Shares of Performance Shipping Inc. (PSHG) are up 6% on Thursday following an announcement that the company has entered into a time charter contract with Marathon Maritime Company, wholly owned by Marathon Petroleum Corporation.
PSHG is trading on the Nasdaq at $2.24, up 6.90% or $0.14 per share. It has traded between $0.68 and $3.69 in the past 52-week period.
The contract pertains to the M/T P. Long Beach, which is an Aframax tanker vessel built in 2013 by Hyundai Heavy Industries Co., Ltd. The tanker has a deadweight tonnage of 105,408, making it a significant addition to PSHG's fleet.
Under the terms of the agreement, the gross charter rate will be $37,200 per day for approximately twenty-four months, at the option of the Charterer.
The charter is expected to commence at the end of December and will generate approximately $25.7 million of gross revenue for the minimum duration of the charter.
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