PSHG - Performance Shipping to acquire Aframax tanker vessel for $35M

• Performance Shipping ( NASDAQ: PSHG ) said Friday it will acquire the M/T Phoenix Beacon, a 105,525 dwt Aframax tanker vessel built by Hyundai Heavy Industries, from an unaffiliated third party for $35M.
• The vessel is fitted with a ballast water treatment system and its next scheduled special survey is not due till 2026.
• The M/T Phoenix Beacon is expected to be delivered to PSHG by early Dec. and will be renamed M/T P. Monterey.
• PSHG expects to fund the acquisition with cash on hand and debt through a new senior secured facility that it expects to enter into prior to the vessel's delivery.
• The latest acquisition expands PSHG's Aframax fleet from five to eight vessels in six months.
• "We intend to fund this acquisition with bank debt of ~$30M and the rest from available cash, still maintaining a modest overall level of financial leverage fleetwide. With the delivery of the two newly acquired Aframax tankers during Q4, our fleet will be well positioned to potentially generate significant cash flow moving forward," said PSHG CEO Andreas Michalopoulos.

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