Performance Shipping Inc. Secures Five-Year Time Charter Contracts With Clearlake for Three Newbuilding Vessels at US$31,000 Per Vessel Per Day

March 12, 2024

https://www.globenewswire.com/news-release/2024/03/12/2844633/14069/en/Performance-Shipping-Inc-Secures-Five-Year-Time-Charter-Contracts-With-Clearlake-for-Three-Newbuilding-Vessels-at-US-31-000-Per-Vessel-Per-Day.html

ATHENS, Greece, March 12, 2024 (GLOBE NEWSWIRE) — Performance Shipping Inc. (NASDAQ:PSHG), (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, today announced that, through separate wholly-owned subsidiaries, it has entered into time charter contracts with Clearlake Shipping Pte Ltd (the “Charterer”) for the previously announced three newbuilding LNG-ready, scrubber-fitted, LR2 Aframax tanker vessels. Each employment will be for a firm period of 5 years with the option to extend for a 6th and 7th year. The optional periods are to be declared by the Charterer 12 months in advance. The gross charter rate will be US$31,000 per vessel per day for the firm period of five (5) years, and a base rate plus profit share for the optional periods, if declared. Employment is expected to commence upon delivery of the vessels to the Company in the fourth quarter of 2025, the first quarter of 2026, and the second quarter of 2026.

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