Performance Shipping Inc. Announces Completion of Sale and Delivery of M/T P. Aliki to New Owners

Sale of M/T P. Aliki generates about US$30 million in estimated net proceeds to help fund Performance Shipping’s tanker newbuilding program.

Rhea-AI Summary

Performance Shipping (PSHG) has completed the previously announced sale and delivery of its 2010-built, 105,304 dwt Aframax tanker M/T P. Aliki to new owners.

The vessel was debt-free at delivery after a prepayment of approximately US$12.8 million to Alpha Bank in July 2026 in connection with the sale. The gross sale price was US$42.65 million, compared with a gross purchase price of US$36.5 million in the fourth quarter of 2022, during which period the company said it operated the vessel profitably. Net proceeds are estimated at about US$30 million, which, together with existing liquidity, are expected by the company to support its fleet expansion program and almost fully cover remaining newbuilding commitments through 2029.

Positive

• Gross sale price of M/T P. Aliki at US$42.65 million
• Prepaid vessel debt of approximately US$12.8 million to Alpha Bank
• Estimated US$30 million in net proceeds to support fleet expansion
• Vessel acquired for US$36.5 million and described as operated profitably

Negative

• None.

Argus 15 min delay

+7.02% vs previous close $1.83 last price 27.8x rel. volume Open Argus

Details

Market reaction after vessel sale completion: PSHG +7.02%

$1.74 $1.84 Day Range

$22.75M Market Cap

Following this news, PSHG has gained 7.02%, reflecting a notable positive market reaction. Our momentum scanner has triggered 6 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $1.83. Trading volume is exceptionally heavy at 27.8x the average, suggesting very strong buying interest.

Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.

Market Context

Before publication, PSHG closed at $1.71, down 0.58% on the prior session; this market data preceded...

Analysis

Before publication, PSHG closed at $1.71, down 0.58% on the prior session; this market data preceded the completed vessel sale and does not measure its reaction.

Key Figures

Gross sale price: US$42.65 million Acquisition price: US$36.5 million Debt prepayment: US$12.8 million +3 more

Gross sale price

US$42.65 million

M/T P. Aliki sale

Acquisition price

US$36.5 million

Fourth quarter of 2022

Debt prepayment

US$12.8 million

Prepaid to Alpha Bank in July 2026

Vessel capacity

105,304 dwt

2010-built Aframax tanker

Newbuilding delivery

Early 2027

First LR1 newbuilding

Suezmax deliveries

Late 2028 and early 2029

Two Suezmax newbuildings

Historical Context

1 past event · Latest: Jul 15

1 event

1. Jul 15

   Vessel sale completion

   24h Move

   +2.4%

   Completed debt-free sale and delivery of M/T P. Sophia for US$35.65 million

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

aframax, lr1, suezmax

3 terms

aframax technical

"105,304 dwt Aframax tanker vessel M/T P. Aliki"

Aframax is a category of oil tanker sized to carry roughly 80,000–120,000 metric tons of cargo; think of it as the mid-size delivery truck of crude oil shipping. It matters to investors because the number and condition of Aframax ships a company owns, and the demand for their services, directly affect freight revenue, operating costs and exposure to shifts in global oil transport and shipping rates — similar to how a fleet of mid-size trucks shapes a logistics business.

lr1 technical

"our first LR1 newbuilding expected to be delivered in early 2027"

LR1 is a class of medium-large oil and product tanker used to move refined fuels and other liquid cargoes, typically sitting between smaller coastal vessels and the largest ocean-going tankers. Investors watch LR1s because their numbers, availability and operating costs influence freight rates, fuel supply chains and shipping company revenues—think of them as a medium-sized delivery truck whose capacity and range affect how quickly and cheaply goods reach markets.

suezmax technical

"our two Suezmax newbuildings in late 2028 and early 2029"

Suezmax is the classification for the largest oil tanker size that can pass through the Suez Canal fully loaded; think of it as the biggest truck that still fits down a narrow highway. It matters to investors because ship size influences shipping costs, route choices and supply-chain flexibility — factors that affect oil transport expenses, freight rates and the profitability of energy and shipping companies.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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ATHENS, Greece, Sept. 17, 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 2010-built, 105,304 dwt Aframax tanker vessel M/T P. Aliki, with the successful delivery of the vessel to her new owners. The M/T P. Aliki was debt-free at the time of her delivery to the new owners, following the Company’s prepayment of approximately US$12.8 million to Alpha Bank in July 2026 in connection with the sale.

As previously announced on April 14, 2026, the gross sale price of the vessel was US$42.65 million. The Company acquired the M/T P. Aliki in the fourth quarter of 2022 for a gross purchase price of US$36.5 million and operated the vessel profitably for approximately four years.

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

“The sale of the M/T P. Aliki reflects our disciplined approach to fleet renewal. We continue to focus on the timely disposals of vessels at historically high asset values to monetize older tonnage. The net proceeds from this transaction, estimated at approximately US$30 million including the vessel’s debt prepayment, together with our existing strong liquidity position, are expected to support our ongoing fleet expansion program, almost fully covering our remaining newbuilding commitments. With our first LR1 newbuilding expected to be delivered in early 2027, followed by our two Suezmax newbuildings in late 2028 and early 2029, we remain committed to operating an attractive, modern, high specification and energy efficient fleet.”

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

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How was the M/T P. Aliki financed at the time of its sale?

The M/T P. Aliki was delivered to the new owners debt-free. This followed Performance Shipping’s prepayment of approximately US$12.8 million to Alpha Bank in July 2026 in connection with the sale.

What does Performance Shipping plan to do with the net proceeds from the sale?

The company estimates net proceeds of about US$30 million from the transaction. These funds, together with its existing liquidity, are expected by the company to support its ongoing fleet expansion program and almost fully cover its remaining tanker newbuilding commitments.

What are the delivery timelines for Performance Shipping’s tanker newbuildings?

The company expects its first LR1 newbuilding to be delivered in early 2027, followed by two Suezmax newbuildings scheduled for late 2028 and early 2029.

When did Performance Shipping acquire the M/T P. Aliki and at what price?

Performance Shipping acquired the M/T P. Aliki in the fourth quarter of 2022 for a gross purchase price of US$36.5 million.