Business UpdateJul 15, 2026, 04:19 PM
Performance Shipping Extends Blue Moon Charter, Sells P. Sophia
AI Summary
Performance Shipping Inc. announced the extension of a time charter for its Aframax tanker M/T Blue Moon for two years at an average gross rate of $40,500 per day, significantly higher than the previous rate, expected to generate $29 million in gross revenue. This extension increases the company's contracted revenue backlog to over $530 million. Additionally, the company completed the sale and delivery of the M/T P. Sophia for $35.65 million, realizing a 30% increase over its acquisition price and contributing to its fleet renewal strategy.
Key Highlights
- Extended time charter for Aframax tanker M/T Blue Moon for two years with American Eagle Tankers.
- New average gross charter rate of $40,500 per day, up from the previous $28,000 per day.
- Expected to generate approximately $29 million in gross revenue for the extended period.
- Increased contracted revenue backlog to over $530 million as of mid-2026.
- Completed sale and delivery of M/T P. Sophia to new owners for $35.65 million.
- M/T P. Sophia was acquired for approximately $27.6 million in Q3 2022, representing a 30% increase.
- Sale of M/T P. Sophia was debt-free and contributes to fleet renewal strategy, reducing average fleet age to approximately six years.
Price Impact
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