Performance Shipping snaps up Pleiades aframax

Greek tanker owner Performance Shipping has acquired the 2011-built (Sumitomo) aframax tanker Kalamas from Pleiades Shipping.

Performance Shipping paid $22m for the vessel, which has a $20.63m valuation on VesselsValue, with delivery scheduled for between November 15 and December 22. The premium in price reflects the vessel having completed its docking survey in July and special survey in October.

The tanker will be renamed Yanbu, and on delivery will grow the company’s fleet to five aframaxes in total.

Performance Shipping, formerly Diana Containerships, has completed a transition from a boxship owner to aframax specialist since announcing plans to transform in 2019.

Andreas Michalopoulos, installed as the company’s chief executive officer last month, replacing Symeon Palios, commented: “The acquisition of our fifth aframax tanker is an important milestone for our company; it marks the completion of the first internally financed growth phase, consistent with our corporate strategy and policies announced a mere three weeks ago. The acquisition will, among other things, reduce our indicative estimated daily cashflow breakeven rate by about $3,000 to about $16,000 per vessel per day, thereby meaningfully enhancing our ability to pay dividends to our shareholders pursuant to our variable dividend policy. It also marks our commitment to become a premier tanker vessel owning company. Following the delivery of the vessel and starting in 2021, we look forward to patiently and consistently executing our commercial and financial strategy for the benefit of our shareholders.”

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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