Performance Shipping Buys Aframax Tanker

Maritime Activity Reports, Inc.

February 18, 2020

Performance Shipping announced that it has signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to purchase a 2007 built Aframax tanker vessel, the M/T FSL Shanghai, from an unaffiliated third party seller for a total purchase price of US$26.0 million.

According to a press release from the global shipping company specializing in the ownership of vessels, the vessel is expected to be delivered to the Company by the end of March 2020.

Andreas Michalopoulos, the Company’s Deputy Chief Executive Officer, Chief Financial Officer and Treasurer, said: “We are very pleased with this acquisition, which brings us one step closer to the creation of the only publicly listed pure-play Aframax company. We believe that the Company is well positioned to take advantage of favorable charter rates in the future.”

Upon completion of the above mentioned acquisition, as well as the previously announced sale of the Post-Panamax container vessel, the M/V Rotterdam, Performance Shipping Inc.’s fleet will consist of four Aframax tanker vessels and one Panamax container vessel.

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