Performance Shipping Extends Blue Moon Charter at $40,500/Day and Completes $35.65M Sale of P. Sophia
PSHG is trading near its 52-week low of $1.605 (6.5% above the low).
Summary
Performance Shipping extended the M/T Blue Moon charter at a higher rate and completed the sale of the M/T P. Sophia, enhancing revenue visibility and liquidity.
Key Events · M&A and Partnerships · PSHG
-
Blue Moon Charter Extended
The M/T Blue Moon charter was extended for two years at an average gross rate of $40,500 per day, up from $28,000, generating ~$29 million in gross revenue.
-
P. Sophia Sale Completed
The sale of the M/T P. Sophia closed at $35.65 million, a ~30% gain over the 2022 purchase price of $27.6 million, with the vessel delivered debt-free.
-
Revenue Backlog Strengthened
Contracted revenue backlog now exceeds $530 million, with charter coverage approaching 90% through 2028 and ~60% for 2029.
-
Fleet Renewal Progress
The P. Sophia sale reduces the pro forma average fleet age to approximately six years, advancing the fleet renewal strategy.
Analysis · PSHG · Energy & Transportation
Performance Shipping locked in a two-year charter extension for the M/T Blue Moon at an average rate of $40,500 per day, a 45% increase over the prior rate, adding roughly $29 million in contracted revenue. Simultaneously, the company completed the previously announced sale of the M/T P. Sophia for $35.65 million, a 30% gain over its 2022 purchase price, strengthening liquidity and lowering fleet age. Together, these moves boost the contracted revenue backlog to over $530 million and extend cash flow visibility through 2028.
At the time of this filing, PSHG was trading at $1.71 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $21.3M. The 52-week trading range was $1.61 to $2.58. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.