Performance Shipping Inc. Announces Sale of 2010-Built Aframax Vessel M/T P. Aliki for US$42.65 Million
Performance Shipping (NASDAQ: PSHG) signed a memorandum of agreement to sell its 2010-built, 105,304 dwt Aframax tanker M/T P. Aliki to Trafigura Maritime Logistics for a gross price of US$42.65 million.
Rhea-AI Summary
Performance Shipping (NASDAQ: PSHG) signed a memorandum of agreement to sell its 2010-built, 105,304 dwt Aframax tanker M/T P. Aliki to Trafigura Maritime Logistics for a gross price of US$42.65 million. Delivery is expected around end of Q3 2026, subject to charter expiry and closing conditions.
Part of net proceeds will repay about US$12.8 million of loan debt where the vessel serves as collateral. The company says pro forma cash should rise from ~US$50M (end-2025) to ~US$175M, supporting newbuild funding and fleet renewal.
Positive
- Sale price of US$42.65 million
- Debt repayment of approximately US$12.8 million
- Pro forma cash increase from ~US$50M to ~US$175M
- Fleet age reduced from 14 to 8 years pro forma
Negative
- M/T P. Aliki currently serves as collateral on the company credit facility
- Delivery and proceeds subject to charter expiry and customary closing conditions, creating timing uncertainty
Details
News Market Reaction – PSHG
On Apr 14, the day this news came out, PSHG closed 0.53% below the previous close.
Data tracked by StockTitan Argus for the Apr 14 session.
Key Figures
- M/T P. Aliki sale price
- US$42.65M
- Gross sale price to Trafigura Maritime Logistics
- Existing time charter rate
- US$30,000 per day
- Current charter with Pakistan National Shipping Corporation
- Debt repayment
- US$12.8M
- Portion of net sale proceeds applied to Alpha Bank credit facility
- Aliki purchase price
- US$36.5M
- Acquired in Q4 2022
- Fleet age reduction
- 14 years to 8 years
- Pro forma average fleet age over past twelve months
- Cash reserves end-2025
- US$50M
- Approximate cash as of end of 2025
- Projected cash reserves
- US$175M
- Pro forma after bond tap, newbuilding delivery and vessel sales
- Suezmax deliveries
- Oct 2028 and May 2029
- Two Suezmax tankers at CSTC and SWS
Historical Context
-
US$37.8M sale‑leaseback for LR1 newbuilding with long-term bareboat charter.
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Reported 2025 net income of US$50.0M and backlog of ~US$350M with strong coverage.
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Signed two 158,000 DWT Suezmax newbuilds at US$81.5M each for 2028–2029 delivery.
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Sale of 2009-built Aframax M/T P. Sophia for US$35.65M, implying ~US$8M gain.
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Three-year US$31,000/day charter for M/T P. Monterey, adding ~US$33M backlog.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
aframax technical
time charter financial
bond tap financial
newbuilding technical
suezmax technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
ATHENS, Greece, April 14, 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 2010-built, 105,304 dwt Aframax tanker vessel, M/T P. Aliki, to Trafigura Maritime Logistics Pte. Ltd. for a gross sale price of US
The M/T P. Aliki currently serves as part of the collateral for the Company’s outstanding credit facility with Alpha Bank S.A. Part of the net proceeds from the sale will be applied to repay approximately US
The Company acquired the M/T P. Aliki in the fourth quarter of 2022 for a gross purchase price of US
Commenting on this sale, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:
“The sale of the M/T P. Aliki is an integral part of our fleet renewal strategy, which combines opportunistic acquisitions of modern vessels and newbuilding orders with the divestitures of our older vessels. Over the past twelve months, the average age of our fleet has declined from 14 years to 8 years on a pro forma basis, following the pre-announced sale of the M/T P. Sophia and the sale of the M/T P. Aliki, and will decrease further upon delivery of our newbuilding vessels. Age is not the only factor, as we now boast a highly specified and energy efficient fleet.
“Our cash reserves are expected to increase from approximately 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 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
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