surfer44
2月前
Performance Shipping Inc. Announces Long-Term Time Charters for Two Suezmax Newbuilding Tankers Delivering in 2028 and 2029
April 16 2026 - 9:28AM
Performance Shipping Inc. (NASDAQ: PSHG), (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, today announced that it has entered into time charter agreements with Repsol Trading S.A. (“Repsol”) for its two previously announced 158,000 dwt Suezmax tanker newbuilding vessels (the “Vessels”) under construction in China, by China Shipbuilding Trading Co. Ltd. and Shanghai Waigaoqiao Shipbuilding Co. Ltd.
Under the agreements, the first vessel has been chartered for a period of seven (7) years (±30 days) at a daily hire rate of US$35,000, while the second vessel has been chartered for a period of five (5) years (±30 days) at a daily hire rate of US$36,850, payable monthly in advance. The Vessels are expected to be delivered from the shipyard to the Company in October 2028 and May 2029 and will commence their respective charters with Repsol upon their delivery.
Commenting on the agreements, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:
“Following the entry into our Suezmax tanker newbuilding contracts in early March, we are pleased to announce that we have now secured long-term employment for both vessels well in advance of their delivery. These agreements mark a further expansion of our relationship with Repsol Trading S.A., a major global energy company. The modern, fuel-efficient, and environmentally friendly specifications of these scrubber-fitted vessels contributed to securing long-term employment on attractive terms, reflecting both the positive fundamentals of the Suezmax market and confidence in our operational capabilities.
“Revenues secured from these charters will cover the majority of the vessels’ acquisition cost and add significant earnings visibility, increasing the Company’s total fleetwide contracted revenue to approximately US$471 million from US$317 million, based on the minimum duration of each charter and as of the beginning of April 2026. Our average contract duration is now 2.8 years and our contracted days are 89.5%, 76.9%, 68.6%, 56.4% and 46.8% for 2026, 2027, 2028, 2029 and 2030, respectively, thereby reducing the charter rate required to breakeven on our open days. Effectively all our modern vessels are now operating under long-term fixed charter rate contracts. This is coupled with our remaining vessels operating under shorter-term charters, two of which are scheduled for renewal this year in an extremely tight market for prompt tanker vessel capacity.”
About the Company
Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of tanker vessels. The Company employs its fleet on spot voyages, through pool arrangements, and on time charters.
https://investorshub.advfn.com/stock-market/NASDAQ/performance-shipping-PSHG/stock-news/98299560/performance-shipping-inc-announces-long-term-time
surfer44
2月前
Performance Shipping Inc. Announces Sale of 2010-Built Aframax Vessel M/T P. Aliki for US$42.65 Million
April 14 2026 - 9:27AM
Performance Shipping Inc. (NASDAQ: PSHG), (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, today announced that, through a separate wholly-owned subsidiary, it has signed a Memorandum of Agreement to sell its oldest vessel, the 2010-built, 105,304 dwt Aframax tanker vessel, M/T P. Aliki, to Trafigura Maritime Logistics Pte. Ltd. for a gross sale price of US$42.65 million. The vessel is expected to be delivered to the new owners in or around the end of the third quarter 2026, subject to customary closing conditions and upon expiration of her current US$30,000 per day time charter with Pakistan National Shipping Corporation.
The M/T P. Aliki currently serves as part of the collateral for the Company’s outstanding credit facility with Alpha Bank S.A. Part of the net proceeds from the sale will be applied to repay approximately US$12.8 million in accordance with the terms of the loan agreement.
The Company acquired the M/T P. Aliki in the fourth quarter of 2022 for a gross purchase price of US$36.5 million.
Commenting on this sale, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:
“The sale of the M/T P. Aliki is an integral part of our fleet renewal strategy, which combines opportunistic acquisitions of modern vessels and newbuilding orders with the divestitures of our older vessels. Over the past twelve months, the average age of our fleet has declined from 14 years to 8 years on a pro forma basis, following the pre-announced sale of the M/T P. Sophia and the sale of the M/T P. Aliki, and will decrease further upon delivery of our newbuilding vessels. Age is not the only factor, as we now boast a highly specified and energy efficient fleet.
“Our cash reserves are expected to increase from approximately US$50 million as of the end of 2025, to approximately US$175 million, taking into account our materialized bond tap issue and delivery of our third newbuilding M/T P. Marseille in January 2026, and pro forma the expected proceeds from the sale of the M/T P. Sophia and the net proceeds from the sale, following debt repayment, of the M/T P. Aliki . This significant cash increase will, among other initiatives, further support the funding for the construction of our two Suezmax tanker vessels scheduled for delivery in October 2028 and May 2029 at China Shipbuilding Trading Co. Ltd. (“CSTC”) and Shanghai Waigaoqiao Shipbuilding Co. Ltd. (“SWS”).”
About the Company
Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of tanker vessels. The Company employs its fleet on spot voyages, through pool arrangements, and on time charters.
https://investorshub.advfn.com/stock-market/NASDAQ/performance-shipping-PSHG/stock-news/98278931/performance-shipping-inc-announces-sale-of-2010-b
surfer44
3月前
SPHINX INVESTMENT CORP. ANNOUNCES TERMINATION OF TENDER OFFER TO PURCHASE ALL OUTSTANDING COMMON SHARES AND ASSOCIATED RIGHTS OF PERFORMANCE SHIPPING INC.
NEW YORK, March 16, 2026 /PRNewswire/ -- Sphinx Investment Corp. (“Sphinx”) today announced that it has terminated its previously announced offer to purchase all of the issued and outstanding common shares, par value $0.01 per share (the “Common Shares”), of Performance Shipping Inc. (“Performance”) (including the associated preferred stock purchase rights (the “Rights”, and together with the Common Shares, the “Shares”) (the “Offer”). The tender offer was due to expire at 11:59 p.m., New York City time, on September 18, 2026.
Sphinx’s obligation to consummate the Offer was subject to various terms and conditions specified in the offer to purchase and letter of transmittal documents that were distributed to holders, including the “Series C Condition”, as further described in such documents.
As previously disclosed by Sphinx, on August 13, 2024, Sphinx initiated legal proceedings (the “RMI Cancellation Proceedings”) in the High Court of the Republic of the Marshall Islands (the “High Court”) against Performance and certain other defendants, seeking, among other things, to invalidate the super-voting Series C Preferred Stock of Performance. On July 16, 2025, the High Court entered an order staying the RMI Cancellation Proceedings pending resolution of the appeal in a separate case captioned Sphinx v. Tsantanis, et. al., Case No. 2024-01680 (the “Seanergy Case”), which was then pending before the Supreme Court of the Marshall Islands and expected to bear upon related legal issues. The Supreme Court of the Marshall Islands rendered a decision in the Seanergy Case on February 20, 2026, and on February 27, 2026, counsel to the defendants in the RMI Cancellation Proceedings wrote a letter motion to the High Court requesting that the High Court lift the stay on the matter and dismiss the RMI Cancellation Proceedings with prejudice, based on the outcome of the Seanergy Case. On March 13, 2026, counsel to the Offeror advised the High Court that the Offeror does not oppose dismissal.
Sphinx has determined that the Series C Condition to the consummation of the Offer, among others, cannot be satisfied in light of the recent decision by the Supreme Court of the Marshall Islands in the Seanergy Case and the pending dismissal of the RMI Cancellation Proceedings, and further given the manifest unwillingness of the Company and its controlling persons to cooperate with the Offer for almost two and a half years. Therefore, Sphinx has terminated the Offer with immediate effect.
No shares of Performance’s common stock were purchased in the tender offer and as a result of the termination, all of the shares of Performance’s common stock previously tendered will be promptly returned to the holders thereof, and no consideration will be paid to holders who have tendered their shares of Performance’s common stock.
The Information Agent for the Offer is Innisfree M&A Incorporated. The Offer materials may be obtained at no charge by calling Innisfree toll free at (877) 800-5190, and may also be obtained at no charge at the website maintained by the SEC at www.sec.gov.
https://investorshub.advfn.com/stock-market/NASDAQ/performance-shipping-PSHG/stock-news/98060191/form-sc-to-t-a-tender-offer-statement-by-third-p
surfer44
3月前
Performance Shipping Inc. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2025
March 04 2026 - 9:27AM
Performance Shipping Inc. (NASDAQ: PSHG) (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, today reported net income of $7.6 million for the fourth quarter of 2025, compared to a net income of $9.7 million for the same period in 2024. Earnings per share, basic and diluted, for the fourth quarter of 2025 were $0.57 and $0.19, respectively.
Revenue was $26.2 million ($24.6 million net of voyage expenses) for the fourth quarter of 2025, compared to $21.7 million ($19.8 million net of voyage expenses) for the same period in 2024. This increase was mainly attributable to the increase in ownership days following the delivery of the newbuilding vessels P. Massport and P. Tokyo in July and September 2025, respectively. Fleetwide, the average TCE rate for the fourth quarter of 2025 was $32,221, compared with an average rate of $32,652 for the same period in 2024. During the fourth quarter of 2025, net cash provided by operating activities was $9.7 million, compared with net cash provided by operating activities of $12.1 million for the fourth quarter of 2024.
Net income for the year ended December 31, 2025, amounted to $50.0 million, compared to a net income of $43.7 million for the year ended December 31, 2024. Earnings per share, basic and diluted, for the year ended December 31, 2025, were $3.87 and $1.28, respectively, while earnings per common share, basic and diluted, for the year ended December 31, 2024 were $3.39 and $1.11, respectively.
Commenting on the results of the fourth quarter of 2025, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:
“Fiscal year 2025 represented another solid year for our Company. We generated revenues of $84.2 million, with a daily time charter equivalent (TCE) rate of $31,246, modestly below the strong results of 2024, when revenues reached $87.4 million and the TCE rate was $32,954. We nevertheless continued to deliver robust profitability, with net income rising to $50.0 million, supported in part by a gain from a vessel sale. These results demonstrate the strength of our operations and our ability to pursue opportunities in a profitable tanker market.
“Looking ahead, we believe 2026 is expected to be another firm year for the tanker market, supported by solid growth in seaborne trade of oil and refined petroleum products, increased exports from the Middle East and Latin America, firm Chinese demand, and continued trade sanctions. These market dynamics are expected to be sufficiently strong to absorb moderate fleet growth. As of the beginning of the year, we had a robust revenue backlog of approximately $350 million, with fixed charter coverage of approximately 88% for 2026 and 72% for 2027, providing significant cash flow visibility. Given the favorable charter rate environment, we are confident that the three vessels becoming available for employment later this year will secure attractive charter arrangements.
“At the same time, we continue to execute our fleet renewal and expansion strategy, enhancing both the commercial competitiveness and operational efficiency of our fleet. The delivery of our two 2019-built Suezmax tankers in December 2025, both operating under three-year charters at $36,500 per day, along with the delivery of our third LR2 Aframax newbuilding in January 2026 currently operating under a five-year charter at $31,000 per day, represent significant milestones for our strategy. Pro forma these additions and the opportunistic sale of our oldest vessel, M/T P. Sophia in mid-2026, our average fleet age will decline to nine years. The construction of our first LR1, expected to be delivered in early 2027, will further enhance our fleet quality. In addition, our recently signed shipbuilding contracts with China Shipbuilding Trading Co. Ltd. and Shanghai Waigaoqiao Shipbuilding Co. Ltd. for two 158,000 DWT Suezmax tankers will expand our presence in the Suezmax segment which we believe benefits from constructive medium and long-term market fundamentals, further supporting our long-term growth.
“Our balance sheet remains strong, supported by $49.3 million in cash, cash equivalents, and restricted cash as of year-end 2025. Following the successful completion of our bond tap issue in January 2026 and pro forma the expected gross proceeds from the M/T P. Sophia sale, our cash position is projected to increase to approximately $135 million. We remain committed to executing our fleet expansion strategy, while continuing to maintain prudent capital allocation and disciplined leverage management.”
Corporate Developments
Update on Outstanding Shares and Warrants
As of March 3, 2026, the Company had outstanding 12,432,158 common shares. In addition, the following common share purchase warrants were outstanding as of such date:
Class A Warrants to purchase up to 567,366 common shares at an exercise price of $15.75 per common share;
Warrants issued July 19, 2022, to purchase up to 1,033,333 common shares at an exercise price of $1.65 per common share;
Warrants issued August 16, 2022, to purchase up to 2,122,222 common shares at an exercise price of $1.65 per common share;
Series A Warrants issued March 3, 2023, which are exchangeable for up to 14,300 common shares; and
Series B Warrants issued March 3, 2023, to purchase up to 4,097,000 common shares at an exercise price of $2.25 per common share.
Finally, the Company had 50,726 shares of its Series B Convertible Cumulative Perpetual Preferred Stock and 1,423,912 shares of its Series C Convertible Cumulative Redeemable Perpetual Preferred Stock outstanding.
Update on Recent Developments
During the fourth quarter of 2025 and through March 3, 2026, the Company achieved several key milestones:
Acquired two 2019-built, modern eco-design Suezmax tankers, M/T P. Beverly Hills and M/T P. Bel Air, for $75.4 million each, net of brokerage commissions. Upon delivery in December 2025, both vessels commenced three-year time-charter contracts with Repsol Trading SA at $36,500 per day per vessel.
Entered into a two-year time-charter contract with SeaRiver Maritime, a subsidiary of ExxonMobil Corporation, for the M/T P. Long Beach at $30,500 per day.
Completed a $50 million tap issuance, priced at 103% of par value, under the Company’s 9.875% Nordic bonds due July 2029.
Took delivery of the third newbuild LR2 Aframax tanker, M/T P. Marseille, in January 2026. Upon delivery, the vessel commenced its five-year time-charter contract with Clearlake Shipping Pte Ltd, a subsidiary of Gunvor Group, at a rate of $31,000 per day.
Secured a three-year time-charter contract for M/T P. Monterey with PBF Holding Company LLC, a subsidiary of PBF Energy Inc., at $31,000 per day.
Entered into an agreement to sell the oldest vessel in the fleet, M/T P. Sophia, for $35.65 million, with delivery expected in mid-2026.
Entered into two shipbuilding contracts with China Shipbuilding Trading Co. Ltd. and Shanghai Waigaoqiao Shipbuilding Co. Ltd. for the construction of two 158,000 DWT newbuilding Suezmax tanker vessels. The vessels are expected to be delivered in October 2028 and May 2029, respectively, at a contract price of $81.5 million per vessel.
Tanker Market Update for the Fourth Quarter of 2025:
Tanker fleet supply was 709.92 million dwt, up 0.4% from 707.3 million dwt from the previous quarter and up 2.1% from Q4 2024 levels of 695.3 million dwt.
Tanker demand has entered 2026 on firm footing, supported by elevated export volumes following increased oil production, strong Middle East and Latin America exports, resilient Chinese import demand, and shifting Venezuelan flows. In parallel, mainstream tonnage has been increasingly utilized, while ongoing geopolitical uncertainty further underpins demand conditions. As a result, in 2026 and 2027, seaborne oil trade in tonne-miles is expected to grow by approximately 0.7% and 1.4%, respectively.
Tanker fleet supply in deadweight terms is estimated to grow by 4.2% in 2026 and by 5.5% in 2027.
Newbuilding tanker contracting was 22.2 million dwt in the fourth quarter, resulting in a tanker orderbook-to-fleet ratio of 17.8%.
Daily spot charter rates for Aframax tankers averaged $61,382, up 61.1% from the previous quarter average of $38,107 and up 58.4% from Q4 2024 average of $38,746.
The value of a 10-year-old Aframax tanker at the end of the fourth quarter was $55.0 million, up 10.0% from $50.0 million in the previous quarter, and up 5.8% from $52.0 million in Q4 2024.
Daily spot charter rates for Suezmax tankers averaged $77,370, up 50.6% from the previous quarter average of $51,385 and up 80.1% from Q4 2024 average of $42,948.
The value of a 10-year-old Suezmax tanker at the end of the fourth quarter was $64.0 million, up 4.9% from $61.0 million in the previous quarter, and up 6.7% from $60.0 million in Q4 2024.
The number of tankers used for floating storage (excluding dedicated storage) stood at 119 (14.4 million dwt) in the fourth quarter, down 4.8% from 125 (14.4 million dwt) at the end of the previous quarter and up 56.6% from 76 (10.1 million dwt) in Q4 2024.
Global oil consumption was 104.3 million bpd, down 0.1% from the previous quarter level of 104.5 million bpd, and up 1.0% from Q4 2024 levels of 103.2 million bpd.
Global oil production was 108.3 million bpd, up 0.3% from the previous quarter level of 108.0 million bpd and up 4.2% from Q4 2024 levels of 103.9 million bpd.
OECD commercial inventories were 2,883 million barrels, up 0.9% from the previous quarter level of 2,858 million barrels, and up 5.1% from Q4 2024 levels of 2,743 million barrels.
The above market outlook update is based on information, data, and estimates derived from industry sources. There can be no assurances that such trends will continue or that anticipated developments in tanker demand, fleet supply or other market indicators will materialize. While we believe the market and industry information included in this release to be generally reliable, we have not independently verified any third-party information or verified that more recent information is not available.
https://investorshub.advfn.com/stock-market/NASDAQ/performance-shipping-PSHG/stock-news/97977428/performance-shipping-inc-reports-financial-result
surfer44
3月前
Performance Shipping Inc. Signs Shipbuilding Contracts for the Construction of Two Newbuilding Suezmax Tankers
March 02 2026 - 4:03PM
Performance Shipping Inc. (NASDAQ: PSHG), (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, today announced that, through two separate wholly-owned subsidiaries, it has signed two shipbuilding contracts with China Shipbuilding Trading Co. Ltd. (“CSTC”) and Shanghai Waigaoqiao Shipbuilding Co. Ltd. (“SWS”) for the construction of two 158,000 DWT newbuilding Suezmax tanker vessels.
The vessels are expected to be delivered in October 2028 and May 2029, respectively, at a contract price of US$81.5 million per vessel. 15% of the purchase price is payable upon receipt of a refund guarantee; 10% of the purchase price is payable at each of the milestones of steel cutting, keel laying, and launching of the vessels; and the remaining 55% of the purchase price is payable upon the delivery of the vessels.
Commenting on the contracts, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:
“The signing of these two Suezmax newbuilding contracts expands our presence in a segment with constructive medium- and long-term market fundamentals. Our fleet is primarily comprised of Aframax/LR2 vessels, and with two Suezmax tankers currently on the water, this transaction is poised to double our exposure to the segment, reflecting our disciplined capital allocation approach and confidence in the Suezmax market.
“Upon delivery in October 2028 and May 2029, approximately 25% of the global Suezmax fleet is expected to be over 20 years of age, while nearly half of the fleet will consist of non-eco vessels, supporting a favorable long-term supply outlook. Coupled with consistent growth in global demand for energy, geopolitical developments reshaping trade flows, and increasing ton-mile demand, we believe this environment will allow us to secure attractive employment for these vessels well ahead of their respective deliveries.
“We are pleased to further strengthen our partnership with SWS, a reputable shipyard with a strong track record of delivering technologically advanced vessels. Of the four newbuilding tankers we have previously contracted, three have already been constructed and delivered by this yard. This underscores our confidence in their high quality of construction and timely delivery schedules.
“The vessels have been secured at competitive prices and will be Tier III, scrubber-fitted and compliant with the latest fuel-efficiency and environmental standards, enhancing their commercial competitiveness and long-term earnings capacity.”
About the Company
Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of tanker vessels. The Company employs its fleet on spot voyages, through pool arrangements, and on time charters.
https://investorshub.advfn.com/stock-market/NASDAQ/performance-shipping-PSHG/stock-news/97955630/performance-shipping-inc-signs-shipbuilding-contr
surfer44
5月前
Oil tanker rates jump as US push into Venezuela shifts crude flows
Published Jan 15, 2026, 03:57 PM
Singapore – The shipping market is being shaken up by Washington’s intervention in Venezuela, as the prospect of more oil being exported to the United States boosts regional tanker rates to their highest level in almost two years.
After US forces seized Nicolas Maduro and Washington asserted its control over the nation’s energy industry, more crude from the OPEC member will be available for American refiners, likely to be delivered on mid-sized tankers. In a knock-on effect, more US-produced West Texas Intermediate crude will be pushed to Europe on the same type of vessel, squeezing availability.
The global oil industry – including producers, refiners, shippers and traders – is working through the consequences of Washington’s move earlier in January, which saw special forces snatch the country’s leader and haul him to the US. President Donald Trump has put control of the nation’s oil industry at the heart of the operation, with US Energy Secretary Chris Wright saying it plans to direct future sales of Venezuelan crude “indefinitely”.
For ship owners, that means higher rates on some routes as current and future oil flows are redirected, with Washington starting to ease sanctions on Venezuela. Before the US intervention, the bulk of the South American nation’s exports were shipped to China, carried on so-called dark-fleet vessels.
“The imminent redirection of Venezuelan crude-oil flows from China to US Gulf seems to be causing a structural change in the Aframax segment,” said Mr Georgios Sakellariou, a chartering analyst at Signal Maritime, a vessel-pool management company, referring to the mid-sized vessels that haul about 700,000 barrels. “This is a typical trend that underscores how geopolitical developments become shipping reality.”
On the route from the Caribbean to the US Gulf, known by the Baltic Exchange as TD9, prices reached US$78,795 (S$101,470) a day on Jan 14, the highest since early 2024. Meanwhile, on TD25, for the US Gulf to the major European refining hub in Amsterdam-Rotterdam-Antwerp, rates rose for five days to hit US$64,404.
Other routes are also seeing gains, given the lack of immediately available vessels in the region. On TD26 – which tracks fees for tankers hauling oil from the east coast of Mexico to the US Gulf – rates reached US$90,681 on Jan 14, after spiking 21 per cent the day before.
At stake are monthly flows that were running at a little more than half-a-million barrels a day before the US confrontation, which included a naval blockade.
In November, ships loaded 586,000 barrels of Venezuelan crude a day, according to shipping reports, Kpler data and US Customs. That was up 37 per cent from a month earlier, but 12 per cent lower on-year.
Luring tankers
Prospects for more Venezuelan crude going to the US are also luring tankers from other regions, with some ready to sail empty – or ballasting – across oceans to take on cargoes from South America.
Among them, the Front Siena is ballasting west across the Atlantic from Spain, declaring that it is headed to Guyana, near Venezuela, and waiting for orders, brokers say. Elsewhere, Mare Siculum is also traversing the Atlantic empty, and has been fixed for a route from the east coast of Mexico to Europe.
Shortly after the US operation, President Trump said Venezuela would relinquish as much as 50 million barrels of oil to the US, declaring it would be sold with the proceeds benefiting both countries. He also convened a meeting at the White House for industry executives to press the case for them to invest in the country to rehabilitate its run-down energy infrastructure.
Despite that push, the outlook for the nation’s supplies remains cloudy. While the head of Exxon Mobil called the nation currently “uninvestable”, flagging challenges to reviving supplies, consultant Enverus has forecast that Venezuela’s crude output could surge by roughly 50 per cent over the coming decade. BLOOMBERG
surfer44
5月前
Performance Shipping Inc. Announces Naming and Delivery of M/T P. Marseille, the Third Vessel in Its Newbuilding Program
January 14 2026 - 9:27AM
Performance Shipping Inc. (NASDAQ: PSHG) (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, is pleased to announce the successful naming and delivery of the M/T P. Marseille, the third vessel in its current newbuilding program, constructed at Shanghai Waigaoqiao Shipbuilding Co. Ltd. (SWS) in the People’s Republic of China. The M/T P. Marseille, previously referred to as Hull H1597, is a 114,000 DWT LNG-ready Tier III product/crude oil tanker. The naming ceremony was held at the shipyard with Ms. Aliki Paliou serving as the vessel’s godmother. Upholding maritime tradition, she blessed the vessel and wished her crew safe and successful voyages.
This delivery follows the M/T P. Massport and M/T P. Tokyo and represents another important milestone in the Company’s fleet expansion and renewal strategy. As previously announced, all three newbuilding LR2 vessels have secured five-year time charter contracts with Clearlake Shipping Pte Ltd (the “Charterer”), a subsidiary of the Gunvor Group, one of the world’s largest independent commodities trading houses. Following delivery to the Company, the M/T P. Marseille was delivered to the Charterer and has commenced operations under its five-year time charter contract, with options for a sixth and seventh year at a base rate plus profit-sharing.
One LR1 chemical/product tanker remains under construction and is scheduled for delivery in early 2027.
Commenting on the vessel’s naming and delivery, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:
“With the delivery of this LR2 vessel, we have now successfully completed our three-LR2-vessel newbuilding program with Shanghai Waigaoqiao Shipbuilding, further advancing our strategy to expand and renew our fleet with younger, high-specification tonnage. The addition of this modern, fuel-efficient vessel enhances our operational efficiency and improves our environmental footprint.
“The vessel’s employment under a long-term fixed charter with Clearlake Shipping Pte Ltd, a first-class counterparty, provides secured revenues from delivery and reinforces the stability and visibility of our cash flows. We would like to thank Shanghai Waigaoqiao Shipbuilding for their professionalism, high-quality workmanship, and strong cooperation throughout the construction process, and we wish the M/T P. Marseille and her crew safe voyages and favorable conditions ahead.”
About the Company
Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of tanker vessels. The Company employs its fleet on spot voyages, through pool arrangements, and on time charters.
https://investorshub.advfn.com/stock-market/NASDAQ/performance-shipping-PSHG/stock-news/97615146/performance-shipping-inc-announces-naming-and-del
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gladeshawk
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