Shipping transportation services provider Performance Shipping has reached a memorandum of agreement to buy a 105,304dwt LR2 Aframax oil product tanker.

The company is executing the deal, which is its first LR2 Aframax oil product tanker purchase, through a wholly-owned unit.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Dubbed M/T Alpine Amalia, the tanker will be acquired from an unaffiliated third party for $36.5m.   

The company is expected to use cash-on-hand raised from its equity offerings as well as the incurrence of debt through a new facility to fund the transaction.

The vessel, to be renamed M/T P Aliki, is slated for delivery in November.

The oil product tanker was built by Hyundai Heavy Industries in Ulsan, South Korea, in 2010.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

It features a ballast water treatment system (BWTS) and exhaust gas cleaning system (EGCS).

The vessel’s special survey and drydock is not scheduled until 2025.

Performance Shipping CEO Andreas Michalopoulos said: “The acquisition of our seventh vessel, a long-range Aframax oil product tanker referred to as an LR2, marks yet another significant milestone for our company.

“It marks our entry into the refined petroleum product tanker sector, which we believe enjoys strong fundamentals and prospects.

“Spot charter rates for LR2 tankers are currently averaging in excess of $40,000.00 per day and we expect to trade the vessel, following its delivery to us, in the spot market.”

“We look forward to participating in a strong tanker market with our expanded fleet of seven Aframax tankers and low maintenance capital expenditures going forward,” Michalopoulos added.

At present, Performance Shipping operates its fleet on spot voyages.