Performance Shipping Inc. Announces Agreement to Acquire an Aframax Tanker Vessel
ATHENS, Greece, Feb. 18, 2020 (GLOBE NEWSWIRE) — Performance Shipping Inc. (NASDAQ: DCIX), (the “Company”), a global shipping company specializing in the ownership of vessels, today announced that it has signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to purchase a 2007 built Aframax tanker vessel, the M/T FSL Shanghai, from an unaffiliated third party seller for a total purchase price of US$26.0 million. The vessel is expected to be delivered to the Company by the end of March 2020.
Commenting on the agreement, Mr. Andreas Michalopoulos, the Company’s Deputy Chief Executive Officer, Chief Financial Officer and Treasurer, stated:“We are very pleased with this acquisition, which brings us one step closer to the creation of the only publicly listed pure-play Aframax company. We believe that the Company is well positioned to take advantage of favorable charter rates in the future.”Upon completion of the above mentioned acquisition, as well as the previously announced sale of the Post-Panamax container vessel, the M/V Rotterdam, Performance Shipping Inc.’s fleet will consist of four (4) Aframax tanker vessels and one (1) Panamax container vessel. A table describing the Company’s current fleet can be found on the Company’s website, www.pshipping.com Information included on the Company’s website does not constitute a part of this press release.About the CompanyPerformance Shipping Inc. is a global provider of shipping transportation services through its ownership of vessels. The Company’s current fleet of vessels is employed primarily on charters with leading charterers.Cautionary Statement Regarding Forward-Looking StatementsMatters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
Corporate Contact:
Ioannis Zafirakis
Director, Chief Strategy Officer and Secretary
Telephone: +30-216-600-2400
Email:
Website: www.pshipping.com
Commenting on the agreement, Mr. Andreas Michalopoulos, the Company’s Deputy Chief Executive Officer, Chief Financial Officer and Treasurer, stated:“We are very pleased with this acquisition, which brings us one step closer to the creation of the only publicly listed pure-play Aframax company. We believe that the Company is well positioned to take advantage of favorable charter rates in the future.”Upon completion of the above mentioned acquisition, as well as the previously announced sale of the Post-Panamax container vessel, the M/V Rotterdam, Performance Shipping Inc.’s fleet will consist of four (4) Aframax tanker vessels and one (1) Panamax container vessel. A table describing the Company’s current fleet can be found on the Company’s website, www.pshipping.com Information included on the Company’s website does not constitute a part of this press release.About the CompanyPerformance Shipping Inc. is a global provider of shipping transportation services through its ownership of vessels. The Company’s current fleet of vessels is employed primarily on charters with leading charterers.Cautionary Statement Regarding Forward-Looking StatementsMatters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
Corporate Contact:
Ioannis Zafirakis
Director, Chief Strategy Officer and Secretary
Telephone: +30-216-600-2400
Email:
Website: www.pshipping.com
Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email:
