ATHENS, GREECE – 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 a time charter contract with SeaRiver Maritime, a wholly owned subsidiary of ExxonMobil Corporation (“SeaRiver” or the “Charterer”), for its M/T P. Long Beach (the “vessel”), a 105,408 DWT LR2 Aframax tanker, built in 2013.
Under the terms of the agreement, the vessel will be chartered for a period of 24 months, plus or minus 30 days at the Charterer’s option, at a daily gross charter rate of US$30,500. The vessel will be delivered to SeaRiver upon redelivery from her previous charterer, expected to be around mid-December 2025.
This new charter increases the Company’s fleetwide secured revenue backlog by approximately US$21.35 million for the minimum duration of the charter, further enhancing the Company’s total revenue.
Commenting on this charter, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:
“We are pleased to announce that one of our two Aframax tankers, currently operating under medium-term charters expiring in December, has been rechartered well ahead of schedule at an attractive charter rate. This new time charter highlights our long-standing and mutually beneficial partnership with ExxonMobil Corporation, a leading energy major with whom we have conducted repeat business, reaffirming the Charterer’s continued confidence in the quality, safety, and reliability of our fleet operations.
“Concluded in a seasonally strong market environment, this charter reflects both the favorable market dynamics and a positive outlook for our sector. It enables us to further optimize our fleet deployment strategy, increasing our fleet-wide total secured revenue backlog to approximately US$257 million, based on the minimum duration of each charter as of October 1, 2025. This contract also increases our fixed charter coverage to approximately 52% for 2026 and 41% for 2027, pending secured employment for our recently acquired Suezmax tankers, and lowers our cash flow breakeven rate for open days.”
Read the full release here https://www.pshipping.com/our-press
