Performance Shipping Successfully Delivers M/T P. Marseille
Performance Shipping announced the successful naming and delivery of the M/T P. Marseille, the third vessel in its current newbuilding program, constructed at Shanghai Waigaoqiao Shipbuilding in the People's Republic of China. The M/T P. Marseille, previously referred to as Hull H1597, is a 114,000 DWT LNG-ready Tier III product/crude oil tanker. The naming ceremony was held at the shipyard with Ms. Aliki Paliou serving as the vessel's godmother. Upholding maritime tradition, she blessed the vessel and wished her crew safe and successful voyages. This delivery follows the M/T P. Massport and M/T P. Tokyo and represents another important milestone in the Company's fleet expansion and renewal strategy. As previously announced, all three newbuilding LR2 vessels have secured five-year time charter contracts with Clearlake Shipping. Following delivery to the Company, the M/T P. Marseille was delivered to the Charterer and has commenced operations under its five-year time charter contract, with options for a sixth and seventh year at a base rate plus profit-sharing. One LR1 chemical/product tanker remains under construction and is scheduled for delivery in early 2027.
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Performance Shipping Inc. Secures $31,000/Day Charter with PBF Holding for Three Years
- Charter Agreement: Performance Shipping has entered into a three-year charter agreement with PBF Holding through a wholly-owned subsidiary, at a rate of $31,000 per day, expected to commence in mid-February, generating approximately $33 million in revenue, significantly enhancing the company's cash flow visibility.
- Revenue Growth: This charter will increase the company's fleetwide backlog to a record level of approximately $349 million, indicating success in stabilizing revenue and executing long-term strategies.
- Strategic Partnership: The collaboration with PBF Holding not only secures three years of stable income but also demonstrates the company's ability to forge new relationships with energy firms, further solidifying its market position.
- Future Outlook: The CEO emphasized a continued focus on medium to long-term charter strategies, highlighting the importance of staggered contract maturities to achieve steady revenues and renewal opportunities, which is expected to support future growth prospects.
Performance Shipping Inc. Successfully Places $50 Million Bond Tap Issue at 9.875% Interest Rate
- Successful Bond Issue: Performance Shipping Inc. successfully placed a $50 million tap issue of bonds with a fixed annual interest rate of 9.875%, expected to close on January 26, 2026, enhancing the company's financing capacity for future growth.
- Increased Total Debt: Following this tap issue, the total outstanding amount of the bonds rises to $150 million, indicating the company's active engagement in capital markets and confidence in future business expansion.
- Market Pricing Advantage: The tap issue was priced at 103.00% of par value, reflecting market recognition of the company's creditworthiness while providing a relatively low-cost financing avenue to meet operational needs.
- Compliance and Restrictions: The bonds are offered only to qualified institutional buyers under Rule 144A of the U.S. Securities Act, ensuring compliance and mitigating potential legal risks.
