Performance Shipping Inks deals for LNG-ready Aframax tankers

Nasdaq-listed shipping company Performance Shipping has finalised two shipbuilding contracts with Chinese shipbuilders for the construction of two 114,000 DWT LNG-ready LR2 Aframax product/crude oil tanker vessels, it said on December 20.

The shipbuilding contracts, signed with China Shipbuilding Trading Co. and Shanghai Waigaoqiao Shipbuilding Co., outline the vessels' delivery expected in January and April of 2026. The purchase price for each vessel stands at $64.6mn.

“We believe that tanker fleet growth will reach historical lows in the coming years and maintaining a modern fleet among an aging global fleet during periods of high seaborne trade demand will result in sustainably strong fundamentals and higher asset values,” Andreas Michalopoulos, CEO of Performance Shipping, stated.

The LNG-ready LR2 Aframax tankers will feature electronic main engines with high-pressure selective catalytic reactors for tier III (NOx emissions) compliance, exhaust gas cleaning systems for tier II (NOx emissions) compliance, and ballast water treatment systems.