Performance Shipping Inc. Expands Fleet Contractual Agreements
Performance Shipping Inc. (NASDAQ: PSHG), a leading global shipping company specializing in tanker vessel ownership, recently announced a significant milestone. The company has entered into a time charter agreement with Pakistan National Shipping Corporation (PNSC) for the M/T P. Aliki, a notable 105,304 DWT LR2 Aframax tanker that first set sail in 2010.
Details of the Time Charter Agreement
The agreement entails the chartering of the M/T P. Aliki for a duration of 12 months, with the possibility of extending it by 15 days at the Charterer's discretion. The daily gross charter rate is set at an impressive US$30,000. The vessel recently completed a six-month charter with Seariver Maritime LLC, a subsidiary of ExxonMobil Corporation, and is presently undergoing comprehensive maintenance in drydock.
Financial Gains from the New Charter
This new charter arrangement is expected to significantly bolster Performance Shipping's secured revenue backlog, adding around US$10.5 million over the minimum charter duration. As a result, the company’s total secured revenue backlog climbs to approximately US$250.5 million, which reflects the minimum durations of all their charters as of the last financial disclosure.
CEO’s Remarks on the Partnership
Andreas Michalopoulos, CEO of Performance Shipping, expressed his enthusiasm about this new collaboration. He highlighted that this partnership with PNSC accentuates the diversity and extensive network of the Company’s charter relationships on a global scale. Michalopoulos anticipates that this time charter will generate earnings that notably exceed the vessel's free cash flow breakeven point, contributing meaningfully to the company’s profitability during this contracted period.
Commitment to Revenue Stability
He elaborated that this business strategy aligns perfectly with performance shipping's objective to secure favorable employment opportunities for its vessels, providing consistent revenue visibility in a fluctuating market. The team is looking forward to further developing this partnership while maintaining their commitment to delivering value to shareholders.
Company Overview
Performance Shipping Inc. stands out as a noteworthy provider of shipping transportation services through its diverse fleet of tanker vessels. The focus of the company is not only on spot voyages but also extends to pool arrangements and time charters, highlighting their versatile operational capabilities.
Contact Information
For more information regarding the company’s operations or investor relations, individuals can reach out to the following:
Corporate Contact:
Andreas Michalopoulos
Chief Executive Officer, Director and Secretary
Telephone: +30-216-600-2400
Email: amichalopoulos@pshipping.com
Website: www.pshipping.com
Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: +1-203-972-8350
Email: enebb@optonline.net
Frequently Asked Questions
What is the new charter agreement for M/T P. Aliki?
Performance Shipping Inc. has entered into a 12-month charter agreement with Pakistan National Shipping Corporation for the M/T P. Aliki at a rate of US$30,000 per day.
Who is the Charterer for this agreement?
The charter is contracted with Pakistan National Shipping Corporation (PNSC).
How much revenue does this charter generate?
This charter is expected to add approximately US$10.5 million to Performance Shipping's secured revenue backlog.
What type of vessel is the M/T P. Aliki?
The M/T P. Aliki is a 105,304 DWT LR2 Aframax tanker built in 2010.
Who can be contacted for more information about Performance Shipping?
Interested parties can contact CEO Andreas Michalopoulos at +30-216-600-2400 or via email at amichalopoulos@pshipping.com.
