On April 14, Performance Shipping announced the sale of the 2010-built Aframax tanker P. Aliki for US$42.65 million, with delivery to the buyer expected by the end of the third quarter of 2026.

Specifically, on April 14, Performance Shipping, through a separate wholly owned subsidiary, entered into an agreement to sell the 2010-built, 105,304 dwt Aframax tanker P. Aliki to Trafigura for a total consideration of US$42.65 million. The vessel will be delivered to the new owner upon completion of its current charter with Pakistan National Shipping Corporation at a daily rate of US$30,000, with delivery anticipated on or about the end of the third quarter of 2026.

Performance Shipping noted that it had acquired the vessel in the fourth quarter of 2022 for US$36.5 million and has operated it profitably over the past four years. A portion of the net proceeds from the sale will be applied toward the repayment of approximately US$12.8 million in outstanding indebtedness.

Andreas Michalopoulos, Chief Executive Officer of Performance Shipping, stated that the sale of P. Aliki forms part of the company's fleet renewal strategy. Following the divestments of P. Sophia and P. Aliki, the average age of the fleet has declined from 14 years to 8 years.

He noted that vessel age is not the sole consideration. Including the anticipated proceeds from the two aforementioned sales, the company's cash reserves are projected to increase from approximately US$50 million as of year-end 2025 to approximately US$175 million. This enhanced liquidity will further support the financing of the two Suezmax tankers currently on order.

On March 2, Performance Shipping, through two separate wholly owned subsidiaries, entered into construction contracts with China State Shipbuilding Corporation and Shanghai Waigaoqiao Shipbuilding for two 158,000 dwt Suezmax tankers, with deliveries scheduled for October 2028 and May 2029, respectively.

Performance Shipping disclosed that the contract price per vessel amounts to US$81.5 million, representing a total order value of approximately US$163 million.