Performance Shipping secures charter contract with Aramco

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Performance Shipping, 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 Aramco Trading Fujairah FZE for the 2011-built, 104,588 dwt Aframax tanker vessel, the M/T Briolette. The gross charter rate will be US$41,000 per day for a period of twenty-four months ± 30 days at the option of the Charterer. The charter commenced on June 2, 2024, in direct continuation of the previous charter, and is expected to generate approximately US$28.7 million in gross revenue for the minimum duration of the charter.

Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:

We are pleased to announce the direct continuation of the charter with Aramco, one of the world’s largest integrated energy and chemicals companies. This new 2-year charter contract, which commenced immediately upon the expiration of the previous 2-year charter contract with Aramco, earns a daily gross charter rate that is US$8,500 higher than the previous contract. It is the third such contract that the Company has secured with the Charterer, a testament to the quality and reliability of the seaborne transportation services we strive to provide our valuable customers. We now have a contract backlog of US$228.1 million, including the three 5-year contracts for our Aframax LR2 newbuildings. Two of the seven vessels in our operating fleet trade in the spot market through their participation in pools, while the remaining five are on time charters, with one expiring by the end of August, and two in the last quarter of 2024. If current market conditions are sustained, we anticipate employing our vessels with charters expiring in 2024 at higher rates.”