Performance Shipping Inc. Secures Time Charter Contract for M/T P. Aliki at US$30,000 Per Day

Core Viewpoint - Performance Shipping Inc. has secured a time charter contract with Pakistan National Shipping Corporation for its tanker vessel M/T P. Aliki, enhancing its revenue backlog and demonstrating its global chartering capabilities [1][3]. Company Overview - Performance Shipping Inc. is a global provider of shipping transportation services, specializing in the ownership of tanker vessels and employing its fleet on spot voyages, pool arrangements, and time charters [4]. Charter Agreement Details - The M/T P. Aliki will be chartered for 12 months, with a daily gross charter rate of US$30,000, contributing approximately US$10.5 million to the company's revenue backlog [2][3]. - The vessel is currently undergoing a special survey and drydock, with delivery to the charterer expected around mid-September 2025 [2]. Financial Impact - The new charter increases the company's fleetwide secured revenue backlog to about US$250.5 million, based on the minimum duration of each charter as of the last financial reporting period [3]. - The CEO expressed confidence that this charter will generate earnings significantly above the vessel's free cash flow breakeven level, aligning with the company's strategy to secure attractive employment for its vessels [3].