Greece’s Pyxis Tankers is aiming to expand the fleet after finalising its move into bulkers.

The Nasdaq-listed product tanker company has formed a joint venture with chief executive Valentios Valentis to acquire a 63,250-dwt ultramax built in Japan in 2016.

Pyxis spent $6.8m to own a 60% interest, with its boss holding the rest.

The scrubber-fitted ship has been renamed Konkar Ormi and will initially be chartered in the spot market.

The only vessel meeting this description is Pacific Carriers’ Ikan Pulas, which was reported sold by brokers for $28.5m in July.

The vessel will be managed by Konkar Shipping Services, a company linked to Valentis. Konkar already owns an ultramax and a panamax bulker, both built in 2015.

Valentis had previously indicated that the company had been priced out of aggressively pursuing tanker expansion.

“After funding our joint venture investment, the company had approximately $31.9m in total cash,” he said on Monday.

The CEO called the acquisition a meaningful enhancement to its growing investment platform.

“Moving forward, our liquidity and low leverage should increase our operating and financial flexibility,” he said.

“Subject to market conditions and other factors, the company expects to further enhance shareholder value by pursuing additional vessel acquisitions with cash on hand, and, as appropriate, utilising bank financing.”

Product market ‘constructive’

Valentis also provided an update on a “constructive” product tanker market.

Pyxis has 92.4% of available days booked for its four MR ships in the third quarter at an average time charter equivalent level of $26,200 per day.

Two tankers are on time charters, one is operating spot and another is undergoing a second special survey.

As of Friday, the shipowner had spent $530,000 to acquire 147,907 of its own shares at an average price of $3.59 each.