Performance Shipping Inc. Celebrates New Vessel Launch: M/T P. Tokyo
Exciting News for Performance Shipping Inc.
Performance Shipping Inc. (NASDAQ: PSHG), a prominent name in global shipping and tanker vessel ownership, has made a noteworthy announcement. The company recently celebrated the naming and delivery of its latest vessel, the M/T P. Tokyo. This achievement marks the second vessel delivered under its current newbuilding program, solidifying its commitment to expanding and modernizing its fleet.
Introducing M/T P. Tokyo
The M/T P. Tokyo, previously known as Hull H1596, is an impressive tanker with a Deadweight Tonnage (DWT) of 114,000. It is designed as LNG-ready and meets Tier III emission standards, reflecting the industry's increasing commitment to environmentally friendly operations. The vessel's naming ceremony took place at the Shanghai Waigaoqiao Shipbuilding Co. Ltd., a leading shipyard in the People’s Republic of China. The honor of acting as the vessel’s godmother was bestowed upon Ms. Xinghang Zhang, who followed maritime traditions by blessing the ship and wishing safe travels for its crew.
Continuing Fleet Expansion
The M/T P. Tokyo's delivery is a milestone for Performance Shipping as it follows the launch of the M/T P. Massport. This stride is part of the company's larger strategy to renew and enhance its fleet. Alongside M/T P. Tokyo, two additional vessels are set to join the fleet in the near future—an additional LR2 Aframax tanker and an LR1 chemical/product tanker, scheduled for delivery in early 2026 and early 2027, respectively.
A Solid Partnership with Clearlake Shipping
In a significant move for the company, all three newbuilding LR2 vessels, including the M/T P. Tokyo, have been secured under five-year charter contracts with Clearlake Shipping Pte Ltd, a respected subsidiary of the Gunvor Group, renowned for its position as one of the world's leading independent commodities trading enterprises. Following its delivery to Performance Shipping, the M/T P. Tokyo immediately commenced operations under this charter agreement at a competitive gross rate of $31,000 per day. With options for extending the contract into a sixth and seventh year, this partnership promises continued profitability.
CEO’s Vision for Growth
Andreas Michalopoulos, the Chief Executive Officer of Performance Shipping, expressed his pride in welcoming the M/T P. Tokyo to their fleet. He emphasized the importance of this new vessel as a demonstration of the company’s ongoing fleet renewal and growth strategy. Michalopoulos also acknowledged the high-quality craftsmanship provided by Shanghai Waigaoqiao Shipbuilding, reinforcing the importance of collaboration in successful project execution. He conveyed heartfelt wishes for the vessel, hoping for fair winds and smooth seas for her maiden voyages.
About Performance Shipping Inc.
Performance Shipping Inc. remains committed to providing efficient and reliable shipping transportation services through its ownership of tanker vessels. The company strategically employs its fleet for spot voyages, in pool arrangements, and time charters to optimize operational effectiveness and meet diverse market demands.
Frequently Asked Questions
What is the significance of the M/T P. Tokyo in Performance Shipping's fleet?
The M/T P. Tokyo is the second vessel delivered as part of an ambitious newbuilding program aimed at expanding and modernizing the fleet.
Who is the godmother of the M/T P. Tokyo?
Ms. Xinghang Zhang served as the vessel’s godmother during the naming ceremony, blessing the ship and wishing for the safety of its crew.
What type of contracts have been secured for the new vessels?
All three newbuilding LR2 vessels, including the M/T P. Tokyo, have secured five-year charter contracts with Clearlake Shipping, enhancing profitability for Performance Shipping.
When are additional vessels scheduled for delivery?
An additional sister LR2 Aframax tanker and an LR1 chemical/product tanker are expected to be delivered in early 2026 and early 2027, respectively.
What is the primary focus of Performance Shipping Inc.?
Performance Shipping Inc. specializes in the ownership and operation of tanker vessels, providing shipping transportation services through time charters and spot voyages.
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