Performance Shipping (NASDAQ:PSHG) secured a three-year charter agreement with PBF Energy, pushing its revenue backlog to an all-time high and reinforcing its strategy of locking in long-term cash flow amid a volatile global energy market.
The Athens-based tanker owner announced Tuesday that its 105,525 dwt Aframax tanker, the M/T P. Monterey, has been chartered to PBF Holding Company at a gross rate of $31,000 per day.
The contract, set to begin in mid-February, is expected to generate a minimum of $33 million in gross revenue over its three-year term.
For Performance Shipping, the deal is a pivotal milestone that lifts its total fleetwide backlog to approximately $349 million, a record for the company.
The agreement follows a period of rapid fleet renewal for the shipper. Since late 2024, the company has increased its operating capacity by 75% while successfully lowering its fleet’s average age from over 13 years to approximately 9.2 years.
By securing fixed-rate employment with high-quality counterparties like PBF Energy and Clearlake Shipping, Performance Shipping has now protected nearly 70% of its projected 2026 revenue from spot market fluctuations.