Performance Shipping Buys Its First LR2 Aframax Oil Product Tanker

Performance Shipping Inc PSHG has agreed to purchase a 105,304 dwt LR2 Aframax oil product tanker, the M/T Alpine Amalia, from an unaffiliated third party, for a gross purchase price of $36.5 million.
The tanker, which will be renamed M/T P. Aliki, was built-in 2010. It is expected to be delivered in November 2022.
The company expects to finance the acquisition with cash-on-hand raised from its recent equity offerings and the incurrence of debt through a new senior secured facility.
PSHG held cash and cash equivalents of $13.27 million as of June 30, 2022.
"The acquisition of our seventh vessel, a long-range Aframax oil product tanker referred to as an LR2, marks yet another significant milestone for our Company. It marks our entry into the refined petroleum product tanker sector, which we believe enjoys strong fundamentals and prospects," commented CEO Andreas Michalopoulos.
Price Action: PSHG shares are trading higher by 6.56% at $0.3199 on the last check Wednesday.