Performance Shipping orders scrubber-fitted LR1 tanker in China

Performance Shipping, a Greek shipping company specializing in the ownership of tanker vessels, has signed a contract with Jiangsu Yangzijiang Shipbuilding Group for the construction of one LR1 tanker.

As informed, the shipbuilding contract was signed through a separate wholly-owned subsidiary. The price tag for the vessel is $54.1 million,

As disclosed, the 75,000 dwt oil/chemical tanker will come equipped with exhaust gas cleaning systems (EGCS – commonly referred to as scrubbers) for Tier II (NOx Emissions) compliance.

Furthermore, the vessel will feature electronic main engines with high-pressure selective catalytic reactors (HPSCR) for Tier III (NOx Emissions) compliance and ballast water treatment systems (BWTS).

“We are pleased to announce our shipbuilding contract to construct one modern eco-design LR1 tanker. This vessel will feature the latest high specification engine and emission requirements, along with a scrubber and water ballast treatment system. This contract marks our fourth shipbuilding contract, including three LNG-ready LR2 oil tankers and one LR1 chemical/product oil tanker with scheduled deliveries ranging from October 2025 to January 2027,” Andreas Michalopoulos, the Company’s Chief Executive Officer, stated.

“Our newbuilding commitments are supported by the three recently announced time charter employment contracts for our three newbuilding LR2 tankers, securing a firm period of five years.”

Michalopoulos also added that the firm’s fleet expansion and renewal strategy prioritizes fuel efficiency and low emissions, reflecting the commitment to participating in the energy transition.

“By taking constructive steps towards lower carbon emissions, we aim to provide our customers with environmentally sustainable operations. We believe that our investment strategy aligns with our view of continuing favorable market fundamentals, supported by an aging fleet and a healthy orderbook, which currently stands at 9%.”

In December last year, Performance Shipping signed two contracts with China Shipbuilding Trading Co. and Shanghai Waigaoqiao Shipbuilding for the construction of two 114,000 dwt LNG-ready LR2 Aframax product/crude oil tankers.

Earlier on, the shipowner also inked a deal with China Shipbuilding Trading Company Limited and Shanghai Waigaoqiao Shipbuilding for the construction of a 114,000 dwt LNG-ready LR2 Aframax product/crude oil tanker worth $62.6 million.