Performance Shipping Inc. Announces Time Charter Contract With ST Shipping At Fixed Floor Rate Of $45,000 Per Day Plus 50/50 Profit Share For LR2 Tanker, M/T P. Aliki
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Performance Shipping Inc. (NASDAQ:PSHG) has entered into a time charter contract with ST Shipping & Transport Pte Ltd. for the LR2 Aframax oil product tanker, M/T P. Aliki. The contract has a fixed floor rate of $45,000 per day for a minimum of 4 months to a maximum of 5.5 months, plus a 50/50 profit share provision above the floor rate.
June 27, 2023 | 1:29 pm
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Performance Shipping Inc. enters into a time charter contract with ST Shipping for the M/T P. Aliki, with a fixed floor rate of $45,000 per day and a 50/50 profit share provision.
The time charter contract with ST Shipping is expected to generate a minimum of $5.5 million to a maximum of $7.5 million in gross revenue, excluding any additional income from the profit share provision. This contract boosts Performance Shipping's fleet-wide revenue backlog to approximately $54 million and provides the opportunity to capitalize on the robust Aframax spot charter rates. The contract also reflects the company's solid relationships with reputable and creditworthy counterparties.
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