Photo: Illustration; Source: Unsplash/Shaah Shahidh

Performance Shipping Step Closer to Pure Play Aframax Company

Greek shipowner Performance Shipping has signed a memorandum of agreement (MoA) to purchase a 2007-built Aframax tanker.

The ship, FSL Shanghai, has been bought from Singapore-based First Ship Lease Trust for USD 26 million.

The 115,000 dwt tanker is expected to be delivered to its new owner by the end of March 2020.

“We are very pleased with this acquisition, which brings us one step closer to the creation of the only publicly listed pure-play Aframax company,” Andreas Michalopoulos, the company’s Deputy Chief Executive Officer, Chief Financial Officer and Treasurer, commented.

“We believe that the company is well positioned to take advantage of favorable charter rates in the future.”

Upon completion of the abovementioned acquisition, as well as the previously announced sale of the company’s Post-Panamax containership Rotterdam, Performance Shipping’s fleet will consist of four Aframax tankers one Panamax container vessel.