Performance Shipping, a Greek tanker owner listed on Nasdaq, has finalized charter agreements with Clearlake Shipping, a subsidiary of Gunvor Group, for three of its LNG-ready, scrubber-fitted LR2 newbuildings. The contracts span five years each, with a daily rate of $31,000.

These agreements, along with two one-year extension options offering a base rate plus profit share, are expected to commence upon the delivery of the vessels from Shanghai Waigaoqiao Shipbuilding, affiliated with CSSC. The deliveries are scheduled for the fourth quarter of 2025, first quarter of 2026, and second quarter of 2026.

Andreas Michalopoulos, CEO of Performance Shipping, emphasized the strategic significance of these contracts, stating that they reflect the company’s commitment to securing long-term fixed revenue at profitable charter rates. This move enhances cash flow visibility during the initial operational years of the newbuild sister ships.

The firm deal, valued at approximately $169.8 million, covers around 88% of the aggregate construction costs of the vessels. With this agreement, Performance Shipping has substantially fortified its fleet-wide fixed revenue backlog to at least $211.4 million.