After hitting its stride with the purchase of six aframaxes, Performance Shipping is acquiring its first product tanker.
The New York-listed tanker arm of the Palios family disclosed that it is the buyer of the 105,300-dwt LR2 Alpine Amalia (built 2010).
TradeWinds reported earlier this month, citing brokers, that commodity trader Glencore had sold the ship to undisclosed buyers for $36m.
In a press release on Wednesday, Performance revealed itself as the buyer, clarifying that the purchase price was $36.5m.
The Alpine Amalia, which is equipped with a scrubber and a ballast water treatment system, will be delivered to its new owners in November and renamed Aliki.
The acquisition of Performance’s first product tanker “marks yet another significant milestone for our company”, chief executive Andreas Michalopoulos said.
With spot charter rates for LR2s averaging more than $40,000 per day, the company expects to trade the ship in that market upon delivery.
Performance Shipping was previously known as Diana Containerships, a pure-play container ship player. By decision of shareholders, it changed its name in February 2019 and entered the tanker business four months later.
Since then, it has spent close to $200m to acquire a fleet of six crude carrier aframaxes and one LR2.
Performance expects to finance the acquisition of the Alpine Amalia through a combination of cash in hand, raised from recent equity offerings, and a new loan to be concluded before the ship is delivered.
S&P Global Market Intelligence currently lists the vessel under the ownership of Glencore’s shipping arm, ST Shipping.
