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Tuesday, March 31, 2020

Maritime Logistics Professional

January 27, 2020

Performance Shipping Sells M/V Rotterdam

Image: Performance Shipping

Image: Performance Shipping

Greece-based Performance Shipping  announced it has signed a Memorandum of Agreement to sell to an unaffiliated third party the 2008-built Post-Panamax container vessel M/V Rotterdam, for a sale price of $18.5M before commissions.

The global shipping company specializing in the ownership of vessels said in a press release, the scheduled delivery to the buyer latest by May 15, 2020.

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, Andreas Michalopoulos, the company’s deputy chief executive officer, chief financial officer and treasurer said: “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."

Andreas said: "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.”