Performance Shipping Inc. (PSHG) entered into a Memorandum of Agreement to sell its 2010‑built, 105,304‑dwt Aframax tanker M/T P. Aliki to Trafigura Maritime Logistics for a gross sale price of US$42.65 million. The vessel is scheduled to be delivered to the new owners in or around the end of the third quarter of 2026, pending customary closing conditions and the expiration of its current US$30,000‑per‑day time charter with Pakistan National Shipping Corporation.
The proceeds from the sale will be used in part to repay approximately US$12.8 million of PSHG’s outstanding credit facility with Alpha Bank S.A. and to bolster the company’s cash reserves, which management projects will rise from roughly US$50 million at the end of 2025 to about US$175 million after the transaction and the delivery of its newbuilding M/T P. Marseille. The sale also represents a gain of US$6.15 million over the price PSHG paid for the vessel in Q4 2022.
The divestiture is a key element of PSHG’s fleet‑modernization plan. The company delivered the M/T P. Marseille in January 2026 and has orders for two Suezmax tankers scheduled for delivery in 2028 and 2029. The sale reduces the average age of the fleet from 14 to 8 years on a pro‑forma basis, improving operating efficiency and environmental performance.
CEO Andreas Michalopoulos said, "The sale of the M/T P. Aliki is an integral part of our fleet renewal strategy, which combines opportunistic acquisitions of modern vessels and newbuilding orders with the divestitures of our older vessels." He added, "Age is not the only factor, as we now boast a highly specified and energy efficient fleet."
The transaction strengthens PSHG’s balance sheet by reducing leverage and freeing capital for future growth. The increased cash position and lower debt load provide flexibility to pursue additional newbuildings and to navigate market volatility in freight rates. The company’s recent earnings, with Q4 2025 net income of US$7.6 million and total net income of US$50 million for 2025, demonstrate a 14.3% year‑over‑year increase, underscoring the financial resilience that underpins the sale and the broader fleet‑modernization strategy.
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