Marathon Petroleum Corporation (MPC), a major downstream energy company, recently entered into a lucrative two-year time charter contract with Performance Shipping Inc., a renowned oil shipping company. The agreement centres around the deployment of Performance Shipping’s M/T P. Long Beach tanker, ensuring a fixed daily rate of $37,200 for transporting refined products, resulting in an estimated $25.7 million in gross revenue for Performance Shipping.
Fueling Revenues with Stability
Marathon Petroleum Corporation (MPC), a major downstream energy company, recently entered into a lucrative two-year time charter contract with Performance Shipping Inc., a renowned oil shipping company. The agreement centres around the deployment of Performance Shipping’s M/T P. Long Beach tanker, ensuring a fixed daily rate of $37,200 for transporting refined products, resulting in an estimated $25.7 million in gross revenue for Performance Shipping.
Strengthening Operations and Partnerships
By using a time charter, Marathon can optimize its operations and maximize efficiency, resulting in cost savings and increased profitability. By controlling the M/T P. Long Beach, Marathon can efficiently arrange transportation schedules and guarantee timely deliveries, reducing transportation-related issues. By increasing efficiency, Marathon not only decreases expenses but also secures its reputation. Moreover, the partnership between Marathon and Performance Shipping helps bring more opportunities for future business collaborations and benefits. I believe this move by Marathon will help them handle fluctuations in fuel prices and changing environmental regulations, which will help them be resilient in the future.
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Source: yahoo! finance
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