Performance Shipping Inc (PSHG)

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Performance Shipping Inc. Announces Naming and Delivery of M/T P. Tokyo, the Second Vessel in Its Newbuilding Program
September 02 2025 - 9:27AM


Performance Shipping Inc. (NASDAQ: PSHG) (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, is pleased to announce the successful naming and delivery of the M/T P. Tokyo, the second vessel from its current newbuilding program, constructed at Shanghai Waigaoqiao Shipbuilding Co. Ltd. (SWS) in the People’s Republic of China. The M/T P. Tokyo, previously referred to as Hull H1596, is a 114,000 DWT LNG-ready Tier III product/crude oil tanker. The naming ceremony was held at the shipyard, with Ms. Xinghang Zhang serving as the vessel’s godmother. Upholding maritime tradition, she blessed the vessel and wished her crew safe and successful voyages.

This delivery follows the M/T P. Massport and marks another important step in the Company’s fleet expansion and renewal strategy. Two further newbuildings, an additional sister LR2 Aframax and an LR1 chemical/product tanker, are scheduled for delivery in early 2026 and early 2027 respectively.

As previously announced, all three newbuilding LR2 vessels have secured five-year charter contracts with Clearlake Shipping Pte Ltd (the “Charterer”), a subsidiary of the Gunvor Group, one of the world’s largest independent commodities trading houses. Following delivery to the Company, the M/T P. Tokyo was delivered to the Charterer. The vessel has commenced operations under the five-year time charter contract at a gross rate of US$31,000 per day, with options for a sixth and seventh year at a base rate plus profit-sharing.

Commenting on the vessel’s naming and delivery, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:

“We are proud to welcome the M/T P. Tokyo into our fleet as the second delivery in our current newbuilding program. This state-of-the-art tanker represents the continued execution of our fleet renewal and growth strategy. We once again extend our appreciation to Shanghai Waigaoqiao Shipbuilding for their excellent workmanship and collaboration. We are equally pleased to further strengthen our partnership with Clearlake Shipping through the commencement of this second long-term charter. As P. Tokyo prepares to embark on her maiden voyage, may she be protected by St. Nicholas, the patron saint of seafarers. May her voyages be safe, her service impactful, and her legacy enduring. We wholeheartedly wish the M/T P. Tokyo and her crew fair winds and calm seas.”

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.