Performance Shipping Inc. Announces the Sale and Delivery of Vessel to Her New Owner
ATHENS, GREECE, August 20, 2020 – Performance Shipping Inc. (NASDAQ: PSHG), (the “Company”), a global shipping company specializing in the ownership of vessels, today announced that on 19 August 2020, through a separate wholly-owned subsidiary, it signed a Memorandum of Agreement to sell the 2001-built Panamax container vessel, the M/V Domingo, to an unaffiliated third party for a sale price of US$5.6 million before commissions. The vessel was successfully delivered to her new owner today.
Performance Shipping Inc.’s fleet now consists of four (4) Aframax tanker vessels.
Commenting on the transaction, Mr. Andreas Michalopoulos, the Company’s Deputy Chief Executive Officer, Chief Financial Officer and Treasurer stated:
“We are thrilled to announce the sale of the last remaining container ship in our fleet, which marks the completion of our shift from the container vessel industry into a pure tanker owning company. Since the start of our diversification in June 2019, we have sold four (4) container ships for US$53.4 million before commissions and acquired four (4) Aframax tankers for an aggregate gross purchase price of US$112 million. The sale of the M/V Domingo increases our cash position to approximately US$38 million. This will enable us to take advantage of growth opportunities, which will help us increase our presence in the Aframax tanker market and move one step closer towards achieving our goal of becoming a leading publicly traded tanker company.”
About the Company
Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of vessels. The Company’s current fleet of vessels is employed primarily on spot charters with leading charterers.
