Greek tanker owner Performance Shipping led-by chairperson of its board Aliki Paliou is buying two modern South Korean suezmax tankers as part of the company’s growth strategy of fleet modernization and expansion in the midsize tanker segment.
The Nasdaq-listed shipowner said its separate wholly-owned subsidiaries have sealed memoranda of agreement, with an unaffiliated third party, for the purchase of the 157,286-dwt suezmax tankers Eco Bel Air and Eco Beverly Hills, both built in 2019 by Hyundai Samho Heavy Industries in South Korea.
The purchase value is estimated at $75,438,000 per vessel, net of brokerage commissions, with delivery expected to take place between December 2025 and January 2026.
According to Performance Shipping, the pair features devices for wake optimization such as rudder bulbs and pre-swirl ducts for energy efficiency, eco-design featuring lower consumption electronic engines, and are scrubber-fitted.
Upon delivery, the vessels will be renamed P. Bel Air and P. Beverly Hills, respectively.
Andreas Michalopoulos, chief executive officer of Performance Shipping, said: “Following our US$100 million inaugural bond issue in the Nordic high yield market in July, we evaluated a number of acquisition opportunities.
“This particular acquisition of two identical, highly specified tankers aligns with our stated strategy of fleet modernization and expansion in the midsize tanker segment.
“While we have adequate cash on hand at the present time to take delivery of both vessels, we may add a moderate amount of debt, in line with our financial policy, to provide flexibility to pursue future vessel acquisition opportunities. The addition of these younger eco-design vessels strengthens our fleet’s operational profile and positions the company to seek favorable employment.”
