Performance Shipping, a global shipping company specializing in the ownership of vessels, announced that it has signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to sell to an unaffiliated third party the 2008-built Post-Panamax container vessel “Rotterdam”, with delivery to the buyer latest by May 15, 2020, for a sale price of US$18.5 million before commissions.
Upon completion of the aforementioned sale, Performance Shipping Inc.’s fleet will consist of one Panamax container vessel and two Aframax tanker vessels. The Company also expects to take delivery of one Aframax tanker vessel by the end of January 2020.
Commenting on the transaction, Mr. Andreas Michalopoulos, the Company’s Deputy Chief Executive Officer, Chief Financial Officer and Treasurer stated:
“The sale of one of the two remaining containerships in our fleet will increase our cash position to around US$46 million. This cash amount, together with the low leveraged assets, provides a total valuation well in excess of our current stock market capitalization. We are confident that this discrepancy will soon be either greatly reduced or disappear entirely as we steadily increase our presence in the Aframax tanker market.”