PSHG News & Events

Performance Shipping announced it has signed two shipbuilding contracts with China Shipbuilding Trading Co. and Shanghai Waigaoqiao Shipbuilding Co. for the construction of two 158,000 DWT newbuilding Suezmax tanker vessels. The vessels are expected to be delivered in October 2028 and May 2029, respectively, at a contract price of $81.5M per vessel. "The signing of these two Suezmax newbuilding contracts expands our presence in a segment with constructive medium- and long-term market fundamentals. Our fleet is primarily comprised of Aframax/LR2 vessels, and with two Suezmax tankers currently on the water, this transaction is poised to double our exposure to the segment, reflecting our disciplined capital allocation approach and confidence in the Suezmax market," said Andreas Michalopoulos, CEO.

Performance Shipping announced that, through a separate wholly-owned subsidiary, it has signed a Memorandum of Agreement to sell its oldest vessel, the 2009-built, 105,071 dwt Aframax tanker vessel, M/T P. Sophia, to an unaffiliated third party for a gross sale price of $35.65M. The vessel is expected to be delivered to her new owners in mid-2026, subject to customary closing conditions. The M/T P. Sophia currently serves as part of the collateral for the Company's outstanding Nordic bond. The net proceeds from the sale will be applied in accordance with the terms of the bond agreement. The Company acquired the M/T P. Sophia in the third quarter of 2022 for a gross purchase price of $27,577,320.