ATHENS, Greece, July 02, 2025 (GLOBE NEWSWIRE) — Performance Shipping Inc. (NASDAQ: PSHG), a global tanker owner and operator, has successfully raised USD 100 million through a bond offering in the Nordic bond market. The company plans to list these new bonds on the Oslo Stock Exchange. The offering, which is expected to conclude on July 17, 2025, subject to customary closing conditions, matures in July 2029 and carries a fixed annual coupon of 9.875%, paid semi-annually. The bonds were priced at 97% of par value and are partially secured by first priority mortgages on two of the company’s older, unencumbered tanker vessels.
The capital infusion is strategically earmarked for tanker acquisitions and potential bond repurchases, signaling a proactive approach to fleet expansion and financial management.
The bonds were offered in the United States to qualified institutional buyers under Rule 144A of the Securities Act of 1933 and outside the United States to non-U.S. persons pursuant to Regulation S. This offering does not constitute an offer to sell or a solicitation of an offer to buy securities in any jurisdiction where such activity would be unlawful.
About Performance Shipping Inc.
Performance Shipping Inc. operates as a global provider of shipping transportation services, owning and operating a fleet of tanker vessels. The company strategically deploys its fleet through spot voyages, pool arrangements, and time charters, adapting to dynamic market conditions.
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. These statements, which may include plans, objectives, strategies, future events, or performance, are inherently subject to risks and uncertainties. Words such as “believe,” “anticipate,” “intends,” “estimate,” “forecast,” “project,” “plan,” “potential,” “will,” “may,” “should,” “expect,” “targets,” “likely,” “would,” “could,” “seeks,” “continue,” “possible,” “might,” and “pending” are indicative of such forward-looking statements. While based on management’s examination of historical trends and available data, these projections are subject to significant uncertainties and contingencies that are difficult to predict and beyond the company’s control. Therefore, there can be no assurance that the company will achieve its stated expectations, beliefs, or projections.
Key factors that could cause actual results to deviate materially from these forward-looking statements include, but are not limited to, global economic strength, currency and interest rate fluctuations, general market conditions, including charter rates and vessel values, shifts in tanker shipping demand, vessel supply dynamics, international oil production, consumption, and storage trends, operating expense variations (including bunker prices, crew costs, drydocking, and insurance), future financial and operating results, financing and refinancing availability, governmental regulations, potential litigation, geopolitical conditions, the impact of epidemics and pandemics (such as COVID-19) on shipping demand, international conflicts, new sanctions, acts of piracy, potential disruption of shipping routes due to accidents or political events, vessel off-hires, and other material risks. Investors are encouraged to review the company’s filings with the U.S. Securities and Exchange Commission for a comprehensive discussion of these and other risks and uncertainties.
Corporate Contact: Andreas Michalopoulos Chief Executive Officer, Director and Secretary Telephone: +30-216-600-2400 Investor and Media Relations: Edward Nebb Comm-Counsellors, LLC Telephone: + 1-203-972-8350
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