Performance Shipping Inc. announced on April 7, 2025, that it has entered into a forward sale and exclusivity agreement with an unaffiliated third party for its 2009-built Aframax tanker, M/T P. Sophia. This agreement grants the buyer exclusive rights to submit a bid for the vessel's conversion into a Floating Production Storage and Offloading (FPSO) vessel.
The potential conversion is part of an Offshore Project for charter to a national oil company. If the buyer is awarded the Offshore Project by April 5, 2026, they will purchase the M/T P. Sophia for a gross sale price of US$36,050,000.
An additional US$1,000,000 will be added to the gross sale price if the vessel is delivered to the buyer on or before September 30, 2025. During the exclusivity period, Performance Shipping Inc. retains the right to operate the vessel, but is restricted from selling it to any other party until the auction concludes in April 2026.
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