← Back to News
freight

Performance Shipping Expands Tanker Fleet with Suezmax Newbuilds

By MGN Editorial•March 4, 2026 at 09:35 PM

Performance Shipping Inc. has signed contracts to build two new Suezmax tankers, expanding its fleet of crude oil carriers.

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*.

Source: Hellenic Shipping News

#tankers#shipbuilding#suezmax#performance shipping

Related Articles

Freight Market Briefing: Tight Capacity, Rising Rates, and the Nuclear Verdict Crisis Reshaping U.S. Trucking

A convergence of tightening freight capacity, strong carrier earnings, and landmark nuclear verdicts is reshaping the U.S. trucking and logistics landscape, with significant implications for shippers, brokers, and carriers alike.

Aug 3, 2026

Aurora Innovation Eyes $80M Revenue Run-Rate as Autonomous Freight Push Continues

Aurora Innovation has outlined its per-mile pricing strategy and revenue targets for its driverless trucking service, despite reporting a $270 million loss in Q2 2025.

Aug 1, 2026

Carolinas Cargo Theft Sting Recovers 18 Commercial Vehicles Worth Over $1 Million

Law enforcement authorities in the Carolinas have recovered 13 semi-trucks and three trailers valued at more than $1 million following an investigation into a series of commercial vehicle thefts, highlighting growing cargo and freight security concerns across the supply chain.

Jul 31, 2026

Maritime Industry Briefing: Seanergy Commits $591M to Fleet Renewal as BP Prepares North Sea Exit

Greek bulker owner Seanergy Maritime has expanded its fleet investment programme to nearly $600 million, while energy supermajor BP launches a sale process for its North Sea assets in a significant portfolio restructuring.

Jul 31, 2026

FICG Expands ASEAN Footprint with Strategic Manufacturing and Supply Chain Partnerships

FICG has announced strategic partnerships with AME and JTC in Singapore, establishing a JS-SEZ Twinning Strategy aimed at advancing regional manufacturing, innovation, and supply chain integration across Southeast Asia.

Jul 31, 2026