Performance Shipping has agreed to a new two-year charter for its Aframax tanker, the M/T Blue Moon, securing a long-term revenue stream for the vessel.
The 104,623 dwt tanker, built in 2011, will remain under charter for a period of 24 months, plus or minus 15 days at the charterer’s option, according to a report by Naftemporiki.
The deal underscores the company’s strategy to lock in forward freight rates despite persistent volatility in global shipping lanes.
By extending the charter party, Performance Shipping mitigates exposure to short-term spot market fluctuations while maintaining operational continuity for the asset.
The agreement reflects broader industry trends where owners seek stability through longer-term contracts amid geopolitical uncertainties affecting key trade routes.
This development follows recent moves by Performance Shipping to strengthen its balance sheet, including an amended financing agreement with Nordea that extended the facility’s maturity by four years and reduced borrowing margins.