Greek tanker owner Performance Shipping led-by chairperson of its board Aliki Paliou has extended, through a separate wholly-owned subsidiary, the time charter contract with Aramco Trading Fujairah FZE (Aramco) for its 2011-built aframax tanker Briolette.
The company extended the charter under a new three-year agreement.
Under the agreement, the gross charter rate for the 104,588-dwt tanker 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$39m of gross revenue for the minimum duration of the 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.”
