marine link image
Register now for the Port of the Future Conference • 2 Days, 50 Ports • Houston/Galveston area, TX • April 12–14, 2027

Performance Shipping Buys Aframax Tanker

February 18, 2020

Performance Shipping announced that it has signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to purchase a 2007 built Aframax tanker vessel, the M/T FSL Shanghai, from an unaffiliated third party seller for a total purchase price of US$26.0 million.

According to a press release from the global shipping company specializing in the ownership of vessels, the vessel is expected to be delivered to the Company by the end of March 2020.

Andreas Michalopoulos, the Company’s Deputy Chief Executive Officer, Chief Financial Officer and Treasurer, said: “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. We believe that the Company is well positioned to take advantage of favorable charter rates in the future.”

Upon completion of the above mentioned acquisition, as well as the previously announced sale of the Post-Panamax container vessel, the M/V Rotterdam, Performance Shipping Inc.’s fleet will consist of four Aframax tanker vessels and one Panamax container vessel.

Logistics News

Russian Strikes Hit Ukrainian Military Facilities, Vessels

Russian Strikes Hit Ukrainian Military Facilities, Vessels

Most Gulf Shares Lower As Shipping Uncertainties Persist

Most Gulf Shares Lower As Shipping Uncertainties Persist

Oil Tanker Insurance Triples Amidst Global Shipping Tensions

Oil Tanker Insurance Triples Amidst Global Shipping Tensions

Russia Begins Commercial Exports of Vostok Oil

Russia Begins Commercial Exports of Vostok Oil

Subscribe for Maritime Logistics Professional E‑News

Sources say that traders are pushing for lower prices for Venezuelan crude oil, as shipping costs have risen.
Denmark's central banks expects a 4% growth in GDP by 2026, driven by the pharmaceutical industry
Saudi Arabia denies purchasing oil tankers after Iraq accuses it of higher shipping costs