Performance Shipping hopes to reap the benefits of a positive tanker market
Greek tanker owner Performance Shipping announced the purchase of a 105,304-dwt LR2 Aframax tanker, via a subsidiary, from an unnamed seller for US$36M
Built in 2010 by Hyundai Heavy Industries, product tanker Alpine Amalia is fitted with a ballast water treatment system and an exhaust gas cleaning system. The vessel will be renamed Aliki and delivered to Performance Shipping November 2022.
Its next scheduled special survey and drydock is not due until 2025. Performance Shipping expects to finance the acquisition with cash-on-hand raised from its recent equity offerings and debt through a new senior secured facility it plans to enter into prior to the delivery of the vessel.
Performance Shipping chief executive Andreas Michalopoulos said the acquisition marks a significant milestone for the company. “It marks our entry into the refined petroleum product tanker sector, which we believe enjoys strong fundamentals and prospects.”
The shipowner operates a fleet of six crude carrier Aframaxes. The current acquisition is the owner’s seventh ship and the company believes the vessel has considerable prospects with spot rates for LR2 tankers currently averaging in excess of US$40,000 per day. The ship is expected to go straight into the spot market.
Mr Michalopoulos said, “The vessel is fitted with a BWTS and EGCS (scrubber), which we anticipate will enable it to achieve premium charter rates and high utilisation. We look forward to participating in a strong tanker market with our expanded fleet of seven Aframax tankers and low maintenance capital expenditure going forward.”
Another new tanker operator, United Maritime Corp, is banking on similar market forces. The company took delivery of the first of four secondhand Aframax tankers which will form its new fleet.
