Performance Shipping Inc. Secures Time Charter Contract for M/T P. Aliki at US$30,000 Per Day
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 Pakistan National Shipping Corporation (“PNSC” or the “Charterer”) for its M/T P. Aliki, a 105,304 DWT LR2 Aframax tanker, built in 2010.
Under the agreement, the vessel will be chartered for a period of 12 months, plus or minus 15 days at the Charterer’s option, at a daily gross charter rate of US$30,000. The P. Aliki completed a six-month charter with Seariver Maritime LLC, a subsidiary of ExxonMobil Corporation, and is currently undergoing its third special survey and drydock. She will be delivered to the Charterer upon completion of the drydock, expected to be around mid-September 2025.
This charter increases the Company’s fleetwide secured revenue backlog by approximately US$10.5 million for the minimum duration of the charter, bringing the total to about US$250.5 million, based on the minimum duration of each charter and as of the end of the last financial reporting period.
Commenting on this charter, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:
“We are pleased to commence this new collaboration with Pakistan National Shipping Corporation, which highlights the diversity and global reach of our chartering relationships. The Company expects this time charter to generate earnings significantly above the vessel’s free cash flow breakeven level and contribute meaningfully to our earnings over the contracted period. This aligns with our strategy of securing attractive employment for our vessels in a dynamic market environment to maintain revenue visibility. We look forward to building on this relationship while continuing to deliver value to our shareholders.”
Source: Performance Shipping Inc.
