Performance Shipping Announces Delivery of the Aframax Tanker, M/T P. Monterey

Source: 12/5/2022, Location: Europe

Performance Shipping Inc., a global shipping company specializing in the ownership of tanker vessels, announced that, through a separate wholly-owned subsidiary, it has taken delivery of the M/T P. Monterey (formerly “Phoenix Beacon”), a 2011-built Aframax tanker vessel of 105,525 dwt that the Company entered into an agreement to purchase in September 2022.

As previously announced, the M/T P. Monterey was acquired for a total purchase price of US$35 million and partially financed through the recently announced term loan facility with Piraeus Bank S.A. Following the delivery, as previously disclosed, the vessel will commence a time charter contract with ST Shipping & Transport Pte Ltd., a wholly-owned subsidiary of Glencore, at a daily rate of US$32,000 per day for a period of twenty-four (24) months +/- 45 days at the option of the charterer.

The M/T P. Monterey is equipped with a ballast water treatment system (BWTS), and its next scheduled special survey is not due until 2026. The vessel is the third vessel delivered to the Company during the course of this year.

The Company’s fleet currently consists of seven (7) Aframax tanker vessels and one (1) Aframax tanker vessel expected to be delivered within December.

Commenting on this delivery, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:
“The acquisition of the M/T P. Monterey marks another important milestone for our Company. In the short span of six months and following the delivery of our most recent acquisition later this month, the M/T P. Long Beach, our initial five-vessel fleet will have nearly doubled in size and will consist of eight modern, high specification Aframax tankers. As previously announced, the employment of the M/T P. Monterey will generate approximately US$22 million of gross revenue for the minimum duration of the charter, thereby contributing to our fleet-wide base of secured revenues of approximately US$85 million. We expect to further supplement this steady cashflow through the operation of our remaining tankers in the spot market, which we believe demonstrates sustainably strong fundamental conditions, as voyage charter rates for Aframax tankers are currently at historically high levels.”

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