Performance Shipping Delivers M/T P. Tokyo, Second Vessel in Newbuilding Program, with Five-Year Charter Contract

Performance Shipping Inc. has announced the naming and delivery of M/T P. Tokyo, the second vessel in its newbuilding program. The 114,000 DWT LNG-ready Tier III product/crude oil tanker was delivered to Clearlake Shipping, a subsidiary of Gunvor Group, under a five-year charter contract at a gross rate of $31,000 per day. Two further newbuildings are scheduled for delivery in early 2026 and early 2027.

ATHENS, Greece, Sept. 02, 2025 (GLOBE NEWSWIRE) — Performance Shipping Inc. (NASDAQ: PSHG) has successfully delivered the M/T P. Tokyo, the second vessel in its current newbuilding program. The 114,000 DWT LNG-ready Tier III product/crude oil tanker, previously known as Hull H1596, was constructed at Shanghai Waigaoqiao Shipbuilding Co. Ltd. (SWS) in the People’s Republic of China. The naming ceremony was held at the shipyard, with Ms. Xinghang Zhang serving as the vessel’s godmother.

The M/T P. Tokyo follows the delivery of the M/T P. Massport and is a significant step in the company’s fleet expansion and renewal strategy. Two additional newbuildings, an LR2 Aframax and an LR1 chemical/product tanker, are scheduled for delivery in early 2026 and early 2027 respectively.

All three newbuilding LR2 vessels, including the M/T P. Tokyo, have secured five-year charter contracts with Clearlake Shipping Pte Ltd, a subsidiary of the Gunvor Group. The M/T P. Tokyo was delivered to Clearlake Shipping and has commenced operations under the five-year time charter contract at a gross rate of US$31,000 per day, with options for a sixth and seventh year at a base rate plus profit-sharing.

Andreas Michalopoulos, the Company’s Chief Executive Officer, stated, "We are proud to welcome the M/T P. Tokyo into our fleet as the second delivery in our current newbuilding program. This state-of-the-art tanker represents the continued execution of our fleet renewal and growth strategy. We once again extend our appreciation to Shanghai Waigaoqiao Shipbuilding for their excellent workmanship and collaboration. We are equally pleased to further strengthen our partnership with Clearlake Shipping through the commencement of this second long-term charter. As P. Tokyo prepares to embark on her maiden voyage, may she be protected by St. Nicholas, the patron saint of seafarers. May her voyages be safe, her service impactful, and her legacy enduring. We wholeheartedly wish the M/T P. Tokyo and her crew fair winds and calm seas."

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.

[1] https://www.stocktitan.net/news/PSHG/performance-shipping-inc-announces-naming-and-delivery-of-m-t-p-ty51azsoqtdv.html
[2] https://www.globenewswire.com/news-release/2025/09/02/3142799/14069/en/Performance-Shipping-Inc-Announces-Naming-and-Delivery-of-M-T-P-Tokyo-the-Second-Vessel-in-Its-Newbuilding-Program.html