Performance Shipping Inc. Announces New Loan Facility with Alpha Bank

Performance Shipping Inc., a global shipping company specializing in tanker ownership, today announced that it has entered into an agreement for a secured term loan facility of up to approximately US$18,250,000 with Alpha Bank SA (the “Facility”) through a separate wholly owned subsidiary of the Company. Proceeds from the facility will be used to partially fund up to 50% of the purchase price for the previously announced acquisition of the company’s seventh tanker and first LR2, to be renamed M/T P. Aliki .

The facility will be repayable in twenty consecutive quarterly installments of US$500,000 each, and a lump sum installment of US$8,250,000 payable concurrently with the twentieth quarterly installment. The facility will be secured by, among other things, a guarantee from the Company and a first ranking mortgage on the M/T P. Aliki.

Commenting on the facility, Andreas Michalopoulos, Managing Director of the company, said:

“As we have previously indicated, the addition of Alpha Bank as a new lender to our company demonstrates confidence in Performance Shipping Inc., with a 5-year term loan facility maturing at the end of 2027, this which reduces our cost of debt.We plan to reduce this facility upon delivery of our seventh vessel, M/T P. Aliki.
Source: Performance Shipping Inc.

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