Performance Shipping eyes younger tankers as it ships out 15-year-old aframax

Greek tanker owner Performance Shipping has sold an ageing aframax as it scouts for younger ships on the market. The Nasdaq-listed firm has offloaded the 2007-built P Fos to an undisclosed buyer for $34m, nearly three years after purchasing the vessel from Zodiac Maritime for $26m. The Japanese-built ship is estimated at $32.4m by VesselsValue.

“Aframax tanker values have appreciated significantly during this year, and although the tanker market continues to enjoy strong fundamentals and prospects, we believe that the sale price we concluded for M/T P Fos renders the disposal tactically advantageous and financially attractive,” said chief executive Andreas Michalopoulos.

He added that the company expects the net cash proceeds of around $25m, along with a marginal level of new debt, would be used to acquire a younger aframax tanker.

Performance Shipping, formerly Diana Containerships, has purchased three ships in a short span of six months. The most recent acquisition was announced earlier this month when the company snapped up the 2011-built aframax Phoenix Beacon, to be renamed P Monterey, from compatriot Phoenix Energy Navigation for $35m. The company has seven ships on a fully delivered basis.

Adis Ajdin

Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy.
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