Performance Shipping net income nearly quadruples as tanker market looks sustainable

Greek tanker owner Performance Shipping led-by chairperson of its board Aliki Paliou has announced that through its subsidiary has sealed a time charter deal with American Eagle Tankers (AET), a member of the MISC Group, for the 2011-built, 104,623 dwt aframax tanker vessel, Blue Moon.

The Nasdaq-listed company reveals that the gross charter rate will be US$28,000 per day for a period of twenty-one months +/- 15 days at the option of the charterer.

The charter is expected to start at the beginning of January.

The shipowner expects that the charter will bring around $17.4m of gross revenue to the company for the minimum duration of the charter.

Commenting on this charter, Andreas Michalopoulos, the company’s chief executive officer, stated: “We are extremely pleased to initiate a new collaboration with AET, a leading global tanker operator, which further underscores the confidence charterers place in us.

“With this charter, our secured revenue backlog stands at approximately US$59.4 million, based on the minimum duration of each charter for the operating vessels, and US$169.8 million for the three newbuildings.

“By securing this charter, we strengthen our ability to safely navigate through the challenges of a volatile market while reinforcing our commitment to long-term value creation.”