Performance Shipping Inc. Secures Three-Year Time Charter Contracts With Repsol for Two Newly Acquired Modern Suezmax Tankers at US$36,500 Per Day Each

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].