Performance Shipping Inc. Signs Shipbuilding Contract for the Construction of a Newbuilding LR1 Tanker Vessel
ATHENS, Greece, May 07, 2024 (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, through a separate wholly-owned subsidiary, it has signed a shipbuilding contract with Jiangsu Yangzijiang Shipbuilding Group Co., Ltd., Jiangsu New Yangzi Shipbuilding Co., Ltd., and Jiangsu Yangzi Xinfu Shipbuilding Co., Ltd., (collectively the “Seller”) for the construction of a scrubber fitted 75,000 DWT LR1 chemical/product oil tanker for a contract price of US$54.1 million excluding extras and net of commission to third parties. 15% of the purchase price is payable upon receipt of a refund guarantee, expected to occur within 30 days; 10% of the purchase price is payable at each of the milestones of steel cutting, keel laying and launching of the vessel, and the remaining 55% of the purchase price is payable upon the vessel’s delivery. The Company expects to take delivery of the vessel by January 2027.