Performance Shipping Sells Rotterdam Boxship

BoxshipIllustration; Image Courtesy: Pixabay under CC0 Creative Commons license

Greek shipowner Performance Shipping has signed a memorandum of agreement (MOA) to dispose of Rotterdam, a 2008-built Post-Panamax containership.

The 6,494 TEU vessel would be sold to an unaffiliated third party for USD 18.5 million before commissions.

Although Performance Shipping has not disclosed the buyer of the ship, VesselsValue’s data shows that the company in question is Greece-based Chartworld Shipping.

The Marshall Islands-flagged boxship is scheduled to be delivered to its new owner by May 15, 2020.

“The sale of one of the two remaining containerships in our fleet will increase our cash position to around USD 46 million,” Andreas Michalopoulos, the company’s Deputy Chief Executive Officer, Chief Financial Officer and Treasurer, commented.

“This cash amount, together with the low leveraged assets, provides a total valuation well in excess of our current stock market capitalization. We are confident that this discrepancy will soon be either greatly reduced or disappear entirely as we steadily increase our presence in the Aframax tanker market.”

Upon completion of the aforementioned sale, Performance Shipping’s fleet will consist of one Panamax container vessel and two Aframax tankers. The company also expects to take delivery of one Aframax tanker by the end of January 2020.

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