Performance Shipping Inc., a global shipping company specializing in the ownership of tanker vessels, announced that the Company has entered into long-term time charter contracts with Repsol Trading S.A for its two recently acquired Suezmax tankers, the previously announced M/T P. Bel Air and M/T P. Beverly Hills, each 157,000 DWT, built in 2019 by Hyundai Samho Heavy Industries in South Korea and scheduled for delivery to the Company by early 2026.
The vessels will be chartered to Repsol for a three-year time charter period, plus or minus 30 days at the Charterer’s option, at a gross rate of US$36,500 per day per vessel, commencing upon their delivery to the Company.
This employment is expected to generate approximately US$78 million in gross revenue for the minimum firm period of the three-year charters, further enhancing the Company’s fleetwide contracted revenue backlog and earnings visibility.
Commenting on the fleet expansion and deployment, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:
“Following the acquisition of our two 2019-built, eco-design Suezmax tankers from Navigare Capital Partners A/S, we are pleased to announce that we have secured three-year employment for both vessels. This agreement marks our first business engagement with Repsol Trading S.A, a major energy company, further expanding our network of highly reputable charterers. It also attests to our strong standards of operational reliability, which continue to attract leading energy companies. The modern, fuel-efficient, and environmentally friendly characteristics of these scrubber-fitted vessels contributed to securing long-term employment at attractive terms. They reflect both the positive fundamentals of the Suezmax market and confidence in our operational capabilities.
“Revenues secured from these charters will cover more than half of the vessels’ acquisition cost and add significant earnings visibility, increasing the Company’s total fleetwide revenue to approximately US$335 million and charter coverage to 70% for 2026 and 57% for 2027. The acquisition and employment of these vessels align with our disciplined fleet renewal and deployment strategy,” he added.