Performance Shipping Locks In $39M Aramco Charter for 3 Years at $37,700/Day
PSHG is trading near its 52-week low of $1.605 (1.6% above the low).
Summary
Performance Shipping secured a three-year time charter extension for its M/T Briolette vessel with Aramco Trading at $37,700 per day, projected to generate $39 million in gross revenue. This follows recent fleet management and chartering activities, including new Suezmax charters and a vessel sale. The deal significantly strengthens the company's financial outlook, pushing its contracted revenue backlog past $500 million and increasing charter coverage to over 80% through 2028, effectively covering cash obligations.
At the time of this announcement, PSHG was trading at $1.63 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $20.3M. 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 9 out of 10. Source: GlobeNewswire.