Performance Shipping (NASDAQ: PSHG) secures multi-year Briolette charter at US$37,700

Rhea-AI Filing Summary

Performance Shipping Inc. reported a new multi-year charter extension for its Aframax tanker M/T Briolette with Aramco Trading Fujairah. The vessel will earn a gross rate of US$37,700 per day for about 35 months, with Charterer flex of plus or minus 30 days.

The charter began in direct continuation of the prior deal on July 2, 2026 and is expected to generate roughly US$39 million in gross revenue over its minimum term. Management stated that, with this agreement, contracted revenue backlog has risen above US$500 million as of mid‑2026 and average remaining charter duration stands at 3.2 years.

The company reported charter coverage above 80% through the end of 2028 and about 60% in 2029. It also highlighted that additional contracted employment lowers the average daily rate needed on open days to fully cover expected cash obligations to effectively zero through 2028, and about US$10,000 per day in 2029, supporting financial flexibility.

Insights

Shipping sector analyst

Long charter boosts contracted revenue and earnings visibility.

Performance Shipping secured a 35‑month time charter for the M/T Briolette at US$37,700 per day, adding an estimated US$39 million of gross revenue. This continues its relationship with Aramco Trading and extends fixed employment on a modern Aframax tanker.

Management reports contracted revenue backlog above US$0.5 billion as of mid‑2026, average charter duration of 3.2 years, and charter coverage above 80% through end‑2028. These figures indicate a substantial portion of fleet days are locked in at known rates.

The company also notes that contracted employment reduces the average rate required on remaining open days to cover expected cash obligations to effectively zero through 2028, and around US$10,000 per day in 2029. Subsequent filings may provide more detail on how this contracted base interacts with spot exposure and operating costs.

Key Figures

Briolette charter rate: US$37,700 per day Charter duration: 35 months +/- 30 days Expected charter revenue: US$39 million +5 more

8 metrics

Briolette charter rate US$37,700 per day Gross rate under extended time charter with Aramco Trading

Charter duration 35 months +/- 30 days Term of new M/T Briolette time charter

Expected charter revenue US$39 million Estimated gross revenue from minimum charter duration

Contracted revenue backlog Over US$500 million Backlog as of mid-2026 after new charter

Average charter duration 3.2 years Remaining average time charter duration portfolio-wide

Charter coverage through 2028 Over 80% Proportion of days fixed under contracts to end of 2028

Charter coverage in 2029 Approximately 60% Proportion of days fixed under contracts in 2029

Required daily rate in 2029 Approximately US$10,000 per day Average rate on open days to cover expected cash obligations

Key Terms

time charter, Aframax tanker, contracted revenue backlog, charter coverage, +1 more

5 terms

time charter financial

"it has extended the time charter contract with Aramco Trading Fujairah FZE"

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.

Aframax tanker financial

"for the 2011-built, 104,588 dwt Aframax tanker vessel, M/T Briolette"

An aframax tanker is a medium-sized crude oil ship built to carry about 80,000–120,000 tonnes of cargo (the ship’s cargo-carrying capacity), designed to serve regional routes and ports that can’t handle very large vessels. Investors watch aframax tankers because their size, route flexibility and demand for crude transport drive freight rates, charter income and operating costs for shipping firms and influence fuel supply logistics for energy markets — like a regional delivery truck for oil.

contracted revenue backlog financial

"our contracted revenue backlog has exceeded half a billion dollars as of mid-2026"

Contracted revenue backlog is the total value of sales or service agreements a company has signed but has not yet recorded as revenue because the work or delivery is still pending. It matters to investors because it shows future revenue that is already committed—like a schedule of booked appointments—helping gauge near-term cash flow and growth visibility, though timing and collectability can vary by contract terms.

charter coverage financial

"Our charter coverage now exceeds 80% through the end of 2028 and remains approximately 60% in 2029"

forward-looking statements regulatory

"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.

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

Available on EDGAR 07/06/2026 - 04:34 PM Accepted by SEC EDGAR 07/06/2026 - 04:34 PM Learn about SEC filing dates

FAQ

What charter agreement did Performance Shipping Inc. (PSHG) announce for M/T Briolette?

Performance Shipping extended the time charter for its Aframax tanker M/T Briolette with Aramco Trading Fujairah at a gross rate of US$37,700 per day. The new charter runs for about 35 months, plus or minus 30 days at the Charterer’s option, starting July 2, 2026.

How much revenue is the new M/T Briolette charter expected to generate for PSHG?

The extended charter for M/T Briolette is expected to generate approximately US$39 million in gross revenue over its minimum duration. This long-term contract adds to Performance Shipping’s fixed employment base and supports more predictable cash flow from this Aframax tanker.

What is Performance Shipping’s contracted revenue backlog after this charter extension?

Management stated that contracted revenue backlog has exceeded US$500 million as of mid‑2026. This backlog reflects future revenue already secured under existing charters, contributing to visibility on earnings and cash flow over the coming years.

How strong is Performance Shipping Inc.’s charter coverage through 2028 and 2029?

The company reports charter coverage exceeding 80% through the end of 2028 and remaining around 60% in 2029. This means most vessel days in those periods are already fixed under contracts, limiting exposure to spot market volatility.

How does the new charter affect PSHG’s required daily rate to cover cash obligations?

Performance Shipping notes that additional contracted employment reduces the average daily rate needed on remaining open days to fully cover expected cash obligations to effectively zero through 2028, rising to roughly US$10,000 per day in 2029, supporting financial flexibility.

Who is the charterer in Performance Shipping’s new agreement for M/T Briolette?

The charterer is Aramco Trading Fujairah FZE, described as part of one of the world’s largest integrated energy and chemicals companies. The new charter represents the fourth consecutive contract Performance Shipping has secured with this counterparty for the M/T Briolette.

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 July 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 July 6, 2026, titled “Performance Shipping Inc. Extends Time Charter for M/T Briolette with Aramco Trading at US$37,700 Per Day for Three Years.”

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- 295541), filed with the SEC with an effective date of May 21, 2026.

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: July 6, 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. Extends Time Charter for M/T Briolette with Aramco Trading at US$37,700 Per Day for Three Years

Athens, Greece, July 6, 2026 — Performance Shipping Inc. (NASDAQ: PSHG), (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, today announced that, through a separate wholly-owned subsidiary, it has extended the time charter contract with Aramco Trading Fujairah FZE, (“Aramco” or the “Charterer”), for the 2011-built, 104,588 dwt Aframax tanker vessel, M/T Briolette.

The gross charter rate will be US$37,700 per day for a period of 35 months +/- 30 days at the option of the Charterer. The charter commenced in direct continuation of the existing charter on July 2, 2026, and is expected to generate approximately US$39 million of gross revenue for the minimum duration of the charter.

Commenting on this charter, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:

“We are pleased to further strengthen our longstanding relationship with Aramco through the direct continuation of this charter under a new three-year agreement. This marks the fourth consecutive contract we have secured with one of the world’s largest integrated energy and chemicals companies, underscoring the confidence placed in our ability to consistently deliver safe, reliable, and high-quality seaborne transportation services.

“With this charter now in place, our contracted revenue backlog has exceeded half a billion dollars as of mid-2026, while our remaining average time charter duration has increased to 3.2 years. Our charter coverage now exceeds 80% through the end of 2028 and remains approximately 60% in 2029, providing significant earnings visibility.

“Importantly, the additional contracted employment reduces the average daily charter rate required from our remaining open days to fully cover all our expected cash obligations to effectively zero through the end of 2028, increasing to only approximately US$10,000 per day in 2029. These metrics demonstrate the strength of our prudent commercial strategy, providing us with substantial financial flexibility to meet our obligations and navigate the future with confidence.”

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

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Press Releases

• EX-99.1 EXHIBIT 99.1 10.4 KB