Procore signs multi-year strategic collaboration agreement with AWS
In other recent news, Performance Shipping Inc. has completed the sale of its Aframax tanker vessel, M/T P. Yanbu, for a gross sale price of $39 million. This transaction is expected to yield a gain of approximately $21.5 million for the first quarter of 2025, prior to commissions and transaction-related expenses. The vessel, which was acquired in 2020 for $22 million, was sold debt-free. Following this sale, the company’s cash balance is projected to exceed $105 million, more than doubling its year-end debt balance of $47.7 million. This sale is part of Performance Shipping’s broader strategy to modernize and expand its fleet, which includes the delivery of three new LR2 Aframax tankers and a new LR1 chemical/product oil tanker. The first of these new vessels is anticipated to be delivered around August 2025. Once integrated, the average age of the company’s fleet is expected to decrease from 14 to 10 years. Performance Shipping is also focusing on LNG-ready vessels to align with industry trends towards environmentally friendly shipping options.
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