On December 20, Performance Shipping Inc. announced that, it has signed two shipbuilding contracts with China Shipbuilding Trading Co. Ltd. (“CSTC”) and Shanghai Waigaoqiao Shipbuilding Co. Ltd. (“SWS”) for the construction of two 114,000 DWT LNG-ready LR2 Aframax product/crude oil tanker vessels. The two vessels are expected to be delivered in January and April of 2026, at a purchase price of US$64,845,000 per vessel.
The vessels will be equipped with electronic main engines with high-pressure selective catalytic reactors (HPSCR) for Tier III (NOx Emissions) compliance, exhaust gas cleaning systems (EGCS – commonly referred to as scrubbers) for Tier II (NOx Emissions) compliance, and ballast water treatment systems (BWTS).
In March, Performance Shipping placed an order with Waigaoqiao Shipbuilding for an “LNG-ready” Aframax tanker, equipped with a desulfurization unit, an exhaust gas purification system, and a ballast water treatment system, at a cost of about $62.6 million, which is expected to be delivered by October 2025.
Andreas Michalopoulos, the Company’s Chief Executive Officer, stated: “These shipbuilding contracts supplement the previous contract we entered into with SWS in March 2023 for a Tier III product/crude oil carrier scheduled for delivery around October 2025. The construction of these LNG-ready LR2 oil tankers, equipped with the latest high-specification engines and meeting stringent emission requirements, along with scrubbers and water ballast treatment systems, will take place at the largest and most reputable state-owned shipyard in China. ”
Performance Shipping, a global shipping company specializing in the tanker sector that currently operates its fleet on spot voyages, pooling arrangements and time charters, is selling its fleet of 2007-built Aframax tankers, the M/T P. Fos. “M/T P. Fos and M/T P. Kikuma, which were built in 2007. Performance currently owns and operates seven Aframax tankers, and three newbuild Aframax tankers will enter service in the coming years.
Three years ago, Performance Shipping announced its shift from the container sector to the tanker sector. Recently, Performance Shipping ordered two 64,000 DWT bulk carriers from New Dayang Shipbuilding, which is the first time Performance Shipping has placed an order in the bulk carrier sector, signaling that the shipping company has demonstrated its ability to reinvent itself and potentially undergo yet another transformation.
