Performance Shipping Inc. Extends Time Charter for M/T Briolette with Aramco Trading at US$37,700 Per Day for Three Years

About this update from Performance Shipping Inc.

ATHENS, Greece, July 06, 2026 (GLOBE NEWSWIRE) -- Performance Shipping Inc. (NASDAQ: PSHG) ("we" or the "Company"), a global shipping company specializing in the ownership of tanker vessels, today announced that, through a separate wholly-owned subsidiary, it has extended the time charter contract with Aramco Trading Fujairah FZE ("Aramco" or the "Charterer"), for the 2011-built, 104,588 dwt Aframax tanker vessel, M/T Briolette. The gross charter rate will be US$37,700 per day for a period of 35 months +/- 30 days at the option of the Charterer. The charter commenced in direct continuation of the existing charter on July 2, 2026, and is expected to generate approximately US$39 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 further strengthen our longstanding relationship with Aramco through the direct continuation of this charter under a new three-year agreement. This marks the fourth consecutive contract we have secured with one of the world's largest integrated energy and chemicals companies, underscoring the confidence placed in our ability to consistently deliver safe, reliable, and high-quality seaborne transportation services. "With this charter now in place, our contracted revenue backlog has exceeded half a billion dollars as of mid-2026, while our remaining average time charter duration has increased to 3.2 years. Our charter coverage now exceeds 80% through the end of 2028 and remains approximately 60% in 2029, providing significant earnings visibility. "Importantly, the additional contracted employment reduces the average daily charter rate required from our remaining open days to fully cover all our expected cash obligations to effectively zero through the end of 2028, increasing to only approximately US$10,000 per day in 2029. These metrics demonstrate the strength of our prudent commercial strategy, providing us with substantial financial flexibility to meet our obligations and navigate the future with confidence." 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 spot voyages, through pool arrangements, and on time charters. Cautionary Statement Regarding Forward-Looking Statements Ma...

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