Performance Shipping Inc., a global shipping company specializing in the ownership of tanker vessels, announced the expansion of its fleet through subsidiaries that have signed Memoranda of Agreement with an unaffiliated third party to purchase the M/T Eco Bel Air and M/T Eco Beverly Hills.
Both are 157,286 dwt Suezmax tankers built in 2019 by Hyundai Samho Heavy Industries in South Korea.
The vessels are equipped with wake optimization devices such as rudder bulbs and pre-swirl ducts to improve energy efficiency.
They feature eco-design electronic engines with lower fuel consumption and are fitted with scrubbers.
The purchase price amounts to USD 75,438,000 per vessel, net of brokerage commissions.
Delivery is expected between December 2025 and January 2026, after which the tankers will be renamed M/T P. Bel Air and M/T P. Beverly Hills.
Chief Executive Officer Andreas Michalopoulos said: “Following our US$100 million inaugural bond issue in the Nordic high yield market in July, we evaluated a number of acquisition opportunities. This particular acquisition of two identical, highly specified tankers aligns with our stated strategy of fleet modernization and expansion in the midsize tanker segment. While we have adequate cash on hand at the present time to take delivery of both vessels, we may add a moderate amount of debt, in line with our financial policy, to provide flexibility to pursue future vessel acquisition opportunities. The addition of these younger eco-design vessels strengthens our fleet’s operational profile and positions the Company to seek favorable employment.”
Performance Shipping Inc. is a publicly traded company incorporated in the Republic of the Marshall Islands and headquartered in Athens, Greece. It owns and operates a fleet of tanker vessels that transport crude oil and refined petroleum products worldwide.
Hyundai Samho Heavy Industries Co., Ltd. is a South Korean shipbuilding company and a subsidiary of HD Hyundai Group. It is one of the country’s major shipyards, specializing in the construction of large-scale vessels including tankers, container ships, and LNG carriers.
