Performance Shipping, a shipping company based in Greece, has announced the sale of its oldest vessel, the Aframax tanker M/T P. Sophia, built in 2009 with a capacity of 105,071 dwt. The sale was completed to an unrelated third party for $35.65 million, with delivery to the new owners expected by mid-2026, contingent on the usual closing conditions. Currently, the P. Sophia is part of the collateral for the company's outstanding Nordic bond loan, and the net proceeds from the sale will be allocated according to the terms of the bond agreement.

The company acquired the P. Sophia in the third quarter of 2022 for a gross price of $27.577 million. Therefore, the sale represents a significant profit for Performance Shipping, enhancing its financial position. CEO Andreas Michalopoulos commented on the transaction, stating that the divestment of the P. Sophia strengthens the company's fleet profile, reflecting the ongoing strength in tanker values. This move indicates the company's strategic approach in managing its assets and optimizing its operational efficiency in a competitive market.

The decision to sell the vessel aligns with broader trends in the shipping industry, where shipping companies are often adjusting their fleets in response to changing market dynamics. With the successful execution of this sale, Performance Shipping not only improves its liquidity but also potentially positions itself for future growth opportunities in the maritime sector, particularly amid fluctuating freight rates and demand for tanker services.