Performance Shipping Inc. Partners with Oil Major for Charter Deal

Performance Shipping Inc. Secures Time Charter with SeaRiver

Performance Shipping Inc. (NASDAQ: PSHG), a leader in the shipping industry, has successfully secured a time charter agreement with SeaRiver Maritime LLC, a subsidiary of ExxonMobil Corporation. This contract involves the use of the LR2 Aframax tanker, M/T P. Aliki, which boasts a deadweight tonnage of 105,304. The charter is valued at a gross rate of US$33,500 per day for a span of seven months, with a flexible +/- 15 day option available to the charterer. This agreement is expected to begin shortly and will generate approximately US$6.6 million in gross revenue for the charter's minimum duration.

CEO Comments on Charter Agreement

Andreas Michalopoulos, the Chief Executive Officer of Performance Shipping, expressed his excitement regarding this new charter partnership. He remarked, "We are thrilled to have secured this time charter with SeaRiver Maritime, a subsidiary of ExxonMobil, which is recognized as one of the foremost oil companies globally. This agreement reflects our commitment to maintaining high operational standards and underscores the trust that charterers demonstrate towards our fleet and management capabilities. We anticipate further enhancing this partnership to bring increased value to our stakeholders."

About Performance Shipping Inc.

Performance Shipping Inc. provides global shipping transportation services through its ownership of tanker vessels. The company strategically employs its fleet for spot voyages, through intricate pool arrangements, and on time charter agreements. The company prides itself on its operational efficiencies and its ability to cater to the dynamic needs of the global oil and shipping markets.

Financial Impact and Market Conditions

This charter agreement comes at a critical time as the shipping and oil markets experience fluctuations due to varying international economic conditions. It demonstrates the resilience of Performance Shipping in adapting to market demands and securing beneficial contracts, ensuring stable revenue streams. The expected revenue of approximately US$6.6 million for this charter will significantly bolster the company's financial position during its duration, reflecting positively on its performance indicators.

Future Outlook

Looking ahead, Performance Shipping Inc. aims to build on this success by actively seeking additional charters and expanding its fleet capabilities. The management team is optimistic about the future as they navigate through potential challenges and take advantage of emerging opportunities in the tanker shipping segment. With strong industry partnerships and a dedicated approach to their operations, Performance Shipping is well-positioned to continue growing and delivering value to its shareholders.

Frequently Asked Questions

What is the duration of the charter for M/T P. Aliki?

The charter for the M/T P. Aliki is set for seven months, with an option for an additional +/- 15 days at the charterer's discretion.

Who is the charterer for the M/T P. Aliki?

The charterer is SeaRiver Maritime LLC, a wholly-owned subsidiary of ExxonMobil Corporation.

What is the expected revenue from this charter?

The charter is expected to generate approximately US$6.6 million in gross revenue over its minimum duration.

How does this charter fit into Performance Shipping's strategy?

This charter illustrates Performance Shipping's commitment to operational excellence and financial stability, aligning with its strategy of securing profitable charter agreements.

What are the future plans for Performance Shipping Inc.?

Performance Shipping Inc. plans to explore further chartering opportunities and enhance its fleet capabilities for better market adaptability.

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