Performance Shipping Inc., 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 PBF Holding Company LLC, a subsidiary of PBF Energy Inc. for its M/T P. Monterey, a 105,525 dwt Aframax tanker built in 2011.
The gross charter rate will be US$31,000 per day for a period of three years +/- 30 days at the option of the Charterer. This charter is expected to commence in mid-February and will generate approximately US$33 million of gross revenue for the minimum duration of the charter.
Commenting on this charter, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:
“We are pleased to announce this new time charter arrangement, which further strengthens cash flow visibility and increases the Company’s fleetwide aggregate backlog to a record level of approximately US$349 million as of January 1, 2026. Securing three-year employment at a lucrative charter rate with a solid counterparty underscores the reliability of our services and our ability to build new relationships with energy companies. Overall, we remain focused on our well-defined employment strategy, emphasizing medium and long-term time charter contracts with staggered maturities that generate steady revenues and provide renewal opportunities. We believe that this conservative and disciplined approach will continue to support our ability to pursue attractive growth opportunities going forward.”