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, through a wholly-owned subsidiary, it has extended the existing time charter contract with American Eagle Tankers (“AET” or the “Charterer”), a member of MISC Group, for the 2011-built, 104,623 dwt Aframax tanker vessel, M/T Blue Moon.
The charter has been extended for a period of twenty-four (24) months +/– 15 days at the option of the Charterer at an average gross charter rate of US$43,000 per day for the first year and US$38,000 per day for the second year, representing an average gross charter rate of US$40,500 per day over the two-year period. Upon completion of the vessel’s current charter period, the M/T Blue Moon is scheduled to undergo its planned drydock. The extended charter period is expected to commence directly thereafter, by the end of 2026.
The charter extension is expected to generate approximately US$29 million of gross revenue for the minimum duration of the extended charter period.
Commenting on the charter extension, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:
“The extension of the M/T Blue Moon’s charter with AET highlights the value of our long-standing commercial partnerships and the trust our counterparties place in our operational performance and fleet quality. Securing a two-year charter extension at an average rate of US$40,500 per day, compared with the vessel’s previous applicable rate of US$28,000 per day, demonstrates our ability to capitalize on favorable market conditions while continuing to strengthen our relationships with leading charterers.
“This new time charter arrangement further enhances the predictability of our future cash flows, with our charter coverage effectively maximized through late 2027, when the next vessel in our fleet is scheduled for redelivery. Following this charter extension and based on the minimum durations of our existing charters, our contracted revenue backlog increases to over US$530 million as of mid-2026. Our charter coverage now approaches 90% through the end of 2028 and remains approximately 60% for 2029, providing strong cash flow visibility and further strengthening the foundation for disciplined and sustainable growth.”
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