Greece’s Performance Shipping has lined up $37.4m in financing to support its fleet expansion.

The Nasdaq-listed owner said Piraeus Bank is providing the term loan over five years.

The company will use $7.8m to refinance part of a loan on the 116,000-dwt aframax Kikuma (built 2007). The vessel was refinanced from Nordea in 2020 by Piraeus Bank.

The rest of the cash will fund the acquisition of the company’s latest acquisition, the 105,525-dwt Phoenix Beacon (built 2011), which is due in December and being renamed the P Monterey.