Performance Shipping Locks in $31K/Day Charter for Aframax Tanker
Event summary
- Performance Shipping secures 3-year charter for M/T P. Monterey at $31,000/day.
- Deal with PBF Energy subsidiary expected to generate ~$33M in gross revenue.
- Fleetwide backlog reaches record $349M as of January 1, 2026.
- Charter commences mid-February 2026 with +/- 30-day flexibility.
The big picture
This charter continues Performance Shipping's strategy of medium/long-term contracts with staggered maturities, providing revenue stability in volatile tanker markets. The $349M backlog represents significant scale for a company focused on Aframax vessels, positioning it well amid fluctuating charter rates. The deal underscores growing relationships with energy companies seeking reliable transportation partners.
What we're watching
- Charter Rate Sustainability
- Whether $31,000/day rate reflects market peak or sustainable long-term valuation.
- Backlog Conversion
- The pace at which Performance Shipping can convert record backlog into actual revenue.
- Customer Concentration
- How reliance on PBF Energy subsidiary affects counterparty risk exposure.