Performance Shipping Inc. Announces Sale of 2009-Built Aframax Vessel M/T P. Sophia for US$35.65 Million

Core Viewpoint - Performance Shipping Inc. has signed a Memorandum of Agreement to sell its oldest vessel, the M/T P. Sophia, for a gross sale price of US$35.65 million, reflecting a strategic move to capitalize on the strong Aframax tanker market and enhance the company's fleet profile [1][2]. Group 1: Sale Details - The M/T P. Sophia, a 2009-built Aframax tanker with a deadweight tonnage of 105,071 dwt, is expected to be delivered to the new owners in mid-2026, subject to customary closing conditions [1]. - The vessel was acquired by the company in Q3 2022 for a gross purchase price of US$27,577,320, indicating a significant appreciation in value [2]. - The sale is projected to generate an approximate gain of US$8 million compared to the acquisition price, which will strengthen the company's liquidity position [4]. Group 2: Operational Impact - The M/T P. Sophia currently serves as collateral for the company's outstanding Nordic bond, and the net proceeds from the sale will be applied according to the bond agreement [2]. - The divestment of the M/T P. Sophia will reduce the fleetwide average age, enhancing operational efficiency and commercial competitiveness [3]. - The company will continue to operate the vessel until the expiration of the current charter, which is expected to conclude around late May 2026, at a rate of US$43,000 per day [3].