Performance Shipping Inc (PSHG)

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Performance Shipping Inc. Announces a US$45,000 Per Day Time Charter Contract for 7-10 Months
September 22 2022 - 09:15AM
GlobeNewswire Inc.

Performance Shipping Inc. (NASDAQ: PSHG) (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Trafigura Maritime Logistics Pte Ltd (the “Charterer”) for the LR2 Aframax oil product tanker the M/T Alpine Amalia, to be renamed P. Aliki, the acquisition of which was previously announced. The gross charter rate will be US$45,000 per day for a period of minimum seven (7) months to a maximum of ten (10) months at the option of the Charterer and will commence following the vessel's delivery to the Company expected in November. This charter is expected to generate approximately a minimum of US$9.5 million to a maximum of US$13.7 million in gross revenue (a minimum of US$5.7 million to a maximum of US$8.2 million in cashflow after debt service, respectively), depending on the duration of the charter.
Commenting on the charter, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:

“In addition to maintaining the Company’s ability to capture market upturns in strong freight environments, particularly during periods of exceptionally positive industry fundamentals, we seek to secure a certain level of fixed revenue for our fleet. As a result, considering recent market developments with charter rates at multiyear highs, the recent expansion of our fleet, and our desire to establish solid partnerships with first-class charterers, we decided to time charter the M/T P. Aliki at this very lucrative level almost two months prior to actually taking delivery of the vessel.”

About the Company

Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of tanker vessels. The Company’s current fleet is employed on spot voyages, through pool arrangements and on time charters.