Performance Shipping: Sale & leaseback agreement for new LR1

Performance Shipping Inc. (PSHG), owned by Aliki Paliou, has entered into a merchantability and leaseback statement for a newbuilding LR1 tanker, enhancing its fiscal flexibility.

The vessel, to beryllium named M/T P. San Francisco, is presently under operation astatine Jiangsu New Yangzi Shipbuilding and is expected to beryllium delivered successful aboriginal 2027.

The statement amounts to 37.8 cardinal dollars and provides for a 10-year bareboat charter, with a regular prosecute complaint of 5,451 dollars and a outgo of astir 18.1 cardinal dollars astatine the extremity of the term. At the aforesaid time, the institution retains a acquisition enactment for the vessel aft two years.

According to CEO Andreas Michalopoulos, the financing covers 70% of the vessel’s value and ensures balanced currency flows, while the already secured charter statement with Mercuria enhances gross visibility.