ATHENS, Greece, March 8, 2023 (GLOBE NEWSWIRE) — Performance Shipping Inc. (NASDAQ: PSHG) (“we” or the “Company”), a global shipping company specializing in the ownership of tankers, announced today that it has entered into, through a separate wholly-owned subsidiary, a construction contract naval with China Shipbuilding Trading Company Limited and Shanghai Waigaoqiao Shipbuilding Company Limited for the construction of a 114,000 DWT product/crude ready LR2 Aframax crude oil tanker for a contract price of US$62.6 million. , net of commissions to third parties. 15% of the purchase price is due upon receipt of a money-back guarantee, which is expected to occur within 30 days; 10% of the purchase price is paid at each of the steel cutting, keel laying and vessel launching milestones, and the remaining 55% of the purchase price is paid upon delivery of the vessel. The company expects to receive the ship in the fourth quarter of 2025.
The vessel will be equipped with an electronic main engine with High Pressure Selective Catalytic Reactor (HPSCR) for Tier III compliance (NOx emissions), an Exhaust Gas Cleaning System (EGCS) for Tier II compliance (NOx emissions) and a ballast water treatment system. (BWTS).
Commenting on this contract, Andreas Michalopoulos, CEO of the company, stated:
“We are pleased to have secured one of the remaining delivery slots for the LR2/Aframax tankers with a delivery date of 2025. The construction of this LNG ready tanker/product, with the latest engine and emissions requirements of high specification, and equipped with a scrubber and ballast water treatment system, will take place at China’s largest and most reputable state-owned shipyard. This contract is consistent with our view that the historically low growth of tanker fleet in the coming years and an aging fleet during a period of high maritime trade demand will result in sustainably strong fundamentals and higher asset values.”
About the company
Performance Shipping Inc. is a global provider of shipping services thanks to its ownership of tankers. The company uses its fleet on one-off trips, through pool and time charter arrangements.
Cautionary Statement Regarding Forward-Looking Statements
The matters 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 forward-looking information about their business. Forward-looking statements include, but are not limited to, statements about plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are not statements of historical fact.
The words “believe”, “anticipate”, “intend”, “estimate”, “forecast”, “project”, “plan”, “potential”, “should”, “could”, “should”, “expect” “goals”, “likely”, “could”, “seek”, “continue”, “possible”, “could”, “pending” and similar expressions, terms or phrases may identify forward-looking statements.
The forward-looking statements in this press release are based on various assumptions, many of which are based, in turn, on additional assumptions, including, without limitation, our management’s examination of historical operating trends, the data contained in our records and other available data. of third parties Although we believe these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or meet these expectations , beliefs, or projections.
In addition to these important factors, other important factors that, in our opinion, could cause actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to: the strength of global economies, fluctuations in currencies and interest rates, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in the tanker shipping industry, changes in vessel supply, changes in worldwide oil production and consumption and storage, changes in our operating expenses, including bunkering. prices, crew costs, drydocking and insurance costs, our future operating or financial results, availability of financing and refinancing, including with respect to vessels we agree to acquire, changes in government rules and regulations or actions taken by regulatory authorities, potential liability for pending or future litigation, general domestic and international political conditions, the duration and risk of epidemics and pandemics, including the ongoing outbreak of the novel coronavirus (COVID-19) and its impact on demand for marine transportation of oil and other products, changes in government rules and regulations or actions taken by regulatory authorities, potential liability arising from pending or future litigation, general domestic and international political conditions or events, including “trade wars”, armed conflicts, including the war in Ukraine, the imposition of new international sanctions, the acts of terrorists or acts of piracy on ocean-going vessels, potential disruption of shipping routes due to accidents, labor disputes or political events, vessel breakdowns and cases of temporary employment and other important factors. Please see our filings with the US Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.
CONTACT: Corporate Contact: Andreas Michalopoulos Chief Executive Officer, Director and Secretary Telephone: +30-216-600-2400 Email: amichalopoulos@pshipping.com Website: www.pshipping.com Investor and Media Relations: Edward Nebb Comm-Counsellors, LLC Telephone: + 1-203-972-8350 Email: enebb@optonline.net
