Performance Shipping, formerly known as Diana Containerships, has agreed to acquire a 2007-built Aframax tanker for $26m.

Performance Shipping moved into the tanker sector in June when it acquired a pair of 2011-built Aframax tankers from Maersk Tankers for $60m. The company is acquiring this latest Aframax by acquiring from its chairman and CEO, Symeon Palios, the entity which owns the vessel. It is paying $11m for the entity, via the issuing of shares, which is equal to the $11m deposit previously paid on the vessel. The balance of the purchase price for the vessel will be payable under the contract through cash on hand and/or bank financing.

Symeon Palios, commenting on the deal, stated: “I am happy to be able to facilitate the company’s continued expansion of its fleet with the sale of this Aframax vessel.

The vessel is expected to be delivered on January 31, 2020, by which time Performance Shipping will have a fleet of three Aframax tankers and two container-ships.