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 entered into a time charter contract with
Marathon Maritime Company (the “Charterer”), a wholly-owned
subsidiary of Marathon Petroleum Corporation (NYSE: MPC), for the
M/T P. Long Beach. The gross charter rate will be US$37,200 per day
for a period of twenty-four (24) months +/- 40 days at the option
of the Charterer and is expected to commence at the end of
December. This charter will generate approximately US$25.7 million
of gross revenue for the minimum duration of the charter.
The M/T P. Long Beach is a 105,408 dwt Aframax
tanker vessel built in 2013 by Hyundai Heavy Industries Co.,
Ltd.
Commenting on this charter, Andreas
Michalopoulos, the Company’s Chief Executive Officer, stated:
“We are very pleased to announce this new time
charter contract for our Aframax tanker, M/T P. Long Beach. This
charter not only showcases our ability to secure highly lucrative
charters but also reflects our solid business reputation through
our newly established relationships with top-tier and creditworthy
counterparties, such as Marathon Petroleum.
“Together with this charter, over half of our
current fleet will be under time charter contracts, earning gross
charter rates ranging from US$23,000 to US$37,200 per day. This
brings our secured revenue backlog to approximately US$54 million,
based on the minimum duration of each charter. We expect to further
enhance our current profitability by capitalizing on the firm
freight rate environment through the operation of our remaining
tankers under pool arrangements. This significant steady cashflow
will further reinforce our market position and support our fleet
expansion and renewal strategy, while providing partial funding of
our capital expenditures related to our shipbuilding contracts for
the purchase of three newbuild LNG-ready LR2 Aframax tankers,
expected to be delivered in 2025 and 2026.”
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
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 order to encourage companies to
provide prospective information about their business.
Forward-looking statements include, but are not limited to,
statements concerning plans, objectives, goals, strategies, future
events or performance, and underlying assumptions and other
statements, which are other than statements of historical facts.
The words “believe,” “anticipate,” “intends,” “estimate,”
“forecast,” “project,” “plan,” “potential,” “will,” “may,”
“should,” “expect,” “targets,” “likely,” “would,” “could,” “seeks,”
“continue,” “possible,” “might,” “pending” and similar expressions,
terms or phrases may identify forward-looking statements.
The forward-looking statements in this press
release are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including, without
limitation, our management’s examination of historical operating
trends, data contained in our records and other data available from
third parties. Although we believe that these assumptions were
reasonable when made, because these assumptions are inherently
subject to significant uncertainties and contingencies which are
difficult or impossible to predict and are beyond our control, we
cannot assure you that we will achieve or accomplish these
expectations, beliefs, or projections.
In addition to these important factors, other
important factors that, in our view, could cause actual results to
differ materially from those discussed in the forward-looking
statements include, but are not limited to: the strength of world
economies, fluctuations in currencies and interest rates, general
market conditions, including fluctuations in charter rates and
vessel values, changes in demand in the tanker shipping industry,
changes in the supply of vessels, changes in worldwide oil
production and consumption and storage, changes in our operating
expenses, including bunker prices, crew costs, drydocking and
insurance costs, our future operating or financial results,
availability of financing and refinancing including with respect to
vessels we agree to acquire, changes in governmental rules and
regulations or actions taken by regulatory authorities, potential
liability from pending or future litigation, general domestic and
international political conditions, the length and severity of
epidemics and pandemics, including COVID-19, and their impact on
the demand for seaborne transportation of petroleum and other types
of products, changes in governmental rules and regulations or
actions taken by regulatory authorities, general domestic and
international political conditions or events, including “trade
wars”, armed conflicts including the war in Ukraine and the war
between Israel and Hamas, the imposition of new international
sanctions, acts by terrorists or acts of piracy on ocean-going
vessels, potential disruption of shipping routes due to accidents,
labor disputes or political events, vessel breakdowns and instances
of off-hires and other important factors. Please see our filings
with the US Securities and Exchange Commission for a more complete
discussion of these and other risks and uncertainties.
Corporate Contact:
Andreas Michalopoulos
Chief Executive Officer, Director and Secretary
Telephone: +30-216-600-2400
Email: amichalopoulos@pshipping.com
Website: www.pshipping.com
Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email: enebb@optonline.net
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