PSHG - Performance Shipping to sell Aframax tanker vessel for $34M

• Performance Shipping ( NASDAQ: PSHG ) has agreed to sell a 2007-built Aframax tanker vessel to an unaffiliated third party for a gross sale price of $34M.
• The vessel, named "M/T P. Fos", will be delivered to the undisclosed buyer in November 2022. The sale agreement was signed through a separate wholly-owned subsidiary of Performance Shipping.
• CEO Andreas Michalopoulos commented: "The sale is part of our fleet renewal process as we expect to use the net cash proceeds from this disposition estimated at $25M, along with a marginal level of new debt, to acquire a younger Aframax tanker with possibly higher specifications. With this sale, we also reduce the average age and increase the competitiveness of our fleet."
• Shares are up +3.45% pre-market.

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