Company Overview - Performance Shipping Inc. is a global shipping company specializing in the ownership of tanker vessels [5] - The company employs its fleet on spot voyages, through pool arrangements, and on time charters [5] Fleet Expansion - The company has successfully named and delivered the M/T P. Tokyo, the second vessel from its current newbuilding program [1] - The M/T P. Tokyo is a 114,000 DWT LNG-ready Tier III product/crude oil tanker, constructed at Shanghai Waigaoqiao Shipbuilding Co. Ltd. [1][2] - This delivery follows the M/T P. Massport and is part of the company's fleet expansion and renewal strategy [2] - Two further newbuildings, an additional sister LR2 Aframax and an LR1 chemical/product tanker, are scheduled for delivery in early 2026 and early 2027 respectively [2] Charter Contracts - All three newbuilding LR2 vessels have secured five-year charter contracts with Clearlake Shipping Pte Ltd, a subsidiary of the Gunvor Group [3] - The M/T P. Tokyo has commenced operations under a five-year time charter contract 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] Leadership Commentary - The CEO of the company expressed pride in welcoming the M/T P. Tokyo into the fleet, highlighting it as a representation of the company's fleet renewal and growth strategy [4] - The CEO also emphasized the importance of the partnership with Clearlake Shipping through the commencement of this second long-term charter [4]