Performance Shipping Inc (PSHG)

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Performance Shipping Inc. Announces Completion of Sale and Delivery of 2007 Built M/T P. Kikuma to New Owners
December 13 2023 - 09:2

Performance Shipping Inc. (NASDAQ: PSHG), (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, today 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. Kikuma for US$39.3 million, with delivery of the vessel to her new owners.
Following the sale of the P. Kikuma, the Company’s fleet currently consists of seven (7) Aframax tankers, and one (1) LNG-ready LR2 Aframax tanker expected to be delivered during the fourth quarter of 2025.

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

“As previously announced, the completion of the sale of our oldest Aframax tanker results in an even more attractive fleet profile consisting of younger vessels. This strategic shift positions our Company favorably to capitalize on the positive momentum of the tanker charter rate environment. The gross sale price of US$39.3 million not only yields a gain of approximately US$17.3 million on the vessel sale during the fourth quarter of 2023, but also facilitates a prepayment of US$13.9 million towards our outstanding indebtedness with Piraeus Bank S.A., secured by the vessels M/T P. Kikuma and M/T P. Monterey. With a strong balance sheet, the Company is well-positioned to pursue its fleet renewal and expansion objectives.”

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.