Performance Shipping to Sell 2009-Built Aframax Vessel for US$35.65 Million
Performance Shipping Inc. signed an MoA to sell its oldest vessel, the 105,071 dwt Aframax M/T P. Sophia, built in 2009, for US$35.65 million, generating an approximate US$8 million gain. Net proceeds will pay down collateral on its outstanding Nordic bond and reduce fleetwide average age ahead of mid-2026 delivery.
1. Sale Agreement and Vessel Details
Performance Shipping signed a Memorandum of Agreement to sell its 105,071 dwt Aframax tanker M/T P. Sophia for US$35.65 million. The 2009-built vessel will be delivered to the buyer in mid-2026, subject to customary closing conditions.
2. Estimated Gain and Proceeds Allocation
The company expects an approximate US$8 million gain on the sale compared to the US$27.58 million purchase price in 2022. Net proceeds will be applied to reduce collateral on the outstanding Nordic bond in line with the bond agreement terms.
3. Strategic Fleet Renewal Benefits
Divesting the oldest vessel in the fleet lowers the fleetwide average age, enhancing operational efficiency and competitiveness. This move aligns with the company’s disciplined, opportunistic fleet renewal strategy aimed at modernizing its tanker portfolio.
4. Ongoing Charter Details
M/T P. Sophia remains under a US$43,000 per day charter until around late May 2026. Performance Shipping will continue to operate the vessel and receive charter revenues through the charter’s expiration prior to delivery.