Core Viewpoint - Performance Shipping Inc. has successfully named and delivered the M/T P. Marseille, marking a significant milestone in its fleet expansion and renewal strategy [1][2]. Fleet Expansion and Newbuilding Program - The M/T P. Marseille is the third vessel in the company's newbuilding program, constructed at Shanghai Waigaoqiao Shipbuilding Co. Ltd. in China, and is a 114,000 DWT LNG-ready Tier III product/crude oil tanker [1][2]. - The company has completed its three-LR2-vessel newbuilding program, which includes the M/T P. Massport and M/T P. Tokyo, all of which have secured five-year time charter contracts with Clearlake Shipping Pte Ltd [2][3]. Operational Efficiency and Revenue Stability - The M/T P. Marseille has commenced operations under a five-year time charter contract with options for a sixth and seventh year, providing secured revenues and enhancing cash flow visibility [2][4]. - The addition of the modern, fuel-efficient vessel is expected to improve operational efficiency and reduce the company's environmental footprint [3]. Acknowledgments and Future Outlook - The company expressed gratitude to Shanghai Waigaoqiao Shipbuilding for their professionalism and quality workmanship during the construction process [4]. - One LR1 chemical/product tanker remains under construction and is scheduled for delivery in early 2027, indicating ongoing fleet development [3].

Core Viewpoint - Performance Shipping Inc. has successfully named and delivered its first LR2 Aframax newbuilding, M/T P. Massport, marking the beginning of a series of new tanker deliveries as part of its fleet expansion strategy [1][3]. Company Overview - Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of tanker vessels, employing its fleet on spot voyages, pool arrangements, and time charters [4]. Vessel Details - The M/T P. Massport is a 114,000 DWT LNG-ready Tier III product/crude oil tanker, the first of three LNG-ready, scrubber-fitted LR2 Aframax tankers ordered by the company, with deliveries scheduled between Q3 2025 and early 2026 [2]. - The vessel has commenced operations under a five-year time charter contract with Clearlake Shipping Pte Ltd at a gross rate of US$31,000 per day, with options for a sixth and seventh year at a base rate plus profit-sharing [3]. Future Plans - The company plans to add two further sister LR2 Aframax vessels by early 2026 and an LR1 tanker in early 2027, which will form a core part of its strategic fleet expansion and renewal plan [3].