DivestmentApr 14, 2026, 09:27 AM
Performance Shipping Sells M/T P. Aliki for US$42.65 Million
AI Summary
Performance Shipping Inc. announced the sale of its oldest vessel, the 2010-built M/T P. Aliki, for US$42.65 million to Trafigura Maritime Logistics Pte. Ltd. The sale is expected to close by the end of Q3 2026, with approximately US$12.8 million of the net proceeds used to repay debt. This divestment is part of the company's fleet renewal strategy, which has reduced the average fleet age from 14 to 8 years, and is projected to significantly boost cash reserves from US$50 million to US$175 million, supporting future newbuilding projects.
Key Highlights
- Sold 2010-built Aframax tanker M/T P. Aliki for US$42.65 million.
- Acquired M/T P. Aliki in Q4 2022 for US$36.5 million.
- Approximately US$12.8 million from proceeds to repay debt.
- Expected cash reserves to increase from US$50M to US$175M.
- Average fleet age declined from 14 years to 8 years pro forma.