Breaking News: Performance Shipping Inc. Lands Lucrative Time Charter Deal with Leading Oil Company for LR2 Aframax Tanker M/T P. Aliki at $33,500 Per Day!
Description:
ATHENS, Greece, Dec. 03, 2024 (GLOBE NEWSWIRE) — 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 SeaRiver Maritime LLC (the “Charterer”), a wholly-owned subsidiary of ExxonMobil Corporation (NYSE: XOM), for the 2010-built, 105,304 dwt LR2 Aframax tanker vessel, M/T P. Aliki. The gross charter rate will be US$33,500 per day for a period of seven (7) months +/- 15 days at the option of the Charterer and is expected to commence at the beginning of December. This charter will generate approximately US$6.6 million of gross revenue for the minimum duration of the charter.
Blog Post:
Performance Shipping Inc., a renowned global shipping company, has just made headlines with its latest achievement in securing a lucrative time charter deal with SeaRiver Maritime LLC, a subsidiary of ExxonMobil Corporation. The deal involves the LR2 Aframax tanker vessel, M/T P. Aliki, which is set to generate impressive revenue for the company over the next seven months.
This strategic partnership between Performance Shipping Inc. and SeaRiver Maritime LLC is a significant milestone for both companies. It not only highlights the trust and confidence that major players in the industry have in Performance Shipping Inc.’s capabilities but also solidifies the company’s position as a key player in the global shipping market.
The decision to enter into a time charter contract for the LR2 Aframax tanker vessel showcases Performance Shipping Inc.’s commitment to maximizing its vessel assets and exploring new opportunities for growth and expansion. By leveraging its fleet of tanker vessels, the company is able to capitalize on the increasing demand for shipping services in the oil and gas sector.
With a gross charter rate of US$33,500 per day, the M/T P. Aliki is poised to bring in substantial revenue for Performance Shipping Inc., further bolstering its financial standing and ensuring sustainable growth in the long run. This deal not only benefits the company financially but also enhances its reputation and solidifies its relationships with key industry players.
How this will affect me:
As a shareholder or investor in Performance Shipping Inc., this news of securing a lucrative time charter deal with a leading oil company is extremely positive. It signifies the company’s ability to attract high-profile clients and generate significant revenue, which ultimately translates to potential returns on investment for shareholders.
How this will affect the world:
The successful time charter deal between Performance Shipping Inc. and SeaRiver Maritime LLC has broader implications for the global shipping industry. It demonstrates the continuous demand for tanker vessels in the oil and gas sector, highlighting the vital role that shipping companies play in facilitating the transportation of essential commodities around the world.
Conclusion:
In conclusion, the recent announcement of Performance Shipping Inc. securing a lucrative time charter deal for the LR2 Aframax tanker vessel, M/T P. Aliki, marks a significant milestone for the company and the global shipping industry as a whole. This strategic partnership not only creates new opportunities for growth and expansion but also underscores the company’s strong position and reputation in the market. With the potential for substantial revenue generation and enhanced industry relationships, Performance Shipping Inc. is well-positioned for continued success and growth in the future.
