Performance Shipping Inc (PSHG)

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Performance Shipping Inc. Announces a US$32,500 Per Day Time Charter Contract for About 18 Months
November 16 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 Aramco Trading Fujairah FZE (the “Charterer), for the M/T Briolette. The gross charter rate will be US$32,500 per day for a period of eighteen (18) months +/- 30 days at the option of the Charterer and will commence in November. This charter is expected to generate approximately US$16.8 million of gross revenue for the minimum duration of the charter.
The M/T Briolette is a 104,588 dwt Aframax tanker vessel built in 2011 by Sumitomo Heavy Industries Marine & Engineering Co. Ltd.

Commenting on this charter, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:

“This contract showcases not only our Company’s repeat business with reputable and creditworthy counterparties, but also our ability to secure a lucrative level of charter rates taking advantage of the firm charter rate environment. Together with this charter, five of our tankers are fixed on time charter arrangements, with gross charter rates ranging from US$23,000 to US$45,000 per day, which corresponds to fixed revenues of approximately US$85 million, based on the minimum duration of each charter. We expect to further supplement this steady cashflow through the operation of our remaining tankers in the spot market, which we believe demonstrates sustainably strong fundamental conditions, resulting in historically high levels of voyage charter rates for Aframax tankers, currently in excess of US$40,000 per day.”

About the Company

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