Performance Shipping Extends Briolette Charter at US$37,700/day for Three Years
PSHG•Performance Shipping extended the time charter for its 104,588 dwt Aframax tanker M/T Briolette with Aramco at US$37,700 per day for 35 months, generating US$39 million in gross revenue. It pushes contracted backlog to over US$500 million, raises average charter duration to 3.2 years and secures 80% coverage through 2028.
1. Charter Extension Terms
Performance Shipping extended the time charter for its 104,588 dwt Aframax tanker M/T Briolette with Aramco Trading at US$37,700 per day for a period of 35 months plus or minus 30 days, commencing July 2, 2026 in direct continuation of the previous contract.
2. Backlog and Coverage Impact
The new charter is expected to generate approximately US$39 million in gross revenue for the minimum term, while lifting the company’s contracted revenue backlog above US$500 million and increasing average time charter duration to 3.2 years.
3. Financial Flexibility Outlook
With over 80% of fleet coverage secured through the end of 2028 and roughly 60% in 2029, the additional contracted employment reduces PSHG’s required average daily charter rate to cover cash obligations to zero through 2028 and to about US$10,000 per day in 2029, strengthening financial flexibility.
