Performance Shipping's New Agreement with ExxonMobil

Performance Shipping Inc. (NASDAQ: PSHG), a company specialized in global tanker shipping, announced that it has signed a 24-month time charter agreement for the M/T P. Long Beach tanker vessel with ExxonMobil Corporation's wholly-owned SeaRiver Maritime. This vessel is a 105,408 DWT LR2 Aframax tanker built in 2013.

According to the terms of the agreement, the vessel will be chartered at a gross charter rate of USD 30,500 per day and will be delivered to SeaRiver around mid-December 2025, after being taken over from the current charterer.

This new charter agreement increases the company's secured revenue backlog by approximately USD 21.35 million and further enhances the company’s total revenue.

Regarding the matter, Andreas Michalopoulos, CEO, stated: “We are pleased to have one of our two Aframax tankers, which are active under medium-term charter agreements ending in December, re-chartered at a favorable rate in a timely manner. This new charter underscores our long-standing and mutually beneficial relationship with ExxonMobil and reaffirms the charterer’s continued confidence in the quality, safety, and reliability of our vessel operations.”

This charter, completed in a seasonally strong market environment, highlights the market dynamics and a positive outlook for the sector. As a result, the company can better optimize its fleet deployment strategy, raising the total secured revenue backlog calculated based on the minimum duration of each charter to approximately USD 257 million as of October 1, 2025. Furthermore, this contract provides approximately 52% fixed charter coverage for 2026 and approximately 41% for 2027, reducing our cash flow breakeven rate for open days.

Performance Shipping Inc. is a provider of global shipping services as a tanker vessel owner. The company operates its fleet through spot charters, pool arrangements, and time charters.