Performance Shipping has secured one of the highest charter rates ever recorded for LR2 tankers on long-term employment that could stretch well into the 2030s.
The US-listed tanker arm of Greece’s Palios family announced on Tuesday that all three LR2s it has under construction in China will be taken upon delivery by Clearlake Shipping.
The Gunvor Group subsidiary will pay $31,000 per day to employ the vessels for a firm five years.
Clearlake will be able to extend the employment for a sixth or even seventh year at a base rate plus profit share.
Performance chief executive Andreas Michalopoulos estimated the total gross revenue his company stands to draw from the firm contract period at $169.8m, which represents nearly 90% of the ships’ construction cost.
Performance Shipping ordered the three scrubber-fitted, LNG-ready product tankers last year at different yards owned by China State Shipbuilding Corp.
As TradeWinds reported, Michalopoulos ordered the LR2s in two batches — one vessel in March at $62.6m and a pair in December at $64.485m each.
They are due for delivery between the fourth quarter of 2025 and the second quarter of 2026.
“We are thrilled to announce these time charter contracts for our newbuild vessels and the commencement of a strategic relationship with Clearlake Shipping,” Michalopoulos said in Monday’s statement.
Fixing forward
The $31,000 per day is one of the highest rates for such employment recorded for an LR2.
As TradeWinds has reported, Greek peer Metrostar Management beat that level last month when Glencore unit ST Shipping agreed to fix an LR2 newbuilding the company has under construction for five years at $35,500 per day after its delivery in May this year.
With three ships committed, however, Performance Shipping’s chartering deal is bigger in terms of overall volume.
Clean product carriers are not the only type of tankers that saw freight rates shoot up in the wake of Red Sea disruption. Some modern aframaxes too are doing exceptionally well.
TradeWinds reported on 1 March how Athens’ Atlas Maritime obtained a record $42,500 per day to tie its scrubber-fitted, LNG-ready 115,000-dwt Freeport Star (built 2023) to a three-year charter for Phillips 66.
Such deals vindicate the strategy of several Greek owners to invest in tanker newbuildings.
Figures released on Monday by the Greek Shipping Co-Operation Committee showed Hellenic players accelerating their ordering by 50% over the past 12 months, mainly to book tanker tonnage.
Crude carriers, chemical tankers and product carriers represent 51% of the 33.1m dwt in tonnage that Greeks have under construction. This is 9.3% of their existing fleet on the water.
