Core Viewpoint - Performance Shipping Inc. has secured a three-year time charter contract with PBF Holding Company for its M/T P. Monterey tanker, enhancing cash flow visibility and increasing the company's backlog to approximately US$349 million as of January 1, 2026 [2]. Company Overview - Performance Shipping Inc. is a global provider of shipping transportation services, specializing in the ownership of tanker vessels, and operates its fleet through time charters and spot voyages [3]. Charter Contract Details - The gross charter rate for the M/T P. Monterey is set at US$31,000 per day, with the charter expected to generate approximately US$33 million in gross revenue over the minimum duration [2]. - The charter is anticipated to commence in mid-February, with a duration of three years plus or minus 30 days at the option of the Charterer [2]. Strategic Focus - The company emphasizes a well-defined employment strategy that prioritizes medium and long-term time charter contracts with staggered maturities, aiming to generate steady revenues and provide renewal opportunities [2].

Core Viewpoint - Performance Shipping Inc. has successfully named and delivered the M/T P. Marseille, marking a significant milestone in its fleet expansion and renewal strategy [1][2]. Fleet Expansion and Newbuilding Program - The M/T P. Marseille is the third vessel in the company's newbuilding program, constructed at Shanghai Waigaoqiao Shipbuilding Co. Ltd. in China, and is a 114,000 DWT LNG-ready Tier III product/crude oil tanker [1][2]. - The company has completed its three-LR2-vessel newbuilding program, which includes the M/T P. Massport and M/T P. Tokyo, all of which have secured five-year time charter contracts with Clearlake Shipping Pte Ltd [2][3]. Operational Efficiency and Revenue Stability - The M/T P. Marseille has commenced operations under a five-year time charter contract with options for a sixth and seventh year, providing secured revenues and enhancing cash flow visibility [2][4]. - The addition of the modern, fuel-efficient vessel is expected to improve operational efficiency and reduce the company's environmental footprint [3]. Acknowledgments and Future Outlook - The company expressed gratitude to Shanghai Waigaoqiao Shipbuilding for their professionalism and quality workmanship during the construction process [4]. - One LR1 chemical/product tanker remains under construction and is scheduled for delivery in early 2027, indicating ongoing fleet development [3].

Core Viewpoint - Performance Shipping Inc. has successfully placed a USD 50 million tap issue in its outstanding senior secured bond, increasing the total outstanding amount to USD 150 million, with a fixed coupon of 9.875% per annum [1] Company Overview - Performance Shipping Inc. is a global provider of shipping transportation services, specializing in the ownership of tanker vessels, employing its fleet on spot voyages, pool arrangements, and time charters [3]

Core Viewpoint - Performance Shipping Inc. has successfully completed the acquisition of two 2019-built Suezmax tankers, enhancing its fleet and operational efficiency while ensuring strong cash-flow visibility through a reputable charterer [2]. Group 1: Company Overview - Performance Shipping Inc. is a global provider of shipping transportation services, specializing in the ownership of tanker vessels [3]. - The company operates a fleet that includes spot voyages, pool arrangements, and time charters [3]. Group 2: Fleet Expansion - The delivery of the M/T P. Beverly Hills marks the completion of the company's Suezmax acquisition, bringing the total fleet to twelve tanker vessels, including two newbuild tankers under construction and ten currently operating [2]. - The acquisition of the two Suezmax vessels is a significant milestone in the company's fleet expansion strategy, aimed at improving operational efficiency and environmental sustainability [2]. Group 3: Financial Implications - The immediate employment of the new vessels with Repsol Trading S.A. provides strong cash-flow visibility from the outset, highlighting the high quality and commercial competitiveness of the company's fleet [2].

Core Viewpoint - Performance Shipping Inc. has successfully taken delivery of the M/T P. Bel Air, a 2019-built Suezmax tanker, marking a significant step in the company's expansion strategy [2] Group 1: Company Developments - The M/T P. Bel Air is the first of two Suezmax tankers to be delivered, with the second vessel expected by the end of December 2025 [2] - Following this delivery, the company's fleet now consists of twelve tanker vessels, including two newbuild tankers under construction and nine currently operating [2] - The M/T P. Bel Air will commence a three-year time charter with Repsol Trading S.A. at a rate of US$36,500 per day, indicating a solid commercial achievement and a new partnership with a reputable charterer [2] Group 2: Future Outlook - The company anticipates the delivery of the second Suezmax tanker by year-end, which will enhance its operational capabilities and long-term earnings visibility [2]

Core Viewpoint - Performance Shipping Inc. announced that the potential forward sale of the Aframax tanker, M/T P. Sophia, will not proceed as the vessel was not selected for the Offshore Project [1][2]. Company Overview - Performance Shipping Inc. is a global provider of shipping transportation services, specializing in the ownership of tanker vessels. The company operates its fleet through spot voyages, pool arrangements, and time charters [3]. Forward Sale Agreement - The company had previously entered into a forward sale and exclusivity agreement with an unaffiliated third party, granting the buyer the exclusive right to bid for converting the M/T P. Sophia into a Floating Production Storage and Offloading (FPSO) unit [2]. - The agreement has automatically lapsed due to the buyer's notification that the M/T P. Sophia was not selected for the Offshore Project, meaning no sale will be completed [2].

Core Viewpoint - Performance Shipping Inc. reported a decline in net income for Q3 2025 compared to the same period in 2024, primarily due to decreased time-charter equivalent rates and reduced available days from vessel drydockings. However, the company remains optimistic about future market conditions supported by strong global demand and strategic fleet management. Financial Performance - The net income for Q3 2025 was $3.9 million, down from $12.4 million in Q3 2024, with earnings per share of $0.28 (basic) and $0.10 (diluted) [1][4] - Revenue for Q3 2025 was $18.5 million, a decrease from $22.9 million in Q3 2024, attributed to lower TCE rates and fewer available days due to drydock [2][3] - For the nine months ended September 30, 2025, net income increased to $42.4 million from $34.0 million in the same period of 2024, with earnings per share of $3.30 (basic) and $1.09 (diluted) [3][4] Operational Highlights - The average TCE rate for Q3 2025 was $29,460, down from $34,307 in Q3 2024, reflecting market conditions [2][13] - The fleet's average age decreased from 13.6 years to 9.2 years, and operating fleet capacity increased by 75% since the end of the previous year [6][11] - The company secured time-charter agreements for new vessels at competitive rates, enhancing cash flow visibility and increasing secured revenue backlog to $330 million [5][11] Market Conditions - Tanker market conditions remained firm in Q3 2025, with Aframax spot rates averaging approximately $37,500 per day, benefiting from increased tonne-mile demand due to geopolitical disruptions [3][9] - Global oil consumption rose to 105.0 million bpd, up 0.7% from the previous quarter, while production increased to 107.6 million bpd, up 2.3% [14] - The tanker fleet supply is projected to grow by 2.3% in 2025 and 4.2% in 2026, with tanker demand expected to remain strong due to seasonal factors and shifting trade flows [11][14] Corporate Developments - The company completed a $100 million Nordic bond issuance, enhancing liquidity with a quarter-end cash position of $212 million [7][11] - Recent acquisitions include two eco-design Suezmax tankers, scheduled for delivery in early 2026, which are expected to strengthen the fleet's competitive position [5][6] - As of November 24, 2025, the company had 12,432,158 common shares outstanding, along with various warrants and preferred stock [8][10]

Core Viewpoint - Performance Shipping Inc. has secured long-term time charter contracts with Repsol Trading S.A for two newly acquired Suezmax tankers, enhancing revenue visibility and operational reliability [1][2][3]. Group 1: Charter Contracts - The company has entered into three-year time charter contracts for the M/T P. Bel Air and M/T P. Beverly Hills at a gross rate of US$36,500 per day per vessel, generating approximately US$78 million in gross revenue over the minimum firm period [2][4]. - The charter contracts will commence upon delivery of the vessels, which are scheduled for early 2026 [1][2]. Group 2: Financial Impact - The secured revenues from these charters will cover more than half of the vessels' acquisition cost, increasing the company's total fleetwide revenue to approximately US$335 million and charter coverage to 70% for 2026 and 57% for 2027 [4]. - This employment enhances the company's fleetwide contracted revenue backlog and earnings visibility [2][4]. Group 3: Operational Insights - The CEO highlighted that the modern, fuel-efficient, and environmentally friendly characteristics of the scrubber-fitted vessels contributed to securing long-term employment at attractive terms [3]. - The agreement with Repsol marks the company's first business engagement with a major energy company, expanding its network of reputable charterers [3].

Group 1 - Performance Shipping Inc. has scheduled its 2025 annual general meeting of shareholders for December 3, 2025, with a record date of October 27, 2025 [1] - The company specializes in the ownership of tanker vessels and provides global shipping transportation services [2] - The fleet is employed on spot voyages, through pool arrangements, and on time charters [2]

Core Viewpoint - Performance Shipping Inc. has secured a time charter contract with SeaRiver Maritime for its M/T P. Long Beach, enhancing the company's revenue backlog and demonstrating a strong partnership with ExxonMobil [1][3]. Company Summary - Performance Shipping Inc. specializes in the ownership of tanker vessels and provides shipping transportation services through spot voyages, pool arrangements, and time charters [5]. Charter Agreement Details - The M/T P. Long Beach will be chartered for 24 months at a daily gross rate of US$30,500, expected to generate approximately US$21.35 million in secured revenue for the minimum duration of the charter [2]. - The vessel is anticipated to be delivered to SeaRiver around mid-December 2025, following its redelivery from the previous charterer [2]. Financial Impact - The new charter increases the company's fleetwide secured revenue backlog to approximately US$257 million as of October 1, 2025, and raises fixed charter coverage to about 52% for 2026 and 41% for 2027 [4]. - This contract also contributes to lowering the cash flow breakeven rate for open days, optimizing fleet deployment strategy [4].