Performance Shipping orders LNG-ready tanker

Greek shipping company Performance Shipping has ordered an LNG-ready LR2 Aframax product/crude oil tanker for delivery in 2025.

PHOTO: One of Performance Shipping’s crude oil tankers P. Yanbu. Performance Shipping

The 114,000-dwt tanker has been designed to use LNG as a fuel in the future. It will be built by China Shipbuilding Trading and CSSC-allied Shanghai Waigaoqiao Shipbuilding.

The vessel is expected to be delivered in the fourth quarter of 2025.

The tanker will be equipped with a scrubber, which will allow it to run on HSFO as well. This will enable Performance Shipping to benefit from widening Hi5 spreads.

“This contract is consistent with our view that historically low tanker fleet growth in the next few years and an aging fleet during a high seaborne trade demand period will result in sustainably strong fundamentals and higher asset values,” Performance Shipping’s chief executive Andreas Michalopoulos says.

The company currently operates a fleet of eight Aframax tankers.

By Tuhin Roy

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