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Performance Shipping Inc. Secures Sale and Leaseback Agreement for Previously Announced Newbuild LR2 Aframax Tanker
Performance Shipping Inc. (NASDAQ: PSHG) has secured a sale and leaseback agreement for its previously announced newbuild LR2 Aframax tanker. The bareboat financing totals $44.25 millionfor an eight-year period, with a daily rate of $7,132 and a balloon payment of $23.7 million. The implied interest rate is Term SOFR plus 2.425% per annum.
The vessel, expected to be delivered in Q4 2025, has been chartered to Clearlake Shipping Pte for five years at $31,000 per day. CEO Andreas Michalopoulos highlighted the attractive financing terms and the vessel's appreciated value since its order at $63.25 million. The company's remaining capital expenditures for the vessel are $19 million before delivery and $34.8 million upon delivery.
The vessel, expected to be delivered in Q4 2025, has been chartered to Clearlake Shipping Pte for five years at $31,000 per day. CEO Andreas Michalopoulos highlighted the attractive financing terms and the vessel's appreciated value since its order at $63.25 million. The company's remaining capital expenditures for the vessel are $19 million before delivery and $34.8 million upon delivery.
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