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Performance Shipping Inc. Announces Delivery of the LR2 Aframax Oil Product Tanker, M/T P. Aliki
ATHENS, Greece, Nov. 10, 2022 (GLOBE NEWSWIRE) -- Performance Shipping Inc. (NASDAQ: PSHG) (“we” or the “Company”), a global shipping company specializing in
About this update from Performance Shipping Inc.
[{"type":"text","content":"ATHENS, Greece, Nov. 10, 2022 (GLOBE NEWSWIRE) -- Performance Shipping Inc. (NASDAQ: PSHG) (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, announced that, through a separate wholly-owned subsidiary, it has taken delivery of the M/T P. Aliki (formerly “Alpine Amalia”), a 2010-built LR2 Aframax oil product tanker of 105,304 dwt that the Company entered into an agreement to purchase in August 2022. As previously announced, the M/T P. Aliki was acquired for a total purchase price of US$36.5 million and financed with US$18.25 million cash on hand and US$18.25 million from the recently announced term loan facility with Alpha Bank S.A. The vessel is the Company’s first LR2. Following the delivery, as previously disclosed, the vessel will enter into a time charter contract with Trafigura Maritime Logistics Pte Ltd. commencing in mid-November at a daily rate of US$45,000 per day for a period of minimum seven (7) months to a maximum of ten (10) months at the option of the charterer. Commenting on this delivery, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated: “As already stated, the acquisition of our first LR2 tanker, which is also BWTS and EGCS (scrubber) fitted, represents the entry of our Company into the refined petroleum product tanker sector, which we believe to be a market segment with sustainable fundamentals. The lucrative level of fixed revenue ranging from a minimum of US$9.5 million to a maximum of US$13.7 million, depending on the duration of the charter, is indicative of the firming market environment and our Company’s strong performance generating significant cash flows and achieving high utilization going forward.” 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, sta...