Performance Shipping Inc. Extends Time Charter for M/T P. Monterey at US$28,000 Per Day for Twelve Months

Company Overview - Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of tanker vessels [3] - The company employs its fleet on spot voyages, through pool arrangements, and on time charters [3] Charter Agreement - The company announced the extension of a time charter contract with ST Shipping & Transport Pte Ltd. for the M/T P. Monterey, a 2011-built Aframax tanker [1] - The gross charter rate is set at US$28,000 per day for a period of twelve months, with a +/- 30 days option for the Charterer [1] - This charter is expected to generate approximately US$9.38 million in gross revenue for the minimum duration of the charter [1] Revenue Backlog - The new charter increases the company's secured revenue backlog to approximately US$62 million [2] - When including the five-year contracts for three Aframax LR2 newbuildings, the total backlog rises to US$232 million [2] Fleet Deployment - The company's fleet currently consists of six vessels operating under time charter arrangements and one vessel trading in the spot market through pool participation [2] - The company anticipates the redelivery of two more vessels from their period charters in the coming months, indicating a positive outlook for fleet utilization [2]