Performance Shipping has signed a memorandum of agreement to sell its oldest vessel, the P. Aliki, to Trafigura Maritime Logistics for $42.65 million. The 105,304 DWT Aframax tanker is scheduled to be delivered to the new owners around the end of Q3 2026.
The transaction is contingent upon the expiration of a current $30,000 daily time charter with Pakistan National Shipping Corporation. Performance Shipping also noted the sale remains subject to customary closing conditions.
The company plans to use approximately $12.8 million from the net proceeds to repay an outstanding credit facility with Alpha Bank. It noted that P. Aliki was acquired in the fourth quarter of 2022 for a gross price of $36.5 million.
Chief Executive Officer Andreas Michalopoulos explained that the sale aligns with a broader strategy to renew the company fleet. He further noted that the average age of the fleet has decreased from 14 to eight years on a pro-forma basis.
Cash reserves for the company are projected to rise to approximately $175 million from $50 million at the end of 2025. This projection accounts for a recent bond tap issue and the delivery of the P. Marseille in January 2026.
Management confirmed the increased cash position will help fund the construction of two Suezmax tankers. These vessels are scheduled for delivery in October 2028 and May 2029 from China Shipbuilding Trading Company and Shanghai Waigaoqiao Shipbuilding.