Performance Shipping has secured the loan backing the acquisition of its first product tanker.

The Athens-based, New York-listed tanker owner said on Monday that it had secured an $18.3m, five-year loan from Alpha Bank — half the $36.5m purchase price of the 105,300-dwt LR2 Alpine Amalia (built 2010).

“The addition of Alpha Bank AE as a new lender to our company demonstrates confidence in Performance Shipping, with a five-year term loan facility which reduces our cost of debt and extends our maturities into late 2027,” chief executive Andreas Michalopoulos said in a statement.