- Greece-based Performance Shipping has received its first newbuild aframax tanker as part of a broader fleet renewal strategy that includes both newbuilds and secondhand vessel acquisitions.
- The company’s LNG-ready, scrubber-fitted LR2 tanker begins a five-year charter with Gunvor affiliate Clearlake, with more sister ships scheduled through 2027.
- Backed by a $100 million bond issue, Performance Shipping has strong liquidity and is actively seeking to expand its younger and more sustainable fleet.
Performance Shipping, a Nasdaq-listed Greek tanker owner, has officially begun deliveries under its current newbuilding programme. On Thursday, the company took delivery of its first LNG-ready, scrubber-fitted long-range two (LR2) aframax tanker at Shanghai Waigaoqiao Shipbuilding. The 114,000 dwt vessel has entered into a five-year charter with Clearlake, a subsidiary of global commodities trader Gunvor Group.
This delivery marks the beginning of a phased expansion that will include two more LR2 sister ships—also chartered to Clearlake—by early 2026, and one LR1 tanker slated for delivery in early 2027.
CEO Reaffirms Strategic Focus on Modernisation and Sustainability
Chief Executive Andreas Michalopoulos reaffirmed Performance Shipping’s commitment to rejuvenating its fleet with a focus on younger, more efficient, and environmentally sustainable vessels. The strategy involves not only its well-supported newbuilding programme but also targeted acquisitions of modern secondhand tankers, reflecting a dual-track approach to fleet growth.
Liquidity Boost Supports Further Fleet Expansion
In July, the company bolstered its financial position through a successful $100 million Nordic bond issuance, which Michalopoulos said gives Performance Shipping “significant liquidity” for future vessel acquisitions. This financial flexibility enhances the company’s ability to act on market opportunities as they arise.
Mixed Financial Results in Q2 Reflect Fleet Adjustments
Performance Shipping’s second-quarter financial results revealed a daily time charter equivalent (TCE) rate of $32,295—an improvement over the $30,970 daily average recorded in the same period last year. However, net income declined slightly to $9.1 million from $10.2 million year-over-year, and revenue dropped from $20.5 million in Q2 2024 to $18.1 million this quarter. The dip in revenue was largely attributed to reduced fleet capacity following the sale of one tanker in March 2025.
Despite the slight decline in earnings, the company remains optimistic, pointing to its strategic investments in newbuilds and its growing charter commitments as the foundation for future growth and value creation.
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Source: Lloyd’s List
