Performance Shipping Inc. announces agreement to acquire sixth Aframax tanker

Jun 21 2022


Performance Shipping Inc. announced that it has signed to purchase an Aframax tanker, the M/T Maran Sagitta for a price of US$27,577,320.

ATHENS, GREECE, June 21, 2022 – Performance Shipping Inc. (NASDAQ: PSHG), (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, today announced that it has signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to purchase a 105,071 dwt Aframax tanker, the M/T Maran Sagitta, to be renamed M/T P. Sophia, built in 2009 by Hyundai Heavy Industries Co., Ltd. - Ulsan, South Korea, from an unaffiliated third party for a gross purchase price of US$27,577,320. The vessel, which is expected to be delivered to the Company on or about July 5, 2022, is fitted with a ballast water treatment system (BWTS) and its next scheduled special survey and drydock is not due until 2024.

The Company expects to finance the acquisition cost with cash-on-hand raised from its recent equity offering and the incurrence of debt through a new senior secured facility that it anticipates it will enter into prior to delivery of the vessel.

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

“We are pleased to announce the acquisition of our sixth Aframax tanker. The addition of the M/T P. Sophia, a vessel with high specifications and in very good condition, will further enhance our operating leverage as a pure tanker company. The prompt delivery of the vessel into a strong tanker charter market will immediately contribute positively to our cashflow from operations. We believe that the fundamentals of our sector are the strongest they have been in a very long time, which bodes well for continuing high charter rates in the foreseeable future.”

 

>>Performance Shipping Inc<<


Previous: Ocean Technologies Group deploys digital software delivery with faster and more secure updates

Next: Scorpio Tankers Inc. company president and Scorpio Holdings Limited purchase common shares


Related News

OCIMF publishes ‘SIRE 2.0 Question Library’ to support transition to digitalised vessel inspection

(Jan 20 2022)

The Oil Companies International Marine Forum (OCIMF) has this week published the full set of questions that may be asked during a SIRE 2.0 tanker inspection, when its new Ship Inspection Report Programme (SIRE) inspection regime is implemented during...



OneOcean’s Regs4ships ensures regulatory compliance for Uni-Tankers

(Dec 16 2021)

Denmark-based Uni-Tankers has selected OneOcean’s Regs4ships regulatory database as the most effective means for ensuring continuous, fleet-wide compliance.



LALIZAS Service Station in Middle East: One year of successful operation!

(Sep 16 2021)

LALIZAS is pleased to announce that its Service Station in Middle East, based in the United Arab Emirates, has completed one year of successful operation.



OCIMF replacing SIRE tanker inspection programme with new regime from 2022

(Jul 16 2021)

The Oil Companies International Marine Forum (OCIMF) is currently developing an updated and enhanced version of its Ship Inspection Report Programme (SIRE) tanker risk assessment tool, the ship inspection regime that has become central to supporting ...



EM&I – laser scanning could replace tank entry

(Oct 15 2020)

Asset integrity management company EM&I is developing laser scanning methods for tanks on offshore vessels, which could remove the need for people to enter tanks to do inspections.



June July 2022

SIRE 2.0 - OCIMF and Columbia Ship Management perspective; seafarer mental health; EU ETS costs; 33 years after Exxon Valdez; resolving BWTS problems