Performance Shipping Inc., led by CEO Andreas Michalopoulos, is further enhancing its fleet by signing contracts for the construction of two Suezmax oil tankers, each with a deadweight tonnage of 158,000 dwt. These contracts were signed through two of its subsidiaries with China Shipbuilding Trading Co. Ltd. (CSTC) and Shanghai Waigaoqiao Shipbuilding Co. Ltd. (SWS). The delivery of these vessels is expected to take place in October 2028 and May 2029, respectively, at a cost of $81.5 million per ship.

The payment structure outlined in the contracts specifies that 15% will be paid upon receipt of a refund guarantee, 10% at each major construction milestone, and the remaining 55% upon delivery of the vessels. This strategic move is seen as a significant step for Performance Shipping as it looks to expand its market presence in a sector that is projected to have positive mid- to long-term market fundamentals. Michalopoulos highlighted the importance of these contracts in maintaining a competitive edge within the oil tanker market, especially given the evolving dynamics of global shipping and energy transportation.

Overall, this expansion reflects Performance Shipping's commitment to growth and adaptation within the maritime industry, aligning their operations with favorable market trends. As global demand for energy transportation continues to rise, particularly in a recovering economy, these new vessels could position Performance Shipping advantageously for future opportunities in the sector.