Performance Shipping Inc. Announces a US$45,000 Per Day Time Charter Contract for 7-10 Months

ATHENS, Greece, Sept. 22, 2022 (GLOBE NEWSWIRE) — 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 Trafigura Maritime Logistics Pte Ltd (the “Charterer”) for the LR2 Aframax oil product tanker the M/T Alpine Amalia, to be renamed P. Aliki, the acquisition of which was previously announced. The gross charter rate will be US$45,000 per day for a period of minimum seven (7) months to a maximum of ten (10) months at the option of the Charterer and will commence following the vessel’s delivery to the Company expected in November. This charter is expected to generate approximately a minimum of US$9.5 million to a maximum of US$13.7 million in gross revenue (a minimum of US$5.7 million to a maximum of US$8.2 million in cashflow after debt service, respectively), depending on the duration of the charter.

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