Performance Shipping Inc. Secures Charter Contract With Aramco for About 24 Months at US$41,000 Per Day



ATHENS, Greece, June 05, 2024 (GLOBE NEWSWIRE) — 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 entered into a time charter contract with Aramco Trading Fujairah FZE (“Aramco” or the “Charterer”) for the 2011-built, 104,588 dwt Aframax tanker vessel, the M/T Briolette. The gross charter rate will be US$41,000 per day for a period of twenty-four (24) months ± 30 days at the option of the Charterer. The charter commenced on June 2, 2024, in direct continuation of the previous charter, and is expected to generate approximately US$28.7 million in gross revenue for the minimum duration of the charter.

Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:

“We are pleased to announce the direct continuation of the charter with Aramco, one of the world’s largest integrated energy and chemicals companies. This new 2-year charter contract, which commenced immediately upon the expiration of the previous 2-year charter contract with Aramco, earns a daily gross charter rate that is US$8,500 higher than the previous contract. It is the third such contract that the Company has secured with the Charterer, a testament to the quality and reliability of the seaborne transportation services we strive to provide our valuable customers. We now have a contract backlog of US$228.1 million, including the three 5-year contracts for our Aframax LR2 newbuildings. Two of the seven vessels in our operating fleet trade …

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