Performance Shipping Inc. Sells M/T P. Yanbu for US$39 Million
ATHENS, Greece, March 24, 2025
Performance Shipping Inc. (PSHG), a leading global shipping company specializing in the ownership of tanker vessels, has announced the sale of one of its vessels, the 2011-built Aframax tanker M/T P. Yanbu, to an unaffiliated third party for a gross sale price of US$39 million.
Details of the Sale
The vessel, which has a dwt (deadweight tonnage) capacity of 105,400, was delivered to its new owner today, March 24, 2025. At the time of sale, the M/T P. Yanbu was debt-free.
Impact on Performance Shipping Inc.
This sale is a significant milestone for Performance Shipping Inc., as it represents the realization of value from one of its vessels. The company will use the proceeds from the sale to strengthen its balance sheet and continue its strategy of investing in modern, fuel-efficient vessels. The transaction is expected to be accretive to the company’s earnings per share and cash flow.
Impact on the Maritime Industry and Global Markets
The sale of the M/T P. Yanbu to an unaffiliated third party for US$39 million is a positive sign for the maritime industry, which has been facing challenging market conditions in recent years. The sale price is indicative of the improving demand for tanker vessels, driven by the increasing global demand for energy and the ongoing recovery in the oil market. This trend is expected to continue, boding well for the future of the shipping industry and its stakeholders.
Conclusion
Performance Shipping Inc.’s sale of the M/T P. Yanbu for US$39 million is a testament to the company’s strong position in the global shipping market and its ability to capitalize on improving market conditions. The transaction is expected to enhance the company’s financial position and provide a boost to its earnings and cash flow. Moreover, the sale underscores the positive outlook for the maritime industry and the global energy markets.
- Performance Shipping Inc. sells Aframax tanker M/T P. Yanbu for US$39 million
- Vessel delivered to new owner today, debt-free
- Proceeds to be used to strengthen balance sheet and invest in modern, fuel-efficient vessels
- Sale is accretive to company’s earnings per share and cash flow
- Positive sign for the maritime industry and the global energy markets
