Performance Shipping Expands Fleet with New Suezmax Orders
Performance Shipping, a Nasdaq-listed Greek tanker owner, has made significant strides in the crude oil sector by signing contracts in China for two new suezmax tankers. The company, led by CEO Andreas Michalopoulos, has chosen Shanghai Waigaoqiao Shipbuilding for the construction of these vessels, each costing $81.5 million. Scheduled for delivery in October 2028 and May 2029, this move marks a strategic expansion of Performance Shipping’s presence in the crude segment.
New Contracts and Fleet Expansion
The new suezmax tankers will have a deadweight tonnage of 158,000 and are designed to meet Tier III standards, featuring scrubbers to comply with the latest fuel efficiency and environmental regulations. This commitment to modern technology is expected to enhance the vessels’ competitiveness and long-term profitability. Performance Shipping’s recent contracts come on the heels of their entry into the suezmax market in October 2025, when they acquired two vessels, the P Bel Air and P Beverly Hills, for $75.4 million each. Both ships were built at HD Hyundai Samho Heavy Industries and have since been renamed.
With the addition of these two newbuilds, Performance Shipping aims to double its exposure in the suezmax segment, which the company views as having favorable medium- and long-term market fundamentals. Michalopoulos emphasized the importance of this expansion, stating that it reflects the company’s disciplined approach to capital allocation and confidence in the suezmax market. As of mid-January 2026, the fleet consists of 12 tankers, including nine aframax vessels and two suezmaxes currently in operation, along with one LR1 newbuild expected to be delivered in early 2027.
Recent Developments and Strategic Moves
In a recent strategic move, Performance Shipping sold its oldest vessel, the 2009-built aframax P Sophia, for $35.65 million. This sale followed an earlier attempt to dispose of the ship, which was linked to an offshore conversion project that ultimately fell through. The company’s proactive fleet management and expansion strategy underscore its commitment to adapting to market demands and enhancing its operational capabilities.
As Performance Shipping continues to grow its fleet and invest in modern vessels, the company is positioning itself to capitalize on the evolving dynamics of the crude oil transportation market. The new suezmax orders are a testament to their forward-thinking approach and dedication to maintaining a competitive edge in the industry.
