Splash247: Performance Shipping keeps oldest tanker as FPSO conversion bid fails

Greek tanker owner Performance Shipping has confirmed that the planned forward sale of its 2009-built aframax P Sophia has fallen through after the vessel was not selected for an offshore conversion project.

The company said the buyer, an unnamed third party, informed it that the P Sophia did not make the final cut for a proposed FPSO conversion. As a result, the forward sale and exclusivity agreement announced in April has lapsed automatically.

Performance Shipping had granted the buyer exclusive rights to bid for the tanker’s conversion into an FPSO, tied to an offshore project expected to be awarded in 2026. The agreement covered the potential sale of the P Sophia, the oldest vessel in the fleet, for $36m with delivery required within 120 days of award. An additional $1m would have been added to the price if the ship were delivered by the end of September 2025.

With the project moving ahead without the P Sophia, Performance Shipping said the tanker will remain in its trading fleet, which on a fully delivered basis stands at 12 ships..