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Performance Shipping Inc. Secures Charter Contract With Aramco for About 24 Months at US$41,000 Per Day
PSHGPerformance Shipping (PSHG) Newsfilter·2024-06-05 13:28

Core Viewpoint - Performance Shipping Inc. has secured a new two-year time charter contract with Aramco Trading Fujairah FZE for the M/T Briolette, which is expected to generate approximately US28.7millioningrossrevenueovertheminimumdurationofthecharter[1][2].CompanyOverview−PerformanceShippingInc.isaglobalproviderofshippingtransportationservicesspecializingintankervessels,employingitsfleetonspotvoyages,poolarrangements,andtimecharters[3].CharterContractDetails−ThenewchartercontractcommencedonJune2,2024,andhasagrosscharterrateofUS28.7 million in gross revenue over the minimum duration of the charter [1][2]. Company Overview - Performance Shipping Inc. is a global provider of shipping transportation services specializing in tanker vessels, employing its fleet on spot voyages, pool arrangements, and time charters [3]. Charter Contract Details - The new charter contract commenced on June 2, 2024, and has a gross charter rate of US41,000 per day, which is US8,500higherthanthepreviouscontract[1][2].−ThiscontractrepresentsthethirdagreementwithAramco,highlightingthecompany′scommitmenttoqualityandreliabilityinseabornetransportationservices[2].−ThecompanynowhasacontractbacklogofUS8,500 higher than the previous contract [1][2]. - This contract represents the third agreement with Aramco, highlighting the company's commitment to quality and reliability in seaborne transportation services [2]. - The company now has a contract backlog of US228.1 million, which includes three five-year contracts for its Aframax LR2 newbuildings [2]. Fleet and Market Position - Out of the company's seven operating vessels, two are trading in the spot market, while five are on time charters, with one expiring by the end of August and two in the last quarter of 2024 [2]. - If current market conditions persist, the company anticipates securing higher rates for vessels with expiring charters in 2024 [2].