Traders should view this as a strong derisking move ahead of 2028–2029 deliveries. With the tanker market tight and spot rates elevated, locking in long-term contracts now protects against future cyclicality. The premium charter rates suggest confidence in continued market strength, but limited near-term spot exposure may cap upside if spot rates surge further.
Price Chart
Executive Summary
Performance Shipping Inc. secured long-term time charters for two Suezmax tanker newbuildings with Repsol Trading S.A., locking in $471 million of contracted revenue. The vessels, delivering in 2028 and 2029, are chartered at daily rates of $35,000 and $36,850 for 7 and 5 years respectively, significantly de-risking future earnings and extending fleetwide contract coverage.
Key Facts
- Entered into long-term time charters with Repsol for two Suezmax newbuildings (158,000 dwt) delivering in October 2028 and May 2029
- First vessel chartered for 7 years at $35,000/day; second for 5 years at $36,850/day, payable monthly in advance
- Contracted revenue increases from $317M to $471M, covering majority of acquisition costs
- Fleetwide contracted days: 89.5% (2026), 76.9% (2027), 68.6% (2028), 56.4% (2029), 46.8% (2030)
- Average contract duration now 2.8 years; effectively all modern vessels under long-term fixed-rate contracts
Financial Impact
Adds $154 million in contracted revenue (from $317M to $471M), securing cash flows for deliveries in 2028–2029 at attractive fixed rates
Risk Factors
- Execution risk in vessel delivery timelines (2028–2029)
- Long-term fixed rates may underperform if tanker spot rates remain elevated beyond 2029
- Exposure to global macro risks: oil demand, geopolitical conflicts, and sanctions
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001140361-26-015132 |
| Document: ef20070785_6k.htm | 0001140361-26-015132 |
| Document: 0001140361-26-015132-index-headers.html | 0001140361-26-015132 |
| Document: 0001140361-26-015132-index.html | 0001140361-26-015132 |
| Document: 0001140361-26-015132.txt | 0001140361-26-015132 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 6, 2026 21d ago | 6-K | $1.66 | awaiting T+60 | — | $1.65 (−0.60%) |
Jul 31, 2026 12w ago | 6-K | $1.80 $1.62 | ▼ −10.00% | ▼ −11.78% | $1.65 (−8.33%) |
Jul 29, 2026 12w ago | Press Release | $1.89 $1.62 | ▼ −14.29% | ▼ −19.02% | $1.65 (−12.70%) |
Jul 6, 2026 16w ago | Press Release | $1.67 $1.76 | ▲ +5.09% | ▲ +3.18% | $1.65 (−1.20%) |
Jun 29, 2026 17w ago | 6-K | $1.68 $1.80 | ▲ +7.14% | ▲ +4.33% | $1.65 (−1.79%) |
May 26, 2026 22w ago | 6-K | $1.68 $1.69 | ▲ +0.60% | ▼ −1.28% | $1.65 (−1.79%) |
May 26, 2026 22w ago | Press Release | $1.70 $1.70 | · 0.00% | ▼ −2.72% | $1.65 (−2.94%) |
May 22, 2026 22w ago | EFFECT | $1.65 $1.75 | ▼ −6.06% | ▼ −2.87% | $1.65 (+0.00%) |
Apr 27, 2026 26w ago | Press Release | $1.89 $1.79 | ▼ −5.29% | ▼ −9.28% | $1.65 (−12.70%) |
Apr 16, 2026 27w ago | 6-K | $1.91 $1.67 | ▼ −12.57% | ▼ −18.71% | $1.65 (−13.61%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers