Performance Shipping announces $32,000 per day time charter contract

Performance Shipping (PSHG) announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with ST Shipping & Transport, a wholly-owned subsidiary of Glencore (GLNCY), for the M/T Phoenix Beacon. The acquisition of the vessel, to be renamed M/T P. Monterey, was previously announced. The gross charter rate will be US$32,000 per day for a period of twenty-four months +/- 45 days at the option of the Charterer and will commence following the vessel’s delivery to the Company in December. This charter is expected to generate approximately US$22 million of gross revenue for the minimum duration of the charter. The M/T P. Monterey is a 105,525 dwt Aframax tanker vessel built in 2011 by Hyundai Heavy Industries Co., Ltd. – Ulsan, South Korea. Commenting on this charter, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated: "We are very pleased to announce that upon delivery of our newly acquired tanker in December, the M/T P. Monterey will commence service under a new time charter contract with a reputable counterparty and at a lucrative charter rate. Upon commencement of this charter, more than half of our expanded fleet will be under time charter contracts resulting in fixed revenues of approximately US$68 million, based on the minimum durations, representing 4.2x our current equity market capitalization."