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Performance Shipping eyes aframax growth after selling last boxship

Greek owner Performance Shipping, formerly Diana Containerships, has sold its last boxship to complete its reincarnation as a pure-play aframax tanker owner.

Performance has entered an agreement to sell the 2001-built panamax boxship Domingo, to an unaffiliated third party, for a price of $5.6m. Clarksons reports the buyer as MSC.

The vessel has already been delivered this week, leaving the company with a fleet of four aframax tankers.

Commenting on the deal, Andreas Michalopoulos, deputy CEO and CFO of Performance Shipping, said: “We are thrilled to announce the sale of the last remaining container ship in our fleet, which marks the completion of our shift from the container vessel industry into a pure tanker owning company.”

Michalopoulos indicated that the company is looking at acquisitions, with the sale increasing Performance Shipping’s cash position to $38m.

“This will enable us to take advantage of growth opportunities, which will help us increase our presence in the aframax tanker market and move one step closer towards achieving our goal of becoming a leading publicly traded tanker company,” Michalopoulos said.

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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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