Athens, Greece - January 22, 2025 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 separate wholly-owned subsidiary, it has extended the time charter contract with ST Shipping & Transport Pte Ltd., a wholly-owned subsidiary of Glencore ("ST" or the "Charterer"), for the 2011-built, 105,525 dwt Aframax tanker vessel, M/T P. Monterey. The gross charter rate will be US$28,000 per day for a period of twelve months +/- 30 days at the option of the Charterer. This charter commenced in mid-January and will generate approximately US$9.38 million of gross revenue for the minimum duration of the charter. Commenting on this charter, Andreas Michalopoulos, the Company's Chief Executive Officer, stated: "We are pleased to announce the direct continuation of the previous time charter contract with ST, a testament to our strong, long-standing partnerships and repeat business with reputable and creditworthy counterparties. This charter also increases our current secured revenue backlog to approximately US$62 million, or US$232 million when including the 5-year contracts for our three Aframax LR2 newbuildings. Our fleet deployment now consists of six vessels operating under time charter arrangements and one vessel trading in the spot market through pool participation. Looking ahead, we remain constructive on the tanker market as we expect the redelivery of two more vessels from their period charters in the coming months." ![]() Aframax tanker P. Monterey. Image by Performance Shipping Inc. Performance Shipping Inc. press release ![]() |