Performance Shipping has secured a two-year time charter extension for its Aframax tanker, Blue Moon, with American Eagle Tankers. The 2011-built, 104,623 DWT vessel will be chartered at an average gross rate of $40,500 per day, starting after its scheduled drydock.
The charter is set for 24 months, with a margin of 15 days at the option of the charterer, which is an affiliate of the MISC Group. The daily rate is structured at $43,000 for the first year and $38,000 for the second year, compared to the previous rate of $28,000.
Performance Shipping stated that the extended charter period is expected to commence directly after the drydock, by the end of 2026. The extension is expected by the company to generate approximately $29 million in gross revenue over its minimum duration.
Chief Executive Officer Andreas Michalopoulos said the rate increase demonstrates the company's ability to capitalise on favourable market conditions while strengthening relationships with charterers.
The agreement also increases the company's contracted revenue backlog to over $530 million as of mid-2026.
According to Performance Shipping, its charter coverage now approaches 90 per cent through the end of 2028. This coverage remains at approximately 60 per cent for 2029, which the company stated provides strong cash flow visibility.
