Performance Shipping Inc. (NASDAQ: PSHG) delivered its third LR2 newbuild, the 114,000‑DWT LNG‑ready Tier III product/crude oil tanker M/T P. Marseille, on January 14, 2026. The vessel was built by Shanghai Waigaoqiao Shipbuilding Co. Ltd. in China and marks the end of PSHG’s three‑vessel LR2 renewal program.
The new tanker immediately entered a five‑year time‑charter with Clearlake Shipping Pte Ltd., a subsidiary of the Gunvor Group. The charter provides a fixed daily rate of approximately $31,000 and includes options for a sixth and seventh year at a base rate plus profit‑sharing. The agreement gives PSHG a predictable revenue stream that aligns with its strategy to lock in roughly 70 % of 2026 operating days under long‑term contracts.
With the delivery, PSHG’s fleet expands to twelve vessels, all of which are modern, eco‑efficient tankers. The addition of M/T P. Marseille is expected to be fully utilized under the Clearlake agreement, reinforcing the company’s shift from spot‑market exposure to a contracted cash‑flow model. The secured charter also supports PSHG’s debt‑service coverage and growth plans, providing a stable backdrop for future capital deployment.
CEO Andreas Michalopoulos said the new build “completes our three‑LR2‑vessel program and enhances our operational efficiency and environmental footprint.” He added that the long‑term charter with Clearlake Shipping “provides secured revenues from delivery and reinforces the stability and visibility of our cash flows.”
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