Performance Shipping Inc. Extends Time Charter for Aframax Tanker M/T Blue Moon for Two Years at the Average Rate of US$40,500 per Day
Performance Shipping Inc. (NASDAQ: PSHG) said it extended the time charter for its 2011-built Aframax tanker M/T Blue Moon with American Eagle Tankers, a MISC Group member. The 24-month extension (end of 2026 start) averages $40,500/day, with $43,000/day in year one and $38,000/day in year two, and is expected to generate about $29 million gross revenue.
How this was made
The 30-second read
Why it matters
By extending M/T Blue Moon’s time charter for 24 months at an average gross rate of $40,500/day (with $43,000/day year one and $38,000/day year two), PSHG increases revenue predictability and raises charter coverage toward late 2027. The company also states contracted revenue backlog increases to over $530M as of mid-2026 and coverage approaches 90% through end-2028.
Market read
Traders may reassess PSHG’s near-to-intermediate cash-flow visibility and contracted backlog quality given the higher average dayrate and stated revenue contribution.
What to watch
The article provides gross revenue and dayrates but not operating cost assumptions, off-hire risk, or net margin; drydock timing and any charterer option exercise details could affect realized cash flow.
Background
Performance Shipping operates tanker vessels on spot, pool, and time-charter arrangements; this release adds another fixed-duration charter to its contracted coverage.
Ticker impact
Performance Shipping extended the time charter for M/T Blue Moon for 24 months at an average gross rate of $40,500/day, boosting contracted revenue visibility.
Likely modest positive bias for PSHG shares as the market prices improved cash-flow predictability and higher contracted dayrates through late 2027.
This is a primary, company-specific contract extension with explicit dayrate economics and revenue/backlog coverage statements, which typically supports near-to-intermediate earnings visibility, though it is not a full financial guidance update.
Market effects
Supports the tanker time-charter narrative by showing continued ability to secure multi-year coverage at improved dayrates for an Aframax vessel.
No specific regional demand or routing change is disclosed; impact is company-level via contracted cash flows.
Limited broader read-across because the article is a single-vessel charter extension with defined economics rather than sector-wide rate data.
Counterpoint
The charter extension is for one 2011-built Aframax vessel, so the incremental earnings impact may be smaller than the headline backlog language suggests.
Key entities
- companyPerformance Shipping Inc.
NASDAQ-listed tanker owner that announced the charter extension and provided dayrate, revenue, and coverage metrics.
- counterpartyAmerican Eagle Tankers (AET)
Charterer, described as a member of MISC Group, that extended the time charter for M/T Blue Moon.
- assetM/T Blue Moon
2011-built Aframax tanker vessel whose time charter was extended for 24 months.
- groupMISC Group
Parent group of the charterer AET, referenced as the charterer’s affiliation.
