Greek tanker owner Performance Shipping has lined up another loan at Alpha Bank for up to $22m to support its fleet expansion. The Nasdaq-listed company said it plans to use the proceeds to finance up to about 50% of the purchase price of the 2013-built LR2 aframax product tanker Fos Hamilton. The 105,408 dwt ship, to be renamed P Long Beach, was purchased from Latsco Shipping for $43.75m.
Earlier in November, Performance secured another Alpha Bank term loan for up to around $18.25m of which up to half will be used to pay for the 2010-built LR2 aframax product tanker Alpine Amalia. The ship, to be renamed P Aliki, was bought for $36.5m from Glencore’s ST Shipping in August.
The new loan, which will bear interest at the rate of SOFR plus 2.35% per year, is subject to the completion of customary closing conditions and the execution of a final deal. It will be repayable in twenty consecutive quarterly installments of $550,000 each, and concurrent with the twentieth quarterly installment, Performance will owe a balloon payment of $11m.
This week, Performance also finalised a deal with Piraeus Bank for a secured term loan facility of up to $37.4m to refinance part of a loan on the 2007-built 116,000 dwt aframax Kikuma, while the rest will fund the acquisition of the 2011-built 105,525 dwt Phoenix Beacon, set for delivery in December and being renamed the P Monterey.
