Performance Shipping Inc. Announces Sale of 2009-Built Aframax Vessel M/T P. Sophia for US$35.65 Million
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.
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
Details
News Market Reaction – PSHG
On Feb 17, the day this news came out, PSHG closed 2.40% above the previous close.
Data tracked by StockTitan Argus for the Feb 17 session.
Key Figures
- M/T P. Sophia sale price
- US$35.65 million
- Gross sale price in Memorandum of Agreement
- Acquisition price
- US$27,577,320
- Gross purchase price in Q3 2022
- Expected gain
- US$8 million
- Approximate gain vs. acquisition price over three years
- Charter rate
- US$43,000 per day
- Existing charter on M/T P. Sophia through late May 2026
- Vessel build year
- 2009
- Build year of Aframax tanker M/T P. Sophia
- Deadweight tonnage
- 105,071 dwt
- Size of Aframax tanker M/T P. Sophia
- Delivery timing
- Mid-2026
- Expected delivery of M/T P. Sophia to new owners
- Nordic bond collateral
- Includes M/T P. Sophia
- Vessel currently part of collateral for outstanding Nordic bond
Historical Context
-
Three-year M/T P. Monterey charter adds ~US$33M and record ~US$349M backlog.
-
Delivery of LR2 M/T P. Marseille under five-year charter with extension options.
-
USD 50M tap issue in senior secured bond due July 17, 2029 at 9.875% coupon.
-
Delivery of 2019-built Suezmax M/T P. Beverly Hills, completing two-vessel acquisition.
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Delivery of 2019-built Suezmax M/T P. Bel Air on three-year charter at US$36,500/day.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
memorandum of agreement technical
AI-generated analysis. How Rhea-AI works. 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
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