Performance Shipping Inc (PSHG)

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Performance Shipping Inc. Announces Completion of Sale and Delivery of Vessel to New Owners
November 30 2022 - 09:25AM
GlobeNewswire Inc.

Performance Shipping Inc. (NASDAQ: PSHG) (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, announced that, through a separate wholly-owned subsidiary, it has completed the previously announced sale of the 2007-built Aframax tanker vessel M/T P. Fos, with the delivery of the vessel to her new owners.

Following the sale of the P. Fos, the Company’s fleet currently consists of six (6) Aframax tankers, with two (2) more Aframax tankers expected to be delivered within December 2022.

Commenting on the delivery, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:

“As already stated, this sale has not only enabled our Company to capture value from the recent Aframax tanker price appreciation, but has also enhanced our balance sheet liquidity. In addition, this sale represents a further step towards establishing an expanded and renewed fleet consisting of younger vessels with higher technical specifications. As a result, and when combined with the deliveries of our newly acquired Aframax tankers expected to take place within December, we believe that our Company will be well positioned to take advantage of the promising charter rate environment and further support the lucrative level of our secured revenues.”

About the Company

Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of tanker vessels. The Company employs its fleet on spot voyages, through pool arrangements and on time charters.