Greek tanker owner Performance Shipping led-by chairperson of its board Aliki Paliou has announced that through its wholly-owned subsidiary has extended the time charter contract for one of its aframax tankers. The company sealed the extension deal for the ship with the ST Shipping & Transport Pte Ltd., a wholly-owned subsidiary of Glencore.
The Nasdaq-listed company reveals that the extension of the charter is for the 2011-built, 105,525 dwt aframax tanker vessel, M/T P. Monterey.
The shipowner reveals that the gross charter rate will be US$28,000 per day for a period of twelve months +/- 30 days at the option of the charterer.
The charter started in mid-January and the company expects that it will bring around US$9.38m of gross revenue to Performance Shipping for the minimum duration of the charter.
Commenting on the charter, Andreas Michalopoulos, the company’s chief executive officer, stated: “We are pleased to announce the direct continuation of the previous time charter contract with ST, a testament to our strong, long-standing partnerships and repeat business with reputable and creditworthy counterparties.
“This charter also increases our current secured revenue backlog to approximately US$62 million, or US$232 million when including the 5-year contracts for our three Aframax LR2 newbuildings.
“Our fleet deployment now consists of six vessels operating under time charter arrangements and one vessel trading in the spot market through pool participation.
“Looking ahead, we remain constructive on the tanker market as we expect the redelivery of two more vessels from their period charters in the coming months.”
