Globenewswire·2025-11-04 14:27Core 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].