Performance Shipping Inc. extends time charter for Aframax tanker M/T Blue Moon for two years at the average rate of US$40,500 per day

Performance Shipping Inc. (NASDAQ: PSHG) has announced the extension of a time charter for its Aframax tanker, M/T Blue Moon, for a period of two years at an average daily rate of US$40,500. The charter is expected to significantly contribute to the company’s revenue stream, aligning with its strategy to secure long-term, stable contracts in the current firm freight rate environment.

The M/T Blue Moon is one of several vessels in Performance Shipping’s fleet that have been contracted under time charter agreements, reflecting the company’s ongoing efforts to optimize vessel utilization and enhance profitability. This extension follows recent amendments to the company’s financing arrangements, including a favorable loan facility with Nordea Bank Abp NUF, which has extended the loan maturity and reduced the borrowing margin.

Andreas Michalopoulos, CEO of Performance Shipping Inc., has previously highlighted the importance of securing long-term charters with creditworthy counterparties to support the company’s fleet expansion and renewal strategy. With over half of its fleet currently under time charter contracts, the company continues to strengthen its financial position and liquidity profile.