Performance Shipping Secures $33M Three-Year Charter for M/T P. Monterey, Boosting Backlog

summarizeSummary

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.

check_boxKey Events

• 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.

• 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.

• 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.

• Charterer Identified

  The charterer is PBF Holding Company LLC, a subsidiary of PBF Energy Inc., indicating a strong counterparty.

auto_awesomeAnalysis

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.