breakeven<\/a> rate for open days.\u201d<\/p>\nAbout the Company<\/p>\n
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.<\/p>\n
Cautionary Statement Regarding Forward-Looking Statements<\/p>\n
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 charter employment and our revenue backlog. The words \u201cbelieve,” \u201canticipate,” \u201cintends,” \u201cestimate,” \u201cforecast,” \u201cproject,” \u201cplan,” \u201cpotential,” \u201cwill,” \u201cmay,” \u201cshould,” \u201cexpect,” \u201ctargets,” \u201clikely,” \u201cwould,” \u201ccould,” \u201cseeks,” \u201ccontinue,” \u201cpossible,” \u201cmight,” \u201cpending\u201d and similar expressions, terms or phrases may identify forward-looking statements.<\/p>\n
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\u2019s 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.<\/p>\n
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 \u201ctrade wars\u201d, armed conflicts including the war in Ukraine and the war between Israel and Hamas, 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.<\/p>\n
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Corporate Contact:
\nAndreas Michalopoulos
\nChief Executive Officer, Director and Secretary
\nTelephone: +30-216-600-2400
\nEmail: amichalopoulos@pshipping.com
\nWebsite: www.pshipping.com <\/p>\n
Investor and Media Relations:
\nEdward Nebb
\nComm-Counsellors, LLC
\nTelephone: + 1-203-972-8350
\nEmail: enebb@optonline.net
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<\/p>\n
\n FAQ
\n <\/p>\n
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What are the terms of Performance Shipping’s PSHG charter for M\/T P. Long Beach?<\/p>\n
\n A 24-month time charter at US$30,500\/day with delivery expected around mid-December 2025.
\n <\/p>\n
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How much does the P. Long Beach charter add to PSHG’s secured backlog?<\/p>\n
\n It increases the minimum secured revenue backlog by approximately US$21.35 million.
\n <\/p>\n
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What is PSHG’s fleetwide secured backlog after the new charter?<\/p>\n
\n The company reports a fleetwide secured backlog of approximately US$257 million on a minimum-duration basis as of Oct 1, 2025.
\n <\/p>\n
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How does the new charter affect PSHG’s 2026 and 2027 coverage?<\/p>\n
\n The contract raises fixed charter coverage to about 52% for 2026 and 41% for 2027.
\n <\/p>\n
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When will the M\/T P. Long Beach start the new PSHG charter with SeaRiver?<\/p>\n
\n The vessel is to be delivered to SeaRiver upon redelivery from its previous charter, expected around mid-December 2025.
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Does the PSHG announcement mention counterparty details for the charter?<\/p>\n
\n Yes; the charterer is SeaRiver Maritime, a wholly owned subsidiary of ExxonMobil Corporation.
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