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Performance Shipping Enters 12-Month LR2 Aframax Charter at $30,000/Day.
ByAinvest
Monday, Aug 18, 2025 9:34 am ET1min read
• Performance Shipping Inc. enters 12-month time charter for M/T P. Aliki • Daily gross charter rate: $30,000 • Vessel to be delivered mid-September 2025 • Fleetwide secured revenue backlog increases by $10.5 million
Athens, Greece, Aug. 18, 2025 – Performance Shipping Inc. (NASDAQ: PSHG), a global shipping company specializing in the ownership of tanker vessels, has announced the signing of a 12-month time charter contract with Pakistan National Shipping Corporation (PNSC) for its M/T P. Aliki, a 105,304 DWT LR2 Aframax tanker built in 2010. Under the agreement, the vessel will be chartered at a daily gross charter rate of US$30,000 for a period of 12 months, plus or minus 15 days at the Charterer’s option. The M/T P. Aliki, which completed a six-month charter with Seariver Maritime LLC, a subsidiary of ExxonMobil Corporation, is currently undergoing its third special survey and drydock. The vessel is expected to be delivered to PNSC by mid-September 2025 [1].The time charter contract is expected to increase Performance Shipping Inc.’s fleetwide secured revenue backlog by approximately US$10.5 million for the minimum duration of the charter, bringing the total backlog to about US$250.5 million as of the end of the last financial reporting period [1].
Commenting on the charter, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated: “We are pleased to commence this new collaboration with Pakistan National Shipping Corporation, which highlights the diversity and global reach of our chartering relationships. The Company expects this time charter to generate earnings significantly above the vessel’s free cash flow breakeven level and contribute meaningfully to our earnings over the contracted period. This aligns with our strategy of securing attractive employment for our vessels in a dynamic market environment to maintain revenue visibility. We look forward to building on this relationship while continuing to deliver value to our shareholders” [1].
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].
References:
[1] https://www.globenewswire.com/news-release/2025/08/18/3135080/14069/en/Performance-Shipping-Inc-Secures-Time-Charter-Contract-for-M-T-P-Aliki-at-US-30-000-Per-Day.html
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