Performance Shipping Inc. (NASDAQ: PSHG) has taken delivery of the M/T P. Kikuma (formerly FSL Shanghai), a 2007-built Aframax tanker of 115,915 dwt that the company entered into an agreement to purchase in February 2020.
"M/T P. Kikuma marks an additional step in becoming a pure tanker owning company," said Andreas Michalopoulos, the company’s Deputy CEO. "While we remain cautious given the unprecedented global circumstances, we are currently benefiting from the development of a robust tanker market supported by increased oil production and the oil price contango resulting in floating storage for trading purposes and the replenishment of refineries and strategic reserves.”