Performance Shipping Inc. Announces Sale of 2011-Built Aframax Vessel M/T P. Yanbu for US$39 Million and Completion of Delivery to Her New Owners
Performance Shipping (NASDAQ: PSHG) has announced the sale of its 2011-built Aframax tanker vessel M/T P. Yanbu for US$39 million to an unaffiliated third party. The debt-free vessel, originally acquired in Q4 2020 for US$22 million, is expected to generate a gain of approximately US$21.5 million in Q1 2025.
The transaction aligns with the company's fleet renewal strategy, focusing on fleet modernization through newbuild programs and selective second-hand vessel acquisitions. Following this sale and the delivery of three newbuild LR2 Aframax tankers, the company's fleetwide average age will decrease from 14 to 10 years by January 2026.
The sale will boost PSHG's cash balance to over US$105 million, more than double their year-end debt balance of US$47.7 million. The company anticipates the delivery of three newbuild LNG-ready LR2 Aframax tankers and one newbuild LR1 chemical/product oil tanker, with the first LR2 tanker expected around August 2025.
Performance Shipping (NASDAQ: PSHG) ha annunciato la vendita della sua nave cisterna Aframax M/T P. Yanbu, costruita nel 2011, per 39 milioni di dollari USA a una terza parte non affiliata. La nave, priva di debiti, era stata originariamente acquisita nel quarto trimestre del 2020 per 22 milioni di dollari USA e si prevede che genererà un guadagno di circa 21,5 milioni di dollari USA nel primo trimestre del 2025.
La transazione è in linea con la strategia di rinnovamento della flotta dell'azienda, che si concentra sulla modernizzazione della flotta attraverso programmi di costruzione di nuove navi e acquisizioni selettive di navi usate. Dopo questa vendita e la consegna di tre nuove navi cisterna LR2 Aframax, l'età media della flotta dell'azienda scenderà da 14 a 10 anni entro gennaio 2026.
La vendita aumenterà il saldo di cassa di PSHG a oltre 105 milioni di dollari USA, più del doppio del loro saldo debitorio a fine anno di 47,7 milioni di dollari USA. L'azienda prevede la consegna di tre nuove navi cisterna LR2 Aframax pronte per LNG e una nuova nave cisterna chimica/prodotto LR1, con la prima nave cisterna LR2 attesa intorno ad agosto 2025.
Performance Shipping (NASDAQ: PSHG) ha anunciado la venta de su buque cisterna Aframax M/T P. Yanbu, construido en 2011, por 39 millones de dólares USA a una parte no afiliada. El buque, libre de deudas, fue adquirido originalmente en el cuarto trimestre de 2020 por 22 millones de dólares USA y se espera que genere una ganancia de aproximadamente 21,5 millones de dólares USA en el primer trimestre de 2025.
La transacción se alinea con la estrategia de renovación de flota de la compañía, que se centra en la modernización de la flota a través de programas de construcción de nuevos buques y adquisiciones selectivas de buques de segunda mano. Tras esta venta y la entrega de tres nuevos buques cisterna LR2 Aframax, la edad promedio de la flota de la compañía disminuirá de 14 a 10 años para enero de 2026.
La venta aumentará el saldo de efectivo de PSHG a más de 105 millones de dólares USA, más del doble de su saldo de deuda a fin de año de 47,7 millones de dólares USA. La compañía anticipa la entrega de tres nuevos buques cisterna LR2 Aframax listos para LNG y un nuevo buque cisterna química/producto LR1, con el primer buque cisterna LR2 esperado alrededor de agosto de 2025.
Performance Shipping (NASDAQ: PSHG)는 2011년에 건조된 Aframax 유조선 M/T P. Yanbu를 3,900만 달러에 비관련 제3자에게 판매한다고 발표했습니다. 부채가 없는 이 선박은 2020년 4분기에 2,200만 달러에 인수되었으며, 2025년 1분기에 약 2,150만 달러의 이익을 창출할 것으로 예상됩니다.
이번 거래는 회사의 선대 갱신 전략과 일치하며, 신규 건조 프로그램 및 선택적인 중고 선박 인수를 통해 선대를 현대화하는 데 중점을 두고 있습니다. 이번 판매와 함께 3척의 신규 건조 LR2 Aframax 유조선의 인도가 이루어지면, 2026년 1월까지 회사의 선대 평균 연령이 14년에서 10년으로 감소할 것입니다.
이번 판매는 PSHG의 현금 잔고를 1억 500만 달러 이상으로 증가시킬 것입니다, 이는 연말 부채 잔고인 4,770만 달러의 두 배가 넘는 금액입니다. 회사는 3척의 신규 건조 LNG 준비 LR2 Aframax 유조선과 1척의 신규 건조 LR1 화학/제품 유조선의 인도를 예상하고 있으며, 첫 번째 LR2 유조선은 2025년 8월경에 인도될 것으로 예상하고 있습니다.
Performance Shipping (NASDAQ: PSHG) a annoncé la vente de son pétrolier Aframax M/T P. Yanbu, construit en 2011, pour 39 millions de dollars US à un tiers non affilié. Le navire, sans dettes, a été initialement acquis au quatrième trimestre 2020 pour 22 millions de dollars US et devrait générer un bénéfice d'environ 21,5 millions de dollars US au premier trimestre 2025.
La transaction s'inscrit dans la stratégie de renouvellement de la flotte de la société, qui se concentre sur la modernisation de la flotte par le biais de programmes de construction de nouveaux navires et d'acquisitions sélectives de navires d'occasion. Suite à cette vente et à la livraison de trois nouveaux pétroliers LR2 Aframax, l'âge moyen de la flotte de l'entreprise devrait passer de 14 à 10 ans d'ici janvier 2026.
La vente augmentera le solde de trésorerie de PSHG à plus de 105 millions de dollars US, soit plus du double de son solde d'endettement de 47,7 millions de dollars US à la fin de l'année. L'entreprise prévoit la livraison de trois nouveaux pétroliers LR2 Aframax prêts pour le GNL et d'un nouveau pétrolier chimique/produit LR1, le premier pétrolier LR2 étant attendu vers août 2025.
Performance Shipping (NASDAQ: PSHG) hat den Verkauf seines im Jahr 2011 gebauten Aframax-Tankers M/T P. Yanbu für 39 Millionen US-Dollar an eine nicht verbundene dritte Partei bekannt gegeben. Das schuldenfreie Schiff wurde ursprünglich im vierten Quartal 2020 für 22 Millionen US-Dollar erworben und wird voraussichtlich im ersten Quartal 2025 einen Gewinn von etwa 21,5 Millionen US-Dollar erzielen.
Die Transaktion steht im Einklang mit der Flottenerneuerungsstrategie des Unternehmens, die sich auf die Modernisierung der Flotte durch Neubauprogramme und selektive Ankäufe von Gebraucht Schiffen konzentriert. Nach diesem Verkauf und der Lieferung von drei neuen LR2 Aframax-Tankern wird das durchschnittliche Alter der Flotte des Unternehmens bis Januar 2026 von 14 auf 10 Jahre sinken.
Der Verkauf wird den Barbestand von PSHG auf über 105 Millionen US-Dollar erhöhen, was mehr als das Doppelte des Schuldenbestands von 47,7 Millionen US-Dollar zum Jahresende beträgt. Das Unternehmen erwartet die Lieferung von drei neuen LNG-bereiten LR2 Aframax-Tankern und einem neuen LR1 Chemikalien-/Produktöl-Tanker, wobei der erste LR2-Tanker voraussichtlich im August 2025 geliefert wird.
- Sale generates substantial profit of US$21.5 million (77% ROI)
- Cash balance to increase to over US$105 million vs US$47.7 million debt
- Fleet modernization will reduce average age from 14 to 10 years
- Debt-free vessel sale strengthens balance sheet
- Temporary reduction in fleet size and revenue-generating capacity
Insights
Performance Shipping's sale of the M/T P. Yanbu represents exceptional value creation, generating a
The timing of this transaction is strategically sound, capitalizing on the current strength in tanker asset values. This opportunistic sale transforms the company's balance sheet, boosting cash reserves to over
The fleet renewal strategy addresses multiple objectives simultaneously: reducing the average fleet age from 14 to 10 years by January 2026 will likely enhance charter rate potential while reducing maintenance costs and improving fuel efficiency. The upcoming LNG-ready vessels also position the company advantageously amid tightening environmental regulations.
While the sale temporarily reduces fleet capacity until newbuild deliveries commence in August 2025, the significant balance sheet strengthening outweighs near-term revenue impacts. With vessel values currently elevated, this transaction demonstrates management's market timing acumen and commitment to shareholder value optimization.
ATHENS, Greece, March 24, 2025 (GLOBE NEWSWIRE) -- Performance Shipping Inc. (NASDAQ: PSHG), (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, today announced that, through a separate wholly-owned subsidiary, it has signed a Memorandum of Agreement to sell the 2011-built, 105,400 dwt Aframax tanker vessel, M/T P. Yanbu, to an unaffiliated third party for a gross sale price of US
The Company acquired the M/T P. Yanbu in the fourth quarter of 2020 for US
Commenting on this transaction, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:
“The sale of the M/T P. Yanbu marks yet another milestone in our fleet renewal strategy, focused on our commitment to modernizing our fleet through our newbuild program and expansion through selective second-hand vessel acquisitions. We pursue these transactions opportunistically when favorable market conditions arise. The sale of this mid-aged vessel enables us to capture significant value amid appreciated tanker vessel values. With cash proceeds from this transaction, our cash balance is expected to increase in excess of US
About the Company
Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of tanker vessels. The Company employs its fleet on spot voyages, through pool arrangements, and on time charters.
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include, but are not limited to, statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts, including with respect to the delivery of the vessels we have agreed to acquire, future market conditions and the prospective financing and employment of our vessels. The words “believe," “anticipate," “intends," “estimate," “forecast," “project," “plan," “potential," “will," “may," “should," “expect," “targets," “likely," “would," “could," “seeks," “continue," “possible," “might," “pending” and similar expressions, terms or phrases may identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including, without limitation, our management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs, or projections.
In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to: the strength of world economies, fluctuations in currencies and interest rates, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in the tanker shipping industry, changes in the supply of vessels, changes in worldwide oil production and consumption and storage, changes in our operating expenses, including bunker prices, crew costs, drydocking and insurance costs, our future operating or financial results, availability of financing and refinancing including with respect to vessels we agree to acquire, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, the length and severity of epidemics and pandemics, including COVID-19, and their impact on the demand for seaborne transportation of petroleum and other types of products, changes in governmental rules and regulations or actions taken by regulatory authorities, general domestic and international political conditions or events, including “trade wars”, armed conflicts including the war in Ukraine and the war between Israel and Hamas or related regional conflicts, the imposition of new international sanctions, acts by terrorists or acts of piracy on ocean-going vessels, potential disruption of shipping routes due to accidents, labor disputes or political events, vessel breakdowns and instances of off-hires and other important factors. Please see our filings with the US Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.
Corporate Contact: Andreas Michalopoulos Chief Executive Officer, Director and Secretary Telephone: +30-216-600-2400 Email: amichalopoulos@pshipping.com Website: www.pshipping.com Investor and Media Relations: Edward Nebb Comm-Counsellors, LLC Telephone: + 1-203-972-8350 Email: enebb@optonline.net
FAQ
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