Performance Shipping Inc. (NASDAQ: PSHG), (“we” or the “Company”),
a global shipping company specializing in the ownership of tanker
vessels, today announced that, through two separate wholly-owned
subsidiaries, it has signed two shipbuilding contracts with China
Shipbuilding Trading Co. Ltd. (“CSTC”) and Shanghai Waigaoqiao
Shipbuilding Co. Ltd. (“SWS”) for the construction of two 114,000
DWT LNG-ready LR2 Aframax product/crude oil tanker vessels expected
to be delivered in January and April of 2026, at a purchase price
of US$64,845,000 per vessel, net of third-party commission. 15% of
the purchase price is payable upon receipt of a refund guarantee;
10% of the purchase price is payable at each of the milestones of
steel cutting, keel laying, and launching of the vessels, and the
remaining 55% of the purchase price is payable upon the delivery of
the vessels.
The vessels will be equipped with electronic
main engines with high-pressure selective catalytic reactors
(HPSCR) for Tier III (NOx Emissions) compliance, exhaust gas
cleaning systems (EGCS – commonly referred to as scrubbers) for
Tier II (NOx Emissions) compliance, and ballast water treatment
systems (BWTS).
Commenting on the contracts, Andreas
Michalopoulos, the Company’s Chief Executive Officer, stated:
“These shipbuilding contracts supplement the
previous contract we entered into with SWS in March 2023 for a Tier
III product/crude oil carrier scheduled for delivery around October
2025. The construction of these LNG-ready LR2 oil tankers, equipped
with the latest high-specification engines and meeting stringent
emission requirements, along with scrubbers and water ballast
treatment systems, will take place at the largest and most
reputable state-owned shipyard in China. Following the sale of our
oldest, 2007 built, Aframax tankers, M/T P. Fos in October 2022 and
M/T P. Kikuma in November 2023, the Company is now poised to take
delivery of three identical “sister” vessels in late 2025 through
early 2026. These sales and acquisitions constitute our core fleet
expansion and renewal strategy. We believe that tanker fleet growth
will reach historical lows in the coming years and maintaining a
modern fleet among an aging global fleet during periods of high
seaborne trade demand will result in sustainably strong
fundamentals and higher asset values.”
About the Company
Performance Shipping Inc. is a global provider
of shipping transportation services through its ownership of tanker
vessels. The Company employs its fleet on spot voyages, through
pool arrangements and on time charters.
Cautionary Statement Regarding
Forward-Looking Statements
Matters 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, but are not limited to,
statements regarding our sales and acquisition strategy and our
newbuilding contracts, and statements concerning plans, objectives,
goals, strategies, future events or performance, and underlying
assumptions and other statements, which are other than statements
of historical facts. The words “believe,” “anticipate,” “intends,”
“estimate,” “forecast,” “project,” “plan,” “potential,” “will,”
“may,” “should,” “expect,” “targets,” “likely,” “would,” “could,”
“seeks,” “continue,” “possible,” “might,” “pending” and similar
expressions, terms or phrases may identify forward-looking
statements.
The forward-looking statements in this press
release are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including, without
limitation, our management’s examination of historical operating
trends, data contained in our records and other data available from
third parties. Although we believe that these assumptions were
reasonable when made, because these assumptions are inherently
subject to significant uncertainties and contingencies which are
difficult or impossible to predict and are beyond our control, we
cannot assure you that we will achieve or accomplish these
expectations, beliefs, or projections.
In addition to these important factors, other
important factors that, in our view, could cause actual results to
differ materially from those discussed in the forward-looking
statements include, but are not limited to: the strength of world
economies, fluctuations in currencies and interest rates, general
market conditions, including fluctuations in charter rates and
vessel values, changes in demand in the tanker shipping industry,
changes in the supply of vessels, changes in worldwide oil
production and consumption and storage, changes in our operating
expenses, including bunker prices, crew costs, drydocking and
insurance costs, our future operating or financial results,
availability of financing and refinancing including with respect to
vessels we agree to acquire, changes in governmental rules and
regulations or actions taken by regulatory authorities, potential
liability from pending or future litigation, general domestic and
international political conditions, the length and severity of
epidemics and pandemics, including COVID-19, and their impact on
the demand for seaborne transportation of petroleum and other types
of products, changes in governmental rules and regulations or
actions taken by regulatory authorities, general domestic and
international political conditions or events, including “trade
wars”, armed conflicts including the war in Ukraine and the war
between Israel and Hamas, the imposition of new international
sanctions, acts by terrorists or acts of piracy on ocean-going
vessels, potential disruption of shipping routes due to accidents,
labor disputes or political events, vessel breakdowns and instances
of off-hires and other important factors. Please see our filings
with the US Securities and Exchange Commission for a more complete
discussion of these and other risks and uncertainties.
Corporate Contact:
Andreas Michalopoulos
Chief Executive Officer, Director and Secretary
Telephone: +30-216-600-2400
Email: amichalopoulos@pshipping.com
Website: www.pshipping.com
Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email: enebb@optonline.net
Grafico Azioni Performance Shipping (NASDAQ:PSHG)
Storico
Da Apr 2024 a Mag 2024
Grafico Azioni Performance Shipping (NASDAQ:PSHG)
Storico
Da Mag 2023 a Mag 2024