ATHENS, Greece, Sept. 19, 2022 (GLOBE NEWSWIRE) -- Performance Shipping Inc. (NASDAQ: PSHG), (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, today announced that it has accepted a commitment letter whereby it intends to enter into an agreement for a new term loan facility of up to US$18,250,000.00 with Alpha Bank A.E. (the “Facility”) through a separate wholly-owned subsidiary of the Company. This Facility is subject to the completion of customary closing conditions and the execution of a final loan agreement by the Company and its lenders. Proceeds from the Facility will be used to finance up to 50% of the purchase price of the previously announced vessel the Company has agreed to acquire, the M/T Alpine Amalia, to be renamed P. Aliki. This Facility shall bear interest at the rate of SOFR plus 2.60% per annum.


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