Performance Shipping Inc. Announces a US$30,000 per day Time Charter Contract for About 24 Months
ATHENS, Greece, October 27, 2022 - Performance Shipping Inc. (NASDAQ: PSHG) (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with ST Shipping & Transport Pte Ltd. (the “Charterer”), a wholly-owned subsidiary of Glencore, for its vessel M/T P. Yanbu. The gross charter rate will be US$30,000 per day for a period of twenty-four (24) months +/- 45 days at the option of the Charterer and is expected to commence in December 2022. This charter will generate approximately US$20.6 million of gross revenue for the minimum duration of the charter.
The M/T P. Yanbu is a 105,391 dwt Aframax tanker vessel built in 2011 by Sumitomo Heavy Industries Marine & Engineering Co. Ltd.
Commenting on this charter, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated: