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Performance Shipping Inc. Secures Three-Year Time Charter Contract for M/T P. Monterey at USD31,000 per Day
ATHENS, Greece, Jan. 20, 2026 (GLOBE NEWSWIRE) -- Performance Shipping Inc. (NASDAQ: PSHG) ( ...
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[{"type":"text","content":"Performance Shipping Inc. Secures Three-Year Time Charter Contract for M/T P. Monterey at USD31,000 per Day\nATHENS, Greece, Jan. 20, 2026 (GLOBE NEWSWIRE) -- Performance Shipping Inc. (NASDAQ: PSHG) (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, announced today 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. (NYSE: PBF) (“PBF” or the “Charterer”) for its M/T P. Monterey (the “vessel”), 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.” About the Company Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of tanker vessels. The Company employs its fleet on time charters, and on spot voyages, through pool arrangements. Cautionary Statement Regarding Forward-Looking Statements Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in...