Performance Shipping Inc.

06/22/2020 | Press release | Distributed by Public on 06/22/2020 07:22

Performance Shipping Inc. Announces Time Charter Contract for M/T Blue Moon with Aramco Trading Company

ATHENS, GREECE, June 22, 2020 - Performance Shipping Inc. (NASDAQ: PSHG), (the 'Company'), a global shipping company specializing in the ownership of vessels, announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Aramco Trading Company, Dhahran, Saudi Arabia, for one of its Aframax tanker vessels, the 2011-built M/T Blue Moon. The gross charter rate is US$28,000 per day, minus a 5% commission, for a period of minimum seventeen (17) months to maximum nineteen (19) months.

Commenting on the charter, Mr. Andreas Michalopoulos, the Company's Deputy Chief Executive Officer, stated:

'Our commercial management strategy for our tanker vessels is focused on voyage charters that provide our shareholders with exposure to cyclical fluctuations in charter rates. However, considering this attractive time charter rate and our valued relationship with such a high caliber charterer, we took this opportunity to maximizeshareholder value and adapt positively to market developments.'

Performance Shipping Inc.'s fleet currently consists of four (4) Aframax tanker vessels and one (1) Panamax container vessel.