Performance Shipping adds third aframax for $26m

Performance Shipping adds third aframax for $26m

Performance Shipping, formerly known as Diana Containerships, has agreed to acquire a 2007-built aframax tanker for $26m.

Performance Shipping moved into the tanker sector in June when it acquired a pair of 2011-built aframax tankers from Maersk Tankers for $60m. The company is acquiring this latest aframax by acquiring from its chairman and CEO Symeon Palios the entity which owns the vessel. It is paying $11m for the entity, via the issuing of shares, which is equal to the $11m deposit previously paid on the vessel. The balance of the purchase price for the vessel will be payable under the contract through cash on hand and/or bank financing.

According to Allied Shipping Research, the vessel acquired is Zodiac Maritime’s Sasebo-built Virgo Sun.

Symeon Palios, commenting on the deal, stated: “I am happy to be able to facilitate the company’s continued expansion of its fleet with the sale of this aframax vessel. By taking consideration solely in common shares at their current market price, this transaction both supports the company’s balance sheet and reflects my continued confidence in its future growth.”

The vessel is expected to be delivered January 31, 2020 by which time Performance Shipping will have a fleet of three aframax tankers and two containerships.

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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