Shares of Performance Shipping Inc. (PSHG), a shipping company specializing in the ownership of tankers, are surging more than 55 percent or $2.53 in Wednesday's morning trade at $7.09, after touching a new 52-week high of $8.11.
Wednesday, Performance Shipping said it has signed a memorandum of agreement to purchase the M/T Kalamas, a 105,400 dwt Aframax tanker vessel built in 2011 by Sumitomo Heavy Industries Marine & Engineering Co. Ltd, Japan, from an unaffiliated third-party seller for $22.0 million. The vessel, the company's fifth Aframax tanker, is expected to be delivered between November 15 and December 22, 2020, and will be renamed M/T P. Yanbu.
Upon delivery of the M/T Kalamas, the cargo-carrying capacity of Performance Shipping's fleet will have increased by 23.9 percent to about 546,094 deadweight tons or dwt.
Performance Shipping has traded in a range of $0.37 to $8.11 in the past 52 weeks.
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