Performance Shipping inks sale and leaseback deal for newbuild tanker

Greek tanker owner Performance Shipping led-by chairperson of its board Aliki Paliou has announced that through its subsidiary has sealed a sale and leaseback deal with an unaffiliated third party for a newbuild LR2 aframax tanker vessel.

The Nasdaq-listed company reveals that this concludes the financing for all three newbuilding LNG-ready, scrubber-fitted LR2 product/crude oil tanker vessels of approximately 114,000-dwt each expected to be delivered to the company in August and September 2025, and January 2026.

As reported, the bareboat financing amount totals $45m.

As part of this deal, the LR2 aframax tanker will be sold and then chartered back to the company on a bareboat basis for an eight-year period starting from delivery from the shipyard.

“The bareboat charter includes 96 monthly installments at a fixed rate of $6,850 per day plus a variable rate calculated monthly at an implied interest rate of SOFR plus 2.05% per annum. Additionally, a balloon payment of approximately $25m will be due together with the last installment,” the company said in its release.

The shipowner has continuous options to repurchase the vessel at predetermined rates