PSHG - Performance Shipping stock rises on deal to buy first LR2 Aframax oil product tanker

• Performance Shipping ( NASDAQ: PSHG ) will acquire its first LR2 Aframax oil product tanker from an unaffiliated third party for a gross purchase price of US$36.5M, the shipping company announced on Wednesday .
• The company signed a memorandum of agreement to acquire 105,304 dwt M/T Alpine Amalia. The transaction will be funded with cash-on-hand raised from the company's recent equity offerings and the incurrence of debt through a new senior secured facility that it anticipates it will enter into prior to the delivery of the vessel.
• The vessel, to be renamed M/T P. Aliki, was built in 2010 by Hyundai Heavy Industries. It will be delivered to Performance Shipping ( PSHG ) in Nov 2022. Its next scheduled special survey and drydock is not due until 2025.
• This marks PSHG's seventh vessel.
• PSHG shares gained as much as 9% pre-market

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