Performance Shipping Inc. (NASDAQ: PSHG) (“we” or the “Company”), a
global shipping company specializing in the ownership of tanker
vessels, announced that, through a separate wholly-owned
subsidiary, it has entered into a time charter contract with Teekay
Chartering Limited (the “Charterer”), for one of its Aframax tanker
vessels, the 2011-built, 104,623 DWT, M/T Blue Moon. The gross
charter rate will be US$23,000 per day for a period of 24 months
+/-30 days at the option of the Charterer. The new charter
commenced yesterday and is expected to generate approximately
US$16.8 million in gross revenue.
Commenting on the charter, Andreas
Michalopoulos, the Company’s Chief Executive Officer, stated:
“Our commercial management strategy for our
tanker vessels is focused mainly on spot market deployment via
voyage charters or participation in Aframax tanker pools that
provide our shareholders with exposure to cyclical fluctuations in
charter rates. However, considering recent market developments,
this attractive time charter rate and our valued relationship with
Teekay Tankers, we took this opportunity to secure a significant
level of fixed revenue for one of our vessels.”
About the Company
Performance Shipping Inc. is a global provider
of shipping transportation services through its ownership of
Aframax tankers. The Company’s current fleet is employed on spot
voyages, through pool arrangements and on time charters.
Cautionary Statement Regarding
Forward-Looking Statements
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.
The words “believe,” “anticipate,” “intends,”
“estimate,” “forecast,” “project,” “plan,” “potential,” “will,”
“may,” “should,” “expect,” “targets,” “likely,” “would,” “could,”
“seeks,” “continue,” “possible,” “might,” “pending” and similar
expressions, terms or phrases may identify forward-looking
statements.
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’s 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.
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, 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 the ongoing outbreak
of the novel coronavirus (COVID-19) and its impact on the demand
for seaborne transportation of petroleum and other types of
products, 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 or events, including “trade wars”, armed conflicts
including the war in Ukraine, 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 U.S. Securities and Exchange Commission for a more
complete discussion of these and other risks and
uncertainties.
Corporate Contact:
Andreas Michalopoulos
Chief Executive Officer, Director and Secretary
Telephone: +30-216-600-2400
Email: amichalopoulos@pshipping.com
Website: www.pshipping.com
Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email: enebb@optonline.net
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