- Performance Shipping Inc. has signed a 12-month time charter with Pakistan National Shipping Corporation (PNSC) for its 105,304 DWT LR2 Aframax tanker M/T P. Aliki.
- The contract, at a daily gross rate of US$30,000, adds approximately US$10.5 million to the company’s revenue backlog, raising the total secured backlog to about US$250.5 million.
- The vessel, currently undergoing its third special survey and drydock, will be delivered to PNSC in mid-September 2025.
Performance Shipping Inc. (NASDAQ: PSHG), a global tanker vessel owner, has entered into a time charter agreement with Pakistan National Shipping Corporation (PNSC) for the M/T P. Aliki, a 105,304 DWT LR2 Aframax tanker built in 2010.
Charter Terms
The agreement covers a period of 12 months, plus or minus 15 days at the charterer’s option, at a daily gross rate of US$30,000. The P. Aliki, which recently completed a six-month charter with Seariver Maritime LLC (a subsidiary of ExxonMobil), is currently in drydock for its third special survey. Delivery to PNSC is expected around mid-September 2025.
Financial Impact
This new contract adds approximately US$10.5 million in secured revenue to Performance Shipping’s backlog, increasing the total to about US$250.5 million based on minimum charter durations across its fleet. The company expects the employment to generate returns well above the vessel’s free cash flow breakeven, strengthening earnings visibility.
Management Commentary
Andreas Michalopoulos, CEO of Performance Shipping, said:
“We are pleased to commence this new collaboration with Pakistan National Shipping Corporation, which highlights the diversity and global reach of our chartering relationships. This time charter is expected to contribute meaningfully to our earnings while aligning with our strategy of securing attractive employment in a dynamic market. We look forward to building on this relationship as we continue delivering value to our shareholders.”
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Source: Performance Shipping Inc
