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Performance Shipping ( (PSHG) ) has shared an update.
On March 24, 2025, Performance Shipping Inc. announced the sale of its 2011-built Aframax tanker vessel, M/T P. Yanbu, for $39 million to an unaffiliated third party. This transaction, which generated a gain of approximately $21.5 million, is part of the company’s fleet renewal strategy aimed at modernizing its fleet and capitalizing on favorable market conditions. The sale is expected to significantly enhance the company’s cash balance, supporting future acquisitions and reducing the average age of its fleet.
More about Performance Shipping
Performance Shipping Inc. is a global provider of shipping transportation services, specializing in the ownership of tanker vessels. The company employs its fleet on spot voyages, through pool arrangements, and on time charters.
YTD Price Performance: -15.79%
Average Trading Volume: 57,894
Technical Sentiment Signal: Buy
Current Market Cap: $19.89M
Learn more about PSHG stock on TipRanks’ Stock Analysis page.