Greek shipping businessman George Economou, having already a major stake in tanker owner Performance Shipping, has launched a tender offer to purchase all of the issued and outstanding common shares for $3.00 per share in cash.

The company listed on Nasdaq, with Andreas Michalopoulos as its managing director and Aliki Paliou as chairman of the board of director’s, in a regulatory filing to the US Securities and Exchange Commission (SEC) shows Economou with an 8.8% stake based on the company’s 11,734,683 common shares outstanding as of September 29, 2023,

All reported common shares are held by Sphinx Investment Corp. a wholly-owned subsidiary of Maryport Navigation Corp., which is a Liberian company controlled by Mr. Economou, in accordance with the SEC.

George Economou has already a shared voting power of 1,033,859. In accordance with the filing Sphinx commenced “a tender offer for $3.00 per share in cash, without interest and less any applicable withholding taxes, upon the terms and subject to the conditions set forth in that certain offer to purchase, dated October 11, 2023.”

Economou has also made another move in OceanPal Inc, a shipowner of five dry bulk vessels (three panamax and two capesize), by taking common shares, as reported at the end of September this year by Shipping Telegraph.

The fleet of OceanPal is managed by both Diana Wilhelmsen Management Limited and Steamship Shipbroking Enterprises Inc, whilst OceanPal is led by Semiramis Paliou.

The company said in a regulatory filing to the US Securities and Exchange Commission (SEC) that Sphinx Investment Corp. purchased the 324,350 common shares for a total purchase price of $563,092 including fees and expenses.

It is worth mentioning that the 324,350 common shares represent approximately 9.1% of issuer’s outstanding common shares.

In the filing it is said that both Sphinx and Maryport are controlled by Mr. Economou.