Performance Shipping Announces Full Prepayment of Piraeus Bank S.A. Loans

Source: www.gulfoilandgas.com 12/18/2023, Location: Europe

Performance Shipping Inc., a global shipping company specializing in the ownership of tanker vessels, announces the voluntary prepayment in full of its existing loans with Piraeus Bank S.A., (the “Piraeus Loans”). The voluntary prepayment amounts to approximately US$44.8 million. The Piraeus loans were secured by the M/T P. Monterey, M/T P. Yanbu and M/T P. Sophia. Following the full prepayment of the Piraeus Loans, the Company’s total outstanding debt will be approximately US$55.2 million, and three out of the seven vessels comprising the Company’s current fleet will be completely unencumbered.

Commenting on this prepayment, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:
“Following the recent strategic sale of the M/T P. Kikuma, we deployed our excess liquidity to prepay the Piraeus Loan, decreasing the Company's indebtedness by approximately 44%, significantly reducing future interest rate costs, and enhancing our financial performance. Indicatively, the prepayment will result in negative net leverage of approximately -3% of our estimated fleet market value, savings of US$5.3 million per annum in principal loan repayments, and a reduction of our expected 2024 finance costs by approximately US$3.7 million or approximately 50%. We expect to continue generating significant free cashflow with the crude oil and refined petroleum product tanker markets remaining strong, further strengthening our balance sheet and, with three unencumbered vessels in our fleet, enhancing our ability to pursue growth opportunities. We believe that the efficient use of our excess cash towards the deleveraging of our Company, as well as the continuation of our preapproved US$2 million share buyback program, enhances shareholder value.”


Canada >>  5/24/2024 - Permian Resources Corporation (“Permian Resources”) (NYSE: PR) announces that, in connection with its post-merger integration of Earthstone Energy Inc...
Netherlands/Holland >>  5/24/2024 - Shell plc (the ‘Company’) announces that on 23 May, 2024 it purchased the following number of Shares for cancellation. ...

Netherlands/Holland >>  5/24/2024 - LyondellBasell (NYSE: LYB) announced its board of directors has declared a quarterly dividend of $1.34 per share, representing a 7 percent increase ov...
Norway >>  5/24/2024 - Equinor ASA (OSE: EQNR, NYSE: EQNR) announced on 7 February 2024 an ordinary cash dividend per share of USD 0.35 and an extraordinary cash dividend pe...

Norway >>  5/24/2024 - DNO ASA, the Norwegian oil and gas operator, today completed the private placement of USD 400 million of new five-year senior unsecured bonds with a c...
Norway >>  5/24/2024 - Dividend information
Reference is made to the Q1 2024 Presentation released 24 May 2024.

BW Offshore Limited (“BW Offshore”) pro...





Gulf Oil and Gas
Copyright © 2023 ICT All rights reserved. - Terms of Service - Privacy Policy.