Performance Shipping Secures $33M Three-Year Charter for M/T P. Monterey, Boosting Backlog
PSHG sits 57% above its 52-week low of $1.305.
Summary
Performance Shipping Inc. announced a three-year time charter contract for its M/T P. Monterey tanker, expected to generate approximately $33 million in gross revenue and significantly increasing the company's aggregate backlog.
Key Events · M&A and Partnerships · PSHG
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Three-Year Time Charter Secured
Performance Shipping Inc. entered into a three-year time charter contract for its M/T P. Monterey, a 2011-built Aframax tanker.
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Significant Revenue Generation
The contract is priced at a gross charter rate of US$31,000 per day, expected to generate approximately US$33 million in gross revenue over its minimum duration.
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Record Backlog Achieved
This new charter contributes to a record fleetwide aggregate backlog of approximately US$349 million as of January 1, 2026, enhancing cash flow visibility.
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Charterer Identified
The charterer is PBF Holding Company LLC, a subsidiary of PBF Energy Inc., indicating a strong counterparty.
Analysis · PSHG · Energy & Transportation
This is a highly significant development for Performance Shipping Inc. The three-year time charter contract for the M/T P. Monterey, valued at approximately $33 million in gross revenue, represents a substantial portion of the company's current market capitalization. Securing long-term employment at a favorable rate provides strong revenue visibility and cash flow stability, which is critical for a company of this size. The increase in the fleetwide aggregate backlog to a record $349 million further underscores the positive impact on the company's financial outlook and its ability to pursue future growth opportunities. This contract with a solid counterparty like PBF Holding Company LLC validates the company's operational reliability and strategic approach to employment.
How filings like this one have moved
In the 30 days to Oct 1, 2026, 41.9% of the 327 measured filings Wiseek scored 9 moved their stock by 5% or more by the next session's close. The median move was -0.46%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, PSHG was trading at $2.05 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $25.6M. The 52-week trading range was $1.31 to $2.58. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.