Greek tanker owner and Nasdaq-listed Performance Shipping with Andreas Michalopoulos as its CEO and Aliki Paliou as chairman of the board of director’s, has entered into a time charter contract deal with Clearlake Shipping, a subsidiary of Gunvor Group, for three newbuilding LNG-ready, scrubber-fitted, LR2 aframax tanker vessels.

Each employment will be for a firm period of five years with the option to extend for a sixth and seventh year.

The optional periods are to be declared by the charterer Clearlake Shipping 12 months in advance.

As Performance reveals the gross charter rate will be $31,000 per vessel per day for the firm period of five years, and a base rate plus profit share for the optional periods, if declared.

The employment, as the owner reveals, is expected to commence upon delivery of the vessels to the company in the fourth quarter of 2025, the first quarter of 2026, and the second quarter of 2026.

Andreas Michalopoulos, the chief executive of Performance Shipping, said: “We are thrilled to announce these time charter contracts for our newbuild vessels and the commencement of a strategic relationship with Clearlake Shipping, a subsidiary of Gunvor Group, one of the world’s largest independent commodities trading houses.

“These contracts highlight our prudent approach in securing long-term fixed revenue at profitable charter rates and achieving significant cash flow visibility during the initial years of operation of our three newbuilding sister ships.

“The gross revenue for the firm period of the contracts is expected to reach $169.8m, representing approximately 88% of the aggregate construction costs. This increases our remaining fleet-wide fixed revenue backlog to approximately $211.4m, based on the minimum duration of each charter.”

Source: Performance Shipping