Performance Shipping to Sell 2010-Built Aframax Vessel for $42.65M
Performance Shipping Inc. agreed to sell its 2010-built Aframax M/T P. Aliki for $42.65 million, with Q3 2026 delivery and net proceeds repaying $12.8 million of debt. The sale boosts cash reserves from $50 million to $175 million, funding two Suezmax tankers due October 2028 and May 2029.
1. Vessel Sale Agreement
Performance Shipping has signed a memorandum of agreement to sell its 2010-built, 105,304 dwt Aframax vessel M/T P. Aliki to Trafigura Maritime Logistics for a gross price of $42.65 million, with delivery scheduled in Q3 2026 upon expiry of its current $30,000/day time charter.
2. Financial Impact
Net proceeds from the sale, after repaying approximately $12.8 million of secured debt, will contribute to increasing cash reserves from $50 million to an estimated $175 million, factoring in a recent bond tap issue and the January 2026 delivery of the newbuilding M/T P. Marseille.
3. Fleet Renewal Strategy
The sale of M/T P. Aliki and the earlier divestiture of M/T P. Sophia have reduced the average age of the fleet from 14 years to 8 years on a pro forma basis, aligning with the company’s strategy of replacing older tonnage with modern, energy-efficient vessels.
4. Future Vessel Order Funding
The bolstered cash position will support funding for two Suezmax tanker newbuilds scheduled for delivery in October 2028 and May 2029 at China Shipbuilding Trading Co. Ltd. and Shanghai Waigaoqiao Shipbuilding Co. Ltd.