Performance Shipping (US:PSHG) Globenewswire·2026-03-02 21:03Core Viewpoint - Performance Shipping Inc. has signed contracts for the construction of two new Suezmax tanker vessels, expanding its fleet and market presence in a segment with positive long-term fundamentals [1][3]. Company Overview - Performance Shipping Inc. is a global shipping company specializing in tanker vessel ownership, employing its fleet on spot voyages, pool arrangements, and time charters [6]. Contract Details - The company has signed shipbuilding contracts with China Shipbuilding Trading Co. Ltd. and Shanghai Waigaoqiao Shipbuilding Co. Ltd. for two 158,000 DWT Suezmax tankers, with a contract price of US$81.5 million per vessel [1][2]. - Payment structure includes 15% upon receipt of a refund guarantee, 10% at each milestone (steel cutting, keel laying, launching), and 55% upon delivery [2]. Market Outlook - Upon delivery in 2028 and 2029, approximately 25% of the global Suezmax fleet will be over 20 years old, and nearly half will consist of non-eco vessels, indicating a favorable long-term supply outlook [4]. - The company anticipates securing attractive employment for the new vessels due to consistent growth in global energy demand and geopolitical developments affecting trade flows [4]. Strategic Partnerships - The company expresses confidence in its partnership with Shanghai Waigaoqiao Shipbuilding Co. Ltd., highlighting a strong track record of delivering technologically advanced vessels [5]. Vessel Specifications - The new vessels will be Tier III, scrubber-fitted, and compliant with the latest fuel-efficiency and environmental standards, enhancing their commercial competitiveness and long-term earnings capacity [6].