Performance Shipping Inc. Announces Sale of 2010-Built Aframax Vessel M/T P. Aliki for US$42.65 Million
Hellenic Shipping News
Performance Shipping Inc., a global shipping company specializing in the ownership of tanker vessels, today announced that, through a separate wholly-owned subsidiary, it has signed a Memorandum of Agreement to sell its oldest vessel, the 2010-built, 105,304 dwt Aframax tanker vessel, M/T P. Aliki, to Trafigura Maritime Logistics Pte. Ltd. for a gross sale price of US$42.65 million. The vessel is expected to be delivered to the new owners in or around the end of the third quarter 2026, subject to customary closing conditions and upon expiration of her current US$30,000 per day time charter with Pakistan National Shipping Corporation.
The M/T P. Aliki currently serves as part of the collateral for the Company’s outstanding credit facility with Alpha Bank S.A. Part of the net proceeds from the sale will be applied to repay approximately US$12.8 million in accordance with the terms of the loan agreement.
The Company acquired the M/T P. Aliki in the fourth quarter of 2022 for a gross purchase price of US$36.5 million.
Commenting on this sale, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:
“The sale of the M/T P. Aliki is an integral part of our fleet renewal strategy, which combines opportunistic acquisitions of modern vessels and newbuilding orders with the divestitures of our older vessels. Over the past twelve months, the average age of our fleet has declined from 14 years to 8 years on a pro forma basis, following the pre-announced sale of the M/T P. Sophia and the sale of the M/T P. Aliki, and will decrease further upon delivery of our newbuilding vessels. Age is not the only factor, as we now boast a highly specified and energy efficient fleet.
“Our cash reserves are expected to increase from approximately US$50 million as of the end of 2025, to approximately US$175 million, taking into account our materialized bond tap issue and delivery of our third newbuilding M/T P. Marseille in January 2026, and pro forma the expected proceeds from the sale of the M/T P. Sophia and the net proceeds from the sale, following debt repayment, of the M/T P. Aliki . This significant cash increase will, among other initiatives, further support the funding for the construction of our two Suezmax tanker vessels scheduled for delivery in October 2028 and May 2029 at China Shipbuilding Trading Co. Ltd. (“CSTC”) and Shanghai Waigaoqiao Shipbuilding Co. Ltd. (“SWS”).”
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