ATHENS, Greece, Jan. 27, 2020 (GLOBE NEWSWIRE) — Performance Shipping Inc. (NASDAQ: DCIX), (the “Company”), a global shipping company specializing in the ownership of vessels, today 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 (1) Panamax container vessel and two (2) Aframax tanker vessels. The Company also expects to take delivery of one (1) Aframax tanker vessel by the end of January 2020. A table describing the current Performance Shipping Inc. fleet can be found on the Company’s website, www.pshipping.com. Information included on the Company’s website does not constitute a part of this press release.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.”About the CompanyPerformance Shipping Inc. is a global provider of shipping transportation services through its ownership of vessels. The Company’s current fleet of vessels is employed primarily on charters with leading charterers.Cautionary Statement Regarding Forward-Looking StatementsMatters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.Corporate Contact:
Ioannis Zafirakis
Director, Chief Strategy Officer and Secretary
Telephone: +30-216-600-2400
Email: Website: www.pshipping.com Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email:
Bay Street News