Performance Shipping secures sale, leaseback agreement for LR1 tanker

Group 1 - Performance Shipping (PSHG) has entered into a sale and leaseback agreement for its newbuilding LR1 tanker vessel, M/T P. San Francisco, which is currently under construction and scheduled for delivery in early 2027 [1] - The total bareboat financing amount for the vessel is $37.8 million, with the company selling the vessel and then chartering it back on a bareboat basis for a ten-year period [1] - The bareboat charter includes 120 monthly installments of $5,451 per day, with an implied interest rate of Term SOFR plus 2.00% per annum, and a balloon payment of approximately $18.1 million due with the last installment [1] - The company has options to repurchase the vessel at predetermined rates after the second anniversary of the bareboat charter [1]