- Performance Shipping Inc. (PSHG), a company specializing in owning and operating tanker vessels, announced a new agreement with Aramco Trading Fujairah FZE (Aramco).
- The contract secures the chartering of Performance Shipping’s 2011-built Aframax tanker, M/T Briolette, for a period of approximately 24 months with a potential extension of 30 days at Aramco’s discretion.
The agreement includes a daily gross charter rate of US$41,000, representing a significant increase of US$8,500 compared to the previous contract with Aramco. This translates to an estimated gross revenue of US$28.7 million for the minimum charter period.
Long-Term Partnership
This marks the third successful contract between Performance Shipping and Aramco, highlighting the established relationship and Performance Shipping’s commitment to providing reliable maritime transport services.
Strong Contract Backlog
With the addition of this contract, Performance Shipping boasts a contract backlog of US$228.1 million, further solidifying their financial standing. This backlog also includes three separate 5-year contracts for their newly built Aframax LR2 vessels.
Fleet Deployment
Currently, Performance Shipping operates a fleet of seven vessels. Two participate in spot markets through designated pools, while the remaining five operate on secured time charters. They anticipate renegotiating expiring charters in 2024 at potentially higher rates based on favorable market conditions.
CEO Quote
Andreas Michalopoulos, CEO of Performance Shipping, expressed his satisfaction with the extended partnership with Aramco, a leading energy company. He emphasized the improved charter rate and the company’s dedication to delivering high-quality services to its valued customers.
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Source: P Shipping
