The 24-month extension with American Eagle Tankers lifts the Aframax tanker’s average gross rate to $40,500 per day and pushes contracted revenue backlog to over $530 million as of mid-2026.
Performance Shipping Inc. said it extended the time charter for its 2011-built, 104,623 dwt Aframax tanker M/T Blue Moon with American Eagle Tankers, a member of MISC Group, through a wholly owned subsidiary. The deal runs for 24 months, plus or minus 15 days at the charterer’s option, at a gross rate of $43,000 per day in the first year and $38,000 per day in the second, for an average of $40,500 per day over the full term. The extension is due to begin after the vessel completes its current charter and planned drydock, with commencement expected by the end of 2026, and is expected to generate about $29 million in gross revenue for the minimum period. Chief Executive Officer Andreas Michalopoulos said the new rate compares with the vessel’s previous applicable rate of $28,000 per day and reflects favorable market conditions as well as the company’s relationship with a leading charterer. He added that the agreement effectively maximizes charter coverage through late 2027, when the next vessel in the fleet is scheduled for redelivery, and raises contracted revenue backlog to over $530 million as of mid-2026. The company said charter coverage now approaches 90% through the end of 2028 and remains about 60% for 2029, improving cash flow visibility and supporting disciplined growth. Performance Shipping said it operates tanker vessels across spot voyages, pool arrangements, and time charters (fixed-rate vessel hire agreements). The release also included standard forward-looking statement language, noting that outcomes remain subject to market, regulatory, geopolitical, financing, and operating risks.