Greek shipping company Performance Shipping has signed a charter contract for three vessels under construction with Clearlake Shipping, a subsidiary of Swiss commodities trading giant Gunvor, in a deal valued at about $169.8 million.
Under the contract, Clearlake will charter three 114,000 dwt liquefied natural gas-ready (LNG-ready) LR2/Aframac tanker, to be delivered in the fourth quarter of 2025, the first quarter of 2026 and the second quarter of 2026, respectively, for a period of five years, at a daily charter rate of $31,000 for each unit. Clearlake also has two 1-year extension options, which include base rates and profit sharing (if effective).
The above three new tankers will be delivered by Shanghai Waigaoqiao Shipbuilding (SWS), a subsidiary of China State Shipbuilding Corporation. Performance entered into shipbuilding contracts with SWS on March 8, 2023 and December 20, 2023 for one and two tankers, respectively, at a cost of US$62.6 million and US$64.8 million per unit, respectively. The new shipbuildings will be equipped with an electronic main engine with High Pressure Selective Catalytic Reactor (HPSCR), Exhaust Gas Cleaning System (EGCS) and Ballast Water Treatment System (BWTS).
With a total order value of about $192.2 million for the three new tankers and the charter deal valued at about $169.8 million, or about 88 percent of the total construction cost, Performance said it has now raised its fixed income backlog to at least $211.4 million for its entire fleet.
Performance is understood to be a global shipping company specializing in the tanker sector and currently operates its fleet on spot sailings, pooling arrangements and time charters. A few years ago, Performance announced its shift from the container sector to the tanker sector. At the end of last year, Performance also ordered two 64,000 dwt bulk carriers from Sumec New Dayang Shipbuilding. It is the first time for Performance place an order in the bulk carrier sector, signaling the possibility of another transformation for the shipping company.