Performance Shipping Expands Tanker Fleet with Suezmax Newbuilds

Performance Shipping Inc., a global shipping company specializing in tanker vessels, has announced that it has signed shipbuilding contracts for the construction of two new Suezmax tankers. According to the Hellenic Shipping News, the contracts were signed through two separate wholly-owned subsidiaries of Performance Shipping. The newbuild tankers will be constructed by China Shipbuilding Trading Co. Ltd. (CSTC) and Shanghai Waigaoqiao Shipbuilding Co. Ltd. Suezmax tankers are a class of crude oil carriers capable of transporting up to 1 million barrels of crude. The addition of these two newbuilds will expand Performance Shipping's fleet of Suezmax vessels, which currently includes four ships. 'This is an important strategic move for Performance Shipping as we continue to grow our fleet of modern, fuel-efficient tankers,' said Symeon Palios, the company's Chairman and CEO. 'Expanding our Suezmax capacity will allow us to better serve the needs of our customers in the global crude oil transportation market.' The announcement comes amid a period of volatility in the shipping markets, with geopolitical tensions in the Middle East and the ongoing impact of the COVID-19 pandemic affecting energy demand and trade flows. However, analysts remain cautiously optimistic about the long-term outlook for the tanker sector as the global economy recovers. 'Prudent fleet expansion during periods of market uncertainty can position companies like Performance Shipping for success when conditions improve,' noted George Prokopiou, a veteran shipowner and industry commentator, in an interview with *The Maritime Executive*.