Performance Shipping Secures 7-Year and 5-Year Charters at $35K/$36.85K Daily
Performance Shipping Inc. has secured a seven-year time charter at $35,000 per day and a five-year charter at $36,850 per day for its two 158,000 dwt Suezmax tankers. These contracts boost the company's total fleetwide contracted revenue to approximately $471 million and lift average contract duration to 2.8 years.
1. Charter Agreements for Suezmax Newbuildings
Performance Shipping Inc. entered into time charter agreements with Repsol Trading S.A. for its two 158,000 dwt Suezmax tankers under construction in China. The first vessel is chartered for seven years at $35,000 per day and the second for five years at $36,850 per day, payable monthly in advance.
2. Financial and Contracted Revenue Impact
These contracts raise the company’s total fleetwide contracted revenue to approximately $471 million from $317 million, based on minimum charter durations. Average contract duration now stands at 2.8 years, with contracted days covering 89.5% of 2026, 76.9% of 2027, 68.6% of 2028, 56.4% of 2029 and 46.8% of 2030.
3. Delivery Timeline and Fleet Utilization
The vessels are scheduled for delivery in October 2028 and May 2029 and will commence their respective charters upon handover. Their scrubber-fitted, fuel-efficient design contributes to securing long term employment and supports operational flexibility in a tight tanker market.