en.Wedoany.com Reported - Greek tanker owner Performance Shipping has extended the charter for the Aframax tanker Briolette with Aramco Trading by 35 months, with the charterer having the option to increase or decrease the period by 30 days.

The Nasdaq-listed company said the new agreement for the 2011-built, 104,588 deadweight ton tanker has a daily rate of $37,700, directly continuing the existing charter from July 2. Performance stated that the contract is expected to generate approximately $39 million in total revenue over the minimum charter period. This marks the fourth consecutive time Performance has secured a charter for the vessel from Aramco, following a two-year charter in 2024 at a daily rate of $41,000, which also directly continued the previous charter.

Andreas Michalopoulos, CEO of Performance Shipping, said the latest charter brings the company's contracted revenue backlog to over $500 million as of mid-2026. The company noted that the average remaining time charter period has increased to 3.2 years, with charter coverage exceeding 80% through the end of 2028 and approximately 60% in 2029.

Prior to the latest renewal, Performance's tanker fleet had already secured a series of long-term charters. In January, the company chartered the Aframax tanker P Monterey to PBF Holding for a three-year period. In November last year, Performance also signed a two-year charter for the 2013-built P Long Beach with SeaRiver Maritime, the shipping arm of ExxonMobil.

Performance is also adjusting its fleet. Earlier this year, the Athens-based owner ordered two 158,000 deadweight ton Suezmax tankers at Shanghai Waigaoqiao Shipbuilding, at a unit price of $81.5 million, with deliveries scheduled for the end of 2028 and mid-2029, respectively. The company has sold older Aframax tankers this year, including the 2010-built P Aliki (sold to Trafigura for $42.65 million) and the 2009-built P Sophia (sold for $35.65 million).

Performance's current fleet includes Aframax/LR2 tankers and two Suezmax tankers already in operation, with one LR1 newbuilding scheduled for delivery in early 2027 and two Suezmax newbuildings set for delivery in 2028 and 2029.