Performance Shipping exits containership sector with vessel sale

Greek shipowner Performance Shipping has become a pure play Aframax tanker company as it disposed of the final containership in its fleet.

Illustration. Image by Navingo

On 19 August 2020, the company signed a memorandum of agreement (MOA) to sell the 2001-built Panamax boxship Domingo.

The 3,739 TEU vessel has been bought by an undisclosed company for $5.6 million before commissions.

The boxship was delivered to its new owner on 20 August, Performance Shipping said.

Performance Shipping’s fleet now consists of four Aframax tanker vessels. 

“We are thrilled to announce the sale of the last remaining container ship in our fleet, which marks the completion of our shift from the container vessel industry into a pure tanker owning company,” Andreas Michalopoulos, Deputy Chief Executive Officer, Chief Financial Officer and Treasurer of Performance Shipping, commented.

He added that since the start of the company’s diversification in June 2019, Performance Shipping has sold four containerships for $53.4 million before commissions and acquired four Aframax tankers for an aggregate gross purchase price of $112 million.

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“The sale of the M/V Domingo increases our cash position to approximately $38 million. This will enable us to take advantage of growth opportunities, which will help us increase our presence in the Aframax tanker market and move one step closer towards achieving our goal of becoming a leading publicly traded tanker company,” Michalopoulos concluded.