Performance Shipping locks in $39m Aramco deal

Performance Shipping Greek tanker owner Performance Shipping has extended the charter of one of its aframaxes with Aramco Trading. The Nasdaq-listed company said the 2011-built, 104,588 dwt Briolette has been fixed for 35 months, plus or minus 30 days at the charterer’s option. The new deal, at $37,700 per day, started on July 2 in direct continuation of the vessel’s existing employment. Performance said the contract should generate about $39m in gross revenue over the minimum charter period. The fixture is the fourth consecutive contract Performance has secured with Aramco for the vessel. The previous two-year Aramco charter, agreed in 2024, was struck at $41,000 per day and was also a direct continuation of earlier employment. Andreas Michalopoulos, chief executive officer of Performance Shipping, said the latest charter pushes the company’s contracted revenue backlog above $500m as of mid-2026. The company said its remaining average time charter duration has increased to 3.2 years, with charter cover of more than 80% through the end of 2028 and about 60% in 2029. The latest extension follows a run of longer-term employment deals for Performance’s tanker fleet. In January, that company fixed the aframax P Monterey to PBF Holding for three years. Last November, Performance also secured a two-year charter for the 2013-built P Long Beach with ExxonMobil’s shipping arm SeaRiver Maritime. Performance has also been reshaping its fleet. Earlier this year, the Athens-based owner ordered two 158,000 dwt suezmax tankers at Shanghai Waigaoqiao Shipbuilding, priced at $81.5m each, with deliveries in late 2028 and mid-2029. The company has sold older aframax tonnage this year, including the 2010-built P Aliki to Trafigura for $42.65m and the 2009-built P Sophia for $35.65m. Performance’s fleet currently includes aframax/LR2 tankers and two suezmaxes on the water, with one LR1 newbuilding due in early 2027 and two suezmax newbuildings due in 2028 and 2029. Adis Ajdin Adis is an experienced news reporter with a background in finance, media and education. He has written across the spectrum of offshore energy and ocean industries for many years and is a member of International Federation of Journalists. Previously he had written for Navingo media group titles including Offshore Energy, Subsea World News and Marine Energy. Read Next July 7, 2026 EU antitrust law and the China trade question July 7, 2026 Equinor buys BP out of $10bn Bay du Nord project July 6, 2026 d’Amico fixes MR2 for two years July 6, 2026 Fincantieri expands underwater business with four acquisitions July 6, 2026 MAC Shipping grows chemical tanker newbuild push