Performance Shipping offloads another post-panamax boxship

Performance Shipping offloads another post-panamax boxship

Greek owner Performance Shipping, formerly Diana Containerships, has sealed a deal to sell 2008-built post-panamax containership Rotterdam.

The sale price for the 6,490 teu vessel is $18.5m, and delivery is scheduled for May 15 at the latest. VesselsValue lists the buyer as Greece’s Chartworld Shipping, and values the ship at $25.1m while MSI values it at $22.1m.

Andreas Michalopoulos, deputy CEO and CFO of Performance Shipping, commented: “The sale of one of the two remaining containerships in our fleet will increase our cash position to around $46m. 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.”

Performance Shipping has been consistently selling its fleet of containerships since the beginning of 2018, with Rotterdam the ninth sold in a two-year period. After the sale is completed, the company will be left with one panamax boxship and two aframax tankers. It also has a further two aframaxes scheduled for delivery, having sealed secondhand purchased last year.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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