Globenewswire·2026-01-20 14:27Core Viewpoint - Performance Shipping Inc. has secured a three-year time charter contract with PBF Holding Company for its M/T P. Monterey tanker, enhancing cash flow visibility and increasing the company's backlog to approximately US$349 million as of January 1, 2026 [2]. Company Overview - Performance Shipping Inc. is a global provider of shipping transportation services, specializing in the ownership of tanker vessels, and operates its fleet through time charters and spot voyages [3]. Charter Contract Details - The gross charter rate for the M/T P. Monterey is set at US$31,000 per day, with the charter expected to generate approximately US$33 million in gross revenue over the minimum duration [2]. - The charter is anticipated to commence in mid-February, with a duration of three years plus or minus 30 days at the option of the Charterer [2]. Strategic Focus - The company emphasizes a well-defined employment strategy that prioritizes medium and long-term time charter contracts with staggered maturities, aiming to generate steady revenues and provide renewal opportunities [2].