Performance Shipping is a Marshall Islands-incorporated tanker company based in Athens, Greece that owns and operates a fleet of oil tankers transporting crude oil and refined petroleum products globally. The fleet currently consists of 9 Aframax tankers and 2 Suezmax tankers, with a combined carrying capacity of roughly 1.3 million dwt. Customers include oil majors, national oil companies, and commodity traders; key charterers such as Aramco Trading, Clearlake, Marathon, and Maersk Tankers collectively accounted for 84% of 2025 revenues. Performance Shipping earns revenue through time charters, where charterers pay a fixed daily rate, and spot or voyage charters, where revenue depends on prevailing freight rates. The company mixes both structures to balance rate stability with cyclical upside. A key financing tool is sale-leaseback, where Performance Shipping sells a newbuild to a financial counterparty at delivery and charters it back on a bareboat basis, retaining operational control. All three recently delivered LR2 Aframax newbuilds were financed this way. The company's growth strategy centers on fleet renewal and expansion, selling older Aframax vessels while taking delivery of newer tonnage and pivoting toward Suezmax tankers, which trade broader global crude routes. Performance Shipping has two Suezmax newbuilds on order for 2028–2029 delivery at $81.5M each, plus one LR1 product tanker due in Q1 2027.