Business UpdateJul 14, 2026, 09:29 AM
Performance Shipping Extends M/T Blue Moon Charter for 2 Years at $40,500/day
AI Summary
Performance Shipping Inc. announced the extension of its time charter contract for the M/T Blue Moon Aframax tanker with American Eagle Tankers for an additional 24 months. The new agreement secures an average gross charter rate of $40,500 per day, significantly higher than the previous rate of $28,000 per day. This extension is projected to generate approximately $29 million in gross revenue and increases the company's contracted revenue backlog to over $530 million, enhancing cash flow predictability and fleet utilization.
Key Highlights
- Extended M/T Blue Moon time charter with American Eagle Tankers for 24 months.
- Average gross charter rate of $40,500 per day over the two-year period.
- Previous applicable rate for the vessel was $28,000 per day.
- Expected to generate approximately $29 million in gross revenue.
- Contracted revenue backlog increases to over $530 million as of mid-2026.
- Charter coverage approaches 90% through end of 2028 and 60% for 2029.
Price Impact
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