Performance Shipping Inc., a global shipping company focused on tanker vessels, has announced the voluntary prepayment of its existing loans with Piraeus Bank S.A., totaling approximately US$44.8 million. The prepayment, coupled with the recent strategic sale of M/T P. Kikuma, has significantly reduced the company's total outstanding debt to approximately US$55.2 million. This move leaves three out of the seven vessels in the current fleet completely unencumbered. The CEO, Andreas Michalopoulos, highlighted the positive impact on financial performance, including a reduction in future interest rate costs, negative net leverage, and substantial annual savings. The company anticipates continued strong cash flow, strengthening its balance sheet and enhancing opportunities for growth.

SOURCE:GOOGLE