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.
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.