Palios makes tanker move as Performance Shipping confirms $60m acquisition of aframax pair

Palios makes tanker move as Performance Shipping confirms $60m acquisition of aframax pair

Symeon Palios has confirmed a move into the tanker sector with a deal to acquire a pair of aframax tankers, a deal first reported by Splash.

Broking reports were slightly wide of the mark however, initially reporting that the deal was done via Diana Shipping.

Performance Shipping, formerly Diana Containerships, has confirmed the acquisition of 2011-built aframax tankers Maersk Jeddah and Maersk Jamnagar from Maersk Tankers for a total of $60m.

Commenting on the deal, Palios said: “I am excited to be able to offer this attractive opportunity to purchase high-specification aframax tankers to the company at what I believe is a favourable time in the tanker industry cycle. The acquisition of these vessels represents an important step in the Company’s diversification from the container industry into other areas of the shipping sector. The sale of these contracts for common shares of the company reflects my view that now is an attractive time to invest in the company as it starts to rebuild its fleet.”

The buy will grow the Performance Shipping fleet to six vessels made up of four containerships and the newly acquired aframaxes.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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