ATHENS, GREECE – Performance Shipping Inc. (NASDAQ: PSHG) (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, is pleased to announce the expansion of its fleet through separate wholly-owned subsidiaries, which have entered into Memoranda of Agreement with an unaffiliated third party for the purchase of the M/T Eco Bel Air and the M/T Eco Beverly Hills, both 157,286 dwt Suezmax tankers built in 2019 by Hyundai Samho Heavy Industries in South Korea. The vessels feature devices for wake optimization such as rudder bulbs and pre-swirl ducts for energy efficiency, eco-design featuring lower consumption electronic engines, and are scrubber-fitted. The purchase price is USD 75,438,000 per vessel, net of brokerage commissions, and delivery to the Company is expected to be between December 2025 and January 2026. Upon delivery, the vessels will be renamed M/T P. Bel Air and M/T P. Beverly Hills, respectively.
Commenting on the fleet expansion, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:
“Following our US$100 million inaugural bond issue in the Nordic high yield market in July, we evaluated a number of acquisition opportunities. This particular acquisition of two identical, highly specified tankers aligns with our stated strategy of fleet modernization and expansion in the midsize tanker segment. While we have adequate cash on hand at the present time to take delivery of both vessels, we may add a moderate amount of debt, in line with our financial policy, to provide flexibility to pursue future vessel acquisition opportunities. The addition of these younger eco-design vessels strengthens our fleet’s operational profile and positions the Company to seek favorable employment.”
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