Greek Shipowner Performance Fixes LR2 Tanker to Trading Giant Trafigura
Greece’s Performance Shipping, led by Andreas Michalopoulos, has made a strategic move by fixing one of its LR2 tankers to trading giant Trafigura. The company has secured short-term fixed revenue at a lucrative charter rate while keeping exposure to the promising autumn and winter spot market. This decision highlights Performance Shipping’s commitment to maximizing profits and taking advantage of market trends.
The LR2 tanker in question, named P Aliki and built in 2010, has a deadweight tonnage of 105,300. The charter agreement with Trafigura is set for a minimum of four-and-a-half months, with the possibility of extensions up to six months and 25 days. The initial rate for the charter is $47,000 per day, with a slight increase to $48,500 after the minimum period.
This move by Performance Shipping showcases the company’s strategic planning and ability to adapt to market conditions. By securing short-term cover for the LR2 tanker, the company is positioning itself to take full advantage of the potentially stronger winter market. This decision reflects Performance Shipping’s proactive approach to maximizing profitability and optimizing its fleet utilization.
In conclusion, Performance Shipping’s decision to fix the LR2 tanker to Trafigura is a strategic move that demonstrates the company’s commitment to capitalizing on market opportunities. By securing short-term fixed revenue at a competitive charter rate, Performance Shipping is setting itself up for success in the upcoming autumn and winter spot market. This bold move reaffirms the company’s position as a key player in the shipping industry, capable of making savvy business decisions to drive growth and profitability.