Greek tanker owner Performance Shipping led-by chairperson of its board Aliki Paliou has announced that through its subsidiary has sealed a sale and leaseback deal with an unaffiliated third party for a newbuild LR2 aframax tanker vessel.
The Nasdaq-listed company reveals that this concludes the financing for all three newbuilding LNG-ready, scrubber-fitted LR2 product/crude oil tanker vessels of approximately 114,000-dwt each expected to be delivered to the company in August and September 2025, and January 2026.
As reported, the bareboat financing amount totals $45m.
As part of this deal, the LR2 aframax tanker will be sold and then chartered back to the company on a bareboat basis for an eight-year period starting from delivery from the shipyard.
“The bareboat charter includes 96 monthly installments at a fixed rate of $6,850 per day plus a variable rate calculated monthly at an implied interest rate of SOFR plus 2.05% per annum. Additionally, a balloon payment of approximately $25m will be due together with the last installment,” the company said in its release.
The shipowner has continuous options to repurchase the vessel at predetermined rates following the second anniversary of the bareboat charter.
All three newbuilding LR2 aframax tankers have been chartered to Clearlake Shipping Pte Ltd. for a period of five years, upon delivery of the vessel, at a rate of $31,000 per day and an option to extend for a 6th and 7th year at a base rate plus profit sharing if declared at that time by the charterer.
Andreas Michalopoulos, the company’s CEO, said: “We have managed to secure attractive financing for all three newbuild LR2 Aframax tankers, well in advance of their respective delivery dates.
“The aggregate bareboat financing amount of US$134.6 million represents approximately 70% of the total shipbuilding contract cost of US$192.9 million, covering almost all of the US$138.4 million remaining installments due to the shipyard.
“The daily all in cashflow breakeven rate, including lease payments, is estimated at about US$25,000 per newbuild tanker, well below the US$31,000 daily charter rate secured for the first five years. We remain committed to a prudent gradual fleet renewal program that, upon delivery of all three newbuild LR2 Aframax tankers as of January 2026, will reduce the fleet average age from 14 to 10 years.”
