Pyxis Tankers (PXS) 20-F 23 Mar 18 2017 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2017shares
Document And Entity Information
Entity Registrant Name	Pyxis Tankers Inc.
Entity Central Index Key	1,640,043
Document Type	20-F
Document Period End Date	Dec. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity a Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity's Reporting Status Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding	20,877,893
Trading Symbol	PXS
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,017

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
CURRENT ASSETS:
Cash and cash equivalents	$ 1,693	$ 783
Restricted cash, current portion	141	143
Inventories	1,016	1,173
Trade accounts receivable, net	703	1,681
Prepayments and other assets	342	404
Total current assets	3,895	4,184
FIXED ASSETS, NET:
Vessels, net	115,774	121,341
Total fixed assets, net	115,774	121,341
OTHER NON-CURRENT ASSETS:
Restricted cash, net of current portion	4,859	4,857
Deferred charges, net	285	358
Total other non-current assets	5,144	5,215
Total assets	124,813	130,740
CURRENT LIABILITIES:
Current portion of long-term debt, net of deferred financing costs, current	7,304	6,813
Trade accounts payable	2,293	3,115
Due to related parties	2,125	1,953
Hire collected in advance		415
Accrued and other liabilities	809	574
Total current liabilities	12,531	12,870
NON-CURRENT LIABILITIES:
Long-term debt, net of current portion and deferred financing costs, non-current	59,126	66,617
Promissory note	5,000	2,500
Total non-current liabilities	64,126	69,117
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Preferred stock ($0.001 par value; 50,000,000 shares authorized; none issued)
Common stock ($0.001 par value; 450,000,000 shares authorized; 18,277,893 and 20,877,893 shares issued and outstanding as of December 31, 2016 and 2017, respectively)	21	18
Additional paid-in capital	74,766	70,123
Accumulated deficit	(26,631)	(21,388)
Total stockholders’ equity	48,156	48,753
Total liabilities and stockholders’ equity	$ 124,813	$ 130,740

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	450,000,000	450,000,000
Common stock, shares issued	20,877,893	18,277,893
Common stock, shares outstanding	20,877,893	18,277,893

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income / (Loss) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Statement [Abstract]
Voyage revenues	$ 29,826	$ 30,710	$ 33,170
Expenses:
Voyage related costs and commissions	(8,710)	(6,611)	(4,725)
Vessel operating expenses	(12,761)	(12,871)	(13,188)
General and administrative expenses	(3,188)	(2,574)	(1,773)
Management fees, related parties	(712)	(631)	(577)
Management fees, other	(930)	(1,024)	(1,061)
Amortization of special survey costs	(73)	(236)	(174)
Depreciation	(5,567)	(5,768)	(5,710)
Vessel impairment charge		(3,998)
Bad debt provisions	(231)
Operating income / (loss)	(2,346)	(3,003)	5,962
Other income / (expenses):
Other income			74
Interest and finance costs, net	(2,897)	(2,810)	(2,531)
Total other expenses, net	(2,897)	(2,810)	(2,457)
Net income / (loss)	$ (5,243)	$ (5,813)	$ 3,505
Earnings / (loss) per common share, basic and diluted	$ (0.28)	$ (0.32)	$ 0.19
Weighted average number of shares, basic	18,461,455	18,277,893	18,244,671
Weighted average number of shares, diluted	18,461,455	18,277,893	18,277,893

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Total
Balance at Dec. 31, 2014		$ 72,981	$ (19,080)	$ 53,901
Balance, shares at Dec. 31, 2014
Issuance of common stock	$ 18	(8)		10
Issuance of common stock, shares	18,244,671
Net income/(loss)			3,505	3,505
Expenses for Merger		(1,745)		(1,745)
Stock compensation		143		143
Paid-in capital re-imbursement		(1,248)		(1,248)
Balance at Dec. 31, 2015	$ 18	70,123	(15,575)	54,566
Balance, shares at Dec. 31, 2015	18,244,671
Net income/(loss)			(5,813)	(5,813)
Issuance of common stock - EIP, shares	33,222
Balance at Dec. 31, 2016	$ 18	70,123	(21,388)	48,753
Balance, shares at Dec. 31, 2016	18,277,893
Issuance of common stock	$ 3	4,288		4,291
Issuance of common stock, shares	2,400,000
Net income/(loss)			(5,243)	(5,243)
Stock compensation		355		355
Issuance of common stock - EIP, shares	200,000
Balance at Dec. 31, 2017	$ 21	$ 74,766	$ (26,631)	$ 48,156
Balance, shares at Dec. 31, 2017	20,877,893

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities:
Net income / (loss)	$ (5,243)	$ (5,813)	$ 3,505
Adjustments to reconcile net income / (loss) to net cash from operating activities:
Depreciation	5,567	5,768	5,710
Amortization of special survey costs	73	236	174
Amortization of financing costs	153	164	173
Vessel impairment charge		3,998
Stock compensation	355		143
Bad debt provisions	231
Changes in assets and liabilities:
Inventories	157	(590)	321
Trade accounts receivable, net	747	(1,226)	748
Prepayments and other assets	62	321	(107)
Special surveys cost		(364)	(888)
Trade accounts payable	(858)	2,012	532
Due to related parties	2,672	1,832	(10)
Hire collected in advance	(415)	(1,714)	1,650
Accrued and other liabilities	176	(178)	415
Net cash provided by operating activities	3,677	4,446	12,366
Cash flows from investing activities:
Advances for vessel acquisition			(18,766)
Net cash used in investing activities			(18,766)
Cash flows from financing activities:
Proceeds from long-term debt			21,000
Repayment of long-term debt	(6,963)	(7,263)	(6,863)
Issuance of promissory note			2,500
Proceeds from issuance of common stock	4,800		10
Common stock offering costs	(414)
Change in restricted cash		(500)	(3,500)
Paid-in capital re-imbursement			(1,248)
Payment of financing costs	(190)	(22)	(279)
Expenses for Merger			(1,745)
Net cash provided by / (used in) financing activities	(2,767)	(7,785)	9,875
Net increase / (decrease) in cash and cash equivalents	910	(3,339)	3,475
Cash and cash equivalents at beginning of the period	783	4,122	647
Cash and cash equivalents at end of the period	1,693	783	4,122
SUPPLEMENTAL INFORMATION:
Cash paid for interest, net of amounts capitalized	2,549	2,779	2,191
Non-cash financing activities – increase in promissory note	$ 2,500

Basis of Presentation and Gener

Basis of Presentation and General Information	12 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation and General Information	1. Basis of Presentation and General Information PYXIS TANKERS INC. (“Pyxis”) was formed as a corporation under the laws of the Republic of Marshall Islands on March 23, 2015, for the purpose of acquiring from entities under common control a 100% ownership interest in six vessel-owning companies, SECONDONE CORP. (“Secondone”), THIRDONE CORP. (“Thirdone”), FOURTHONE CORP. (“Fourthone”), SIXTHONE CORP. (“Sixthone”), SEVENTHONE CORP. (“Seventhone”) and EIGHTHONE CORP. (“Eighthone” and collectively with the other vessel-owning companies, the “Vessel-owning companies”). All of the Vessel-owning companies were established under the laws of the Republic of Marshall Islands and are engaged in the marine transportation of liquid cargoes through the ownership and operation of tanker vessels, as listed below: Vessel-owning company Incorporation date Vessel DWT Year built Acquisition date Secondone 05/23/2007 Northsea Alpha 8,615 2010 05/28/2010 Thirdone 05/23/2007 Northsea Beta 8,647 2010 05/25/2010 Fourthone 05/30/2007 Pyxis Malou 50,667 2009 02/16/2009 Sixthone 01/15/2010 Pyxis Delta 46,616 2006 03/04/2010 Seventhone 05/31/2011 Pyxis Theta 51,795 2013 09/16/2013 Eighthone 02/08/2013 Pyxis Epsilon 50,295 2015 01/14/2015 The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of Pyxis and its wholly-owned subsidiaries (collectively the “Company”) as discussed below, as of December 31, 2016 and 2017 and for the years ended December 31, 2015, 2016 and 2017. All of the Company’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 Northsea Alpha Northsea Beta Pyxis Malou Pyxis Delta Pyxis Theta Pyxis Epsilon Prior to the consummation of the transactions discussed below, Mr. Valentios (“Eddie”) 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. (“Maritime Investors”). Maritime Investors owned directly 100% of Pyxis, Secondone and Thirdone, and owned indirectly (through the intermediate holding company PYXIS HOLDINGS INC. (“Holdings”)) 100% of Fourthone, Sixthone, Seventhone and Eighthone. On March 25, 2015, Pyxis caused MARITIME TECHNOLOGIES CORP., a Delaware corporation (“Merger Sub”), to be formed as its wholly-owned subsidiary and to be a party to the agreement and plan of merger discussed below. On April 23, 2015, Pyxis and Merger Sub entered into an agreement and plan of merger (the “Agreement and Plan of Merger”) (further amended on September 22, 2015) with among others, LOOKSMART LTD. (“LS”), 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 “Merger”). Upon execution of the Agreement and Plan of Merger, Pyxis paid LS a cash consideration of $600. 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 has been 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 are presented using combined historical carrying amounts of the assets and liabilities of the Vessel-owning companies and present the consolidated financial position and results of operations, as if Pyxis and its wholly-owned companies were consolidated for all periods presented. On October 28, 2015, in accordance with the terms of the Agreement and Plan of Merger, LS, after having divested full 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. On October 28, 2015, the Merger was consummated and the Company’s shares commenced their listing on the NASDAQ Capital Markets thereafter. 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. PYXIS MARITIME CORP. (“Maritime”), 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). With effect from the delivery of each vessel, the crewing and technical management of the vessels were contracted to INTERNATIONAL TANKER MANAGEMENT LTD. (“ITM”) 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 continues by its terms until it is terminated by either party. The ship-management agreements can be cancelled by the Company for any reason at any time upon three months’ advance notice, but neither party can cancel the agreements, other than for specified reasons, until 18 months after the initial effective date of the ship-management agreement. In September 2010, Secondone and Thirdone entered into commercial management agreements with NORTH SEA TANKERS BV ( “ Northsea Alpha Northsea Beta Northsea Beta Northsea Alpha As of December 31, 2017, Mr. Valentis beneficially owned approximately 81.4% of the Company’s common stock.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Significant Accounting Policies	2. Significant Accounting Policies: (a) Principles of Consolidation: 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 (“ASC”) 810 “Consolidation” 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 (“VIE”) 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’s expected losses, receives a majority of an entity’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, 2017, no such interest existed. (b) Use of Estimates: (c) Comprehensive Income / (Loss): (d) Foreign Currency Translation: (e) Commitments and Contingencies: (f) Insurance Claims Receivable: (g) Concentration of Credit Risk: (h) Cash and Cash Equivalents and Restricted Cash: (i) Income Taxation: (j) Inventories: (k) Trade Accounts Receivable, Net: (l) Advances for Vessels under Construction and Related Costs: (m) Vessels, Net: The cost of each of the Company’s vessels is depreciated from the date of acquisition on a straight-line basis over the vessels’ remaining estimated economic useful life, after considering the estimated residual value. A vessel’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’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. (n) Impairment of Long Lived Assets: In developing estimates of future undiscounted cash flows, the Company makes assumptions and estimates about the vessels’ future performance, with the significant assumptions relating to time charter equivalent rates by vessel type, vessels’ operating expenses, vessels’ capital expenditures, vessels’ 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. 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 recent market estimates for the first year and the most recent seven year historical average rates, where available thereafter, over the remaining estimated useful life of the vessels), expected outflows for vessels’ operating expenses, planned dry-docking and special survey expenditures, management fees expenditures which are adjusted every year, pursuant to the Company’s existing group management agreement, and fleet utilization of 98.0%, or 93.0% for the years 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 $0.300 per lightweight ton in accordance with the vessels’ depreciation policy. As of December 31, 2016, the Company obtained market valuations for all its vessels from reputable marine appraisers. Based on these valuations, the Company identified impairment indications for all of its vessels, except for the Pyxis Epsilon Northsea Alpha Northsea Beta As of December 31, 2017, the Company obtained market valuations for all its vessels from reputable marine appraisers. Based on these valuations, the Company identified impairment indications for certain of its vessels. More specifically, the market values of these vessels were, in aggregate, $8,299 lower than their carrying values, including any unamortized deferred charges relating to special survey costs, as of December 31, 2017. In this respect, the Company performed an impairment analysis to estimate the future undiscounted cash flows for each of these vessels. The analysis resulted in higher undiscounted cash flows than each vessel’s carrying value as of December 31, 2017 and, accordingly, no adjustment to the vessels’ carrying values was required. (o) Accounting for Special Survey and Dry-docking Costs: (p) Financing Costs: (q) Revenue and Related Expenses: Voyage expenses, primarily consisting of commissions, port, canal and bunker expenses that are unique to a particular charter, are paid for by the charterer under time charter arrangements or by the Company under spot charter arrangements, except for commissions, which are always paid for by the Company, regardless of the charter type. All voyage and vessel operating expenses are expensed as incurred, except for commissions. 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’s revenues are earned. Revenues for the years ended December 31, 2015, 2016 and 2017, deriving from significant charterers individually accounting for 10% or more of revenues (in percentages of total revenues), were as follows: Charterer 2015 2016 2017 A 18 % — 15 % B 17 % 12 % — C 17 % 20 % 16 % D — 14 % — E — 10 % — F — — 18 % 52 % 56 % 49 % (r) Fair Value Measurements: (s) Segment Reporting: (t) Earnings / (loss) per Share: (u) Stock Compensation: (v) Going Concern: As of December 31, 2017, the Company had a working capital deficit of $8,636, defined as current assets minus current liabilities. As of the filing date of the 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 cash generated from operations and will be in compliance with the financial and security collateral cover ratio covenants under its existing debt agreements as discussed in Note 7. (w) New Accounting Pronouncements: i) Revenue from Contracts with Customers The guidance in ASU 2014-09 “Revenue from Contracts with Customers (Topic 606)” supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition”, and most industry-specific guidance throughout the Industry Topics of the Codification. Additionally, this ASU supersedes some cost guidance included in Subtopic 605-35, “Revenue Recognition—Construction-Type and Production-Type Contracts”. In addition, the existing requirements for the recognition of a gain or loss on the transfer of nonfinancial assets that are not in a contract with a customer are amended to be consistent with the guidance on recognition and measurement (including the constraint on revenue) in this ASU. In August 2015, the FASB deferred by one year the effective date of the new guidance. The new revenue recognition standard will be effective for public business entities for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Nonpublic entities will be required to adopt the standard for annual reporting periods beginning after 15 December 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. Public and nonpublic entities will be permitted to adopt the standard as early as the original public entity effective date (i.e., annual reporting periods beginning after December 15, 2016 and interim periods therein). In 2016, the FASB issued two updates with respect to Topic 606: ASU 2016-10, “Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing” and ASU 2016-12, “Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients.” The amendments in these updates do not change the core principle of the guidance in Topic 606. The amendments in update 2016-10 clarify the following two aspects of Topic 606: i) identifying performance obligations and ii) licensing implementation guidance. The amendments in update 2016-12 similarly affect only certain narrow aspects of Topic 606; namely, i) “Assessing the Collectability Criterion and Accounting for Contracts That Do Not Meet the Criteria for Step 1,” ii) “Presentation of Sales Taxes and Other Similar Taxes Collected from Customers,” iii) “Noncash Consideration,” iv) “Contract Modifications at Transition,” v) “Completed Contracts at Transition,” and vi) “Technical Correction.” The effective date and transition requirements for the amendments in these updates are the same as the effective date and transition requirements in Topic 606. Early adoption prior to that date will not be permitted. ii) Leases: The ASU will require organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases, unless the lease is a short term lease. Public business entities should apply the amendments in ASU 2016-02 for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted for all public business entities upon issuance. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. iii) Classification of Certain Cash Payments and Cash Receipts: iv) Restricted Cash: (v) Business Combinations:

Transactions with Related Parti

Transactions with Related Parties	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
Transactions with Related Parties	3. Transactions with Related Parties: 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’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 (or $0.160 per day for as long as the chartering services for the Northsea Alpha Northsea Beta Northsea Beta Northsea Alpha The management agreements for the vessels have an initial term of five years. For the Northsea Alpha Northsea Beta Pyxis Delta Pyxis Theta Pyxis Epsilon Pyxis Malou Under a Head Management Agreement (the “Head Management Agreement”) with Maritime that commenced on March 23, 2015 and will continue until March 23, 2020 (unless terminated by either party on 90 days’ notice), Maritime provides administrative services to the Company, which include, among other, the provision of the services of the Company’s Chief Executive Officer, Chief Financial Officer, Senior Vice President of Corporate Development, 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’s premises. Following the initial expiration date, the Head Management Agreement will automatically be renewed for a five year period. Under the Head Management Agreement, the Company pays Maritime a fixed fee of $1,600 annually (the “Administration Fees”). 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. The Ship-management Fees and the Administration Fees will be 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, 2018, the Ship-management Fees and the Administration Fees were increased by 1.12% in line with the average inflation rate in Greece in 2017. The following amounts charged by Maritime are included in the accompanying consolidated statements of comprehensive income / (loss): Year Ended December 31, 2015 2016 2017 Included in Voyage related costs and commissions Charter hire commissions $ 321 $ 316 $ 368 Included in Management fees, related parties Ship-management Fees 577 631 712 Included in General and administrative expenses Administration Fees 1,245 1,600 1,600 Total $ 2,143 $ 2,547 $ 2,680 On April 23, 2015, the Company issued a promissory note amounting to $625 in favor of Maritime Investors. The promissory note was issued in return for the payment of $600 by Maritime Investors to LS on behalf of the Company, representing the cash consideration of the Merger. The remaining balance of the promissory note covered miscellaneous transaction costs. On October 28, 2015, the Company and Maritime Investors agreed to replace the existing promissory note of $625 with a new one of $2,500, payable on January 15, 2017. The additional amount of $1,875 was provided in lieu of additional, newly issued, fully paid and non-assessable shares of Pyxis common stock, in accordance with the terms of the amended Agreement and Plan of Merger (Note 1). The promissory note dated October 28, 2015, bore an interest rate of 2.75% per annum payable quarterly in arrears in cash or additional shares of the Company, at a price per share based on a five day volume weighted average price, at the Company’s discretion. On each of August 9, 2016, and March 7, 2017, the Company agreed with Maritime Investors to extend the maturity of the promissory note, at same terms and at no additional cost to the Company. The maturity of the promissory note, as amended, was January 2019. On December 29, 2017, the Company entered into a third amendment to the promissory note, pursuant to which (i) the outstanding principal balance increased from $2,500 to $5,000, (ii) the maturity date was extended to June 15, 2019, and (iii) the fixed interest rate was increased to 4.00% per annum, payable only in cash. In exchange for entering into the third amendment, the Company reduced the outstanding balance due to Maritime by $2,500. As of December 31, 2016 and 2017, the amounts of $2,500 and $5,000, respectively, are separately reflected in the consolidated balance sheet under non-current liabilities. Interest charged for the period from the replacement date of the promissory note until December 31, 2015 and for the years ended December 31, 2016 and 2017, amounted to $12, $69 and $70, respectively, and is included in Interest and finance costs, net, in the accompanying consolidated statement of comprehensive income / (loss). As of December 31, 2016 and 2017, the balances due to Maritime were $1,953 and $2,125, respectively and are included in Due to related parties in the accompanying consolidated balance sheets. The amount due to Maritime as of December 31, 2016, includes $300 placed in escrow by Maritime on behalf of Sixthone, relating to a dispute with one of the Company’s charterers, as discussed in Note 11. The balance with Maritime is interest free and with no specific repayment terms.

Inventories

Inventories	12 Months Ended
	Dec. 31, 2017
Inventory Disclosure [Abstract]
Inventories	4. Inventories: The amounts in the accompanying consolidated balance sheets as at December 31, 2016 and 2017, are analyzed as follows: 2016 2017 Lubricants $ 479 $ 404 Bunkers 694 612 Total $ 1,173 $ 1,016

Vessels, Net

Vessels, Net	12 Months Ended
	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Vessels, Net	5. Vessels, net: The amounts in the accompanying consolidated balance sheets are analyzed as follows: Vessel Accumulated Net Book Cost Depreciation Value Balance January 1, 2015 $ 115,295 $ (11,578 ) $ 103,717 Depreciation — (5,710 ) (5,710 ) Transfer from advances for vessel acquisition 32,494 — 32,494 Balance December 31, 2015 147,789 (17,288 ) 130,501 Depreciation — (5,768 ) (5,768 ) Vessel impairment charge (9,729 ) 6,337 (3,392 ) Balance December 31, 2016 138,060 (16,719 ) 121,341 Depreciation — (5,567 ) (5,567 ) Balance December 31, 2017 $ 138,060 $ (22,286 ) $ 115,774 As of December 31, 2016, 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’s vessels Northsea Alpha Northsea Beta All of the Company’s vessels have been pledged as collateral to secure the bank loans discussed in Note 7.

Deferred Charges, Net

Deferred Charges, Net	12 Months Ended
	Dec. 31, 2017
Deferred Charges Net
Deferred Charges, Net	6. Deferred Charges, net: The movement in Deferred charges, net in the accompanying consolidated balance sheets are as follows: Special Survey Costs Balance, January 1, 2015 $ 122 Additions 888 Amortization (174 ) Balance, December 31, 2015 836 Additions 364 Amortization (236 ) Impairment charge (606 ) Balance, December 31, 2016 358 Amortization (73 ) Balance, December 31, 2017 $ 285 The amortization of the special survey costs is separately reflected in the accompanying consolidated statements of comprehensive income / (loss). The impairment charge of $606 relates to the impairments of the Northsea Alpha Northsea Beta

Long-term Debt

Long-term Debt	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Long-term Debt	7. Long-term Debt: The amounts shown in the accompanying consolidated balance sheets at December 31, 2016 and 2017, are analyzed as follows: Vessel (Borrower) 2016 2017 (a) Northsea Alpha (Secondone) $ 4,808 $ 4,348 (a) Northsea Beta (Thirdone) 4,808 4,348 (b) Pyxis Malou (Fourthone) 20,350 18,210 (c) Pyxis Delta (Sixthone) 8,437 7,087 (c) Pyxis Theta (Seventhone) 17,228 15,975 (d) Pyxis Epsilon (Eighthone) 18,200 16,900 Total $ 73,831 $ 66,868 Current portion $ 6,963 $ 7,440 Less: Current portion of deferred financing costs (150 ) (136 ) Current portion of long-term debt, net of deferred financing costs, current $ 6,813 $ 7,304 Long-term portion $ 66,868 $ 59,428 Less: Non-current portion of deferred financing costs (251 ) (302 ) Long-term debt, net of current portion and deferred financing costs, non-current $ 66,617 $ 59,126 (a) 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 Northsea Alpha Northsea Beta Each of Secondone’s and Thirdone’s outstanding loan balance at December 31, 2017, amounting to $4,348, was repayable in five semiannual installments of $230 each, the first falling due in May 2018 and the last installment accompanied by a balloon payment of $3,198 falling due in May 2020. The main terms and conditions of the loan agreement dated September 26, 2007, as subsequently amended, were as follows: ● In addition to a first priority mortgage over the Northsea Alpha Northsea Beta Pyxis Malou ● The loan bore interest at LIBOR, plus a margin of 1.75% per annum. Covenants: ● The Company undertook to maintain on each of March 31, June 30, September 30 and December 31 of each year, minimum cash deposits at the higher of $5,000 or $750 per vessel in its fleet, of which $2,500 would be freely available and unencumbered cash under deposit by the Company. At any time that the number of vessels in the fleet exceeded ten, the minimum cash requirement would be reduced to an amount of $500, for each vessel in the fleet that exceeded ten. ● The minimum security collateral cover (“MSC”) was to be at least 133% of the respective outstanding loan balance. On February 28, 2018, Secondone’s and Thirdone’s outstanding loan balances as of December 31, 2017, were settled through the refinancing discussed below. (b) 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 Pyxis Malou The outstanding balance of the loan at December 31, 2017 of $18,210, was repayable in five semiannual installments of $1,070 each, the first falling due in February 2018, plus a balloon payment of $12,860 falling due in May 2020. The main terms and conditions of the loan agreement dated December 12, 2008, as subsequently amended, were as follows: ● In addition to a first priority mortgage over the Pyxis Malou Northsea Alpha Northsea Beta ● The loan bore interest at LIBOR, plus a margin of 1.75% per annum. Covenants: ● The Company undertook to maintain on each of March 31, June 30, September 30 and December 31 of each year, minimum cash deposits at the higher of $5,000 or $750 per vessel in its fleet, of which $2,500 would be freely available and unencumbered cash under deposit by the Company. At any time that the number of vessels in the fleet exceeded ten, the minimum cash requirement would be reduced to an amount of $500, for each vessel in the fleet that exceeded ten. ● MSC was to be at least 125% of the respective outstanding loan balance. On February 28, 2018, Fourthone’s outstanding loan balance as of December 31, 2017, was settled through the refinancing discussed below. (c) 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 Pyxis Delta Pyxis Theta Following the supplemental agreement dated June 6, 2017, the outstanding balance of the loan under Tranche A at December 31, 2017, of $7,087, is repayable in 20 quarterly installments of $338 each, the first falling due in February 2018, and the last installment accompanied by a balloon payment of $327 falling due in September 2022. In addition, the outstanding balance of the loan under Tranche B at December 31, 2017, of $15,975, is repayable in 19 quarterly installments of $313 each, the first falling due in March 2018, and the last installment accompanied by a balloon payment of $10,028 falling due in September 2022. The main terms and conditions of the loan agreement dated October 12, 2012, as subsequently amended, are as follows: ● The loan bears interest at LIBOR, plus a margin of 3.35% per annum. Covenants: ● The Company undertakes to maintain minimum deposits with the bank of $1,000 at all times, plus an additional liquidity amount of $200 until September 10, 2018. ● The ratio of the Company’s total liabilities to market value adjusted total assets is not to exceed 65%. This requirement is only applicable in order to assess whether the two Vessel-owning companies are entitled to distribute dividends to Pyxis. As of December 31, 2016, the relevant ratio was 68%, or 3% higher than the required threshold. As of December 31, 2017, the requirement was met as such ratio was marginally lower than 65%, and therefore, Sixthone and Seventhone are permitted to make dividend distributions to Pyxis. ● MSC is to be at least 130% of the respective outstanding loan balance. (d) Based on a loan agreement concluded on January 12, 2015, Eighthone borrowed $21,000 on the same date in order to partly finance the construction cost of the Pyxis Epsilon The outstanding balance of the loan at December 31, 2017, of $16,900, is repayable in 17 quarterly installments of $300 each, the first falling due in January 2018, and the last installment accompanied by a balloon payment of $11,800 falling due in January 2022. The main terms and conditions of the loan agreement dated January 12, 2015, as subsequently amended, are as follows: ● The loan bears interest at LIBOR, plus a margin of 2.90% per annum. Covenants: ● The Company undertakes to maintain minimum deposits with the bank of $750 at all times. ● The Company undertakes to maintain minimum liquidity of at least the higher of: i) $750 multiplied by the number of vessels owned by the Company, and ii) the Company’s debt service for the following six months. ● The ratio of the Company’s total liabilities to market value adjusted total assets is not to exceed 75%. ● MSC is to be at least 130% of the respective outstanding loan balance until January 2018 and at least 135% thereafter. On February 28, 2018, the Company refinanced 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 approximately $4,306 was written-off by the previous lender at closing, which will be 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. The loan is repayable in 20 quarterly installments amounting to $10,320 in the aggregate, the first falling due in May 2018, and the last installment accompanied by a balloon payment of $10,180 falling due in February 2023. The first four quarterly installments, amounting to $400 each, are followed by four amounting to $500 each, four amounting to $530 each, four amounting to $560 each and four amounting to $590 each. Standard loan covenants include, among 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, are required to proceed with all required procedures for their re-domiciliation to the jurisdiction of the Republic of Malta by May 1, 2018. We expect that the re-domiciliation will become effective prior to May 2018, and upon re-domiciliation, the borrowers will be renamed to SECONDONE CORPORATION LTD., THIRDONE CORPORATION LTD. and FOURTHONE CORPORATION LTD., respectively. Each loan is secured by a first priority mortgage over the respective vessel and a first priority assignment of the vessel’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. As of December 31, 2017, 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, 2017, there was no amount available to be drawn down by the Company under its existing loan agreements. The annual principal payments required to be made after December 31, 2017, while taking into consideration the refinancing of the existing indebtedness of Secondone, Thirdone and Fourthone with the new 5-year secured loan discussed above, are as follows: Year ending December 31, Amount 2018 $ 7,440 2019 5,703 2020 10,199 2021 6,013 2022 26,743 2023 and thereafter 10,770 Total $ 66,868 Total interest expense on long-term debt for the years ended December 31, 2015, 2016 and 2017, amounted to $2,359, $2,577 and $2,674, respectively, and is included in Interest and finance costs, net (Note 12) in the accompanying consolidated statements of comprehensive income / (loss). The Company’s weighted average interest rate (including the margin) for the years ended December 31, 2015, 2016 and 2017, was 2.78%, 3.27% and 3.74% per annum, including the promissory note discussed in Note 3, respectively.

Capital Structure and Equity In

Capital Structure and Equity Incentive Plan	12 Months Ended
	Dec. 31, 2017
Stockholders' Equity Note [Abstract]
Capital Structure and Equity Incentive Plan	8. Capital Structure and Equity Incentive Plan: The Company’s authorized common and preferred stock consists of 450,000,000 common shares and 50,000,000 preferred shares with a par value of USD 0.001 per share, out of which 10,000,000 common shares were issued to Maritime Investors upon formation of Pyxis. In connection with the Merger and as provided in the Agreement and Plan of Merger, the Company further issued: i) to Maritime Investors, 7,002,445 common “true-up” shares following the transfer of the shares of the Vessel-owning companies to Pyxis and, ii) to LS shareholders and Maxim Group LLC (Pyxis’ financial advisor), 931,761 and 310,465 common shares, respectively. 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 and 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. In addition, paid-in capital includes transaction costs relating to the Merger of $3,080, comprising: i) the fees charged by Pyxis’ legal advisors, consultants and auditors, totaling to $820, ii) $625 representing the cash consideration to LS shareholders upon execution of the Merger and miscellaneous transactional costs and, iii) an aggregate of $1,635 fee due to Maxim Group LLC, of which $300 was paid in cash and $1,335 was compensated through the issuance of restricted stock (or 310,465 Pyxis’ common shares) at the date of the Merger and accounted for as transaction cost. The aforementioned transaction costs totaling to $1,745 payable in cash were recognized in equity. Paid-in capital re-imbursement for the year ended December 31, 2015, amounted to $1,248. There was no paid-in capital re-imbursement for the years ended December 31, 2016 and 2017. On October 28, 2015, the Company’s board of directors approved an equity incentive plan (the “EIP”), providing for the granting of share-based awards to directors, officers and employees of the Company and its affiliates and to its consultants and service providers. The maximum aggregate number of shares of common stock of the Company that may be delivered pursuant to awards granted under the EIP, shall be equal to 15% of the then issued and outstanding number of shares of common stock. On the same date the Company’s board of directors approved the issuance of 33,222 restricted shares of the Company’s common stock to certain of its officers. As of December 31, 2015, all such shares had been vested, but were not issued until March 2016. The respective non-cash stock compensation recognized in the consolidated statement of comprehensive income under General and administrative expenses for the year ended December 31, 2015, amounted to $143. On November 15, 2017, 200,000 restricted shares of the Company’s common stock were granted and issued to a senior officer of the Company, which were vested immediately upon issuance. The fair value of such restricted shares based on the average of the high-low trading price of the shares on November 15, 2017, was $355, which was recorded as a non-cash stock compensation and included in the consolidated statement of comprehensive loss under General and administrative expenses for the year ended December 31, 2017. On December 6, 2017, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with certain accredited investors (the “Investors”), pursuant to which the Company, in a private placement, agreed to issue and sell to the Investors an aggregate of 2,400,000 shares of its common stock at a price per share of $2.00 (the “Private Placement”). As a condition of the Purchase Agreement, the Company, Maritime Investors and each of the Company’s directors and executive officers entered into lock-up agreements pursuant to which they could not, among other things, offer or sell shares of the Company’s common stock until the earlier of i) 30 days after effective date (as defined therein) and ii) the disposition by the Investors of all of the shares of common stock they received in the Private Placement. In connection with the Private Placement, the Company also entered into a registration rights agreement with the Investors, pursuant to which the Company was obligated to prepare and file with the Securities and Exchange Commission (“SEC”) a registration statement to register for resale the registrable securities (as defined therein) on or prior to December 21, 2017. The Private Placement closed on December 8, 2017, resulting in gross proceeds of $4,800, before deducting offering expenses of approximately $509, which were used for general corporate purposes, including the repayment of outstanding indebtedness. On December 19, 2017, the Company filed with the SEC a registration statement on Form F-3 to register for resale the shares of common stock issued under the Purchase Agreement, which was declared effective on January 3, 2018. 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’s common stock from time to time as described therein. The registration statement was declared effective by the SEC on February 12, 2018. As of December 31, 2016, the Company had a total of 18,277,893 common shares outstanding and no preferred shares outstanding. As of December 31, 2017 and following the issuance of the 200,000 shares of common stock under the EIP, as well as the issuance of the 2,400,000 shares of common stock pursuant to the Private Placement, both discussed above, the Company’s outstanding common shares increased from 18,277,893 to 20,877,893.

Earnings _ (Loss) Per Common Sh

Earnings / (Loss) Per Common Share	12 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
Earnings / (Loss) Per Common Share	9. Earnings / (Loss) per Common Share: 2015 2016 2017 Net income / (loss) available to common stockholders $ 3,505 $ (5,813 ) $ (5,243 ) Weighted average number of common shares, basic 18,244,671 18,277,893 18,461,455 Dilutive effect of stock granted under the EIP 33,222 - - Weighted average number of common shares, diluted 18,277,893 18,277,893 18,461,455 Earnings / (loss) per common share, basic and diluted $ 0.19 $ (0.32 ) $ (0.28 ) Dilutive earnings per share for the year ended December 31, 2015, has been adjusted to reflect the restricted shares of the Company’s common stock to certain of its officers under the Company’s EIP, as discussed in Note 8.

Risk Management and Fair Value

Risk Management and Fair Value Measurements	12 Months Ended
	Dec. 31, 2017
Risk Management And Fair Value Measurements
Risk Management and Fair Value Measurements	10. Risk Management and Fair Value Measurements: The principal financial assets of the Company consist of cash and cash equivalents and trade accounts receivable due from charterers. The principal financial liabilities of the Company consist of long-term bank loans, trade accounts payable, amounts due to related parties and a promissory note. Interest rate risk Credit risk Currency risk Fair value Long Lived Assets Held and Used As of December 31, 2016, 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’s vessels Northsea Alpha Northsea Beta Vessel Significant Other Observable Inputs (Level 2) Impairment Loss charged against Vessels, net Impairment Loss charged against Deferred charges, net Vessel Impairment Charge Northsea Alpha $ 8,000 $ 1,770 $ 292 $ 2,062 Northsea Beta 8,000 1,622 314 1,936 TOTAL $ 16,000 $ 3,392 $ 606 $ 3,998 The fair value is based on level 2 inputs of the fair value hierarchy and reflects the Company’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 as of December 31, 2016, which is mainly based on recent sales and purchase transactions of similar vessels. The Company recognized the total Vessel impairment charge of $3,998, which is included in the accompanying consolidated statements of comprehensive loss for the year ended December 31, 2016. No such loss was recognized for the year ended December 31, 2017. The Company performs such an exercise on an annual basis and whenever circumstances indicate so. All other nonfinancial assets or nonfinancial liabilities are carried at fair value as of December 31, 2016 and 2017.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. Commitments and Contingencies: Minimum contractual charter revenues Year ending December 31, Amount 2018 $ 2,048 $ 2,048 Make-Whole Right and Financial Guarantee In addition, the Make-Whole Right provides that should the Company fail to complete a Future Pyxis Offering within a date which is three years from the date of the closing of the Merger, or October 28, 2018, each former LS stockholder who has held the Company shares continuously from the date of the Make-Whole Record Date (the “Legacy LS Stockholders”) until the expiration of such three year period, will have a 24-hour option (the “Put Period”) to require the Company to purchase from such Legacy LS Stockholders, a pro-rata amount of the Company’s common stock that would result in aggregate gross proceeds to the Legacy LS Stockholders, in an amount not to exceed $2,000; provided that in no event shall a Legacy LS Stockholder receive an amount per share greater than $4.30 (the “Financial Guarantee”). Under ASC 815, the Make-Whole Right does not meet the criteria to be accounted for as a derivative instrument under “Derivatives and Hedging” since it is not readily convertible into cash. The Make-Whole Right requires the Company to issue its own equity shares and, according to ASC 460 “Guarantees”, the Company is not required to recognize an initial liability. During November and December 2017, the Company’s share trade activity increased notably. Its price reached a high of $12.22, or about 184% higher than the Consideration Value of $4.30. The Company estimates that most of the original 931,761 shares that were originally issued to LS stockholders have been sold. Nonetheless, the actual number of original shares currently held by the Legacy LS Stockholders cannot be accurately assessed. The Financial Guarantee is accounted under ASC 460-10 “Guarantees – Option Based Contracts”. No liability for the Financial Guarantee has been reflected in the accompanying consolidated balance sheet dates, assuming that a Future Pyxis Offering will take place and the number of shares to be repurchased is not fixed. The Company controls the timing of any Future Pyxis Offering and the New Offering Price of any Pyxis shares in such future offering will be subject to U.S. capital markets conditions and investors’ interest at that time. Dispute with charterer In October 2017, the relevant commercial dispute was resolved and a settlement agreement was signed. Pursuant to this agreement, from the total amount of $300 held under escrow, $150 was paid to the charterer and the resulting balance was paid back to Maritime. Other The Company accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, 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’ actions to the maximum limits as provided by Protection and Indemnity (P&I) Clubs, members of the International Group of P&I Clubs.

Interest and Finance Costs, Net

Interest and Finance Costs, Net	12 Months Ended
	Dec. 31, 2017
Interest And Finance Costs Net
Interest and Finance Costs, Net	12. Interest and Finance Costs, net: The amounts in the accompanying consolidated statements of comprehensive income / (loss) are analyzed as follows: 2015 2016 2017 Interest on long-term debt (Note 7) $ 2,359 $ 2,577 $ 2,674 Interest on promissory note (Note 3) 12 69 70 Capitalized interest (13 ) — — Amortization of financing costs 173 164 153 Total $ 2,531 $ 2,810 $ 2,897

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent Events: Interest rate cap Registration statement on Form F-3 Refinance of existing indebtedness

Significant Accounting Polici20

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Principles of Consolidation	(a) Principles of Consolidation: 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 (“ASC”) 810 “Consolidation” 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 (“VIE”) 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’s expected losses, receives a majority of an entity’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, 2017, no such interest existed.
Use of Estimates	(b) Use of Estimates:
Comprehensive Income / (Loss)	(c) Comprehensive Income / (Loss):
Foreign Currency Translation	(d) Foreign Currency Translation:
Commitments and Contingencies	(e) Commitments and Contingencies:
Insurance Claims Receivable	(f) Insurance Claims Receivable:
Concentration of Credit Risk	(g) Concentration of Credit Risk:
Cash and Cash Equivalents and Restricted Cash	(h) Cash and Cash Equivalents and Restricted Cash:
Income Taxation	(i) Income Taxation:
Inventories	(j) Inventories:
Trade Accounts Receivable, Net	(k) Trade Accounts Receivable, Net:
Advances for Vessels under Construction and Related Costs	(l) Advances for Vessels under Construction and Related Costs:
Vessels, Net	(m) Vessels, Net: The cost of each of the Company’s vessels is depreciated from the date of acquisition on a straight-line basis over the vessels’ remaining estimated economic useful life, after considering the estimated residual value. A vessel’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’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.
Impairment of Long Lived Assets	(n) Impairment of Long Lived Assets: In developing estimates of future undiscounted cash flows, the Company makes assumptions and estimates about the vessels’ future performance, with the significant assumptions relating to time charter equivalent rates by vessel type, vessels’ operating expenses, vessels’ capital expenditures, vessels’ 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. 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 recent market estimates for the first year and the most recent seven year historical average rates, where available thereafter, over the remaining estimated useful life of the vessels), expected outflows for vessels’ operating expenses, planned dry-docking and special survey expenditures, management fees expenditures which are adjusted every year, pursuant to the Company’s existing group management agreement, and fleet utilization of 98.0%, or 93.0% for the years 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 $0.300 per lightweight ton in accordance with the vessels’ depreciation policy. As of December 31, 2016, the Company obtained market valuations for all its vessels from reputable marine appraisers. Based on these valuations, the Company identified impairment indications for all of its vessels, except for the Pyxis Epsilon Northsea Alpha Northsea Beta As of December 31, 2017, the Company obtained market valuations for all its vessels from reputable marine appraisers. Based on these valuations, the Company identified impairment indications for certain of its vessels. More specifically, the market values of these vessels were, in aggregate, $8,299 lower than their carrying values, including any unamortized deferred charges relating to special survey costs, as of December 31, 2017. In this respect, the Company performed an impairment analysis to estimate the future undiscounted cash flows for each of these vessels. The analysis resulted in higher undiscounted cash flows than each vessel’s carrying value as of December 31, 2017 and, accordingly, no adjustment to the vessels’ carrying values was required.
Accounting for Special Survey and Dry-docking Costs	(o) Accounting for Special Survey and Dry-docking Costs:
Financing Costs	(p) Financing Costs:
Revenue and Related Expenses	(q) Revenue and Related Expenses: Voyage expenses, primarily consisting of commissions, port, canal and bunker expenses that are unique to a particular charter, are paid for by the charterer under time charter arrangements or by the Company under spot charter arrangements, except for commissions, which are always paid for by the Company, regardless of the charter type. All voyage and vessel operating expenses are expensed as incurred, except for commissions. 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’s revenues are earned. Revenues for the years ended December 31, 2015, 2016 and 2017, deriving from significant charterers individually accounting for 10% or more of revenues (in percentages of total revenues), were as follows: Charterer 2015 2016 2017 A 18 % — 15 % B 17 % 12 % — C 17 % 20 % 16 % D — 14 % — E — 10 % — F — — 18 % 52 % 56 % 49 %
Fair Value Measurements	(r) Fair Value Measurements:
Segment Reporting	(s) Segment Reporting:
Earnings / (Loss) Per Share	(t) Earnings / (loss) per Share:
Stock Compensation	(u) Stock Compensation:
Going Concern	(v) Going Concern: As of December 31, 2017, the Company had a working capital deficit of $8,636, defined as current assets minus current liabilities. As of the filing date of the 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 cash generated from operations and will be in compliance with the financial and security collateral cover ratio covenants under its existing debt agreements as discussed in Note 7.
New Accounting Pronouncements	(w) New Accounting Pronouncements: i) Revenue from Contracts with Customers The guidance in ASU 2014-09 “Revenue from Contracts with Customers (Topic 606)” supersedes the revenue recognition requirements in Topic 605, “Revenue Recognition”, and most industry-specific guidance throughout the Industry Topics of the Codification. Additionally, this ASU supersedes some cost guidance included in Subtopic 605-35, “Revenue Recognition—Construction-Type and Production-Type Contracts”. In addition, the existing requirements for the recognition of a gain or loss on the transfer of nonfinancial assets that are not in a contract with a customer are amended to be consistent with the guidance on recognition and measurement (including the constraint on revenue) in this ASU. In August 2015, the FASB deferred by one year the effective date of the new guidance. The new revenue recognition standard will be effective for public business entities for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Nonpublic entities will be required to adopt the standard for annual reporting periods beginning after 15 December 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. Public and nonpublic entities will be permitted to adopt the standard as early as the original public entity effective date (i.e., annual reporting periods beginning after December 15, 2016 and interim periods therein). In 2016, the FASB issued two updates with respect to Topic 606: ASU 2016-10, “Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing” and ASU 2016-12, “Revenue from Contracts with Customers: Narrow-Scope Improvements and Practical Expedients.” The amendments in these updates do not change the core principle of the guidance in Topic 606. The amendments in update 2016-10 clarify the following two aspects of Topic 606: i) identifying performance obligations and ii) licensing implementation guidance. The amendments in update 2016-12 similarly affect only certain narrow aspects of Topic 606; namely, i) “Assessing the Collectability Criterion and Accounting for Contracts That Do Not Meet the Criteria for Step 1,” ii) “Presentation of Sales Taxes and Other Similar Taxes Collected from Customers,” iii) “Noncash Consideration,” iv) “Contract Modifications at Transition,” v) “Completed Contracts at Transition,” and vi) “Technical Correction.” The effective date and transition requirements for the amendments in these updates are the same as the effective date and transition requirements in Topic 606. Early adoption prior to that date will not be permitted. ii) Leases: The ASU will require organizations that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases, unless the lease is a short term lease. Public business entities should apply the amendments in ASU 2016-02 for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted for all public business entities upon issuance. Lessees (for capital and operating leases) and lessors (for sales-type, direct financing, and operating leases) must apply a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The modified retrospective approach would not require any transition accounting for leases that expired before the earliest comparative period presented. Lessees and lessors may not apply a full retrospective transition approach. iii) Classification of Certain Cash Payments and Cash Receipts: iv) Restricted Cash: (v) Business Combinations:

Basis of Presentation and Gen21

Basis of Presentation and General Information (Tables)	12 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Ownership and Operation of Tanker Vessels	All of the Vessel-owning companies were established under the laws of the Republic of Marshall Islands and are engaged in the marine transportation of liquid cargoes through the ownership and operation of tanker vessels, as listed below: Vessel-owning company Incorporation date Vessel DWT Year built Acquisition date Secondone 05/23/2007 Northsea Alpha 8,615 2010 05/28/2010 Thirdone 05/23/2007 Northsea Beta 8,647 2010 05/25/2010 Fourthone 05/30/2007 Pyxis Malou 50,667 2009 02/16/2009 Sixthone 01/15/2010 Pyxis Delta 46,616 2006 03/04/2010 Seventhone 05/31/2011 Pyxis Theta 51,795 2013 09/16/2013 Eighthone 02/08/2013 Pyxis Epsilon 50,295 2015 01/14/2015

Significant Accounting Polici22

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Summary of Revenue from Significant Charterers for 10% or More of Revenue	Revenues for the years ended December 31, 2015, 2016 and 2017, deriving from significant charterers individually accounting for 10% or more of revenues (in percentages of total revenues), were as follows: Charterer 2015 2016 2017 A 18 % — 15 % B 17 % 12 % — C 17 % 20 % 16 % D — 14 % — E — 10 % — F — — 18 % 52 % 56 % 49 %

Transactions with Related Par23

Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Abstract]
Schedule of Amounts Charged by Maritime Included in the Accompanying Consolidated Statements of Comprehensive Income / (Loss)	The following amounts charged by Maritime are included in the accompanying consolidated statements of comprehensive income / (loss): Year Ended December 31, 2015 2016 2017 Included in Voyage related costs and commissions Charter hire commissions $ 321 $ 316 $ 368 Included in Management fees, related parties Ship-management Fees 577 631 712 Included in General and administrative expenses Administration Fees 1,245 1,600 1,600 Total $ 2,143 $ 2,547 $ 2,680

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2017
Inventory Disclosure [Abstract]
Schedule of Inventories	The amounts in the accompanying consolidated balance sheets as at December 31, 2016 and 2017, are analyzed as follows: 2016 2017 Lubricants $ 479 $ 404 Bunkers 694 612 Total $ 1,173 $ 1,016

Vessels, Net (Tables)

Vessels, Net (Tables)	12 Months Ended
	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Schedule of Vessels	The amounts in the accompanying consolidated balance sheets are analyzed as follows: Vessel Accumulated Net Book Cost Depreciation Value Balance January 1, 2015 $ 115,295 $ (11,578 ) $ 103,717 Depreciation — (5,710 ) (5,710 ) Transfer from advances for vessel acquisition 32,494 — 32,494 Balance December 31, 2015 147,789 (17,288 ) 130,501 Depreciation — (5,768 ) (5,768 ) Vessel impairment charge (9,729 ) 6,337 (3,392 ) Balance December 31, 2016 138,060 (16,719 ) 121,341 Depreciation — (5,567 ) (5,567 ) Balance December 31, 2017 $ 138,060 $ (22,286 ) $ 115,774

Deferred Charges, Net (Tables)

Deferred Charges, Net (Tables)	12 Months Ended
	Dec. 31, 2017
Deferred Charges Net
Schedule of Deferred Charges	The movement in Deferred charges, net in the accompanying consolidated balance sheets are as follows: Special Survey Costs Balance, January 1, 2015 $ 122 Additions 888 Amortization (174 ) Balance, December 31, 2015 836 Additions 364 Amortization (236 ) Impairment charge (606 ) Balance, December 31, 2016 358 Amortization (73 ) Balance, December 31, 2017 $ 285

Long-term Debt (Tables)

Long-term Debt (Tables)	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Summary of Long-Term Debt	The amounts shown in the accompanying consolidated balance sheets at December 31, 2016 and 2017, are analyzed as follows: Vessel (Borrower) 2016 2017 (a) Northsea Alpha (Secondone) $ 4,808 $ 4,348 (a) Northsea Beta (Thirdone) 4,808 4,348 (b) Pyxis Malou (Fourthone) 20,350 18,210 (c) Pyxis Delta (Sixthone) 8,437 7,087 (c) Pyxis Theta (Seventhone) 17,228 15,975 (d) Pyxis Epsilon (Eighthone) 18,200 16,900 Total $ 73,831 $ 66,868 Current portion $ 6,963 $ 7,440 Less: Current portion of deferred financing costs (150 ) (136 ) Current portion of long-term debt, net of deferred financing costs, current $ 6,813 $ 7,304 Long-term portion $ 66,868 $ 59,428 Less: Non-current portion of deferred financing costs (251 ) (302 ) Long-term debt, net of current portion and deferred financing costs, non-current $ 66,617 $ 59,126 (a) 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 Northsea Alpha Northsea Beta Each of Secondone’s and Thirdone’s outstanding loan balance at December 31, 2017, amounting to $4,348, was repayable in five semiannual installments of $230 each, the first falling due in May 2018 and the last installment accompanied by a balloon payment of $3,198 falling due in May 2020. The main terms and conditions of the loan agreement dated September 26, 2007, as subsequently amended, were as follows: ● In addition to a first priority mortgage over the Northsea Alpha Northsea Beta Pyxis Malou ● The loan bore interest at LIBOR, plus a margin of 1.75% per annum. Covenants: ● The Company undertook to maintain on each of March 31, June 30, September 30 and December 31 of each year, minimum cash deposits at the higher of $5,000 or $750 per vessel in its fleet, of which $2,500 would be freely available and unencumbered cash under deposit by the Company. At any time that the number of vessels in the fleet exceeded ten, the minimum cash requirement would be reduced to an amount of $500, for each vessel in the fleet that exceeded ten. ● The minimum security collateral cover (“MSC”) was to be at least 133% of the respective outstanding loan balance. On February 28, 2018, Secondone’s and Thirdone’s outstanding loan balances as of December 31, 2017, were settled through the refinancing discussed below. (b) 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 Pyxis Malou The outstanding balance of the loan at December 31, 2017 of $18,210, was repayable in five semiannual installments of $1,070 each, the first falling due in February 2018, plus a balloon payment of $12,860 falling due in May 2020. The main terms and conditions of the loan agreement dated December 12, 2008, as subsequently amended, were as follows: ● In addition to a first priority mortgage over the Pyxis Malou Northsea Alpha Northsea Beta ● The loan bore interest at LIBOR, plus a margin of 1.75% per annum. Covenants: ● The Company undertook to maintain on each of March 31, June 30, September 30 and December 31 of each year, minimum cash deposits at the higher of $5,000 or $750 per vessel in its fleet, of which $2,500 would be freely available and unencumbered cash under deposit by the Company. At any time that the number of vessels in the fleet exceeded ten, the minimum cash requirement would be reduced to an amount of $500, for each vessel in the fleet that exceeded ten. ● MSC was to be at least 125% of the respective outstanding loan balance. On February 28, 2018, Fourthone’s outstanding loan balance as of December 31, 2017, was settled through the refinancing discussed below. (c) 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 Pyxis Delta Pyxis Theta Following the supplemental agreement dated June 6, 2017, the outstanding balance of the loan under Tranche A at December 31, 2017, of $7,087, is repayable in 20 quarterly installments of $338 each, the first falling due in February 2018, and the last installment accompanied by a balloon payment of $327 falling due in September 2022. In addition, the outstanding balance of the loan under Tranche B at December 31, 2017, of $15,975, is repayable in 19 quarterly installments of $313 each, the first falling due in March 2018, and the last installment accompanied by a balloon payment of $10,028 falling due in September 2022. The main terms and conditions of the loan agreement dated October 12, 2012, as subsequently amended, are as follows: ● The loan bears interest at LIBOR, plus a margin of 3.35% per annum. Covenants: ● The Company undertakes to maintain minimum deposits with the bank of $1,000 at all times, plus an additional liquidity amount of $200 until September 10, 2018. ● The ratio of the Company’s total liabilities to market value adjusted total assets is not to exceed 65%. This requirement is only applicable in order to assess whether the two Vessel-owning companies are entitled to distribute dividends to Pyxis. As of December 31, 2016, the relevant ratio was 68%, or 3% higher than the required threshold. As of December 31, 2017, the requirement was met as such ratio was marginally lower than 65%, and therefore, Sixthone and Seventhone are permitted to make dividend distributions to Pyxis. ● MSC is to be at least 130% of the respective outstanding loan balance. (d) Based on a loan agreement concluded on January 12, 2015, Eighthone borrowed $21,000 on the same date in order to partly finance the construction cost of the Pyxis Epsilon The outstanding balance of the loan at December 31, 2017, of $16,900, is repayable in 17 quarterly installments of $300 each, the first falling due in January 2018, and the last installment accompanied by a balloon payment of $11,800 falling due in January 2022. The main terms and conditions of the loan agreement dated January 12, 2015, as subsequently amended, are as follows: ● The loan bears interest at LIBOR, plus a margin of 2.90% per annum. Covenants: ● The Company undertakes to maintain minimum deposits with the bank of $750 at all times. ● The Company undertakes to maintain minimum liquidity of at least the higher of: i) $750 multiplied by the number of vessels owned by the Company, and ii) the Company’s debt service for the following six months. ● The ratio of the Company’s total liabilities to market value adjusted total assets is not to exceed 75%. ● MSC is to be at least 130% of the respective outstanding loan balance until January 2018 and at least 135% thereafter.
Schedule of Principal Payments	The annual principal payments required to be made after December 31, 2017, while taking into consideration the refinancing of the existing indebtedness of Secondone, Thirdone and Fourthone with the new 5-year secured loan discussed above, are as follows: Year ending December 31, Amount 2018 $ 7,440 2019 5,703 2020 10,199 2021 6,013 2022 26,743 2023 and thereafter 10,770 Total $ 66,868

Earnings _ (Loss) Per Common 28

Earnings / (Loss) Per Common Share (Tables)	12 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
Schedule of Earnings / (Loss) Per Common Share	2015 2016 2017 Net income / (loss) available to common stockholders $ 3,505 $ (5,813 ) $ (5,243 ) Weighted average number of common shares, basic 18,244,671 18,277,893 18,461,455 Dilutive effect of stock granted under the EIP 33,222 - - Weighted average number of common shares, diluted 18,277,893 18,277,893 18,461,455 Earnings / (loss) per common share, basic and diluted $ 0.19 $ (0.32 ) $ (0.28 )

Risk Management and Fair Valu29

Risk Management and Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2017
Risk Management And Fair Value Measurements
Summary of Fair Value of Long Lived Assets Held and Used	Consequently the carrying value of these vessels was written down as presented in the table below. Vessel Significant Other Observable Inputs (Level 2) Impairment Loss charged against Vessels, net Impairment Loss charged against Deferred charges, net Vessel Impairment Charge Northsea Alpha $ 8,000 $ 1,770 $ 292 $ 2,062 Northsea Beta 8,000 1,622 314 1,936 TOTAL $ 16,000 $ 3,392 $ 606 $ 3,998

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Contractual Charter Revenues	Year ending December 31, Amount 2018 $ 2,048 $ 2,048

Interest and Finance Costs, N31

Interest and Finance Costs, Net (Tables)	12 Months Ended
	Dec. 31, 2017
Interest And Finance Costs Net
Schedule of Interest and Finance Costs	The amounts in the accompanying consolidated statements of comprehensive income / (loss) are analyzed as follows: 2015 2016 2017 Interest on long-term debt (Note 7) $ 2,359 $ 2,577 $ 2,674 Interest on promissory note (Note 3) 12 69 70 Capitalized interest (13 ) — — Amortization of financing costs 173 164 153 Total $ 2,531 $ 2,810 $ 2,897

Basis of Presentation and Gen32

Basis of Presentation and General Information (Details Narrative) $ in Thousands	Apr. 23, 2015USD ($)	Mar. 23, 2015Integer	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Purpose of acquiring from entities under common control		100.00%
Number of ownership interest entities | Integer		6
Expenses of merger					$ 1,745
LOOKSMART LTD [Member]
Expenses of merger	$ 600
Mr. Valentis [Member]
Percentage of beneficially owned common stock			81.40%

Basis of Presentation and Gen33

Basis of Presentation and General Information - Schedule of Ownership and Operation of Tanker Vessels (Details) - Vessels [Member]	12 Months Ended
	Dec. 31, 2017Integer
Secondone Corp [Member]
Property, Plant and Equipment [Line Items]
Entity incorporation date	May 23, 2007
Vessel	Northsea Alpha
DWT	8,615
Year built	2,010
Acquisition date	May 28, 2010
Thirdone Corp [Member]
Property, Plant and Equipment [Line Items]
Entity incorporation date	May 23, 2007
Vessel	Northsea Beta
DWT	8,647
Year built	2,010
Acquisition date	May 25, 2010
Fourthone Corp [Member]
Property, Plant and Equipment [Line Items]
Entity incorporation date	May 30, 2007
Vessel	Pyxis Malou
DWT	50,667
Year built	2,009
Acquisition date	Feb. 16, 2009
Sixthone Corp [Member]
Property, Plant and Equipment [Line Items]
Entity incorporation date	Jan. 15, 2010
Vessel	Pyxis Delta
DWT	46,616
Year built	2,006
Acquisition date	Mar. 4, 2010
Seventhone Corp [Member]
Property, Plant and Equipment [Line Items]
Entity incorporation date	May 31, 2011
Vessel	Pyxis Theta
DWT	51,795
Year built	2,013
Acquisition date	Sep. 16, 2013
Eighthone Corp [Member]
Property, Plant and Equipment [Line Items]
Entity incorporation date	Feb. 8, 2013
Vessel	Pyxis Epsilon
DWT	50,295
Year built	2,015
Acquisition date	Jan. 14, 2015

Significant Accounting Polici34

Significant Accounting Policies (Details Narrative) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)Integer$ / shares	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Accounting Policies [Abstract]
Allowance for doubtful accounts	$ 96	$ 100
Residual value per lightweight ton | $ / shares	$ 0.300
Estimated useful life of the vessel	25 years
Estimated fleet utilization rate	98.00%
Estimated fleet utilization rate including dry-dockings and vessel surveys	93.00%
Aggregate difference between market value and carrying value of vessel	$ 8,299	15,751
Impairment loss		3,998
Impairment loss charged against vessels, net		3,392
Impairment loss charged against deferred charges, net		$ 606
Number of reportable segments | Integer	1
Working capital deficit	$ 8,636

Significant Accounting Polici35

Significant Accounting Policies - Summary of Revenue from Significant Charterers for 10% or More of Revenue (Details)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Concentration risk percentage	49.00%	56.00%	52.00%
Charterer A [Member]
Concentration risk percentage	15.00%	0.00%	18.00%
Charterer B [Member]
Concentration risk percentage	0.00%	12.00%	17.00%
Charterer C [Member]
Concentration risk percentage	16.00%	20.00%	17.00%
Charterer D [Member]
Concentration risk percentage	0.00%	14.00%	0.00%
Charterer E [Member]
Concentration risk percentage	0.00%	10.00%	0.00%
Charterer F [Member]
Concentration risk percentage	18.00%	0.00%	0.00%

Transactions with Related Par36

Transactions with Related Parties (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	Dec. 29, 2017	Mar. 07, 2017	Oct. 28, 2015	Apr. 23, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Promissory note issued					$ 5,000	$ 2,500
Expenses for Merger							$ 1,745
Promissory note, interest rate					4.00%
Due to related parties					$ 2,125	1,953
Interest and financing costs, net					$ 2,897	2,810	2,531
Maritime [Member]
Ship management services per day per vessel					$ 0.325
Charter hire agreement commission rate					1.25%
Management agreements initial term					5 years
Management agreements renewal period					5 years
Head management agreement commencement date					Mar. 23, 2015
Head management agreement maturity date					Mar. 23, 2020
Administration fees payable to related party					$ 1,600
Head management agreement, terms and manner of settlement					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.
Ship-management and administration fees percentage increase					Effective January 1, 2018, the Ship-management Fees and the Administration Fees were increased by 1.12% in line with the average inflation rate in Greece in 2017.
Due to related parties					$ 2,125	1,953
Litigation escrow deposit						300
Maritime [Member] | Fair Value Inputs Northsea Alpha [Member]
Management agreement expiration date					Dec. 31, 2015
Maritime [Member] | Fair Value Inputs Northsea Beta [Member]
Management agreement expiration date					Dec. 31, 2015
Maritime [Member] | Pyxis Delta Vessel [Member]
Management agreement expiration date					Dec. 31, 2015
Maritime [Member] | Pyxis Theta Vessel [Member]
Management agreement expiration date					Dec. 31, 2017
Maritime [Member] | Pyxis Epsilon Vessel [Member]
Management agreement expiration date					Dec. 31, 2018
Maritime [Member] | Pyxis Malou Vessel [Member]
Management agreement expiration date					Dec. 31, 2018
Maritime [Member] | While Chartering Services are Subcontracted to North Sea Tankers [Member]
Ship management services per day per vessel					$ 0.160
Maritime [Member] | While Vessel is Under Construction [Member]
Ship management services per day per vessel					$ 0.450
Maritime Investors [Member]
Balance due to Maritime reduction	$ 2,500
Maritime Investors [Member] | Promissory Note [Member]
Promissory note issued	$ 5,000		$ 2,500	$ 625
Expenses for Merger				$ 600
Promissory note, maturity date	Jun. 15, 2019	Jan. 15, 2019	Jan. 15, 2017
Promissory note, interest rate	4.00%		2.75%
Interest and financing costs, net					$ 70	$ 69	$ 12

Transactions with Related Par37

Transactions with Related Parties - Schedule of Amounts Charged by Maritime Included in the Accompanying Consolidated Statements of Comprehensive Income / (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Charter hire commissions	$ (8,710)	$ (6,611)	$ (4,725)
Ship-management fees	(712)	(631)	(577)
Administration fees	(3,188)	(2,574)	(1,773)
Maritime [Member]
Related Party Transaction [Line Items]
Charter hire commissions	368	316	321
Ship-management fees	712	631	577
Administration fees	1,600	1,600	1,245
Related party transaction expenses, total	$ 2,680	$ 2,547	$ 2,143

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Inventory [Line Items]
Inventories	$ 1,016	$ 1,173
Lubricants [Member]
Inventory [Line Items]
Inventories	404	479
Bunkers [Member]
Inventory [Line Items]
Inventories	$ 612	$ 694

Vessel, net (Details Narrative)

Vessel, net (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Total impairment charge		$ 3,998
Impairment loss charged against vessels, net		3,392
Level2 [Member]
Total impairment charge		3,998
Vessels [Member]
Impairment loss charged against vessels, net		$ 3,392

Vessel, net - Schedule of Vesse

Vessel, net - Schedule of Vessels (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Beginning balance	$ 121,341
Depreciation for the period	(5,567)	$ (5,768)	$ (5,710)
Ending balance	115,774	121,341
Vessel Cost [Member]
Property, Plant and Equipment [Line Items]
Beginning balance	138,060	147,789	115,295
Depreciation for the period
Transfer from advances for vessel acquisition			32,494
Vessel impairment charge		(9,729)
Ending balance	138,060	138,060	147,789
Accumulated Depreciation [Member]
Property, Plant and Equipment [Line Items]
Beginning balance	(16,719)	(17,288)	(11,578)
Depreciation for the period	(5,567)	(5,768)	(5,710)
Transfer from advances for vessel acquisition
Vessel impairment charge		6,337
Ending balance	(22,286)	(16,719)	(17,288)
Net Book Value [Member]
Property, Plant and Equipment [Line Items]
Beginning balance	121,341	130,501	103,717
Depreciation for the period	(5,567)	(5,768)	(5,710)
Transfer from advances for vessel acquisition			32,494
Vessel impairment charge		(3,392)
Ending balance	$ 115,774	$ 121,341	$ 130,501

Deferred Charges, net (Details

Deferred Charges, net (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)
Impairment loss charged against deferred charges, net	$ 606
Northsea Alpha and Northsea Beta [Member]
Impairment loss charged against deferred charges, net	$ 606

Deferred Charges, net - Summary

Deferred Charges, net - Summary of Movement in Deferred Charges (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Debt Issuance Costs, Net [Abstract]
Deferred charges, beginning balance	$ 358	$ 836	$ 122
Additions		364	888
Amortization	(73)	(236)	(174)
Impairment charge		(606)
Deferred charges, ending balance	$ 285	$ 358	$ 836

Long-term Debt - Schedule of Lo

Long-term Debt - Schedule of Long-Term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Total	$ 66,868	$ 73,831
Current portion	7,440	6,963
Less: Current portion of deferred financing costs	(136)	(150)
Current portion of long-term debt, net of deferred financing costs, current	7,304	6,813
Long-term portion	59,428	66,868
Less: Non-current portion of deferred financing costs	(302)	(251)
Long-term debt, net of current portion and deferred financing costs, non-current	59,126	66,617
Northsea Alpha [Member] | Secondone [Member]
Total	4,348	4,808
Northsea Beta [Member] | Thirdone [Member]
Total	4,348	4,808
Pyxis Malou [Member] | Fourthone [Member]
Total	18,210	20,350
Pyxis Delta [Member] | Sixthone [Member]
Total	7,087	8,437
Pyxis Theta [Member] | Seventhone [Member]
Total	15,975	17,228
Pyxis Epsilon [Member] | Eighthone [Member]
Total	$ 16,900	$ 18,200

Long-term Debt - Schedule of 44

Long-term Debt - Schedule of Long-Term Debt (Details) (Parenthetical) $ in Thousands	Feb. 28, 2018USD ($)	Jun. 06, 2017	Sep. 29, 2016	Dec. 31, 2017USD ($)Integer	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Jan. 12, 2015USD ($)	Sep. 30, 2013USD ($)	Feb. 28, 2013USD ($)	Feb. 28, 2009USD ($)	Sep. 26, 2007USD ($)
Debt Instrument [Line Items]
Debt instrument carrying amount				$ 66,868	$ 73,831
Interest expense on long-term debt				$ 2,674	$ 2,577	$ 2,359
Long-term debt, weighted average interest rate				2.78%	3.27%	3.74%
Subsequent Event [Member] | Existing Indebtedness - Secondone, Thirdone and Fourthone [Member]
Debt Instrument [Line Items]
Debt instrument carrying amount	$ 26,906
Subsequent Event [Member] | New Secured Loan - Secondone, Thirdone and Fourthone [Member]
Debt Instrument [Line Items]
Debt instrument carrying amount	20,500
Total quarterly installments	$ 10,320
Long-term debt first periodic payment	2018-05
Long-term debt balloon payment year	2023-02
Interest rate margin	4.65%
Long-term debt balloon payments	$ 10,180
Secured loan term	5 years
Cash used for refinance of existing indebtedness	$ 2,100
Gain from debt extinguishment	$ 4,306
Loan amortization profile	The loan is repayable in 20 quarterly installments amounting to $10,320 in the aggregate, the first falling due in May 2018, and the last installment accompanied by a balloon payment of $10,180 falling due in February 2023. The first four quarterly installments, amounting to $400 each, are followed by four amounting to $500 each, four amounting to $530 each, four amounting to $560 each and four amounting to $590 each.
Secondone And Thirdone Corp [Member] | Northsea Alpha And Northsea Beta [Member] | Loan Agreement Dated September 26, 2007 [Member]
Debt Instrument [Line Items]
Debt instrument carrying amount				$ 4,348
Long-term debt semiannual installment, per borrower				$ 230
Number of semiannual installments | Integer				5
Loan, repayment terms				semiannual
Long-term debt first periodic payment				2018-05
Long-term debt balloon payment year				2020-05
Long-term debt balloon payments, per borrower				$ 3,198
Interest rate margin				1.75%
Minimum liquidity requirement				The Company undertook to maintain on each of March 31, June 30, September 30 and December 31 of each year, minimum cash deposits at the higher of $5,000 or $750 per vessel in its fleet, of which $2,500 would be freely available and unencumbered cash under deposit by the Company.
Freely available and unencumbered cash				$ 2,500
Minimum liquidity requirement reduction				At any time that the number of vessels in the fleet exceeded ten, the minimum cash requirement would be reduced to an amount of $500, for each vessel in the fleet that exceeded ten.
Minimum security cover required				133.00%
Maximum borrowing capacity											$ 24,560
Fourthone Corp [Member] | Pyxis Malou Vessel [Member] | Loan Agreement Dated December 12, 2008 [Member]
Debt Instrument [Line Items]
Debt instrument carrying amount				$ 18,210
Number of semiannual installments | Integer				5
Loan, repayment terms				semiannual
Long-term debt first periodic payment				2018-02
Long-term debt balloon payment year				2020-05
Interest rate margin				1.75%
Minimum liquidity requirement				The Company undertook to maintain on each of March 31, June 30, September 30 and December 31 of each year, minimum cash deposits at the higher of $5,000 or $750 per vessel in its fleet, of which $2,500 would be freely available and unencumbered cash under deposit by the Company.
Freely available and unencumbered cash				$ 2,500
Minimum liquidity requirement reduction				At any time that the number of vessels in the fleet exceeded ten, the minimum cash requirement would be reduced to an amount of $500, for each vessel in the fleet that exceeded ten.
Minimum security cover required				125.00%
Amount borrowed										$ 41,600
Long-term debt semiannual installment				$ 1,070
Long-term debt balloon payments				12,860
Sixthone Corp [Member] | Pyxis Delta Vessel [Member] | Loan Agreement Dated October 12, 2012 [Member]
Debt Instrument [Line Items]
Debt instrument carrying amount				$ 7,087
Loan, repayment terms				quarterly
Long-term debt first periodic payment				2018-02
Long-term debt balloon payment year				2022-09
Amount borrowed									$ 13,500
Long-term debt semiannual installment				$ 338
Long-term debt balloon payments				$ 327
Debt instrument, extended maturity description		September 2018 to September 2022	May 2017 to September 2018
Number of quarterly installments payable | Integer				20
Seventhone Corp [Member] | Pyxis Theta Vessel [Member] | Loan Agreement Dated October 12, 2012 [Member]
Debt Instrument [Line Items]
Debt instrument carrying amount				$ 15,975
Loan, repayment terms				quarterly
Long-term debt first periodic payment				2018-03
Long-term debt balloon payment year				2022-09
Amount borrowed								$ 21,300
Long-term debt semiannual installment				$ 313
Long-term debt balloon payments				$ 10,028
Number of quarterly installments payable | Integer				19
Sixthone And Seventhone Corp [Member] | Pyxis Delta And Pyxis Theta Vessels [Member] | Loan Agreement Dated October 12, 2012 [Member]
Debt Instrument [Line Items]
Interest rate margin				3.35%
Minimum security cover required				130.00%
Minimum cash deposits				$ 1,000
Additional liquidity amount				$ 200
Maximum required leverage ratio				65.00%
Actual leverage ratio				65.00%	68.00%
Difference between actual ratio and required threshold					3.00%
Eighthone Corp [Member] | Pyxis Epsilon Vessel [Member] | Loan Agreement Dated January 12, 2015 [Member]
Debt Instrument [Line Items]
Debt instrument carrying amount				$ 16,900
Loan, repayment terms				quarterly
Long-term debt first periodic payment				2018-01
Long-term debt balloon payment year				2022-01
Interest rate margin				2.90%
Minimum liquidity requirement				The Company undertakes to maintain minimum liquidity of at least the higher of: i) $750 multiplied by the number of vessels owned by the Company, and ii) the Company’s debt service for the following six months.
Minimum security cover required				130.00%
Amount borrowed							$ 21,000
Long-term debt semiannual installment				$ 300
Long-term debt balloon payments				$ 11,800
Number of quarterly installments payable | Integer				17
Minimum cash deposits				$ 750
Maximum required leverage ratio				75.00%
Minimum security cover required post January 2018				135.00%

Long-term Debt - Schedule of Pr

Long-term Debt - Schedule of Principal Payments (Details) $ in Thousands	Dec. 31, 2017USD ($)
Debt Disclosure [Abstract]
2,018	$ 7,440
2,019	5,703
2,020	10,199
2,021	6,013
2,022	26,743
2023 and thereafter	10,770
Total	$ 66,868

Capital Structure and Equity 46

Capital Structure and Equity Incentive Plan (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	Feb. 02, 2018	Dec. 06, 2017	Nov. 15, 2017	Oct. 28, 2015	Mar. 23, 2015	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Common stock, shares authorized						450,000,000	450,000,000
Preferred stock, shares authorized						50,000,000	50,000,000
Common stock, par value						$ 0.001	$ 0.001
Transaction cost						$ 3,080
Expenses for Merger								$ 1,745
Paid-in capital re-imbursements								1,248
Gross proceeds from issuance of common stock						$ 4,800		10
Capitalized costs relating to offering expenses
Preferred stock, shares outstanding						0	0
Preferred stock, shares outstanding						20,877,893	18,277,893
F-3 Registration Statement [Member]
Maximum number of shares for sale under registration statement	5,233,222
Maximum offering amount under registration statement	$ 100,000
Private Placement [Member]
Shares of common stock issued		2,400,000				2,400,000
Price per share of common stock		$ 2
Gross proceeds from issuance of common stock		$ 4,800
Capitalized costs relating to offering expenses		$ 509
Equity Incentive Plan [Member]
Percentage of outstanding stock				15.00%
Restricted shares of common stock issued			200,000	33,222
Stock compensation expense			$ 355	$ 143
Legal Advisors Consultants And Auditors [Member]
Expenses for Merger				$ 820
Maritime Investors [Member]
Shares of common stock issued				7,002,445	10,000,000
LS Stockholders [Member]
Shares of common stock issued				931,761
Expenses for Merger				$ 625
Maxim Group LLC [Member]
Shares of common stock issued				310,465
Transaction cost				$ 1,635
Expenses for Merger				300
Transaction cost, compensation through the issuance of restricted stock				$ 1,335

Earnings _ (Loss) per Common 47

Earnings / (Loss) per Common Share - Schedule of Earnings / (Loss) per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Earnings Per Share [Abstract]
Net (loss) income	$ (5,243)	$ (5,813)	$ 3,505
Weighted average number of common shares, basic	18,461,455	18,277,893	18,244,671
Dilutive effect of stock granted under the EIP			33,222
Weighted average number of common shares, diluted	18,461,455	18,277,893	18,277,893
Earnings / (loss) per common share, basic and diluted	$ (0.28)	$ (0.32)	$ 0.19

Risk Management (Details Narrat

Risk Management (Details Narrative) - USD ($) $ in Thousands	Jan. 19, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Promissory note, interest rate		4.00%
Vessel impairment charge			$ 3,998
Interest Rate Cap [Member]
Notional amount	$ 10,000
Percentage of interest cap rate	3.50%
Interest cap rate termination date	Jul. 18, 2022

Risk Management and Fair Valu49

Risk Management and Fair Value Measurements - Summary of Fair Value of Long Lived Assets Held and Used (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Impaired Long-Lived Assets Held and Used [Line Items]
Fair value of vessel		$ 16,000
Impairment Loss charged against Vessels, net		3,392
Impairment Loss charged against Deferred charges, net		606
Vessel Impairment Charge		3,998
Fair Value Inputs Northsea Alpha [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Fair value of vessel		8,000
Impairment Loss charged against Vessels, net		1,770
Impairment Loss charged against Deferred charges, net		292
Vessel Impairment Charge		2,062
Fair Value Inputs Northsea Beta [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Fair value of vessel		8,000
Impairment Loss charged against Vessels, net		1,622
Impairment Loss charged against Deferred charges, net		314
Vessel Impairment Charge		1,936
Northsea Alpha And Northsea Beta [Member]
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment Loss charged against Vessels, net		3,392
Impairment Loss charged against Deferred charges, net		606
Vessel Impairment Charge		$ 3,998

Commitments and Contingencies50

Commitments and Contingencies (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2017	Oct. 31, 2017	Dec. 31, 2016	Sep. 30, 2016
Allowance for doubtful accounts	$ 96		$ 100
Dispute With Charterer [Member]
Litigation escrow deposit		$ 300		$ 300
Allowance for doubtful accounts	$ 200
Amount paid to charterer from litigation escrow deposit		$ 150
LS Stockholders [Member] | Make-Whole Right [Member]
Make-whole right, description	Make-Whole Right and Financial Guarantee: In the event that subsequent to the Merger, the Company completes a primary common share financing (a “Future Pyxis Offering”) at an offering price per share (the “New Offering Price”) lower than $4.30, the valuation ascribed to the share of the Company’s common stock received by the former LS stockholders pursuant to the Agreement and Plan of Merger (the “Consideration Value”), the Company will be obligated to make “whole” the Legacy LS Stockholders (as defined below) as of April 29, 2015 (the “Make-Whole Record Date”) pursuant to which such Legacy LS Stockholders will be entitled to receive additional shares of the Company’s common stock to compensate them for the difference between the $4.30 per share and the New Offering Price (the “Make-Whole Right”). The Make-Whole Right shall only apply to the first Future Pyxis Offering following the closing of the Merger which results in gross proceeds to the Company of at least $5,000, excluding any proceeds received from any shares purchased or sold by Maritime Investors or its affiliates. In addition, the Make-Whole Right provides that should the Company fail to complete a Future Pyxis Offering within a date which is three years from the date of the closing of the Merger, or October 28, 2018, each former LS stockholder who has held the Company shares continuously from the date of the Make-Whole Record Date (the “Legacy LS Stockholders”) until the expiration of such three year period, will have a 24-hour option (the “Put Period”) to require the Company to purchase from such Legacy LS Stockholders, a pro-rata amount of the Company’s common stock that would result in aggregate gross proceeds to the Legacy LS Stockholders, in an amount not to exceed $2,000; provided that in no event shall a Legacy LS Stockholder receive an amount per share greater than $4.30 (the “Financial Guarantee”).
Gross proceeds from common share offering	$ 5,000
Maximum consideration value	$ 2,000
Trade activity increase, description	During November and December 2017, the Company’s share trade activity increased notably. Its price reached a high of $12.22, or about 184% higher than the Consideration Value of $4.30.
Consideration Value	$ 4.30
Number of shares originally issued to LS Stockholders	931,761
Maritime [Member]
Brokerage commission percentage	1.25%
Litigation escrow deposit			$ 300

Commitments and Contingencies -

Commitments and Contingencies - Schedule of Future Minimum Contractual Charter Revenues (Details) $ in Thousands	Dec. 31, 2017USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,018	$ 2,048
Total	$ 2,048

Interest and Finance Costs, n52

Interest and Finance Costs, net - Schedule of Interest and Finance Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Interest And Finance Costs Net
Interest on long-term debt (Note 7)	$ 2,674	$ 2,577	$ 2,359
Interest on promissory note (Note 3)	70	69	12
Capitalized interest			(13)
Amortization of financing costs	153	164	173
Total	$ 2,897	$ 2,810	$ 2,531

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - USD ($) $ in Thousands	Feb. 28, 2018	Dec. 31, 2017	Dec. 31, 2016
Debt instrument carrying amount		$ 66,868	$ 73,831
Subsequent Event [Member] | Existing Indebtedness - Secondone, Thirdone and Fourthone [Member]
Debt instrument carrying amount	$ 26,906
Subsequent Event [Member] | New Secured Loan - Secondone, Thirdone and Fourthone [Member]
Debt instrument carrying amount	$ 20,500
Debt term	5 years
Cash used for refinance of existing indebtedness	$ 2,100
Gain from debt extinguishment	$ 4,306