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Nasdaq-listed Greek tanker owner and operator Performance Shipping has nearly doubled its money by selling one of its aframaxes.
The Andreas Michalopoulos company has offloaded the 2011-built P Yanbu for $39m after picking up the 105,400 dwt vessel in late 2020 for $22m.
The Japanese-built unit has been delivered to its new undisclosed owner, delivering a profit to Performance Shipping of about $21.5m, excluding commissions and transaction-related costs.
Following the sale, the company’s fleet counts six aframax tankers, and three LR2s as well as one LR1 under construction in China. The LR2 deliveries are expected to bring the fleet’s average age to 10 years in 2026.
“The sale of this mid-aged vessel enables us to capture significant value amid appreciated tanker vessel values. With cash proceeds from this transaction, our cash balance is expected to increase in excess of $105m, representing more than twice our year-end debt balance of $47.7m,” noted Performance chief executive Michalopoulos.
The post Performance Shipping flips aframax for $21.5m profit appeared first on Energy News Beat.
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