Performance Shipping (PSHG) said Monday it sold the 2011-built Aframax tanker M/T P. Yanbu for $39 million and has completed delivery to the buyer.

The company said it acquired the vessel for $22 million in Q4 2020 and expects to record a gain of about $21.5 million in Q1, excluding transaction costs.

Performance Shipping said proceeds from the sale will increase its cash balance to more than $105 million, more than twice its year-end debt of $47.7 million.

The company said it expects its fleet's average age to decline from 14 years to 10 years by early 2026 following planned newbuild deliveries.

Shares of the company were up more than 2% in recent Monday trading.

Price: 1.59, Change: +0.04, Percent Change: +2.58