DealsJul 6, 2026, 09:27 AM
Performance Shipping Extends Aramco Charter for M/T Briolette at $37,700/day
AI Summary
Performance Shipping Inc. announced the extension of its time charter contract with Aramco Trading Fujairah FZE for the Aframax tanker M/T Briolette. The new agreement is for 35 months at a gross charter rate of US$37,700 per day, expected to generate approximately US$39 million in gross revenue. This extension significantly boosts the company's contracted revenue backlog to over US$500 million and increases its average time charter duration to 3.2 years, providing strong earnings visibility through 2029.
Key Highlights
- Extended time charter contract for M/T Briolette with Aramco Trading Fujairah FZE.
- Gross charter rate set at US$37,700 per day for 35 months +/- 30 days.
- Expected to generate approximately US$39 million in gross revenue.
- This is the fourth consecutive contract with Aramco for the vessel.
- Contracted revenue backlog now exceeds US$500 million as of mid-2026.
- Remaining average time charter duration increased to 3.2 years.
- Charter coverage exceeds 80% through 2028 and is approximately 60% in 2029.
- Average daily charter rate to cover cash obligations is effectively zero through 2028.
Price Impact
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