Performance Shipping Inc. Announces Signing of Refinancing Agreement With Alpha Bank S.A.
Rhea-AI Summary
Performance Shipping (NASDAQ:PSHG), a global tanker vessel company, has secured a refinancing agreement with Alpha Bank S.A. for its existing loan facility. The refinancing covers the full outstanding balance of $29.75 million, previously secured by vessels M/T P. Long Beach and M/T P. Aliki.
The new facility features an interest rate of SOFR plus 1.90% annually, with a structured repayment plan consisting of 20 quarterly installments of $1.05 million each and a balloon payment of $8.75 million due in mid-2030.
[ "Successful refinancing of $29.75 million loan facility secured", "Extended repayment timeline through mid-2030 provides long-term financial stability", "Structured quarterly payments of $1.05 million demonstrate manageable debt servicing" ]Positive
- None.
Negative
- Additional debt burden with $8.75 million balloon payment due in 2030
- Interest rate exposure to SOFR fluctuations plus 1.90% margin
News Market Reaction 1 Alert
On the day this news was published, PSHG declined 0.11%, reflecting a mild negative market reaction. This price movement removed approximately $26K from the company's valuation, bringing the market cap to $24M at that time.
Data tracked by StockTitan Argus on the day of publication.
ATHENS, Greece, July 24, 2025 (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 it has signed an agreement for the refinancing of its existing loan facility with Alpha Bank S.A. (the “Facility”) through two separate wholly-owned subsidiaries of the Company. This facility refinances the full outstanding loan balance of US
The Facility bears interest at the rate of SOFR plus
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 the delivery of the vessels we have agreed to acquire, future market conditions and the prospective financing and employment of our vessels. 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 or Iran, 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 is the total value of Performance Shipping's (PSHG) new loan refinancing with Alpha Bank?
What are the interest rate terms for PSHG's new Alpha Bank facility?
How will Performance Shipping (PSHG) repay the Alpha Bank loan?
Which vessels are involved in Performance Shipping's Alpha Bank refinancing?
When is the balloon payment due for PSHG's Alpha Bank loan?
