Performance Shipping Secures Long-Term Charters for Three Newbuild Tankers

offering a base rate plus profit share, are expected to commence upon the delivery of the vessels from Shanghai Waigaoqiao Shipbuilding , affiliated with CSSC. The deliveries are scheduled for the fourth quarter of 2025, first quarter of 2026, and second quarter of 2026. Andreas Michalopoulos, CEO of Performance Shipping , emphasized the strategic significance of these contracts, stating that they reflect the company’s commitment to securing long-term fixed revenue at profitable charter rates. This move enhances cash flow visibility during the initial operational years of the newbuild sister ships. The firm deal, valued at approximately $169.8 million, covers around 88% of the aggregate construction costs of the vessels. With this agreement, Performance Shipping has substantially fortified its fleet-wide fixed revenue backlog to at least $211.4 million.