PSHG - Performance Shipping enters time charter contract for Aframax tanker vessel

• Performance Shipping ( NASDAQ: PSHG ) has entered a $32,500 per day time charter contract with Aramco Trading Fujairah for its M/T Briolette Aframax tanker vessel.
• The M/T Briolette is a 2011-built 104,588 dwt vessel and will be chartered to Aramco Trading Fujairah for 18 months from November.
• Performance Shipping expects to generate ~$16.8M for the minimum duration of the charter.
• CEO Andreas Michalopoulos said: "Together with this charter, five of our tankers are fixed on time charter arrangements, with gross charter rates ranging from US$23,000 to US$45,000 per day, which corresponds to fixed revenues of approximately $85M, based on the minimum duration of each charter. We expect to further supplement this steady cashflow through the operation of our remaining tankers in the spot market, [...] resulting in historically high levels of voyage charter rates for Aframax tankers, currently in excess of $40,000 per day."

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