Greek tanker owner Performance Shipping has moved to expand and modernise its fleet with the purchase of two 2019-built suezmaxes as it looks to strengthen its position in the midsize crude segment.
The Nasdaq-listed company said it has agreed to acquire the 157,286 dwt Eco Bel Air and Eco Beverly Hills, both built at South Korea’s HD Hyundai Samho Heavy Industries in 2019, for $75.4m apiece, net of commissions.
Delivery is expected between December 2025 and January 2026, when the ships will be renamed P Bel Air and P Beverly Hills.
The scrubber-fitted ships have been trading under compatriot owner Top Ships, on charter to Trafigura.
Performance currently counts eight aframaxes and has one LR2 and one LR1 newbuilding on order, slated for delivery in early 2026 and early 2027, respectively.
Chief executive Andreas Michalopoulos said the twin purchase followed the company’s $100m inaugural bond issue in the Nordic high-yield market in July and aligned with its fleet renewal plans.
“This acquisition of two identical, highly specified tankers aligns with our strategy of fleet modernisation and expansion in the midsize tanker segment,” Michalopoulos said, adding: “While we have adequate cash on hand to take delivery, we may add a moderate amount of debt to provide flexibility for future acquisitions. These younger eco-design vessels strengthen our operational profile and position us to seek favourable employment.”
