Performance Shipping Inc. Announces Completion of Sale and Delivery of M/T P. Sophia to New Owners
Rhea-AI Summary
Performance Shipping (NASDAQ: PSHG) reported the completion of the previously announced sale and delivery of the 2009-built, 105,071 dwt Aframax tanker M/T P. Sophia to new owners through a wholly owned subsidiary. The vessel was debt-free at delivery and was sold for a gross price of US$35.65 million, compared with an acquisition cost of approximately US$27.6 million in the third quarter of 2022. According to Performance Shipping, the sale, achieved amid strong asset values, supports its fleet renewal strategy, strengthens liquidity, and reduces the company’s pro forma average fleet age to about six years.
Positive
- M/T P. Sophia sale price US$35.65 million vs. US$27.6 million purchase
- Sale price about 30% above vessel acquisition cost four years ago
- Vessel was debt-free at delivery, supporting clean cash proceeds
- Transaction strengthens liquidity according to Performance Shipping
- Pro forma average fleet age reduced to approximately six years
Negative
- None.
News Market Reaction – PSHG
In the Jul 15 session, PSHG gained 2.40%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jul 14 | Charter extension | Positive | +1.2% | Extended Blue Moon charter at higher day rates, lifting revenue backlog and coverage. |
| Jul 08 | Loan facility amendment | Positive | +1.8% | Nordea facility maturity extended and margin reduced, removing near-term bank debt maturities. |
| Jul 06 | Charter extension | Positive | +1.8% | Briolette multi‑year charter at strong rates, lifting backlog above half a billion dollars. |
| Jun 29 | Bond terms amendment | Positive | -0.6% | Bonds made senior unsecured; collateral released and liquidity covenant increased to $30M. |
| May 26 | 1Q26 earnings report | Positive | +3.0% | Revenue and cash flow growth with larger fleet and strong TCE; backlog near $0.5B. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent news on charters, financing and earnings has usually aligned with modest positive price reactions, with one bond-amendment headline showing a small divergence.
Key Terms
pro forma financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
ATHENS, Greece, July 15, 2026 (GLOBE NEWSWIRE) -- Performance Shipping Inc. (NASDAQ: PSHG) (“Performance Shipping” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, today announced that, through a separate wholly-owned subsidiary, it has completed the previously announced sale of the 2009-built, 105,071 dwt Aframax tanker vessel M/T P. Sophia, with the successful delivery of the vessel to her new owners. The M/T P. Sophia was debt-free at the time of her delivery to the new owners.
As previously announced on February 17, 2026, the gross sale price of the vessel was US
Commenting on the delivery, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:
“The completion of this vessel sale, capitalizing on strong asset values, represents another important step in our fleet renewal strategy. This sale represents an increase of approximately
About the Company
Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of tanker vessels. The Company employs its fleet on spot voyages, through pool arrangements, and on time charters.
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include, but are not limited to, statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts including with respect to employment of our fleet and vessel deliveries. The words “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “will,” “may,” “should,” “expect,” “targets,” “likely,” “would,” “could,” “seeks,” “continue,” “possible,” “might,” “pending” and similar expressions, terms or phrases may identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including, without limitation, our management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs, or projections.
In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to: the strength of world economies, fluctuations in currencies and interest rates, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in the tanker shipping industry, changes in the supply of vessels, changes in worldwide oil production and consumption and storage, changes in our operating expenses, including bunker prices, crew costs, drydocking and insurance costs, our future operating or financial results, availability of financing and refinancing including with respect to vessels we agree to acquire, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, the length and severity of epidemics and pandemics, including COVID-19, and their impact on the demand for seaborne transportation of petroleum and other types of products, general domestic and international political conditions or events, including “trade wars”, armed conflicts including the war in Ukraine and the war in the Middle East, the imposition of new international sanctions, acts by terrorists or acts of piracy on ocean-going vessels, potential disruption of shipping routes due to accidents, labor disputes or political events, vessel breakdowns and instances of off-hires and other important factors. Please see our filings with the US Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.
Corporate Contact: Andreas Michalopoulos Chief Executive Officer, Director and Secretary Telephone: +30-216-600-2400 Email: amichalopoulos@pshipping.com Website: www.pshipping.com Investor and Media Relations: Edward Nebb Comm-Counsellors, LLC Telephone: + 1-203-972-8350 Email: enebb@optonline.net