Performance Shipping to Sell Aframax Tanker for $42.65M

Performance Shipping Inc. has agreed to sell its oldest vessel, the 2010-built Aframax tanker M/T P. Aliki, for US$42.65 million to Trafigura Maritime Logistics.

Rhea-AI Filing Summary

Performance Shipping Inc. has agreed to sell its oldest vessel, the 2010-built Aframax tanker M/T P. Aliki, for US$42.65 million to Trafigura Maritime Logistics. Delivery is expected around the end of the third quarter of 2026 after the vessel’s current US$30,000 per day time charter ends.

Part of the net proceeds will repay about US$12.8 million under an Alpha Bank credit facility, with the remainder contributing to cash reserves. The company notes it bought the vessel in late 2022 for US$36.5 million, highlighting value realization as part of a broader fleet renewal strategy that has reduced average fleet age from 14 to 8 years on a pro forma basis.

The chief executive projects cash reserves rising from roughly US$50 million at the end of 2025 to about US$175 million, including the impact of a bond tap, delivery of newbuilding M/T P. Marseille in January 2026, and the sales of M/T P. Sophia and M/T P. Aliki. This larger cash position is intended to help fund construction of two Suezmax tanker vessels scheduled for delivery in October 2028 and May 2029.

Insights

Shipping equity analyst

Sale crystallizes value, cuts debt and supports a younger, funded fleet.

Performance Shipping is selling its 2010-built Aframax M/T P. Aliki for US$42.65 million, after acquiring it for US$36.5 million in late 2022. Part of the net proceeds will repay about US$12.8 million on an Alpha Bank credit facility, reducing secured debt on an aging asset.

Management frames this as part of a fleet renewal strategy that has lowered average fleet age from 14 to 8 years on a pro forma basis over the last twelve months. A younger, more energy-efficient fleet can support better employment prospects and potentially lower operating risk, though actual benefits depend on future charter market conditions and execution on vessel deliveries.

The CEO indicates cash reserves are expected to rise from approximately US$50 million at the end of 2025 to roughly US$175 million, incorporating a bond tap, the delivery of newbuilding M/T P. Marseille in January 2026, and net proceeds from the divestitures of M/T P. Sophia and M/T P. Aliki. This projected liquidity is intended to help fund two Suezmax tanker newbuildings scheduled for delivery in October 2028 and May 2029, supporting long-term fleet growth while maintaining balance sheet flexibility.

Key Figures

Aframax sale price: US$42.65 million Debt repayment: US$12.8 million Purchase price of M/T P. Aliki: US$36.5 million +5 more

8 metrics

Aframax sale price US$42.65 million Gross sale price for M/T P. Aliki

Debt repayment US$12.8 million Loan repayment to Alpha Bank from sale proceeds

Purchase price of M/T P. Aliki US$36.5 million Acquisition cost in Q4 2022

Current time charter rate US$30,000 per day Time charter with Pakistan National Shipping Corporation

Projected cash reserves (initial) US$50 million Approximate cash at end of 2025

Projected cash reserves (pro forma) US$175 million Pro forma cash including bond tap and vessel sales

Average fleet age reduction 14 years to 8 years Pro forma change over past twelve months

Suezmax delivery dates October 2028 and May 2029 Scheduled delivery of two Suezmax tanker vessels

Key Terms

Memorandum of Agreement, time charter, bond tap issue, Suezmax tanker vessels, +1 more

5 terms

Memorandum of Agreement financial

"it has signed a Memorandum of Agreement to sell its oldest vessel"

A memorandum of agreement is a written document that outlines the key terms and understanding between two or more parties planning to work together or make a deal. It serves as a clear record of intentions and commitments, helping to prevent misunderstandings. For investors, it provides reassurance that the involved parties have agreed on important details before finalizing a formal contract.

time charter financial

"upon expiration of her current US$30,000 per day time charter with Pakistan National Shipping Corporation"

A time charter is an agreement where a ship owner rents out their vessel to a customer for a set period, during which the customer has control over the ship’s use and operation. This arrangement matters to investors because it provides a steady income stream for the ship owner and indicates ongoing demand for shipping services, reflecting the health of global trade and transportation markets.

bond tap issue financial

"taking into account our materialized bond tap issue and delivery of our third newbuilding"

A bond tap issue is when an issuer sells extra bonds that carry the same terms as an earlier bond, effectively “topping up” an existing loan rather than creating a new one. Investors care because it increases the total amount outstanding (which can affect price and yield) and signals whether demand for that borrower’s debt is strong; think of it like adding more shares of the same pie rather than baking a new pie.

Suezmax tanker vessels financial

"support the funding for the construction of our two Suezmax tanker vessels scheduled for delivery"

forward-looking statements regulatory

"Matters discussed in this press release may constitute forward-looking statements"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What vessel is Performance Shipping (PSHG) selling and for how much?

Performance Shipping is selling its oldest vessel, the 2010-built Aframax tanker M/T P. Aliki, for a gross price of US$42.65 million. The buyer is Trafigura Maritime Logistics Pte. Ltd., and the transaction is executed through a wholly owned subsidiary.

When will M/T P. Aliki be delivered to the new owner?

The M/T P. Aliki is expected to be delivered to its new owner around the end of the third quarter of 2026. Delivery will occur after the expiration of its current US$30,000 per day time charter with Pakistan National Shipping Corporation and satisfaction of customary closing conditions.

How will Performance Shipping (PSHG) use the sale proceeds from M/T P. Aliki?

Part of the net proceeds from the M/T P. Aliki sale will be used to repay approximately US$12.8 million under a credit facility with Alpha Bank S.A. The remaining cash will bolster reserves, supporting fleet renewal and funding for future tanker newbuilding projects.

How does the M/T P. Aliki sale fit Performance Shipping’s fleet strategy?

The sale is described as integral to Performance Shipping’s fleet renewal strategy, which pairs acquisitions and newbuildings with divestitures of older vessels. Over the past twelve months, this approach has reduced the company’s average fleet age from 14 years to 8 years on a pro forma basis.

What cash reserve changes does Performance Shipping (PSHG) anticipate?

Management expects cash reserves to grow from about US$50 million at the end of 2025 to roughly US$175 million. This projection includes a bond tap, delivery of newbuilding M/T P. Marseille, and expected net proceeds from selling M/T P. Sophia and M/T P. Aliki.

How will Performance Shipping fund its future Suezmax tanker newbuildings?

The company plans to use its significantly increased cash reserves, projected at about US$175 million, to help fund two Suezmax tanker vessels. These are scheduled for delivery in October 2028 and May 2029 from China Shipbuilding Trading Co. Ltd. and Shanghai Waigaoqiao Shipbuilding Co. Ltd.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 6-K: How Foreign Companies Report to the SEC →

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Accepted by SEC EDGAR 04/14/2026 - 04:29 PM EDT Learn about SEC filing dates

FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

For the month of April 2026

Commission File Number: 001-35025

PERFORMANCE SHIPPING INC.

(Translation of registrant's name into English)

373 Syngrou Avenue

175 64 Palaio Faliro

Athens, Greece

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒ Form 40-F ☐

INFORMATION CONTAINED IN THIS FORM 6-K REPORT

Attached to this report (this “Report”) on Form 6-K as Exhibit 99.1 is a copy of the press release of Performance Shipping Inc. (the “Company”) dated April 14, 2026, titled “Performance Shipping Inc. Announces Sale of 2010-Built Aframax Vessel M/T P. Aliki for US$42.65 Million.”

The information contained in this Report on Form 6-K, excluding the statement in Exhibit 99.1 attributed to the Company’s Chief Executive Officer, is hereby incorporated by reference into the Company’s registration statement on Form F-3 (File No. 333-197740), filed with the U.S. Securities and Exchange Commission (the “SEC”) with an effective date of August 13, 2014, the Company’s registration statement on Form F-3 (File No. 333-266946), filed with the SEC with an effective date of August 29, 2022, and the Company’s registration statement on Form F-3 (File No. 333-271398), filed with the SEC with an effective date of May 4, 2023.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	PERFORMANCE SHIPPING INC.
	(Registrant)
Dated: April 14, 2026	/s/ Andreas Michalopoulos
	By: Andreas Michalopoulos
	Chief Executive Officer

Exhibit 99.1

Corporate Contact:

Andreas Michalopoulos

Chief Executive Officer, Director and Secretary

Telephone: +30-216-600-2400

Email: amichalopoulos@pshipping.com

Website: www.pshipping.com

For Immediate Release

Investor and Media Relations:

Edward Nebb

Comm-Counsellors, LLC

Telephone: + 1-203-972-8350

Email: enebb@optonline.net

PERFORMANCE SHIPPING INC. ANNOUNCES SALE OF 2010-BUILT AFRAMAX VESSEL M/T P. ALIKI FOR US$42.65 MILLION

ATHENS, GREECE, April 14, 2026 – 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$42.65 million. The vessel is expected to be delivered to the new owners in or around the end of the third quarter 2026, subject to customary closing conditions and upon expiration of her current US$30,000 per day time charter with Pakistan National Shipping Corporation.

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$12.8 million in accordance with the terms of the loan agreement.

The Company acquired the M/T P. Aliki in the fourth quarter of 2022 for a gross purchase price of US$36.5 million.

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$50 million as of the end of 2025, to approximately US$175 million, taking into account our materialized bond tap issue and delivery of our third newbuilding M/T P. Marseille in January 2026, and pro forma the expected proceeds from the sale of the M/T P. Sophia and the net proceeds from the sale, following debt repayment, of the M/T P. Aliki . This significant cash increase will, among other initiatives, further support the funding for the construction of our two Suezmax tanker vessels scheduled for delivery in October 2028 and May 2029 at China Shipbuilding Trading Co. Ltd. (“CSTC”) and Shanghai Waigaoqiao Shipbuilding Co. Ltd. (“SWS”).”

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.

Filing Exhibits & Attachments

1 document

Press Releases

• EX-99.1 EXHIBIT 99.1 11.1 KB