Performance Shipping Inc. is a corporation incorporated under the laws of the Republic of the Marshall Islands that owns and operates a fleet of tanker vessels providing global shipping transportation services. The company specializes in Aframax and Suezmax tankers and has contracted for additional LR1 chemical/product oil tankers and Suezmax newbuildings to renew and expand its capacity.
Performance Shipping Inc. generates revenue primarily through time charter and voyage…
Performance Shipping Inc. is a corporation incorporated under the laws of the Republic of the Marshall Islands that owns and operates a fleet of tanker vessels providing global shipping transportation services. The company specializes in Aframax and Suezmax tankers and has contracted for additional LR1 chemical/product oil tankers and Suezmax newbuildings to renew and expand its capacity.
Performance Shipping Inc. generates revenue primarily through time charter and voyage charter agreements with its tanker vessels. Charterers pay hire rates based on vessel size duration and prevailing market conditions. The firm also earns income from spot market employment pool arrangements and short term contracts.
Performance Shipping Inc. competes in the tanker shipping industry alongside companies such as DHT Holdings Frontline Ltd and Eagle Bulk Shipping. Its competitive advantages stem from a modern high specification fleet featuring scrubbers ballast water treatment systems and fuel efficient engines. The company benefits from an in house technical management team and long term relationships with major charterers including Aramco Trading Company Marathon Maritime Company Exxon Mobil AET Tankers and Maersk Tankers. It maintains a low leverage policy targeting a net debt to market value ratio below 35 percent.
Performance Shipping Inc. serves national regional and international energy companies oil traders and refiners. Its customer list includes Aramco Trading Company Marathon Shipping Exxon Mobil AET Tankers Maersk Tankers and ST Shipping Transport. In recent years a small group of charterers has accounted for the majority of the company's revenue.