Performance Shipping Inc. Announces Completion of Sale and Delivery of Vessel to her New Owners

Athens, Greece - April 1, 2020

Performance Shipping Inc. (NASDAQ: PSHG), (the “Company”), a global shipping company specializing in the ownership of vessels, announced that today it has completed the previously announced sale of the 2008-built Post-Panamax container vessel “Rotterdam”, with the delivery of the vessel to her new owners.

Commenting on the delivery, Mr. Andreas Michalopoulos, the Company’s Deputy Chief Executive Officer, stated:

“We are proud, given the unfortunate global circumstances, to have concluded both the delivery to the Company of our most recently acquired Aframax tanker vessel, the M/T P. Kikuma, and the delivery to her new owners of the container vessel, the M/V Rotterdam, this week.

As previously announced on January 27, 2020, the sale price of the M/V Rotterdam was US$18.5 million before commissions, leaving only one containership remaining in our fleet.

These sale proceeds increase our cash position to around US$30 million, which together with our low leveraged assets, enables us to steadily increase our presence in the tanker sector.

With a fleet of four Aframax tanker vessels, we are currently benefiting from the development of a robust tanker market supported by increased oil production and the oil price contango resulting in floating storage for trading purposes and the replenishment of refineries and strategic reserves. As previously announced, our ticker symbol has changed to ‘PSHG’.”

Performance Shipping Inc.’s fleet now consists of one (1) Panamax container vessel and four (4) Aframax tanker vessels. A table describing the Company’s fleet can be found on the Company’s website, Information included on the Company’s website does not constitute a part of this press release.

About the Company
Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of vessels. The Company’s current fleet of vessels is employed primarily on spot charters with leading charterers.

Performance Shipping Inc. press release

Related article: Performance Shipping Inc. Announces the Sale of a Post-Panamax Container Vessel, the M/V Rotterdam

M/V Rotterdam. Image by Performance Shipping Inc.