Performance Shipping's New Agreement with ExxonMobil

Performance Shipping Inc. (NASDAQ: PSHG), a company specializing in global tanker shipping, announced that it has signed a 24-month time charter contract for the M/T P. Long Beach tanker vessel with SeaRiver Maritime, a wholly-owned subsidiary of ExxonMobil Corporation. 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 $30,500 per day and is scheduled to be delivered to SeaRiver around mid-December 2025 after being taken over from the current charter owner.

This new charter agreement is expected to increase the company's secured revenue backlog by approximately $21.35 million and further enhance the company’s total revenue.

Regarding the matter, Andreas Michalopoulos, CEO, commented: “We are pleased to re-charter one of our two Aframax tankers, which is active under medium-term charters expiring in December, at a favorable charter rate. This new charter emphasizes our long-term and mutually beneficial partnership with ExxonMobil and reaffirms the charter owner’s continued confidence in the quality, safety, and reliability of our vessel operations.”

Completed in a seasonally strong market environment, this charter underscores the market dynamics and positive outlook for the industry. As a result, the company is optimizing its strategy to better manage its fleet and is expected to increase its total secured revenue backlog to approximately $257 million as of October 1, 2025, calculated based on the minimum duration of each charter. Additionally, this contract provides approximately 52% coverage for 2026 and approximately 41% coverage for 2027, reducing the breakeven rate for our cash flow on 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, pool arrangements, and time charters.