Nasdaq-listed Greek owner Performance Shipping has agreed the sale of its oldest tanker for $35.65m, securing a deal months after an earlier disposal attempt tied to an offshore conversion project fell through.
The company has struck a deal with an unnamed buyer for the 2009-built aframax P Sophia, with delivery expected in mid-2026. The 105,071 dwt tanker is currently part of the collateral package for the company’s outstanding Nordic bond, and net proceeds from the sale will be applied in line with the bond terms.
Performance Shipping acquired the unit in the third quarter of 2022 for about $27.6m and based on the agreed sale price, the company expects to record a gain of roughly $8m.
The deal replaces a previously announced forward sale that collapsed last year. The vessel had been earmarked for potential conversion into an FPSO under a $36m agreement with an unnamed buyer, with an additional $1m payable for early delivery. The arrangement lapsed after the ship was not selected for the offshore project.
Commenting on the deal, chief executive Andreas Michalopoulos said: “While the outlook for the aframax sector remains solid, we believe this transaction represents a timely and compelling opportunity for our company, reflecting our disciplined and opportunistic approach in accordance with our fleet renewal strategy.”
The tanker will remain on its existing charter at $43,000 per day until around late May 2026, allowing Performance Shipping to capture earnings before delivery to its new owners.
