Business
Performance Shipping Inc. Provides Update on Potential Forward Sale Agreement for M/T P. Sophia
ATHENS, Greece, Dec. 05, 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 the previously disclosed potential forward sale of the 2009-built Aframax tanker, M/T P. Sophia, will not materialize. As announced on April 7, 2025, the Company had entered into a forward sale and exclusivity agreement with an unaffiliated third party (the “Buyer”), granting the Buyer t
About this update from Performance Shipping Inc.
[{"type":"text","content":"ATHENS, Greece, Dec. 05, 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 the previously disclosed potential forward sale of the 2009-built Aframax tanker, M/T P. Sophia, will not materialize.","length":330,"tagName":"p"},{"type":"text","content":"As announced on April 7, 2025, the Company had entered into a forward sale and exclusivity agreement with an unaffiliated third party (the “Buyer”), granting the Buyer the exclusive right to submit a bid for the conversion of the M/T P. Sophia into a Floating Production Storage and Offloading (FPSO) unit for a proposed offshore project (the “Offshore Project”). The Buyer has informed the Company that the M/T P. Sophia was not selected for the Offshore Project. As a result, the potential forward sale and exclusivity agreement has automatically lapsed, no sale will be completed under its terms, and the vessel will continue to operate in the Company’s fleet.","length":663,"tagName":"p"},{"type":"text","content":"About the Company","length":17,"tagName":"p"},{"type":"text","content":"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.","length":219,"tagName":"p"},{"type":"text","content":"Cautionary Statement Regarding Forward-Looking Statements","length":57,"tagName":"p"},{"type":"text","content":"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 charter employment and our revenue backlog. The words “believe," “anticipate," “intends," “estimate," “forecast," “project," “plan," “potential," “will," “may," “should," “expect,"...