Performance Shipping Inc. (NASDAQ: PSHG) has sold its 2009‑built, 105,071‑dwt Aframax tanker M/T P. Sophia for a gross price of US$35.65 million. The vessel, the oldest in PSHG’s fleet, was purchased in 2022 for US$27.58 million and is expected to be delivered to the new owners in mid‑2026, subject to customary closing conditions. The sale is projected to generate an approximate gain of US$8 million, a figure that reflects the difference between the purchase price and the sale price.
The transaction is part of PSHG’s fleet renewal strategy, which seeks to reduce the average fleet age, improve operational efficiency, and strengthen liquidity. The vessel is part of the collateral for the company’s outstanding Nordic bond. PSHG issued a $100 million bond in the Nordic bond market in July 2025, maturing in July 2029, and a tap issue of $50 million in January 2026, bringing the total to $150 million. Proceeds from the sale will be applied to the company’s Nordic bond obligations, thereby reducing debt and improving the balance sheet.
M/T P. Sophia will continue to operate under its current charter at US$43,000 per day until the charter expires in or around late May 2026. This interim operation will generate additional revenue for PSHG before the vessel’s transfer to the new owners. The sale also frees up capacity for PSHG to deploy newer, more fuel‑efficient vessels that it has recently acquired, including two 2019‑built Suezmax tankers purchased in October 2025 for approximately $75.4 million each.
"We are pleased to announce that we have capitalized on the continued strength in Aframax tanker values through the sale of the M/T P. Sophia for a gross price of US$35.65 million. While the outlook for the Aframax sector remains solid, we believe this transaction represents a timely and compelling opportunity for our Company, reflecting our disciplined and opportunistic approach in the accordance with our fleet renewal strategy."
"As the oldest vessel currently in our fleet, the divestment of the M/T P. Sophia enhances our fleet profile by reducing the fleetwide average age, and further improving operational efficiency and commercial competitiveness. In addition, the Company will continue to operate the vessel through the expiration of the current US$43,000 per day charter, expected to conclude in or around late May 2026."
"This sale is expected to generate an approximate gain of US$8 million compared to the acquisition price paid three years ago and meaningfully strengthen our liquidity position."
PSHG currently operates a fleet of twelve tankers, ten of which are operational and two are newbuilds scheduled for delivery. The sale of M/T P. Sophia reduces the operational fleet by one vessel and aligns with the company’s broader strategy of acquiring newer, more efficient tankers while deleveraging its balance sheet. The transaction underscores PSHG’s disciplined approach to fleet management and its focus on maintaining a competitive, cost‑efficient fleet in a market where Aframax values remain robust.
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