Performance Shipping secures sale, leaseback agreement for LR1 tanker

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Wed, March 18, 2026 astatine 8:21 AM CDT 1 min read

Performance Shipping (PSHG) announced that, done a abstracted wholly-owned subsidiary, it has entered into a merchantability and leaseback statement with an unaffiliated 3rd enactment for its antecedently announced LR1 tanker newbuilding vessel, to beryllium named M/T P. San Francisco, presently nether operation astatine Jiangsu New Yangzi Shipbuilding Co., Ltd. and scheduled for transportation successful aboriginal 2027. The bareboat financing magnitude totals $37.8 million. As portion of this agreement, the Vessel volition beryllium sold and past chartered backmost to the Company connected a bareboat ground for a ten-year play starting from transportation from the shipyard. The bareboat charter includes 120 monthly installments equivalent to $5,451 per day, with an implied involvement complaint of Term SOFR positive 2.00% per annum. Additionally, a balloon outgo of astir $18.1 cardinal volition beryllium owed unneurotic with the past installment. The Company has continuous options to repurchase the Vessel astatine predetermined rates pursuing the 2nd day of the bareboat charter.

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