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Performance Shipping Inc. Announces Naming and Delivery of M/T P. Marseille, the Third Vessel in Its Newbuilding Program

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ATHENS, Greece, Jan. 14, 2026 (GLOBE NEWSWIRE) -- Performance Shipping Inc. (NASDAQ: PSHG) (“we” or ...

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AI Summary

PSHG delivered M/T P. Marseille, enhancing fleet capacity. The new vessel secured a five-year charter with Clearlake Shipping. M/T P. Marseille improves operational efficiency and environmental footprint. Fleet expansion affirms PSHG's strategy for younger, high-specification vessels. One more tanker is under construction for early 2027 delivery.

Sentiment Rationale

The completion of new vessels with long-term charters increases revenue stability. Previous expansions have positively impacted PSHG's stock growth.

Trading Thesis

Investment in fleet and secured contracts indicate ongoing revenue for several years. Historical expansions show sustained price increases following similar developments.

Market-Moving

  • PSHG delivered M/T P. Marseille, enhancing fleet capacity.
  • The new vessel secured a five-year charter with Clearlake Shipping.
  • M/T P. Marseille improves operational efficiency and environmental footprint.

Key Facts

  • PSHG delivered M/T P. Marseille, enhancing fleet capacity.
  • The new vessel secured a five-year charter with Clearlake Shipping.
  • M/T P. Marseille improves operational efficiency and environmental footprint.
  • Fleet expansion affirms PSHG's strategy for younger, high-specification vessels.
  • One more tanker is under construction for early 2027 delivery.

Companies Mentioned

  • GNV (GNV)
  • NM (NM)
  • DAC (DAC)

Corporate Developments

The delivery of a new vessel with a long-term charter contract is crucial for growth. Positive advancements significantly enhance PSHG's commercial outlook and potential earnings.

Performance Shipping Inc. Celebrates Naming and Delivery of M/T P. Marseille

On January 14, 2026, Performance Shipping Inc. (NASDAQ: PSHG), a leading global shipping company, announced the successful naming and delivery of the M/T P. Marseille. This marks the third vessel in its newbuilding program, constructed at Shanghai Waigaoqiao Shipbuilding Co. Ltd. in China. The M/T P. Marseille is recognized as a 114,000 DWT LNG-ready Tier III product/crude oil tanker, a significant addition to the company’s fleet aimed at enhancing operational efficiency and environmental sustainability.

Details of the Naming Ceremony

The naming ceremony for the M/T P. Marseille took place at the shipyard, with Ms. Aliki Paliou serving as the vessel’s godmother. Upholding maritime traditions, she blessed the ship and wished its crew safe and successful journeys. This milestone is a continuation of Performance Shipping's strategic plan to renew and expand its fleet.

Fleet Expansion and Charter Agreements

This delivery follows the previous launches of the M/T P. Massport and M/T P. Tokyo. All three newbuilding LR2 vessels have secured five-year time charter contracts with Clearlake Shipping Pte Ltd, a subsidiary of the Gunvor Group, recognized as one of the world’s largest independent commodities trading houses. The M/T P. Marseille has already commenced operations under its charter agreement, which includes options for a sixth and seventh year at a base rate plus profit-sharing.

  • Vessels Delivered: M/T P. Marseille, M/T P. Massport, M/T P. Tokyo
  • Time Charter Duration: Five years, with options for extensions
  • Charterer: Clearlake Shipping Pte Ltd

Future Outlook and CEO Remarks

Andreas Michalopoulos, Chief Executive Officer of Performance Shipping Inc., commented on the vessel’s naming and delivery, stating, “With the delivery of this LR2 vessel, we have now successfully completed our three-LR2-vessel newbuilding program with Shanghai Waigaoqiao Shipbuilding. This further advances our strategy to expand and renew our fleet with younger, high-specification tonnage.”

He emphasized that the addition of the M/T P. Marseille will enhance operational efficiency and improve the company’s environmental footprint, securing revenues from delivery and reinforcing cash flow stability.

About Performance Shipping Inc.

Performance Shipping Inc. is a global provider of shipping transportation services specializing in the ownership of tanker vessels. The company employs its fleet for various service arrangements, including spot voyages and time charters, thereby maintaining flexibility in the shipping market.

Cautionary Statement

This press release may contain forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements encompass plans, objectives, goals, and other expectations regarding Performance Shipping Inc.'s future operations and financial results. Although the company believes these assumptions were reasonable when made, a variety of factors could cause actual outcomes to differ significantly. Such factors include market conditions, fluctuations in charter rates, operational expenses, and broader economic conditions affecting the global shipping industry.

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