Performance Shipping Inc. Secures Substantially Improved Terms and Extension of Existing Nordea Bank Facility
Performance Shipping (NASDAQ: PSHG) amended its secured loan facility with Nordea Bank, extending maturity to four years from the supplemental agreement's effective date and cutting the margin from 2.50% to 1.60% per annum.
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Rhea-AI Summary
Performance Shipping (NASDAQ: PSHG) amended its secured loan facility with Nordea Bank, extending maturity to four years from the supplemental agreement's effective date and cutting the margin from 2.50% to 1.60% per annum.
The principal amount is unchanged and the facility remains secured and guaranteed, with no bank debt maturities before mid-2030.
Positive
- Loan facility maturity extended to four years from effective date
- Borrowing margin reduced from 2.50% to 1.60% per annum
- No bank debt maturities scheduled prior to mid-2030
Negative
- None.
Details
News Market Reaction – PSHG
On Jul 8, the day this news came out, PSHG closed 1.82% above the previous close.
Data tracked by StockTitan Argus for the Jul 8 session.
Key Figures
- Previous loan margin
- 2.50% per annum
- Margin on existing Nordea secured facility before amendment
- New loan margin
- 1.60% per annum
- Reduced margin on Nordea secured facility after amendment
- Facility maturity
- 4 years
- New maturity tenor from effective date of supplemental agreement
- Maturity extension
- 2 years
- Extension of this facility's maturity versus prior schedule
- Next bank debt maturities
- mid-2030
- No bank debt maturities scheduled before this point
Historical Context
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Extended M/T Briolette charter at $37,700/day, lifting revenue backlog above $0.5B.
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Made 9.875% bonds senior unsecured, raised liquidity covenant, paid amendment fee.
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Reported higher revenue, strong cash flow and large contracted backlog with high coverage.
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Filed 2025 Form 20-F with audited results and detailed risk disclosures.
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Secured long-term Suezmax charters, lifting contracted revenue to about $471M.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
secured loan facility financial
outstanding principal amount financial
cost of capital financial
bank debt maturities financial
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ATHENS, Greece, July 08, 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 two of its wholly-owned subsidiaries, it has entered into a first supplemental agreement with Nordea Bank Abp NUF (“Nordea”), amending its existing secured loan facility dated August 4, 2023.
Pursuant to the amendment, the maturity of the facility has been extended to four years from the effective date of the supplemental agreement. In addition, the margin applicable to the facility has been reduced from
The facility remains secured and guaranteed by the Company.
Commenting on this agreement, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:
“We are pleased to further strengthen our financing profile through this favorable amendment with Nordea. The extended maturity, combined with the reduced borrowing margin, meaningfully enhances our financial flexibility while reducing our cost of capital. This transaction underscores the strength of our long-standing relationship with Nordea and its continued support and confidence in our business. With the extension of this facility's maturity by two years, the Company now has no bank debt maturities scheduled prior to mid-2030, further reinforcing our strong balance sheet and enhancing our long-term liquidity profile.”
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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