Performance Shipping takes delivery of scrubber-fitted oil product tanker “M/T P. Aliki”

Performance Shipping Inc., a global shipping company specialising in the ownership of tanker vessels, on Thursday (10 November) said, through a separate wholly-owned subsidiary, it has taken delivery of the M/T P. Aliki (formerly “Alpine Amalia”), a 2010-built LR2 Aframax oil product tanker of 105,304 dwt that the company entered into an agreement to purchase in August 2022.

The scrubber-fitted M/T P. Aliki was acquired for a total purchase price of USD 36.5 million and financed with USD 18.25 million cash on hand and USD 18.25 million from the recently announced term loan facility with Alpha Bank S.A. The vessel is the Company’s first LR2.

Following the delivery, as previously disclosed, the vessel will enter into a time charter contract with Trafigura Maritime Logistics Pte Ltd. commencing in mid-November at a daily rate of USD 45,000 per day for a period of minimum seven months to a maximum of ten months at the option of the charterer.

Andreas Michalopoulos, the Company’s Chief Executive Officer, stated: “As already stated, the acquisition of our first LR2 tanker, which is also BWTS and EGCS (scrubber) fitted, represents the entry of our company into the refined petroleum product tanker sector, which we believe to be a market segment with sustainable fundamentals. The lucrative level of fixed revenue ranging from a minimum of USD 9.5 million to a maximum of USD 13.7 million, depending on the duration of the charter, is indicative of the firming market environment and our Company’s strong performance generating significant cash flows and achieving high utilisation going forward.”

Photo credit: Performance Shipping

Published: 14 November, 2022