Pyxis Tankers Secures Two-Year CITGO Charter at $31,000/Day for MR Tanker

## Pyxis Tankers Locks In Long-Term Revenue with CITGO Deal Nasdaq-listed Pyxis Tankers has secured a significant medium-term employment contract for one of its medium range (MR) product tankers, fixing the vessel with US refiner CITGO Petroleum at a rate of $31,000 per day, according to Splash247. The Greece-based shipowner has placed the *Pyxis Lamda*, a 2017-built, 50,145 dwt MR tanker, on a 24-month time charter with CITGO, with a flexibility window of plus or minus 30 days. The deal is expected to generate approximately $21.8 million in net charter revenue over the contract period, providing the company with a meaningful and predictable earnings base. ### Strategic Significance The fixture represents a notable move for Pyxis Tankers, a relatively compact operator in the product tanker segment. Locking in a two-year contract at $31,000 per day shields the company from near-term spot market volatility — a key consideration as MR tanker earnings have experienced fluctuations driven by shifting refined product trade flows, refinery utilisation rates, and evolving energy demand patterns. CITGO Petroleum, one of the largest US-based refiners and fuel marketers, provides a creditworthy counterparty, adding further stability to the arrangement. Long-term charters with major oil companies and refiners are generally viewed favourably by investors and lenders, as they underpin cash flow visibility and support balance sheet management. ### MR Tanker Market Context MR product tankers — typically defined as vessels in the 25,000 to 55,000 dwt range — play a critical role in the distribution of refined petroleum products, including gasoline, diesel, and jet fuel, across regional and transatlantic trade routes. The segment has seen periods of robust demand in recent years, supported by shifting refinery configurations globally and increased tonne-mile demand as product flows have been rerouted in response to geopolitical developments. A two-year charter at $31,000 per day positions Pyxis Lamda comfortably above many analysts' long-run average rate assumptions for the MR segment, suggesting the company has capitalised on a constructive market window to secure forward earnings. Pyxis Tankers has not disclosed whether additional vessels in its fleet are being considered for similar long-term employment arrangements. *Source: Splash247*