Performance Shipping Inc. Secures Charter Contract with Trafigura for LR2 Aframax Tanker, M/T P. Aliki
June 06 2024 - 9:28AM
Performance Shipping Inc. (NASDAQ: PSHG), ("we" or the "Company"),
a global shipping company specializing in the ownership of tanker
vessels, today announced that, through a separate wholly-owned
subsidiary, it has entered into a time charter contract with
Trafigura Maritime Logistics Pte Ltd ("Trafigura" or the
"Charterer") for the 2010-built, 105,304 dwt LR2 Aframax tanker
vessel, the M/T P. Aliki. The charter is for a minimum period of
four and a half (4.5) months up to a maximum period of six (6)
months and 25 days, at the option of the Charterer. The gross
charter rate will be US$47,000 per day for the minimum period, and
US$48,500 per day for the remaining period up to the maximum
redelivery date. This charter is expected to commence on or around
June 16, 2024, and is expected to generate approximately US$6.4
million in gross revenue for the minimum duration of the charter.
Andreas Michalopoulos, the Company's Chief
Executive Officer, stated:
"We are pleased to announce our new time charter
contract for our M/T P. Aliki, following her performance of spot
voyages through pool participation. This contract reflects our
solid relationship with reputable and creditworthy counterparties,
such as Trafigura, who has regularly employed our vessels,
including the M/T P. Aliki, in the past. We believe that our
Company has successfully managed to secure short-term fixed revenue
at a lucrative charter rate, while also maintaining exposure to the
promising spot market during the seasonally strong fall and winter
periods, when the M/T P. Aliki is expected to be available for new
employment."
About the Company
Performance Shipping Inc. is a global provider
of shipping transportation services through its ownership of tanker
vessels. The Company employs its fleet on spot voyages, through
pool arrangements and on time charters.
Cautionary Statement Regarding
Forward-Looking Statements
Matters discussed in this press release may
constitute forward-looking statements. The Private Securities
Litigation Reform Act of 1995 provides safe harbor protections for
forward-looking statements in order to encourage companies to
provide prospective information about their business.
Forward-looking statements include, but are not limited to,
statements concerning plans, objectives, goals, strategies, future
events or performance, and underlying assumptions and other
statements, which are other than statements of historical facts,
including with respect to the delivery of the vessels we have
agreed to acquire, future market conditions and the prospective
employment of our vessels. The words "believe," "anticipate,"
"intends," "estimate," "forecast," "project," "plan," "potential,"
"will," "may," "should," "expect," "targets," "likely," "would,"
"could," "seeks," "continue," "possible," "might," "pending" and
similar expressions, terms or phrases may identify forward-looking
statements.
The forward-looking statements in this press
release are based upon various assumptions, many of which are
based, in turn, upon further assumptions, including, without
limitation, our management's examination of historical operating
trends, data contained in our records and other data available from
third parties. Although we believe that these assumptions were
reasonable when made, because these assumptions are inherently
subject to significant uncertainties and contingencies which are
difficult or impossible to predict and are beyond our control, we
cannot assure you that we will achieve or accomplish these
expectations, beliefs, or projections.
In addition to these important factors, other
important factors that, in our view, could cause actual results to
differ materially from those discussed in the forward-looking
statements include, but are not limited to: the strength of world
economies, fluctuations in currencies and interest rates, general
market conditions, including fluctuations in charter rates and
vessel values, changes in demand in the tanker shipping industry,
changes in the supply of vessels, changes in worldwide oil
production and consumption and storage, changes in our operating
expenses, including bunker prices, crew costs, drydocking and
insurance costs, our future operating or financial results,
availability of financing and refinancing including with respect to
vessels we agree to acquire, changes in governmental rules and
regulations or actions taken by regulatory authorities, potential
liability from pending or future litigation, general domestic and
international political conditions, the length and severity of
epidemics and pandemics, including COVID-19, and their impact on
the demand for seaborne transportation of petroleum and other types
of products, changes in governmental rules and regulations or
actions taken by regulatory authorities, general domestic and
international political conditions or events, including "trade
wars", armed conflicts including the war in Ukraine and the war
between Israel and Hamas, the imposition of new international
sanctions, acts by terrorists or acts of piracy on ocean-going
vessels, potential disruption of shipping routes due to accidents,
labor disputes or political events, vessel breakdowns and instances
of off-hires and other important factors. Please see our filings
with the US Securities and Exchange Commission for a more complete
discussion of these and other risks and uncertainties.
Corporate Contact:
Andreas Michalopoulos
Chief Executive Officer, Director and Secretary
Telephone: +30-216-600-2400
Email: amichalopoulos@pshipping.com
Website: www.pshipping.com
Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email: enebb@optonline.net
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