Performance Shipping swoops for Maran Tankers aframax

Nasdaq-listed Performance Shipping has expanded its fleet of aframax tankers to six with the purchase of a 2009-built Maran Sagitta for close to $27.6m.

The Greek owner said it expects to take delivery of the 105,071 dwt vessel, currently owned by Maran Tankers, on or about July 5, this year. The ship, to be renamed P. Sophia, is fitted with a ballast water treatment system and its next scheduled special survey and drydock is not due until 2024, the company added.

The Andreas Michalopoulos-led company will finance the acquisition with cash-on-hand raised from its recent equity offering and the incurrence of debt through a new senior secured facility that should be secured prior to delivery of the vessel.

“The addition of the P. Sophia, a vessel with high specifications and in very good condition, will further enhance our operating leverage as a pure tanker company. The prompt delivery of the vessel into a strong tanker charter market will immediately contribute positively to our cashflow from operations. We believe that the fundamentals of our sector are the strongest they have been in a very long time, which bodes well for continuing high charter rates in the foreseeable future,” Performance Shipping CEO Michalopoulos said.

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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