Greece's Performance Shipping adds modern Suezmax pair in fleet expansion drive

The US-listed company has signed memoranda of agreement to purchase 2019-built, 157,286-dwt Suezmaxes Eco Bel Air and Eco Beverly Hills. Both vessels were previously listed with TOP Ships, led by Evangelos Pistiolis.

The purchase price is reported at US$75.4M per vessel, with delivery scheduled between December 2025 and January 2026. Upon delivery, the vessels will be renamed P Bel Air and P Beverly Hills.

Both tankers feature eco-friendly design elements, including rudder bulbs and pre-swirl ducts for wake optimisation, low-consumption electronic engines, and scrubber systems.

Mood for further expansion

“Following our US$100M inaugural bond issue in the Nordic high-yield market in July, we evaluated a number of acquisition opportunities,” said Performance Shipping chief executive Andreas Michalopoulos.

“This acquisition of two identical, highly specified tankers aligns with our strategy of fleet modernisation and expansion in the midsize tanker segment,” he added.

Mr Michalopoulos also emphasised the company’s “adequate cash on hand,” noting that, due to delivery schedules, Performance Shipping may take on a moderate amount of debt in line with its financial policy, “to provide flexibility to pursue future vessel acquisition opportunities.”

As of October 2025, Performance Shipping operates eight Aframax tankers, along with one newbuild LR2 and one newbuild LR1 tanker scheduled for delivery in early 2026 and 2027, in addition to the two new Suezmaxes.

Financial performance

The company reported revenue of US$39.5M for the first half of 2025, compared with US$42.8M during the same period last year. Net income rose to US$38.5M from US$21.6M.

“Our company remains committed to executing its fleet renewal and expansion strategy, aiming to acquire a younger, more competitive, and environmentally sustainable fleet,” Mr Michalopoulos stated during the release of the company’s H1 earnings.