Performance Shipping Inc. announced that it has signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to purchase a 105,304 dwt LR2 Aframax oil product tanker, the M/T Alpine Amalia, to be renamed M/T P. Aliki, built in 2010 by Hyundai Heavy Industries Co. Ltd. - Ulsan, South Korea, from an unaffiliated third party for a gross purchase price of USD 36.5 million. The vessel, which is expected to be delivered to the Company in November 2022, is fitted with a ballast water treatment system (BWTS) and Exhaust Gas Cleaning System (EGCS), and its next scheduled special survey and drydock is not due until 2025.

The Company expects to finance the acquisition with cash-on-hand raised from its recent equity offerings and the incurrence of debt through a new senior secured facility that it anticipates it will enter into prior to the delivery of the vessel.