Performance Shipping Inc. Announces Long-Term Time Charters for Two Suezmax Newbuilding Tankers Delivering in 2028 and 2029
Rhea-AI Summary
Performance Shipping (NASDAQ: PSHG) entered fixed long-term time charters with Repsol Trading S.A. for two 158,000 dwt Suezmax newbuildings delivering October 2028 and May 2029. The first charter is seven years at US$35,000/day; the second five years at US$36,850/day.
According to the company, these charters increase fleetwide contracted revenue to approximately US$471 million from US$317 million and raise average contract duration to 2.8 years, boosting earnings visibility and covering the majority of the vessels' acquisition cost.
AI-generated analysis. Not financial advice.
Positive
- Charter rates of US$35,000/day and US$36,850/day
- Fleet contracted revenue increased to ~US$471 million
- Average contract duration raised to 2.8 years
Negative
- Vessel delivery exposure in Oct 2028 and May 2029
- Contracted days fall to 46.8% in 2030
- Dependence on long-term fixed charters reduces spot exposure
News Market Reaction – PSHG
On the day this news was published, PSHG declined NaN%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
Peers showed mixed moves, with names like CTRM up 5.08% and USEA, EDRY down. Scanner activity only flagged HTCO moving down, while PSHG was up 1.06%, pointing to stock-specific dynamics.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Apr 14 | Vessel sale | Positive | -0.5% | Sale of 2010-built Aframax M/T P. Aliki for US$42.65M to Trafigura. |
| Mar 17 | Financing deal | Positive | -5.0% | Sale and leaseback financing for LR1 newbuilding with 10-year bareboat charter. |
| Mar 04 | Earnings release | Positive | -8.8% | Q4 and FY 2025 profits with backlog ~US$350M and strong charter coverage. |
| Mar 02 | Newbuild order | Positive | +0.4% | Contracts for two 158,000 DWT Suezmax tankers at US$81.5M each. |
| Feb 17 | Vessel sale | Positive | +2.4% | Sale of 2009-built Aframax M/T P. Sophia for US$35.65M with gain realized. |
Recent history shows mixed reactions, with several positive fleet and financing updates followed by negative price moves, indicating the stock has at times sold off on good news.
Over recent months PSHG has focused on fleet renewal and long-term charter coverage. It sold older Aframax vessels for US$35.65M and US$42.65M, added new Suezmax and LR2 tonnage, and arranged a US$37.8M sale-and-leaseback for an LR1 newbuilding. Earnings for 2025 showed $50.0M net income and revenue backlog of about $350M, with strong charter coverage into 2027. Today’s long-term Suezmax charters extend that backlog and build on this balance-sheet and fleet optimization strategy.
Market Pulse Summary
This announcement secures long-term employment for two 158,000 dwt Suezmax newbuildings, with day rates of US$35,000 and US$36,850 and delivery in October 2028 and May 2029. Fleetwide contracted revenue increases to about US$471M and charter coverage for 2026–2027 rises, extending visibility built through recent vessel sales and financing transactions. Investors may track future charter additions, progress on newbuild construction, and how contracted days evolve relative to market spot rates.
Key Terms
time charter financial
suezmax technical
scrubber-fitted technical
AI-generated analysis. Not financial advice.
ATHENS, Greece, April 16, 2026 (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 it has entered into time charter agreements with Repsol Trading S.A. (“Repsol”) for its two previously announced 158,000 dwt Suezmax tanker newbuilding vessels (the “Vessels”) under construction in China, by China Shipbuilding Trading Co. Ltd. and Shanghai Waigaoqiao Shipbuilding Co. Ltd.
Under the agreements, the first vessel has been chartered for a period of seven (7) years (±30 days) at a daily hire rate of US
Commenting on the agreements, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:
“Following the entry into our Suezmax tanker newbuilding contracts in early March, we are pleased to announce that we have now secured long-term employment for both vessels well in advance of their delivery. These agreements mark a further expansion of our relationship with Repsol Trading S.A., a major global energy company. The modern, fuel-efficient, and environmentally friendly specifications of these scrubber-fitted vessels contributed to securing long-term employment on attractive terms, reflecting both the positive fundamentals of the Suezmax market and confidence in our operational capabilities.
“Revenues secured from these charters will cover the majority of the vessels’ acquisition cost and add significant earnings visibility, increasing the Company’s total fleetwide contracted revenue to approximately US
About the Company
Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of tanker vessels. The Company employs its fleet on spot voyages, through pool arrangements, and on time charters.
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include, but are not limited to, statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts including with respect to employment of our fleet and vessel deliveries. The words “believe," “anticipate," “intends," “estimate," “forecast," “project," “plan," “potential," “will," “may," “should," “expect," “targets," “likely," “would," “could," “seeks," “continue," “possible," “might," “pending” and similar expressions, terms or phrases may identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including, without limitation, our management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs, or projections.
In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to: the strength of world economies, fluctuations in currencies and interest rates, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in the tanker shipping industry, changes in the supply of vessels, changes in worldwide oil production and consumption and storage, changes in our operating expenses, including bunker prices, crew costs, drydocking and insurance costs, our future operating or financial results, availability of financing and refinancing including with respect to vessels we agree to acquire, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, the length and severity of epidemics and pandemics, including COVID-19, and their impact on the demand for seaborne transportation of petroleum and other types of products, general domestic and international political conditions or events, including “trade wars”, armed conflicts including the war in Ukraine and the war in the Middle East, the imposition of new international sanctions, acts by terrorists or acts of piracy on ocean-going vessels, potential disruption of shipping routes due to accidents, labor disputes or political events, vessel breakdowns and instances of off-hires and other important factors. Please see our filings with the US Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.
Corporate Contact: Andreas Michalopoulos Chief Executive Officer, Director and Secretary Telephone: +30-216-600-2400 Email:amichalopoulos@pshipping.com Website:www.pshipping.com Investor and Media Relations: Edward Nebb Comm-Counsellors, LLC Telephone: + 1-203-972-8350 Email:enebb@optonline.net