Performance Shipping Inc. Secures Charter Contract With Aramco for About 24 Months at US$41,000 Per Day

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 US$28.7 million in gross revenue over its minimum duration [1][2]. Group 1: Contract Details - The new charter commenced on June 2, 2024, and has a gross charter rate of US$41,000 per day, which is US$8,500 higher than the previous contract [1][2]. - This contract represents the third agreement between the company and Aramco, highlighting the reliability of the company's services [2]. Group 2: Financial Outlook - The company now has a contract backlog of US$228.1 million, which includes three five-year contracts for its Aframax LR2 newbuildings [2]. - The company anticipates that if current market conditions persist, it will be able to secure higher rates for vessels with charters expiring in 2024 [2]. Group 3: Company Overview - Performance Shipping Inc. specializes in the ownership of tanker vessels and provides shipping transportation services through spot voyages, pool arrangements, and time charters [3].