Performance Shipping has extended its time charter contract with Aramco Trading Fujairah for the Aframax tanker vessel Briolette. The 2011-built, 104,588 DWT vessel will be chartered at a gross rate of $37,700 per day for a period of 35 months, with a 30-day option under the control of the charterer.
The charter commenced in direct continuation of the existing agreement on July 2, 2026. Performance Shipping stated that the contract is expected to generate approximately $39 million of gross revenue during the minimum duration of the charter.
Andreas Michalopoulos, Chief Executive Officer of Performance Shipping, noted that this agreement represents the fourth consecutive contract secured with the energy firm.
Following this extension, the company's contracted revenue backlog has exceeded $0.5 billion as of mid-2026, increasing its remaining average time charter duration to 3.2 years.
Michalopoulos indicated that Performance's charter coverage now exceeds 80 per cent through the end of 2028 and remains approximately 60 per cent in 2029.
This contracted employment is expected to reduce the average daily charter rate required from its remaining open days to cover cash obligations to zero through the end of 2028, before rising to approximately $10,000 per day in 2029.
