Performance Shipping Extends Aframax Charter at 45% Higher Rate, Backlog Tops $530M
PSHG is trading near its 52-week low of $1.605 (3.4% above the low).
Summary
Performance Shipping extended the time charter for its Aframax tanker M/T Blue Moon by two years at an average rate of $40,500 per day, a 45% increase from the previous $28,000. The deal adds roughly $29 million in gross revenue and pushes the company's contracted backlog above $530 million. Charter coverage now approaches 90% through 2028, locking in cash flow visibility. This follows a series of recent charter extensions and a loan amendment, reinforcing a pattern of strengthening contract terms. The stock trades near its 52-week low, making the improved revenue visibility particularly notable.
At the time of this announcement, PSHG was trading at $1.66 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $20.6M. The 52-week trading range was $1.61 to $2.58. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: GlobeNewswire.