ATHENS, GREECE – 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.”
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