EuropeFinance and InsuranceTankers

Performance Shipping seals funds for Glencore tanker buy

Greek tanker owner Performance Shipping has secured a term loan facility to partially finance its seventh vessel purchase.

The Nasdaq-listed company has tapped Greece’s Alpha Bank for up to around $18.25m of which up to 50% will be used to pay for the 2010-built LR2 aframax oil product tanker Alpine Amalia.

The ship, to be renamed P Aliki, was bought for $36.5m from Glencore’s ST Shipping in August. It is set to deliver in November and go on a charter with Trafigura for between seven and ten months at $45,000 per day.

The loan is for five years, repayable in twenty consecutive quarterly installments of $500,000 each, and a balloon installment of $8,250,000 payable concurrent with the twentieth quarterly installment. 

Performance Shipping has picked up three tankers since June and recently sold its 2007-built aframax P Fos for $34m with plans to use the net proceeds of around $25m to acquire a younger ship. 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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