Performance Shipping Inc. Announces Sale of 2009-Built Aframax Vessel M/T P. Sophia for US$35.65 Million
Rhea-AI Summary
Performance Shipping (NASDAQ: PSHG) signed a Memorandum of Agreement to sell its oldest vessel, the 2009-built 105,071 dwt Aframax M/T P. Sophia, for a gross price of US$35.65 million.
Delivery is expected in mid-2026, the vessel remains on a US$43,000/day charter through ~late May 2026, and the ship currently serves as collateral for the Company’s outstanding Nordic bond with net proceeds applied under the bond terms. The Company acquired the vessel in Q3 2022 for US$27,577,320, implying an approximate gain of US$8 million.
Positive
- Gross sale price of US$35.65 million
- Realized gain of ~US$8 million vs 2022 purchase
- Charter continuity at US$43,000/day until ~late May 2026
- Proceeds applied to Nordic bond per agreement
Negative
- Fleet capacity reduced by divesting the 2009-built Aframax vessel
- Collateral change: sold vessel currently secures Nordic bond, affecting collateral pool
News Market Reaction – PSHG
On the day this news was published, PSHG gained 2.40%, reflecting a moderate positive market reaction. Our momentum scanner triggered 2 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $589K to the company's valuation, bringing the market cap to $25M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
Momentum scanner shows 1 peer (SMHI) moving up, while broader peers like GLBS, CTRM, USEA, and HTCO show mixed single-digit moves and EDRY is down 8. This points to stock-specific factors rather than a coordinated sector move.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 20 | Long-term charter | Positive | +0.0% | Three-year M/T P. Monterey charter adds ~US$33M and record ~US$349M backlog. |
| Jan 14 | Vessel delivery | Positive | +1.9% | Delivery of LR2 M/T P. Marseille under five-year charter with extension options. |
| Jan 13 | Debt financing | Positive | +5.0% | USD 50M tap issue in senior secured bond due July 17, 2029 at 9.875% coupon. |
| Dec 22 | Vessel delivery | Positive | +2.7% | Delivery of 2019-built Suezmax M/T P. Beverly Hills, completing two-vessel acquisition. |
| Dec 15 | Vessel delivery | Positive | -0.4% | Delivery of 2019-built Suezmax M/T P. Bel Air on three-year charter at US$36,500/day. |
Recent news has mainly involved fleet growth, long-term charters, and financing, with generally positive to modestly positive price reactions, plus occasional flat or slightly negative responses.
Over the last few months, PSHG has focused on fleet expansion, long-term charter coverage, and balance sheet activity. Deliveries of Suezmax tankers in Dec 2025 and newbuilding LR2 tonnage in Jan 2026 expanded and renewed the fleet. A USD 50 million tap issue in Jan 2026 increased secured bond financing, while a three-year charter for M/T P. Monterey at US$31,000 per day boosted backlog to about US$349 million. Today’s vessel sale fits into this ongoing fleet renewal and liquidity-focused trajectory.
Market Pulse Summary
This announcement details the sale of PSHG’s oldest Aframax, M/T P. Sophia, for US$35.65 million, with delivery expected in mid-2026. Management highlights an expected US$8 million gain versus the US$27,577,320 acquisition price and continued operation under a US$43,000-per-day charter through late May 2026. Investors may compare this move with recent fleet additions and long-term charters to assess how divestments fit the broader renewal and liquidity strategy.
Key Terms
memorandum of agreement technical
AI-generated analysis. Not financial advice.
ATHENS, Greece, Feb. 17, 2026 (GLOBE NEWSWIRE) -- Performance Shipping Inc. (NASDAQ: PSHG), (“we” 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 signed a Memorandum of Agreement to sell its oldest vessel, the 2009-built, 105,071 dwt Aframax tanker vessel, M/T P. Sophia, to an unaffiliated third party for a gross sale price of US
The M/T P. Sophia currently serves as part of the collateral for the Company’s outstanding Nordic bond. The net proceeds from the sale will be applied in accordance with the terms of the bond agreement.
The Company acquired the M/T P. Sophia in the third quarter of 2022 for a gross purchase price of US
Commenting on this sale, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:
“We are pleased to announce that we have capitalized on the continued strength in Aframax tanker values through the sale of the M/T P. Sophia for a gross price of US
“As the oldest vessel currently in our fleet, the divestment of the M/T P. Sophia enhances our fleet profile by reducing the fleetwide average age, and further improving operational efficiency and commercial competitiveness. In addition, the Company will continue to operate the vessel through the expiration of the current US
“This sale is expected to generate an approximate gain of US
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 between Israel and Hamas, 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
What did Performance Shipping (PSHG) announce on February 17, 2026 about M/T P. Sophia?
How much gain does PSHG expect from the sale of M/T P. Sophia?
When will PSHG stop operating M/T P. Sophia and what is the current charter rate?
How will the sale of M/T P. Sophia affect PSHG’s liquidity and bond position?
What impact does the divestment have on PSHG’s fleet age and efficiency?
When will the buyer take delivery of the M/T P. Sophia and are there closing conditions?
