Performance Shipping Takes Delivery of Secondhand LR2 Tanker

Greek shipowner Performance Shipping Inc. announced it has taken delivery of its first LR2 Aframax oil product tanker, a 2010-built 105,304 dwt vessel it purchased in August 2022.

As previously announced, the P. Aliki—formerly named Alpine Amalia—was acquired for a total purchase price of $36.5 million and financed with $18.25 million cash on hand and $18.25 million from the recently announced term loan facility with Alpha Bank S.A.

The vessel will enter into a time charter contract with Trafigura Maritime Logistics Pte Ltd. commencing in mid-November at a daily rate of $45,000 per day for a period of minimum seven months to a maximum of 10 months at the option of the charterer.

Andreas Michalopoulos, Performance Shipping’s CEO, said, “The acquisition of our first LR2 tanker, which is also BWTS and EGCS (scrubber) fitted, represents the entry of our company into the refined petroleum product tanker sector, which we believe to be a market segment with sustainable fundamentals. The lucrative level of fixed revenue ranging from a minimum of $9.5 million to a maximum of $13.7 million, depending on the duration of the charter, is indicative of the firming market environment and our Company’s strong performance generating significant cash flows and achieving high utilization going forward.”