Performance Shipping Inc. Extends Time Charter for M/T Briolette with Aramco Trading at US$37,700 Per Day for Three Years
Performance Shipping Inc. (NASDAQ: PSHG) said it extended the time charter for its 2011-built Aframax tanker M/T Briolette with Aramco Trading Fujairah FZE. The gross rate is $37,700/day for 35 months (±30 days), starting July 2, 2026, expected to generate about $39m gross revenue for the minimum term. The company cited a $500m+ contracted backlog and 80%+ coverage through 2028.
How this was made
The 30-second read
Why it matters
By extending the charter for M/T Briolette at a stated gross daily rate and providing backlog/coverage metrics, the company increases earnings visibility and reduces the average daily rate needed from remaining open days to cover cash obligations through end-2028.
Market read
A quantified, multi-year charter extension with explicit rate and duration is a direct earnings-visibility catalyst for PSHG.
What to watch
The release doesn’t quantify counterparty credit risk, off-hire risk, or expected operating cost changes; traders should monitor bunker/crew/drydocking assumptions versus the company’s stated cash-coverage math.
Background
PSHG is a tanker owner that earns revenue via spot voyages, pool arrangements, and time charters; this release adds a new three-year employment extension tied to Aramco.
Ticker impact
Performance Shipping extended its time charter with Aramco for M/T Briolette at a gross $37,700/day rate for ~35 months.
Likely supportive for near-term sentiment and valuation multiples, with follow-through if traders price in improved backlog/coverage.
The release provides specific charter economics ($37,700/day), duration (35 months +/- 30 days), and company-level visibility metrics (backlog >$0.5B; coverage >80% end-2028).
Market effects
Reinforces tanker chartering demand from integrated energy players and supports the narrative of improving contracted coverage.
Limited direct regional impact; primarily affects global tanker freight expectations via company-specific backlog.
Aramco-linked employment may be read across to Middle East energy logistics demand, but impact is mostly company-specific.
Counterpoint
Charter rates and backlog visibility may already be partially anticipated; the market may focus on whether remaining open days and operating costs/bunker rates offset the benefit.
Key entities
- public_companyPerformance Shipping Inc.
NASDAQ-listed tanker owner announcing the Aramco time-charter extension for M/T Briolette.
- counterpartyAramco Trading Fujairah FZE
Charterer extending employment for the 2011-built Aframax tanker M/T Briolette.
- vesselM/T Briolette
2011-built 104,588 dwt Aframax tanker covered by the extended time charter.
