D9"8C@POXA_WSB,[!D2[R@1Q#<.;40YN2P%X= _?
MG>#$CD*%L0;'KX,L0?!7]+$(VA/5)2CZ@D[NQ+1U>PST"'.+[G$\N'6J8RD?
MQFRL\P,GF\>XXD"N$55]T</6-%C=!0::8TF?!YX(#20.O[-Y+(OW&Q __$6=
MZHC"3V:PD'$RC>O;\>VQ\MO)R76<"85D +-8@<%H.#$]3\DFID=/P!=/4P?F
M/^(L+Q'8^S:1YY)*61$E;Q+<#VEM.8U8'840(8NCB;$J#PZX8'!&%>J,N/3:
MD+^LR!=?"15BC+4XX2D<JX./GHQP5C"DVG"  ;"C:0#;9(1(S@BV7HZRAA-.
MQ8GFS'<=BP4SH$K'",8^)PR'6(,(Q;X/K.] *FP&Z_ "9'.PS>X#,+&Q,IZR
M&2H?_+5']L"XT(# .*;E':,Z'0(="L*KPC)HE.6GDHY+6J$W@V.#3(H'?GL8
M[(V%G,RYEQPDTS/12O^>5OHE,M>)[BT"!OBL&<R.7"SI)"#R7@FY7KNF0U<%
MTADRS& VT^/7%-&>3C>7IQBF-PZ %CBU4FA^2_GJ'BM_4 5XTTFEX!F&F1"P
MY',>B6F4B@#4JP26;\ZPP+^'%4V H>&]F>!T.1D*+05?P&AQVO3P^,&-;%+5
M)7XB8DU >;FP,6\2$F8H@ @ \LJ,*1<VT+OO &-;EAJ7'THD^64,PH\2<6?#
M=($= R_F:6YB?:TH^Y @C1(0"6YZT[3#=]_&,RHH00ZI%Y$GT" PLU!XB8K?
MK[Z<75S^QFM4$##Q]?S.WTFLXET(7RP#4HK+K5@>) $8VA1>R8&Y"JMO]'CU
M#5ED8ZP'<#"4S+PF@DG(GWJ8OQ0O!Y*D,N8^P FX#>Z3]S,<TWLJB2<$P]7W
M_X*?&GI>%_J*..3Z@\M(_ F9Y!S$:]SN&9\V/.0\]^;U[*L0_3O)?44,11NB
MD.Y.1])W! 8CE"H9Z'R;DKQ.$@]?BX?Y# E>^5:*^#KO/8T*YRT*F;Q*I,;!
M?"?DTYD#1Y_N?8^KL5^NKOY^"]1XAR4'DESLRVU*[H,]?R!FJ!MDCJ1*AL":
M \[V)4<1*5D !Z]J>!Q'#):MYF1)%1*!RP/-(9:X8LYANB7&3YC)%+/QU3P$
M+6%S&6_'"I;94]@/*M,9763+PW+6+(>6^SW7068"0'4XT=Z4[D33B*6J_=1O
M[UR6M40T=>IP9(5U[U)>D(@#Q%R-?8?(LB]/3WBU2#:3<<&2<,&+F2F)FUO4
M^13R[XJ;'\$09Y075[)]U[SGFPYO?C>Q"JCN*[:3W$5^#=Z:2'5X8!@1)3Y%
M13WQW5 BB7(68=DT@Q/*]V']U_P4RE9:CB)HX'@$OA3[09[G$OE_0C*+5LG-
M"*( J@2![ 2X;*X8,JZ3X8F"7;1M$JEGIJ737L$-X( BC QB$B;5@VQ_0J</
MOL>JK<'<B2I!R8V12].IIP'-:IGZO6GQ5HQ%%IZE>*<T)&[QF/-28YCRZTEQ
M#L:Z)T5G:B+%H*J"J:74@P9Y7A ;K!*,K^=V"T_H4)[0%?P714I/\L9U#+D%
MK!(.V02UMZG^B+@UL"<9W1.\\G)X3$B[Y:<<O\_>KY:\'?BU9O,30O=(Q'+P
MPFGQ)^(W4. ^FH^R"K+X@1?\0,M-0+\(D6B5V"2E\M=,%S'L(8L)M4*N2H4\
M(LN\X<DF]#.@EW%H&K5$]6/'CI? %FT:11%LC_-B(J57@GU^>2&.[QUQ^"SV
MH'/N'K,XZF.JM8W<6(A1W"ZC1VE>Z.T0Q?XFBA"S; =/;.(I^!%/K^Q+$4IV
M0FJ31[65PTQQ<&37WCRPCYP)AVB^+!9054*T-[7H:HH;4 -0>SQY/PA*NV?^
M$QIA8^<9)Q=+25YS_+J7^GMTL1(HL+(IF=UQZ?A@R'_X92)$@-=!8&0""%52
M[A7)LF>D]8%TH<K-2Z5(_QQ0Z#VSJ0\\&<Y#7UW,C 0/SUT'Z]K"IH$^@E7I
M408C4  3^@._CE#E,,=<$,R3$]^2'Z3S[I7L.G:14]ADPL8^K\6/N#&8!?<R
MO^&8#AO!C;JML+#2V&545HD,!VP\M4G8BF%;;*PT!A,3('$4#A\C8\/%Y=WY
MS275N3OY(HJC O5=GOQV_O7\,D,1O;C[FE!YZ4:?8P-.SY.D1RN0='JLP"M4
M2Q7=:RZSEKRR:=!=]/A%HB40&LDDP#0 !_>ZQ_70L^!>-UO*MY/S8^4<L8/D
M=A0MGHOIH1Q$< I(X&W@22! \;8*IH]?^J*)*)^1F<22"$#.N5/#1Q8$M"/9
M***,42A#QX!\6_24D+<NR6<N 4$LD5I$Z![P>-VGOTC50J$>+9R,*: ]^%,O
M=ENCLD^2'W:2&+\6^UVH2V,7K#%1]>G5'Q=G1^I(BB=9@HTL^;Q=O9O^U^D=
M=U>5;]Z[@]6#HZ0;H?XF,?=HND'(XJ<HT.!=;K"QA0Y5H>0"4@UT-TE2_M-Q
M+4/YG>D6G*:KF/Y+J@DY&W$H85A%(=W'+B=PM W3<X,Y-TX)&\&#Y=S#+VA*
M=V:+T&F !VV.;,VT#5B*N^#&,1WY%UQ.&.H1-6!3'AU@*"CK+.2PD?8ZXU(J
M%UH\!KP4'\-YC""R#G$,N&P&=Q:J[N+Z>B6'"RG$#,]5@D+"S1?*&+^U WOB
M6)'O<Z8OPM_Q9_+-VR 24[\=<:7EG-)(?HWV#:X3BI! 3B>I JZ#P.*6 [P-
MPE)47DMXW:7]P>!P "$C<T4?#NRL<( +BO.8?N^X-LOSR<(=:?#9Y94U!D4)
M=68L_2UHBIKT^!$1/9E H :;,Z%S6=BKSZ*XHPEUDH,?'YGE4+EZ#VY&&T3U
MAVF"I24:[*QP\&.=</:H6P$!]C1E0G[&^UVTF1&E\!7'Y=+@(]U4U"Z'3F?R
M<#K!O8^A*H'/]?Q[?J)\)]I;$LP?'!&E 8?$YO=BU.WHT61/C(<XN#A?P/B3
M*&_087--[WLK5$9=./AP).5<TL0@PR;<J+O?6_,8Q C83U@4#?).B#QDLX@9
M)G"/YP[N":[*#)LFDF*C"QKB= XWOL!@6-G=C[-!+@Z0I (HHUIH-NPDZM2N
M'#QU%PF15B(D',QRGM :*,@']9Y'7'#$>74Z)5SUYKL%"Z!P+,X !1DB\%SV
MX2,"K4Y GQ+XPV=D,R7+\; #38QEPDM3H#3T%;F+(\,9?^<;24;%WV&X1Q2[
M9J+[UHK#*O4*LK,*XY#G!;.Y.(@4IL5UA-1A$:VG\*B*4_FOP'@(#51D'X0-
MDB RE*T0$-Y6.5I@Q.VY1?@$=Y'+8#$>Q."Q1WYX==$3 G<L"KN"?0%5 Y?P
MJ)L6TEAK)8.*UDNL+K0WBP,-?,ATC-=B?%K9M2"N"B:TQ9@S79\#Q?X@9 *%
M#$;'_9_SXFYD_S ,,(BA-^JJ4KZGQU*?KDB0. F-'=<.Z,2@@^Z^$T@!$5@[
M5F) *Q'4B@3[P[[\3)'+2T;PI*@TBKP_".C>ZN^4ZR@P$#EY&'T(1/,A"V:\
M\;CH4RIJ42D6L1@&%_*;M5@PY,8QAWEFF*0G_1W<HY;%W5'2# GR%"X@\ADF
MHH^B=3/+E.HU:;CC.*Y?"?<4P4/"<IL*_FE%0H<G1;JX7*)+1Z+%N[U(<HA7
MW-9MZ<4'?6UBNO"M%'+@G9B<&#K[<=Q'Q^?JEAA(_(8F"G$!B_#"U!/'RC>R
M*\:8T"T&;.FN@8%81M3K,FY .KD]31B0AFH[&>4:HXO8@ROAY)!YL;4#(KAL
M1:XQ!RW.*'[0+^CGXF('ER01 UXPP=L*OT7AP2:9,X8D^)*CF^%18A8Z9+F0
MS\N@4P2),'Z&TJV8D4?&>9&KSKD'NN!803?OO>>X]T)>XS((Y0/QWI[4/A0%
M/],(8!$N XG#CJ+KPB=G^O>XVALKU2MU(A#+J%GBL8Q\BEB+EXU7D_ORA078
MYPV)X$*G=J2 / Q;]\EU_2^'U.JW861U*Y1#R:+?:__\KB7](&2.3,Z'@@,G
ML@P0XI3SQ\5Y@G)XV*UX$$Z((;0Y;NT&.D/:.E*I*ZM.YT. *.US!@\'0J<+
M,:H$E3ARUP2XA&W4I_AHV2_03X9#?AQ!$G'RBO8(5ND$+AK"16!V*/=S@O."
M.48/"Y6(- 9T?2LG1;B  IA"PA8V5#SX-O$/X3DBHO/BF\>=3.) +4G\/^9<
M/9%D*BBST A*^'::CHF2T(LF;SL16$!.Y.QE)KA02_EN8P<"P4[G+DB6H$6$
MPJ<+A&C&.OQR95:2/?<^7)S+$R'5:2)RA7K^/8C+FS85A7]YU:YBBPD.3#8(
MP= 5$Y5;&N.>K8:6(D2<P,(PO@3<X<2DYK82_KU$8>XP"$#0@"TZ\:X1)'+:
MD=D.CT"/CN8/"BE[)5=VAMAX_T[YYI%V>BY5PY6RHA#W(B,#A0FMDQ:IHS-I
MJV0G2(B&DBZ\N)]'W@$K=7-.P]S.$'(;  U8#"IF453.J@@/,IJ:'K9,#EPN
M+7.-^X$NTVS7LS"<T'$3BMY*,3:R\RT#):Q)? +&.Y1[:,.5@2/A2UP;QS I
MGW,:;C0<TZ$"@03CHZ1_S8OAZ_52\_@=*=\NFV*[\4<,]4/3B/)>>?L%V/V[
M#TH6;4LU2-JZ>(L7R8CAWO.X\7%"US!<WNE$IO1\L8N]%5KD!:%[_ B%X691
MP)UP-,=5#@*+#Z"[W,CH&O%(?IT'QSJVC&KCEWC2F,E;TR=U&3$H/T/CQ!KP
M8HS3(R59B1N]2*(5[WZNQV/[,B; J H %@,H0,)@/GW[>BG7>(=9E0P>54ZI
M)=%XH=SAAEE<?\\EW$E@CX5=<"Q?3D4XFIR<B?,:V,?!E:)&7I88OXK)0DA7
M)@]>07XGW5K"*\7WG&SVP.E92P;E8)L.3/X3I!?%PL"(,5B\!,$F0(G%[7#R
MY[EKZ-_"X\)M#ZFAXH0.XJQC/4K=@2>F"229;(G.I<,!H]!%D'UB<!X:*MPE
MPGQ*5F&$0OB'Q$5!_N^,)";@YWZH/0B# ^"3P1$PN'UY!L?9IQR*%?=7Q!%
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M6A@R3N0J_XI>Y %1/!!GIAMPSB+4"4E ^"=A&11-E74VST(1EX3A2,8=TWV
M Z,NQSVMIA<WA/!0GE IG,,!,Z4;E5 7\QVM\S5)9VB(?"OT@G%1UAD#QY(C
MX1D3[JC7>[PF[T"2A(VC+3VU='/F :>5+N1\8W[DPN:WI1D.-,:!I*?:%-8:
M^CDTAR#'#B@=!LZ3H<_T!\8MAC\HM2J\CN)O8N >I3!CT)MDZK*RQ<JYX_)L
MBP1 ,KHLX$K#F 43"45P\U;B2EU%;@D8T4S%(A#Y2CP9M$8FI$RPY:U%.&A)
M>!<)WA'%G\I@B@C%<^&W"LV:?-TF#X;V@OM_D<[*375XG?/SGI37<0V4_T@L
MPG#F4D5 ]:.C]6'>!YUD:Y$U3646XJ$'2;1[";SS? 1Q+^-AEL((9P*VLQ06
MD'/&LR_8,"@WKBQG+21>PJ85*@\R0BK+AB,0&Q"@H7)&]"A"*@0AHWX1ZDL2
M(L?C,+UB1>,!;^YX' NZ"CGF;DSO>S9O^9RR6>+U2WLM9=$P3@6$_9#*8R2-
M-V3,TYN(I.$"710/T^+9<IXO*YWP..T)SX?D$18>S^?$"_B1'/7BQ/$XI^6H
MF^0!FULZWO%D38R/J<3&"Z$@+<?Q? Z#P> N-&GA:,E"!186)4(,XQ9LGF#'
M=6U\$J-!Q"J?L"X%J4$IL'BDF"<,/R!R1$$]X9$BGH."3WJLD,+S0.&7-]=Q
M*"$Q*O*1=;QC+B8/=XL]I$P+Z ?U!2:C'4R4K!&2=!0 =1^NE*?DB# L_GIJ
MQ30P$+0S8VXB=CA:7Q@>QH.&PHHX!K9_1*XKPW6H?:&/OW(,X166':/U>KG#
M%+B#/!'TX3QUPD#?\UUS+#-'\9G5]F)))9+8/#H%UD)6AHG(RPLKP] =+T\9
M/YF8$4[>5VZJ%3_*!#W0"$Q8*47(@M0HG:AT&J*X<U),\93P!+ST:3^.+8S_
M2%F]GC/F===X8H#%C ?R_?B\(E9$.]S(;3.>7QOZ1RU'9'FCX7P1Z4I ^>8L
MF D\X*TMB)0_$LMP<>+I_;$"*#@CKZ[%HR*\F$HK38Q6&$4<5ZNY;A%7K1.Z
M@U=2%J&;-X5-&>*70&@!P6-/\@8?@*!IY(VZ.8KY3AKA[_0?.;%(WQ)97=$1
M+I+9Q:5@.(BN$'_CA4UBIO6U=;$R4LAAAO<B[#B6?12_BD :-STAR[1B*4H9
M 4@N);LHPAH@\V9,CA]?_R%BR[%T$/\.<&)B50MR\X1&U\A#&JI9/M/1Z$Z#
MP&&RT#Y@B.CM6.8KQY+)@W)<EDBHXL(33TD*X?"!JX'J%,N>R[/IA1[VF%TO
MIR;>>IO>70XV>3R#!#X,8QCK83DS)ZL67L+3!GA">91,OP!"U!,:MXKL,=R\
M,S$MOD$R;"5D\1?<+FX!F?(H\5N>%"@R9.=SH-S0CB)VI\?+&W7IWV1TE)KD
M@XN^D52]-4$+@6WQ+':L+<)=H7Q\EN+9]PR^>V0"*>&&<K,PV=%,X5:(A:\+
M3.21+L4"6$P6)HV@N&<\"A]& O$?1O8FBR2"X]=;BZIG6L*2A PB\N%R+.0!
M$1UN$7:8+&[YX.HB9]F.W4@Q6*7].\8B^'WUU@1(4$LF4,06X2*RJH.%-TX>
MJ!0C(JE;#SE481"!&#TZXZ_B[OBV-JV7JI0FN+V\)K; \96BW#Y=H57(5UOD
M^738EQ##PQ\ED87R%=G0[?A\/L:S+2(.EF"/J:(LXC5@CR)+>A6]B_(QJ]*S
M"91ED#&&B*O0"XX9 =P19UKAD3A6;C$9 Y4 "LD[P9+U@,VA\O96(HB*YP(6
M[R3S?!=YWVC!9!AT G^9Z;F!Q:2/A\FP$MT7.2E>% [&W#GP&F%./Q6YQR)4
M%!A$F.P<W2/P)"\JN>1"A7<QE(Z@X?+,/>T/D0FEY]#]"6#0X*^$"V1(D/]Z
M1Q6;;*R_LRHZ*?: M-M(WF %]RY9G3B;OP^HO*;RE@M T07]#@_BO:.[1OSH
MQYVM)*X8TAC-TY9(;O%XX@\:L8'4+/,_M(=HR0 QX-01L)A>/!-+Y*!27/.1
M:;?$)TQ:BX>)?K[X?)6($YTQ4"M>L>?Q^SL\X2"HGDC=.W*,\+"#2^;GJ1C
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MI$S8I#@"#>K6PC.]8^5/=$/SF(_8&D1EQ?B=.<4$LUC)FZ0%/!:U%2V"H.&
MQUT=XN0(OBC\V1(4\F;%(*D*@@B6)?D%&7%4%@Y_?"#=A->#D6<71^=JI*3#
MJ)955+\FD0ABAB6\<*!W%%$A*FV 7IP&H*7PV+*6W*4XE4AA[_]G[UN?VT:2
M/+]?Q/T/B#D[0HP V23UM&?W(F2W/>.[[K'#<O?>?H1(2,08 C@ *)GSUU_E
MJRH+#XG4RY+(F(A=-T4"65E5^<Y?TLLZ>:0,:0L] *5Y<UWGIR!]0K.5DX7
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MU:G6^[ 1:&RG!FN]8QX2:=OU2QLH[")!E5K 2VCFG2.%  &$($*?VQQ 6\R
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ME.P),)OV-,3Q7[R_-5!9#Z645*H#LB7S1(,H\5<Z1J$=&7\%QT?A0"\>KB,
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MR/4J.+9GX;TY"Z$;IS 7R,[$J-;+'-000WDB96=14LCH!OJJ(=E2:7C6'ZU
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MLI,,YYCQU"168.9P?(\QU4X#HZ1&,2KSS%[=<C''.??LDL63J'17[FP!,9<
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M+/4\A^),:!OE<4&8J51=W5+1[GA-;3X,)81O]6I0:R"2N8#?9MPLPY4H,H#
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MM8?DJ88<7X!A7S8J.(\J\V7KONG4H_/A0,7"(MWX*\M4,;0Z.%EB3+),+A(
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MSU:A9+-0//\=^P<QQH797+J.,<16H<KY,A8;Z"/_[!_&I9B5<10<I_-9A/?
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M#OLOU[;[+8Z.)HU]MT5;HM?;%UNBH8FB2=^K&^%O[+M;KMN",5>6&EC+LMK
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M#LY^__;]/ZN^=F&1="%@NU<BO'DA#'B.EX&?2 US$E\!GE&,!VSDD%0$DL5
M'^0L.+6@(\QS5OO" /@'6/>&, N__W)^^D+P1G>(CXR*NP_3V GFBSA%G@:S
M%Y7C"3P-+X=;1V-5J^TH#Q,^6%+KEZP'_%U .1[YZ"(MG7!+(W3\,<, !P-H
MAG>/[ Q)O@9CH[C.)!&@DCEA ,JVBX-4H@L>KA)0+RALVC3Q%P%<B*XCH@O_
M@N[.N4@NB/0Q6B-A:'D8F.J*(]AC!+(>%K[RPYS$B*UN$(>!:(@FP<(/7PB?
M:*/W5#'!(_<D:WR.=[FI"3>CP?'H/@'\=?U-WRW? [D0,O\'(!*.$%IE)%#4
M.9L*$#2!<A>08/"C'VR>N;U^&Q4M'P\J8GXGWKL-\WINX<A'\3 ^#N7ASD3K
M"B@])@L^%&CX>/WV&P=MB+!@O718YIJG0&?&>T+X,Y"\#;'WG=C?UU34J94B
M2DL@^ 4<:M:TQB(2LP##"?#!P114^$D6WAPZH%^SD6IY,EO.;[&\[%%$X"-)
M>ADLE$*OH:$WFP>QK6<2A^HQ)9M0YL"E+AV%!=<47.V@(TCO(KG\R#:Y1O;4
MKYL+/TI_<0Z"0W8\XM+. 3Q#V@Z ?NW?+,%)R@F@"UWDZN,\"C 4OTCBGS<N
MO]Z?H!5_(:+)#6HKI$!=!ZF I6)8TC]$=VE&FHP"!V' #U$_B6>N,X\3=/:"
MHH+G3^Y][O\DP0MF*3I4X-.K.$/A? D'<8XQ4#RZ^!H2O0Y 0%K07 CY8AN%
MO^+ZV,G'7RPPA(3_3 0.O4.I3=#QHO^* 96P-S6)D,@< Z'4WAPTWT#58M\'
M, 12L6JQR:%S@>Y5?D65TLF^(;"^?8*8'!DZ9+6(P>!#<ZV"%Z1[>&, B<%C
ML"@OV+@CBQ# !@C>(NB!9)3+.&2?E<WZ\*I*@@5IFJ.CF=BFO."!^(FF#6_S
MAGB*'P':%7]('TW\),&]1S&'NU6H)D M%M3IL;B)20U&5 8S=$[)>%Z P:-I
M@)K^6)OP(B#$ -O.\ I'5F2=^_!QPS;T?X-V[0!VN]7I!]%+52;OU103CN-N
M@]IG<"I-C!+_6W5FHH-N6N!8L4T_Y0 W/9'"$RC0K+MBK3CW&F%.NH1 0&5)
M/KDK[DEMIDS<4\<02H]1IQ_S6,G-@ZXK2\/RNA9VI@FPWA2;)!>B]*_AH7Z[
M3:$Q]H9;:0/\!H/25>_H>&ZWW78.U!7::=/,EPG ?Z(_\WA3%<^\LYXI[NBP
MY103&49$]4$QODF4FQH30@;^,""E=@_$ KX3$JES/\OQ/L)'-* 4 72^^(2Y
M8W+.V9@8NE8X-/7GI1&[J6Q#SCKM8@&W# D*%DI$&>7,<#'8_K<<H**T#._8
M705UB:/E/@&R&:I4>"=5[PFEL4$CL7?*VRMNJ;Q)4,G+>RSOQ'5 _LL3$LGU
M^9I8QL7>!N\?R7\"K/P;S@,F^=7E3N-%3I["M3ME$L_!9F8?6Y*@'LL1*?B"
M'%>6T##Q1O46(_GHUO>EHVL"[ &P^L95+K7K1(3BRI=1*1GK2:4OU75.P*;K
M#MI'7ONHUS\:<2!I)C6[2>BG*6@*D\*@:>E2LQOH@0RV3CZ.?Z*,(1K_9$D(
M\H_/1=9R3JH[L\,I7* D+:Q+(,':I06K9DTQOC/L5K,B?FA)!,XU:/?;E#*@
MUC2SL:OF,Q,LU%K>.DMA ,<7L#^WD7#_\DP+<X"P"68TR#A==EG.R'!U,%+X
M&.A<4 A4Q1I7AU-M="C5UN(UR:EP719?^-IS!YT>T5B+>2>-B2,U))H1*34$
MA1>ZE\&$0*HJL+1GFH/Z<GV63BGS+SU.H@II,Y^+:4 3S:49)_&!Y">^LB+*
M!(KAK4Q/%+#V8.'@G<M'"MEARE[AL>"=!U/FS%48UFATZ=?D9B]PE,;*ZJG?
MN^6HE^'4!J&LAS=W57;!(D_2W#>12V0=<Y0DI8 /[)-0R)T$ 8'Q \E6MEPB
MUA$AW,LR6$F^@OP&-%&.YK-L0CJ!836!"U]>W1J.@I E6$AJHB;GC4"9>-UW
M!\<]/,[XJ$EYRE->D/G2B A]P%2"EKP6MJ*AZC2(U\=NO]-UU,6Q)'TD&@M>
MF##@B%# WN,O/LB(8,YZ$0DCGQT B'"\'!-_BM<<''\TW4EW_%L.)W&HZ&J4
M*4Z *Z:[OO;Z;@>$?2%1K606(*B8T\;:FJOW QR#(3/<C4JW(U%<DJM+F7:>
MYW9&78+&'&Z3PF;3QTY?F^7H,TA%EH6<O*EEXM2_83XB*-=)77"ZK6[_#8%B
M4A><#3)P9,:@UEMU^@WWNES*O_%&[&'#Y !05W4RCDS#*J5M=67:UBV9..I
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MU]6V-6QJR<W 5]M=1PX.F%4?8!VFI%B+\$)TJ_<;21,=2)6>,F0YNAA6N[E
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MW"]<W&'6_9W2Q\K&ET',0D8^(K?,A7=FY3MK9.23I*DE5^JFWCHF[19,C7F
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M 1YE(6O_"1@).<'$\6I5]5HJP/XLKD3H=!Q0V.=4WHH9 ,F4(IAZB(.%DLM
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MD3)J\\ED0GHS#84$%9&&56;428HZ#-.D1.=U%U1C:O$=JS<"S&1]_;<,EWZ
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M_Z;1HCYHZ_"O&P=H!6R9"57RR\^#6A:#"BUX4"'/BUIJ",T5\J9;C-3:\._
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M%K[YTUO$>_ +_C?\\_\#4$L#!!0    ( )I+C%*O_*I-#QT  .5- 0 0
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M\5Q*[/I#1/"&S_@W 646'@#>AC,Y[:^OGG7YA%[!*J&Z'11,8.7D:#DY7HY
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M6P"KS]CZDL2B#D/,MWYE4&>K7=]1=*/1330,]^*#/?)!9*+3[79#W"=HHE2
M8W!I<:9.[B6AE<<MN- 1_^LDJQ:A/E+5L!M']^=VPMAVKNT *XX^;-XMT;T
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MT65NO5KDYP7)8DFBU!(T.Z4D)W-[\3.26>(C# I4C5?=1 .:#WQF2:EP8B*
MHRNA#71<7@.M(=CKP^J\TV>*8T29R9$8N/WX[4#'E=23@!BS#LZ:UL>4+)WX
M(XN%B.&0R5==(F2KZ6!/I!N!HN8:Q,-N<*2Y-9!\83C /EUEE7E,SBO#)(Y;
M 3I9):&K8<'9L"ELR]&T%)O3'@0QH!W(-M#"0!I+XJB1T"V 3IL/UD%VV:<:
M/2%Z$H8D%CH9I;=1=;L;2#(^'LCT:##/2!-1(,R.[9HB1J'61W&_;32]B@+\
MA(/$#^$< =#4T2T.9AA2O]5B_.V4_P>.YVD63^2:YGCY2"ZB6+PJ "V-,BEU
MG?2?@U #H0#,3!].Y"R&P-+)_:X[O'MTG'\C(>]5Y2J76XR/[0.AWJ%VF"Q$
M(0*X,[5^Q-"ZDYQ?8$GB.:'X+VFMY6W'LTXT?O?&\5(#6N8AJ(:U^S;WC)IA
MI:9S'RX3_L')Y1QB5XPE3='*:/83J3+OH$GA'$JE)\.:054BW$^\M@0 C0)7
M=JT[GXYH*G.0OEYQAV@JBM'N!1&[#YZQ$!" PU;JK(Z]YAB:T;L/8Q,Y("3M
M/L.1/9<T$@^'\$4@JWR69H"D!V/E%GS#3AR&J:TP$%9V'Q?-.+M-A)"C:;:"
MBW/,?HA:0M:PK[U KI5,MK,T\LH+8M)G)M)Y(@975D4V8U2.DY+$;3@,6+<=
M0)1JO9C)GR/P>>M*$[>U*F$5TJ+5RJ#%[]Y1/ &J3E::[(<62ZR"3J75<%C^
M3+$_2VL%5DJ)R)6J('!;Q5K&X1"9VT45H!O]67J*7;QPP3%+"^HGZD2=]9]R
M>$1T*S*<"'2A"%E^BFI$[T6E4Z-H@X[2?:3-) "!L_H22,[$^NW1NX1.YGR$
M*38S)8G#VC=C'52[U2<]12%;'*4S_!Q\\[;6R&W52ID%E6GWA0U,62S*'N3P
M<L>F '8T76.=%2R#ZY7),;#3M]O0V9011-RJOU_GN-C\5,N6FF:_$)+Q#FK>
MKJ..)B0*.IILECIW&TNK0H*@6XT3;+%L,M\T1'L&4J,99S6\<!($J4+\<!V^
MTPR-S"'P0Z,Y9ZU[MP&U+":8P;4;$BF;IW><:2E+0'3$B-9MT)K( ")BM^3(
MUC JUH>"M^+?IK,-HG<;F:9R@.BTC4(TFB\Y+\TF2D[D-@Y&S(/*MQI)$ ^9
M8C\4Y]+]];GT:7W[#$Y7I5MT "(M>G(<IM82@=A9#4?\2@ECY1?CJYRF@^I7
MP:OTQ!;OH4$';B/56! 0(*LACF*5W:ZH+DY&J"T9.6*[].@VA+M+!F)J-8A1
M\)D?8,IR\ESB8CF02:#&LDE/^X%A<XE [*R&0;:7B3QM:KH\YLW=1D'#-JAJ
MJ\&'V[3 X)J%N^1+B"=J=2M)W%:Y >N@VJV&':Z$-OPP6RG%;9W"Q"Q-2;GV
M32C=!L%< @@+NS>%I-N5.$.TX5#[$&VS/MS&IXTL(%)#WSH"1!'Y-"8VP$(B
M14;<N ^'86TI"PBK@\<;*B'D4L0D^Y8=-SSSH.MN#\!N+Q:(>Q>G(TI':^!L
MO;RMPR!H> 8U;#7R<#87QYO2>1USZ=)9#FQ@DI9N:Q?F&-2MU:#!F<_FY^+B
M+HH"Q442P:FDI>.Z!3D&=6O5>3^)HH1;B,8:AMN[K6<=WZ"VARWB5+4="M;%
MP^F;P[?P=FM"[3!LC:4 0;1:KJ2E;2QLO;Q"3A8'RDU$%*@,)AVI^_ 9B@!B
MUS8:8*O@K>**2UFTDL'_@":\:8RE1Q76ZMNE7_=1MR$?-"1D3Q_U.IUKY2;,
MCGLKJ-R'4\\]");=<PLBBS5#:4"W=&\S?TX$,%F4- [KWI!W4/-6SR24.2G"
MB.E0: 8 2+H_.&A$ .&PZM&+I=6/)FB=6A)3LV!F@1DC='5+8J0Z,M>L#[<!
M:B,+B-2PE12VUEI=B1F P&' 3!@'T2G%%O[QNB83_\6OQ7>2KRJ=HI<X?2>L
M^*F*"I:K%RPVN*_<3OEA0A:O4_FOQ?2OI$^.'B9S%"2BNMCVER*WB\.-]*(*
MV2^OWJ3_O?_1._+.,9N$A"44\7\(>H]WX&4]>&D7_//B%SPR!=I\E__0]R7-
M="#]/69?;_S(SY_CC()+'].TK,4-\H40Z9M@.2^W(B07XR<DE_ZGNO2B<V_3
MN\=M"T_T[Z4_X)5_82VOM_Z1[U\Y\";&UG!7/(11:NO"<QZ5LJ *MO-V5A<5
M/PQ?[?S0@-X?D19 E=X%+WCA8Q,%O[R*:2(1N4>4Q/']PY/<#M6!.SS)?7B2
M^_ DM]5QX'*!]BNN)6Z<QB+D?.8O=8!+FX^',<5W?*Q5)Y&;R_,UB6:<X85X
M8$T,6?5V*6_M]FZIDM"U<IQU7G5/5T#MA]GZE)I6@^+X\R)V<'%YN]H9NQZ+
MJ)\CBI]25Y;=DNSN4Q;OE8?NP.9#O0IN%*13<^WF9K+A^:RZ$<(S!21Q%QPC
MSFWO+\!Y[8JM851@1DWCKM;-6 <7H&&-XL72QS2[ "A6SVL^:((3QE#,?D-A
M<$GH9Z:8(T;D[B+76 HPFCVLDUMF5111Y<NRN.,YFIYCMB3,#W^E)%F>)93*
MZ\P6;D:C?IR'M84X$+X#)BO,PO6E!,;Z>^[CIQK@--?8_X+#]%"&*IOQX<TN
M\?QJCJ/4BO\KXR0E+_%22GDX$#W?&D^'P/\A\-_R;:PS$C$2XD"4C+\0;Q+Q
MT0Z_,P>W=C2 H>2Y%P^@-0JJQ\A4[7L.7)AH6 V&@R_&V</#R8"%+<QZ#%B<
M^92N<#3+#0KX\3=)P[Z#X6;CG.A8MKT\R4M";HPT6*>U1AV,:;L*E?$+:M.J
M.L6-#V[&BC_$0^Q/W)B'8FK2IF/9K''"5U%RW,M0?:1^@$XF$Q'!8_=H@C@'
MHFHW A0,MW=:RQJVW<RZ%/S>^2O!K-Z#E[9W%Q<]V[;#9M(I4,X;B#=%?_<I
M%HR4PWH,G!"FU.["T%0(VV$P)2C7Q(]$#*-Z ECP>$NBIU9(M>IR+^!K+]F_
M3NCKSA>KRQS%>.*'\CC8\5!Q,.^["G>'N-@A+K8O<;'#@5@)/H<#L8<#L4Z=
M%SH<B/T&#L1*[>4+49!H3B(D;,"316IL<0[ON:$GHCM5BU 5EFK1T7Z>BVTO
MJYOKM_#=KB+&-W8A?Q'^! ^@K4\+P53N^CRFS$-(#7]J\S'WMM=."PR1M+GS
MV,!<&TP?]WU-'/G1!/OAYK3=9B!>BZ&3UGU4'+9X:]')+)CQ-MQX&W:\@A^W
M[IB6M/DK'WA,7(M%;!3)-*H^M_+.GBI33KR,%8]K3*I0YJPBLP!#_F5PLIEX
MHXAOCT=4%&<1A5Q.?8:9Y+ ;_XG/+-T#2P>GE+I_;T_W>72DX-[SXTKX)/)\
MKR*$ETKA"3&\5(ZB!\%[^KM"EO0OZ2=30CTACQ/GCK)3ARB 03 (O#3J9,B(
MS'J ZCG6!6V:=^5,7*<%YO6 3UM%[D=,B!O<2T3CU5WHI\N=2(@NA4I/5_H[
M8$;$P\6+6B-7+Z1GK"+7'!20=9.;2T;$PP22FD!B".8>7#WK&DV70T:=(MYC
MT.@!SR(\Q1-1\#J>(SKZPA!]RI*$RR1FU^@)A6]O"8WG#/DGX7+N_X[X:A6J
M D@[=CI0,*G)5"0V9;6]5EL ^I2;Q[9QKO?9^W&W'G&6R@KB/"#0Z8!,0Z<;
MQBU/;6GO8]G>]8V KY$:W,V'M<W6@8+3U?JOOV%$.8OS52J@VO@VI=][^[N9
MHEP[42B-'VW+H3/?&G8SC%G>$"D YB:*<LY&'P)NE^WV_H:$RZ60LO5NS?DF
M>JM(]T,D0UT#WCV4IA;)=N)07B9A??/\;.[3F4A^9&8C?(952;*'8!B)Y&#"
M4)1NQ7%Q]$ \JH.C&8HF&%6RA$G,!]0-_]U%LDA?WO$GL7C"A L:(WK/5YPH
MT5S*_E!/L)1^.LUM5'Z\GAE,&?!R#KP2"U[.@U<PT5=.JSA^++)9:=X2G1$6
M"ZQ+B@,:*17UL:ZHHI,L!95UXZ7]_,WC/U=3%=RZ+\T\)-RQ^#/AP%X\E7*>
MZB*\'S[5Q=YTXV7]'$KM'DX6_RN=+*[-(WWF""1P^W2Q1D[7TC\2=G6.AX)D
M&)]2IW(M0(X[C#8Q<MD1M(2CRUY>C6G=@6YI\X%R,?IYH\1GOP[JJK<F65NW
M=R58.M>"H55.;_V%=JV#*8;9CA2Z5H&R+:IS&Y$];%S>AG;&K\>S KO<*7'Z
M&HEV;I 6<KBYXHF-$@?8IRMQ#C9_RE/O&P$D;N]#6EE=*\9:8E,,PM&T=(5)
M:X0;T [G,:EA((TE<73/ZA9 E_<Q^R"[[%G=I5="T%WH3U+]Z%PK>?O!+G"9
M3[#ZT450#!"H@;>[8I\0YWSBU1E9+$F4IFS46YZ:S/%MST1F>[5[[ !5XU6W
M6 +-!]K@C!1.3 1P=%^S@8[3NY<M!/L\N8VHJ"U:>GC]CC=&E**MY]GA6@[B
M;&/C?L8?AMFWU'.&["H1!-N'8;>P0Y4<54FR?Z$**H<J.=\^QBYODM]&E9P_
M4D;BBQ>^@F&&E%NCO.U09^QV+W:CD =2_B>KKT*ET=.475(IO*.-'(,TX^.!
MC)'=T3 1#$Q?MC9*I+C<"WV)XVZCJ3$N:IKQ\<=]Q<5$,!"7CP-'D MKZRST
M&3,+[\,D;AN-6EFWX?DX*#AE/G4NM*SMP-$-4,U$R[FC5MYN@+ALJ^T.FDN1
MC)W"%_FR_=,PVY%B-C0(6)1D@"#YR6J4PN@UGT=Q"EV<U _P$PX2'[H@RML"
M31W=8&"&03-Y>.6+&N_W*$S+O+$Y7G*K4KSG E_MDTFIZZ3_1[#40"@ ,]-'
MUWN2LU@ZN7MUAW>/V]F-N$[(Q</*?:O>:GS<=S9XATE#-&* [M%.Z6!6",O0
MY(<9>7H=()Q-+OZ7^KSB'XVOT<P/,P& K8FWVFKDZ*8D8Q72\X]]:EFS-/$F
M@^XA"KT1@,-.MH:.]>KD>MY8]T.42S\C=&E4#GW3<'S\ON?%&AJCDDKF=3;!
MQ?B]U1ABZN)<,9:@X#P1Q5GON%=#<@?F%CVG7P$^G GI^'@@%\[H_:4&(D!X
M6!W=ISBXHWB"[A/I+57>I-S";=UN<PH.Z:'K(4X0"M@EEU+@G<60ZX?FX!"3
M&;W#6+60 ]QJ;4Z&VT0(-IJ*N@DD*DU5^<P FSNL>CW;X*[JRHGI=([S93-=
M,Q7Y"H#"87",.(?PL?JFXN;DDYB0E1BC?"XH"!Q6N GCD+Z'/5PDC0&+$9.Q
MGDWHSTL2;>13Y"R:=^8PJ+L*93LIJ-QJ\J,6K#AK4;$*U=N.DM1A?)J)T$LD
MO47^7&'&IU^.EFEL;"V9*K'>M"^'P=U1IBX"578-]OK9*#,SO4[E/H)Z[L$,
MX\ ;X]JJ+2_TJLU/2N ^0DK&0<]WX),4=9Y'22S*FP5\B6@ 48EJ#W':XAX$
MRVK!;[X$3SB[_@Q5?+]3%'%EB3?!PM7H.8*<75-JA_%H+ 6(B]6H WR<XUQD
MVU 4*)S=M0=C0N\V-DWE@).'PQH+_BH]5#J:%FRSJO]QP@5)/T#1!*6?*&R(
MYITY#/*N0L$9"JMY^:P$ZC7^,\&!2$>ECX3>(_Y/"JV.:AJ'(3'D'=1\VRB(
M5//GB$TH3AV#T53.%A\:^1</XG&_])[?$Y21:]^?VXCM*A>(YK#GGCMXEMA=
M&(VY!\$:-@)RCY:;99P+ 0-4;^D^*'*.02#:!B>D:V#VOCCA=M!?Z>DJ[H=/
M,92;!1H[K&$=TZ"2VT85 "5O7IP^Y48_X5QDB$-ZAMJ[KFHUWV!6M2035"\_
M_US\[XO/$/_D_P-02P,$%     @ FDN,4LBIT4B"D@  T70' !0   !P>',M
M,C R,#$R,S%?;&%B+GAM;.R];7/L-I(F^OU&W/^ ]>[,V!&2?8X]/3-VS^R&
M7FW-2"JM5,>>OHX-!T6B5&RSR&J2)9WJN#_^(@&211*O9)$ U',W8J>/59G)
M!\1#( $D,O_U?WW>).@5YT6<I?_VQ<>O/WR!<!IF49R^_-L7GYY.SYXN;FZ^
M0$49I%&09"G^MR_2[(O_]3__[_\+D?_WK__M]!1=QSB)?D"767AZDZZR/Z+[
M8(-_0#_B%.=!F>5_1#\'R0[^DEW'"<[11;;9)KC$Y ?VX!_0'[[^YP"=GAJ8
M_1FG499_>KQIS*[+<OO#-]^\O;U]G6:OP5N6_UY\'68;,WM/V2X/<6/LX3^?
MT-]]>_GMAV\_?/SVNX_HVP_DOZ[1Y?7]UY]7I"F704FDR,\?R=\__"/Y/Q^_
M77[\^,.W__S#AW_Z?PP?60;EKF@>^>'SA^K_,?5_3>+T]Q_@_SP'!4:D@]+B
MA\]%_&]?M%KZ]MW76?[RS;<?/GS\YC_O;I_"-=X$IW$*'17B+VHML"+2^_C]
M]]]_0W^M13G)S\]Y4C_CNV]J.(UE\FNLD&\A*>(?"@KO-@N#DO),^Q@DE8#_
M.JW%3N%/IQ^_/?WNX]>?B^B+^N73-YAG"7[$*T2;^4.YWQ+N%C%0[XOJ;^L<
MK\1@DCS_!O2_2?$+Z?$('O0]/.CC/\&#_GOUY]O@&2=?() DC)2VZ_N.K4KI
M&]M@'W >9]%5.@YU7]L1?/+MY.41#6CK6V_",BN#9!3XMJ9UV/=XW!L_Z-E_
MTV1BP>/>=$MS%M@E#WGPZQ6_UP3^>$O^U8&(/Y=DRL11#1),*$9@^@0Z,52V
M&^M9V+&;P&B>Y<*V4Y.KH'BF=G?%Z4L0;+^!2?4;G)1%_9=3^,OIAX_5\/W?
MJS__!A,DWN"TO/K++B[WX"\0SR,MB[//<5$_D+;VW[XPU/FFWQK0/LOK)@5Y
MJ'DOE<0W849FM6UYFK >8.JK/-L80ZE>8F:H\%ORW#R'O7D"1=*@CEB."^K;
M#.KX=JN&O.$*Y28A6N ZXO3TT],7_Y.)HH,L^A6D_\^_?G-X@CN>$5B;+'TJ
ML_#W.[QYQKFDY0(YFWR2PFQSB!/RAC<R9'VN,#E$!=&O3-03HIQ%40R>:Y \
M!'%TDUX$VYA,R$K2:'1L$L@(?IM,2@5OB&6"LD^R@PX");)B0I6:9Y1[Q&40
MISBZ"O*4+,8+)==DPC9)I@;<9I=8TAM:*>%Q? K#W6:7@.>(+O$J#N/2,R(]
MY-D6Y^7^@> NS]((IN0M3./G^R5YML*E,M*T2;$!36GSS4#-&_*98^TSL=9$
M5!417=0HH_,] O6)O*_MY^*TWB&C7'OXSZ??[K.\7!<X.$NVZ^!G7!18/#]J
M9&WPR0@N,$@IZ)PS)NCZ+&$BJ%9#5&_2$:NHAZP"AU^_9*_?1#AFHQ7Y1W^0
M(G_Z[98LO).KM"0+!<%@))2P01(%-*"&X&?GA)!CZM. 2B$F-N>@\(3)&X[(
MTD\Z%' 2M@8 ";3ZL^_][+QOY9CZ?=M(3?99*\?[<^(N&0[WO*CMT5X&MC_8
M]^6\Z'X-.-U0#VKS4F*YCG/EQ]X7L-7]8F!UIW=_]:*KA9#Z'5P+S=NI#WLR
M.]P%2;;3?.4R05N=K 9:=[98RHM.5T+CW'T01E0:55_ZK#2X)LTLUZJ/FY.P
MU?$2:'6/]W[VHJO%F/I]W$A9^,(O<:*=QV6"5K]P*=#.%\Y)>='M2FCB+YQ*
M6_G"G^+/Z@^\+V#-4Q<":QSUSJ]>=+,0$N>F5T(6ONWE6N^CRP2M?MM2H)UO
MFY/RHM.5T,3?-I6V\VWC5YQJOFY.Q-Y*7 SNL!3O_NY%=TM \8OQ6LS"=WZU
M+>(D2TV^=*&HU6]= ;;SM0ODO"" !ISXBZ_DK7SS5_'+6OW)<Q*V"""!5O=[
M[V<ONEN,B8MWJ:7F/00L\K)U $C^J[^O3O[TVS(N$[Q8W:11_!I'NR 1[*XK
MY&QP00L3&"$5<LX+'3)NPP9D4;9"!^DY-]_O\I^#A,P^L3AX0"QB:PB0@:O'
M@/[OSCM; :K?SW?YUZ@6G'>,9_.(O'][O]OJ7"&LNF<[/WK1K2)$XMWTF;NS
M.;JYR/)MEM/;$K=EI#\\$\M;/TI3P>8.UD3"7M#!!*'\T*VEA(B6G1,70[ZH
MQ6V?QIBP127K!5D, $K/;:Q2I=E,-N2*1M[ZYKX)6Y3"7M#%!*'\&, J8>H-
M2GBH=D^X+61[7Y@'V-\;/DAX00(I+.D>,4C:VB%4][=0S/Y.H:+/!3)^]+H<
MF&+7</Z>;_8LE!TOE+*^7R3O=H&(%[TNQR7?.YJTSR>*(M\])W'XJ8R3N(QQ
M<9,"0;-<%+%IIF(U;MP ?"=@7"'OG%0#0')[T%0%-3JH49IS&^IV]YS'89"6
M\FT*7L36R"(#5P\K_=^==[\"%!?DVXC-.X&<[]+?<2[OW=[OMKI6"*ONU\Z/
M7G2J"%&_1RL9&WN*%UE1:K85VR)V=Q9Y<-W-Q</O7G2M!)0D8!?DYNWAUJ6U
M2[S-<1C3):6TNS7RMOK>"'9-!*6P%ZPP0:B^;GA0FCG4'Y?G6?8[S5<D)8E(
MR%IXOQ1@$]C/27C! 2FL?L<30022+&F4!Z?+#WD6[<)RD3_A_#4.1?=(Y6*V
MSI95(.NC99&,<VYH@ GN?H(H"M((5=*SWNK:9N7%.LA+E=<G$K*V3R0%V.P2
M<1+.^UP)B]LA(H*HEISYC"G>8&UOBX2LG2=) 3:G2)R$%[TMA<4'CFRPI=Y^
MA*W''2XN<1Z_XNB:O&6CS]U0SQ8G!C6CIHF1DA?,&8*T3Z9:%U7*"-X:Z@PH
M)PC\#=L\,QIH#/4<\DP_'!DI^<HSXT%+S+/.4&:!9T_Q2QJOZ#;8HESC?/%<
M$ <I>$[P3;K=E<4M09E\VTFC<)9&[:NVBK//J4S;.S&=]F4<SEFGL>L%YR=N
M#'^FVYA'U#XZ/ "Q)Z OZ3/0MU_U$W6 @V_Q0O>(5Z&Y?'"T18\_%=55AB/-
MO=</P^!BQ%'?@T?L-\B#<:Q!/[FORZEQG+5WR'S#_!PCB3_IJ#]-< "D%ENL
MSO*<-(]FB%5$!4AD;88#*.&VXP"$@LX):8*.VT" Y&_9"K6D*U\B/0U:?UN2
M?Q9!"$<*4Z7J%5]7S/%KG.V*)QSN<AS=9D':1%#7X;'$J=(GG1AKR-I5QZ,:
MVER$'&7%.5./AL[O<S-CJ+*&P!PZ18W%$]0$5P.]+2704#;H'K^UVJZ_RF%N
MP_KUCJ'-XZY\F!KP@KEC4?-'=V^>\?5Z27[$C_@E+DH63=[D=I=?!]#K6+L2
M8 J_N1:@4_"";Z8HN>L!I]^AMA9JU#QS$V_2$I,75CX2>!>!.-18(VO3353"
M;;N)0D'GE#)!UZ=2+8M &!*C>\:@VRQ](0@WE_BY!)=6L<X0B]KDCPILFSXB
M.:OL><7Y<]84O3%^FXY3R]X%>5S&&PPQS 51*1[(VX^+(LOW]UDI7S$8ZEF[
M!S^D&<WE>!,EYR/04*3<-?I*%S7*Z*"-0-W2Q1CPVLXVM(H2\0$?"19:4,R,
M;Z.L6+]8,[R)W,4;<Q->,',\;OG%'>K>@R-?V:/_KBTZ(J_A^E,C;YV0)NM*
MI;!?)!NP7NRM%;V^%G;V%N01U$15>&(]&:N%CT3P.H6.V@+.&:-"Q46"@PPM
M1SNGD_6)N''))0XIYY9OV7*=[0HRJ)&!<OE&5IA[Z7ABK&EK9!G8E'J,,51S
MSIWA6/N,HMJH5H<:QQ_0E]=9DF1O<?J"RC6N]JW0TVZ[3>@. _'T;W%)5@:H
MB%]2,FC!]@/IA,K$'TZHF:_F3H)"%JW!BJ!8I,W#68.OXU?<>A$:SHXU9"]Q
MRC$-/:14&6/%"X(?!9U/PU(;>Q\T/UO>$0_R)0\V\HM:G(BUNUD2<,UUK-[O
M7M!) HJ;:I=WJ)*;MX=O%XO_>+H[>US>+B^E?2P2LG9;6@JPN2_-27C1TU)8
MW.Y5+8B(I&?.]@5T3EKM\C_&Q>_:"GY*#;LE;+70N\5LI>+.Z62.D2]PV])
MH#)[4;XJT!KG9]+QA!>Q-9K(P-5C2?]WYUVO ,7U=2V&SN:=,YH'G>M[^-Q9
M#Y]K>OC<QQX^-^SA<TL]?*'OX0MG/7RAZ>$+'WOXPK"'+SSS!!XQ30'P0/#M
MVR%[Y_OV+PK'8(@!NT6DAS:L6UC:5-LY#4=#YF]9L6P05&[6D$U6G8P=R<GC
M,452EBO B2#VRK^U19QS08U+5OBM.AMMIP1]%X/4\%')FV%HX+CS'@8:XY&E
MI3/G*//+.DXPNSQQ4WQ*(S)'D]&PS'>A,D.1F9JM<6A((^J!R43'.9D& NTS
MBJK6M6_(($:U45M][CQ&;ZHP="F[#/7L93L:T(Q# B0#)2\(-@3ID%AK&HQA
MIV9NMPGZ6RP:>3?$TMQ)40I[2"2S&R8" ED*RM?0WN@VU @;G@Q:^CM0@PWX
M$D-[#'C_[Y(\Y%FQQ6&Y*P['I==DFB<-RI_6.%D)+S14ON4R.RN7:TP6,[_C
M4G>X.=N3[-T%G/55'2X+SO(8+X;T>=LF2*M7/:T5"X#H\] JRQ%]HNSN3;U\
M*C-D[0!9]'JJ4%0KG^-$SW+Y04[ZNE2?Y"0/\O:CG+)U9I]E'7+M^L,<GU(5
M%L)9$D> CMZ?B7$A2:LJ%[656E4'MDZO*I-SSEP#<((#_$8<U?*S'M\'>;Z/
MTQ=UYF6AE+4#0#G$Y@R0%W'>^VI<7,=7DA-G7Q9?S@[B7-W?G(2UB]=B:,TU
MZ^[/7O2Q&!-WA9I(V>A;>M7H)<=T(H+8_6@1EAF+84WZ\:OD#_(@P)&&K 4*
M'M70)IAPE!4O>'<4="XH$5;ZC35ZZ2-"E3WT\5N(/O[XK6>G?S_CHB0CIN*T
MKR-A\W1/ *U]FM?ZV3F5Y)@$Q4- 8B)O9!H./*V#')\'!8XNLLT6IP5UQ>G-
M)3A.#-=X(=G,'&7!)H=&-*W-L0'JWG!P.&;NQ@43FS DTA9/R7A])$];%OSB
M*=>T83QMU-\13_N893R=.;#S*4CP8D7C>2X)316)IB6"UA* *8$V6;Z$4LYI
MH87&W;\FPI KD05:4?FYT\?EL.]PD:6O."_CYP0_$&&<YSAZ*K/P=SDO#!7M
M)8H;TI!#=C@3+3]X- 0J?Z\?E,GDUU)'C3ZBP];,Q3TZ9Y"&]9XU&A:3$)I
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M /><_@,?GD[_F#?8Z.]_ V-&\_HNXV*;%4'R8Y[MMD2#_#?YG,HXW>&HN@/
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MEES>):G45ZUDPM[22GNAJL\K/\C4N>I-;W?M]9Z\2L6NWZX'W_72Y?+>$,L
M)!\L&Q-G>YO0PB?=V_M^L.Q3@1>KJX*X=D$IS>#>%[+))#' -G>Z$MZP10B+
MRY%2T/Q2C=@L+C6<F^9XC=,B?H4,S]D&PTF%P-V32MIRH350:]=9(N:\[_78
M!$OT@S1BXN@;]"6H?.7'$'&=Y3A^22]V.=05ZUX632/ZGRQM5&$V2QUAS^;
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M+W$1YO&VGXYYD*+OX44ZV!HW<%.IGY#_;)3]6 &U]YX,@F7<Q1CIXHM\(Y
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M?*#>VSH.U\34:Q:'N$#KX!7#C1:T)PUXQC@E?B/<N(.G$.$X2>BOSYC\':K
MX.AK=/69+$\23!N7["*,RN S[$[6>4)/$,LL1YZX*ZL7_#7+,$+]TE6"0Y8?
MK$Y"M\WRL@KB@#\GAXY!7T8[EI.4O(PLQ01GD#-H]$\@GF;Y!EY#?9T0A?L0
MTI:NZ"TNG'_E]E-ZQ!NX,_XIA7TLMDQ<K,!)"XKR%]))^3+'00F\?=H7)=Y
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MI=0.AW7$]@X4Z 7#)-[$)77U3FB!K>)P6?(Y8TF@JO^$W35(OD<F'LAG0<P
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MJIPS+\R6B][]"0?1(:E*$Z#_2URNVTE5(&4M9#N WRX%FZPCS7C5Z\>UH<\
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M?B?(8^34(/70U3(8^^!I3IP2OPN+%>QRE^Y-M;!9,P6^"\CC91%#^=D-,4W
MXS2!0]A6&T ;2)CCQD1GR%]*R+%RI%T8$L[+&ESJ'V<#'6FD)X8CL3Y'@%\
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MJB[XYR1+=O5.>SQX)1\_2A"A0?@\_=V)MJ2X!9,"F9+(&F^2;K;RL%DWY_7
M\VW@;,%_4=0#YUZ#UUDQ6XVD_K)3$@)O0D&G\RH^ L-,'28)(2PKW2V:BD17
M)C)<'-V41%9(#P5M>T\[BP6*[I\^B7\3?]9_$O]W)X:;^,O_ 5!+ P04
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M69JLO>?O$?LA>9T.-,',-LF1*/$1DZY*M=-V=>T\L%=]#RC(KSMCK34?@WU
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MYGY-V3:C=Z8;.A8477NUIP:CNYOX["/*:[IN)Q?@I0;>&XJ:/5>H<5 #B$B
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M5CK2;[Y.:QM%,?&PL.HBSZL![NW:7TL/BQ$[/BVOVV!=W#4O4G*-R)R;9(M
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M+=0RZ/J._?$,K5 2X60^34H;0.ET5&5]OI/Z6>T\J#.W;I,5-Y+H_($U>+$
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MAXTIN>-)14%V!WU/]P^'X%LH4 I6MMGJJYORG;<Y"1=L-BD.+DT7J.#=ULH
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M/ 84L;_\?U!+ 0(4 Q0    ( )I+C%(OL37J$T4! #4K"P 0
M  "  0    !P>',M,C R,#$R,S$N>&UL4$L! A0#%     @ FDN,4J_\JDT/
M'0  Y4T! !               ( !044! '!X<RTR,#(P,3(S,2YX<V102P$"
M% ,4    " ":2XQ2J<T-SD87  !,*0$ %               @ %^8@$ <'AS
M+3(P,C Q,C,Q7V-A;"YX;6Q02P$"% ,4    " ":2XQ2WG2T7QP\  !3JP,
M%               @ 'V>0$ <'AS+3(P,C Q,C,Q7V1E9BYX;6Q02P$"% ,4
M    " ":2XQ2R*G12(*2  #1= < %               @ %$M@$ <'AS+3(P
M,C Q,C,Q7VQA8BYX;6Q02P$"% ,4    " ":2XQ20>H+X=52  !3)04 %
M            @ 'X2 ( <'AS+3(P,C Q,C,Q7W!R92YX;6Q02P4&      8
,!@"$ 0  _YL"

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
