PSHG - Performance Shipping signs shipbuilding contract for $62.6M

2023-03-08 09:34:12 ET

• Performance Shipping ( NASDAQ: PSHG ) through a separate wholly-owned subsidiary has signed a a shipbuilding contract with China Shipbuilding Trading and Shanghai Waigaoqiao Shipbuilding for the construction Aframax product/crude oil tanker for a contract price of $62.6M, net of commission to third party.
• 15% of the purchase price is payable on receipt of a refund guarantee, expected to occur within 30 days; 10% of the purchase price is payable at each of the milestones of steel cutting, keel laying and launching of the vessel, and the remaining 55% of the purchase price is payable on vessel delivery.
• Vessel delivery is expected during the Q4 of 2025.

For further details see: