Performance Shipping locks long-term Suezmax charters

Performance Shipping Inc. has secured long-term employment for its two 158,000 dwt Suezmax newbuilding tankers with Repsol Trading S.A.

Rhea-AI Filing Summary

Performance Shipping Inc. has secured long-term employment for its two 158,000 dwt Suezmax newbuilding tankers with Repsol Trading S.A. The first vessel is fixed for seven years at a daily rate of US$35,000, and the second for five years at US$36,850, both payable monthly in advance and commencing upon delivery in October 2028 and May 2029.

The company states that revenues from these charters will cover the majority of the vessels’ acquisition cost and increase total fleetwide contracted revenue to about US$471 million from US$317 million, based on minimum charter durations as of early April 2026. Average contract duration is now 2.8 years, with contracted days at 89.5% for 2026 and gradually declining through 2030, giving the company greater earnings visibility and reducing the breakeven charter rate on remaining open days.

Positive

• Total fleetwide contracted revenue increases from US$317 million to about US$471 million, significantly enhancing earnings visibility.
• Two 158,000 dwt Suezmax newbuilds are fixed on 5- and 7-year charters with Repsol at daily rates of US$35,000 and US$36,850, supporting long-term cash flow.
• High contracted day coverage of 89.5% for 2026 and 76.9% for 2027 reduces exposure to near-term market volatility.

Negative

• None.

Insights

Shipping sector equity analyst

Long-term Suezmax charters materially lift contracted revenue visibility.

Performance Shipping has locked in multi-year charters for two 158,000 dwt Suezmax newbuilds with Repsol, at daily rates of US$35,000 and US$36,850. These fixtures start on delivery in October 2028 and May 2029, providing long-dated cash flow once the vessels join the fleet.

The company indicates that charter revenues will cover most of the vessels’ acquisition cost, implying reduced residual risk on these assets. Total fleetwide contracted revenue rises from US$317 million to about US$471 million, a sizable increase that strengthens earnings visibility relative to prior levels.

Contracted days now stand at 89.5% for 2026, 76.9% for 2027, and remain above 46% through 2030. This mix of fixed-rate coverage on modern, scrubber-fitted tonnage and remaining spot or shorter-term exposure could balance stability with optionality, though actual results will still depend on future tanker market conditions and counterparty performance.

Key Figures

Daily hire rate first Suezmax: US$35,000 per day Daily hire rate second Suezmax: US$36,850 per day Fleetwide contracted revenue (before): US$317 million +5 more

8 metrics

Daily hire rate first Suezmax US$35,000 per day Seven-year time charter with Repsol for first 158,000 dwt vessel

Daily hire rate second Suezmax US$36,850 per day Five-year time charter with Repsol for second 158,000 dwt vessel

Fleetwide contracted revenue (before) US$317 million Based on minimum charter durations as of early April 2026

Fleetwide contracted revenue (after) US$471 million After adding new Suezmax charters, as of early April 2026

Contracted days 2026 89.5% Portion of fleet days fixed under existing charters for 2026

Contracted days 2027 76.9% Portion of fleet days fixed under existing charters for 2027

Average contract duration 2.8 years Average remaining term across the company’s charter portfolio

Suezmax vessel size 158,000 dwt Deadweight tonnage of each newbuilding tanker under charter

Key Terms

time charter, Suezmax, fleetwide contracted revenue, scrubber-fitted vessels, +2 more

6 terms

time charter financial

"today announced that it has entered into time charter agreements with Repsol Trading S.A."

A time charter is an agreement where a ship owner rents out their vessel to a customer for a set period, during which the customer has control over the ship’s use and operation. This arrangement matters to investors because it provides a steady income stream for the ship owner and indicates ongoing demand for shipping services, reflecting the health of global trade and transportation markets.

Suezmax financial

"two previously announced 158,000 dwt Suezmax tanker newbuilding vessels"

Suezmax is the classification for the largest oil tanker size that can pass through the Suez Canal fully loaded; think of it as the biggest truck that still fits down a narrow highway. It matters to investors because ship size influences shipping costs, route choices and supply-chain flexibility — factors that affect oil transport expenses, freight rates and the profitability of energy and shipping companies.

fleetwide contracted revenue financial

"increasing the Company’s total fleetwide contracted revenue to approximately US$471 million from US$317 million"

scrubber-fitted vessels technical

"The modern, fuel-efficient, and environmentally friendly specifications of these scrubber-fitted vessels"

spot voyages financial

"The Company employs its fleet on spot voyages, through pool arrangements, and on time charters."

forward-looking statements regulatory

"Cautionary Statement Regarding Forward-Looking Statements Matters discussed in this press release may constitute forward-looking statements."

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What new charter agreements did Performance Shipping Inc. (PSHG) announce?

Performance Shipping announced long-term time charters with Repsol Trading S.A. for two 158,000 dwt Suezmax newbuilding tankers. One vessel is fixed for seven years at US$35,000 per day and the other for five years at US$36,850 per day, both payable monthly in advance.

When will Performance Shipping’s new Suezmax tankers deliver and start their charters?

The first 158,000 dwt Suezmax tanker is expected to be delivered in October 2028, and the second in May 2029. Each vessel will commence its respective long-term time charter with Repsol immediately upon delivery from the Chinese shipyards.

How do the new Repsol charters affect PSHG’s contracted revenue?

The new charters increase Performance Shipping’s total fleetwide contracted revenue to approximately US$471 million from US$317 million. This figure is based on the minimum duration of each charter and reflects contracted revenue as of the beginning of April 2026.

What is Performance Shipping’s current charter coverage by year after these agreements?

Following these agreements, contracted days are 89.5% for 2026, 76.9% for 2027, 68.6% for 2028, 56.4% for 2029, and 46.8% for 2030. This schedule shows strong near-term coverage while retaining some exposure to future tanker market conditions.

Will the new Suezmax charters cover the vessels’ acquisition cost for PSHG?

The company states that revenues secured from the new charters will cover the majority of the vessels’ acquisition cost. This reduces investment risk on these newbuildings and supports long-term earnings visibility once the ships commence their time charters with Repsol.

What type of vessels are included in PSHG’s new charters with Repsol?

The charters cover two modern, fuel-efficient, scrubber-fitted 158,000 dwt Suezmax tanker newbuilds under construction in China. Their environmentally friendly specifications were cited as a factor in securing long-term employment on what the company describes as attractive terms.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 6-K: How Foreign Companies Report to the SEC →

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Accepted by SEC EDGAR 04/16/2026 - 04:11 PM EDT Learn about SEC filing dates

FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

For the month of April 2026

Commission File Number: 001-35025

PERFORMANCE SHIPPING INC.

(Translation of registrant’s name into English)

373 Syngrou Avenue

175 64 Palaio Faliro

Athens, Greece

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒ Form 40-F ☐

INFORMATION CONTAINED IN THIS FORM 6-K REPORT

Attached to this report (this “Report”) on Form 6-K as Exhibit 99.1 is a copy of the press release of Performance Shipping Inc. (the “Company”) dated April 16, 2026, titled “Performance Shipping Inc. Announces Long-Term Time Charters for Two Suezmax Newbuilding Tankers Delivering in 2028 and 2029.”

The information contained in this Report on Form 6-K, excluding the statement in Exhibit 99.1 attributed to the Company’s Chief Executive Officer, is hereby incorporated by reference into the Company’s registration statement on Form F-3 (File No. 333-197740), filed with the U.S. Securities and Exchange Commission (the “SEC”) with an effective date of August 13, 2014, the Company’s registration statement on Form F-3 (File No. 333-266946), filed with the SEC with an effective date of August 29, 2022, and the Company’s registration statement on Form F-3 (File No. 333-271398), filed with the SEC with an effective date of May 4, 2023.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	PERFORMANCE SHIPPING INC.
	(Registrant)
Dated: April 16, 2026	/s/ Andreas Michalopoulos
	By: Andreas Michalopoulos
	Chief Executive Officer

Exhibit 99.1

Corporate Contact:

Andreas Michalopoulos

Chief Executive Officer, Director and Secretary

Telephone: +30-216-600-2400

Email: amichalopoulos@pshipping.com

Website: www.pshipping.com

For Immediate Release

Investor and Media Relations:

Edward Nebb

Comm-Counsellors, LLC

Telephone: + 1-203-972-8350

Email: enebb@optonline.net

PERFORMANCE SHIPPING INC. ANNOUNCES LONG-TERM TIME CHARTERS FOR TWO SUEZMAX NEWBUILDING TANKERS DELIVERING IN 2028 AND 2029

ATHENS, GREECE, April 16, 2026 – 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$35,000, while the second vessel has been chartered for a period of five (5) years (±30 days) at a daily hire rate of US$36,850, payable monthly in advance. The Vessels are expected to be delivered from the shipyard to the Company in October 2028 and May 2029 and will commence their respective charters with Repsol upon their delivery.

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$471 million from US$317 million, based on the minimum duration of each charter and as of the beginning of April 2026. Our average contract duration is now 2.8 years and our contracted days are 89.5%, 76.9%, 68.6%, 56.4% and 46.8% for 2026, 2027, 2028, 2029 and 2030, respectively, thereby reducing the charter rate required to breakeven on our open days. Effectively all our modern vessels are now operating under long-term fixed charter rate contracts. This is coupled with our remaining vessels operating under shorter-term charters, two of which are scheduled for renewal this year in an extremely tight market for prompt tanker vessel capacity.”

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.

Filing Exhibits & Attachments

1 document

Press Releases

• EX-99.1 EXHIBIT 99.1 11.8 KB