PSHG · Performance Shipping Inc.

Summary

Performance Shipping Inc. announced the sale of its 2009-built Aframax tanker vessel M/T P. Sophia for US$35.65 million, acquired in Q3 2022 for US$27,577,320, expecting an approximate US$8 million gain and strengthened liquidity. The vessel, collateral for the Nordic bond, will deliver to new owners in mid-2026 after charter expiration in late May 2026.

Key takeaways

• Signed Memorandum of Agreement to sell M/T P. Sophia (105,071 dwt, 2009-built) for US$35.65 million gross
• Buyer is unaffiliated third party
• Delivery to new owners expected mid-2026, subject to customary closing conditions
• Acquired in Q3 2022 for US$27,577,320
• Current charter at US$43,000 per day expires late May 2026
• Net proceeds applied per Nordic bond terms; expected US$8 million gain