New Agreement Between Performance Shipping and ExxonMobil

Performance Shipping Inc. (NASDAQ: PSHG), a company specializing in global tanker transportation, 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 and was 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 is expected to increase the company's secured revenue backlog by approximately USD 21.35 million and further enhance the company's total revenue.

Regarding the matter, Andreas Michalopoulos, CEO, commented: “We are pleased to have one of our two Aframax tankers, which is active with medium-term charter agreements expiring in December, be re-chartered at an advantageous rate in a timely manner. This new charter underscores our long-term and mutually beneficial partnership with ExxonMobil and reaffirms the charterer's continuous confidence in the quality, safety, and reliability of our vessel operations.”

This charter, concluded in a seasonally strong market environment, highlights the market dynamics and a positive outlook for the industry. As a result, the company can better optimize its fleet deployment strategy, raising the total secured revenue backlog calculated over the minimum duration of each charter to approximately USD 257 million as of October 1, 2025. Furthermore, this agreement 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 transportation services as a tanker vessel owner. The company operates its fleet through spot voyages, pooling arrangements, and time charters.