Performance Shipping Inc., a global shipping company specializing in tanker vessels, has successfully completed the previously announced sale of the 2007-built Aframax tanker vessel M/T P. Kikuma for $39.3 million. The delivery of the vessel to its new owners marks a strategic shift in the company's fleet profile, positioning it favorably to capitalize on the positive momentum in the tanker charter rate environment. The sale not only generates a gain of approximately $17.3 million during Q4 2023 but also enables a prepayment of $13.9 million toward outstanding indebtedness with Piraeus Bank S.A., secured by the vessels M/T P. Kikuma and M/T P. Monterey. With a strong balance sheet, Performance Shipping Inc. aims to pursue its fleet renewal and expansion objective