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Shipowner George Economou invests in Performance Shipping

Economou acquired 1.033 million common shares for $1.48 million

Shipowner George Economou announced his decision to return to the US stock market investing in Greek Performance Shipping, owned by the Paleos family.

Economou acquired 1.033 million common shares for $1.48 million, which corresponds to 9.5% based on the company’s 10.91 million common shares. The purchase was made through Sphinx Investment Corp., a subsidiary of Maryport Navigation Corp.

The buyer is expected to enter into discussions with directors and officials of the issuing company, other shareholders or third parties regarding the investment.

The profile

US-listed Performance Shipping operates a fleet of eight modern aframax tankers and has ordered another LR2 tanker, that will use LNG and will be delivered in 2025.

George Economou is one of the leading Greek shipowners. His companies TMS Dry, TMS Tankers and TMS Cardiff Gas control dry bulk carriers, tankers and LNG carriers.