Performance Shipping Inc. announces time charter contract for M/T Blue Moon with Teekay

Jul 28 2022


Performance Shipping Inc. has entered into a time charter contract with Teekay Chartering Limited, for one of its Aframax tanker vessels, M/T Blue Moon.

ATHENS, Greece, July 28, 2022 - 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.”



Previous: Poten’s Weekly: This Time it is Different

Next: Ardmore Shipping Corporation announces financial results for the three months ended June 30, 2022


Related News

Seafarer satisfaction “lowest in 8 years”

(Apr 29 2022)

From COVID to the Ukraine conflict and contractual concerns, global issues have massively impacted seafarer welfare and morale.



CSM and MHSS unite to support seafarers impacted by war in Ukraine

(Apr 21 2022)

Columbia Shipmanagement, together with its owning company and its clients, have raised an unprecedented €1.4 million and assembled a team of 320 psychologists, mostly from Ukraine, to aid traumatised families of seafarers who have been impacted by th...



Seafarer lives don’t need to be risked during lifeboat drills

(Apr 21 2022)

Seafarers are dying needlessly in lifeboat accidents when maritime legislation doesn’t actually require vessels to be manned during drills.



Body of missing crew member from exploding tanker in Thailand found

(Mar 17 2022)

The missing crew member from the “Smooth Sea 2” oil tanker, which suffered an on board explosion and fire while moored at the IRPC pier in Samut Prakan province, has been found dead, while at least 200 nearby houses have been affected.



Crew on gas tanker seek help after 13 months at sea

(Mar 10 2022)

Five crewmen of a liquefied petroleum gas (LPG) tanker were brought ashore by the navy and labour officials after one of them requested help, saying he had been 13 months at sea without shore leave.



June July 2022

SIRE 2.0 - OCIMF and Columbia Ship Management perspective; seafarer mental health; EU ETS costs; 33 years after Exxon Valdez; resolving BWTS problems