Performance Shipping Inc., a global shipping company specializing in tanker vessels, has announced the acceptance of a commitment letter from Alpha Bank A.E. to refinance its existing loan facilities. The new agreement involves refinancing a loan of $29,750,000, secured by the M/T P. Long Beach and the M/T P. Aliki, with interest set at SOFR plus 1.90% per annum. This refinancing is expected to significantly reduce the company's financing costs, with a 23% decrease in average payable margins compared to previous agreements. The repayment plan includes twenty consecutive quarterly installments of $1,050,000 each, culminating in a balloon payment of $8,750,000 due in mid-2030. This move extends the company's debt maturities by over two and a half years, ensuring no substantial debt payments are due before mid-2030. CEO Andreas Michalopoulos highlighted the strengthened relationships with lenders and the company's robust financial position, reflected in the favorable terms of the refinancing.