Performance Shipping Inc. Secures 21-Month Time Charter Contract at US$28,000 Per Day for Aframax Tanker, M/T Blue Moon

Company Overview - Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of tanker vessels, employing its fleet on spot voyages, pool arrangements, and time charters [3]. Charter Agreement - The company has entered into a time charter contract with American Eagle Tankers for the 2011-built, 104,623 dwt Aframax tanker vessel, M/T Blue Moon, at a gross charter rate of US$28,000 per day for a period of twenty-one months, with a potential +/- 15 days option for the Charterer [1]. - This charter is expected to generate approximately US$17.4 million of gross revenue for the minimum duration of the charter [1]. Revenue Backlog - Following this charter agreement, the company's secured revenue backlog stands at approximately US$59.4 million based on the minimum duration of each charter for operating vessels, and US$169.8 million for three new buildings [2]. Strategic Positioning - The CEO of the company expressed confidence in the collaboration with AET, highlighting the importance of this charter in navigating a volatile market and reinforcing the company's commitment to long-term value creation [2].