Performance Shipping has secured long-term cover for one of its aframax tankers, fixing the P Monterey on a three-year time charter. The Nasdaq-listed Greek owner said it has entered into the contract with PBF Holding, a subsidiary of US refiner PBF Energy. The deal will see the 2011-built 105,525 dwt tanker start its employment mid-February at $31,000 per day. Under the agreement, the charter includes plus or minus 30 days at the charterer’s option. Performance Shipping said the fixture will generate around $33m in gross revenue over the minimum charter period. The P Monterey had previously been trading on charter to ST Shipping & Transport, part of commodities group Glencore, at a rate of $28,000 per day, making the new deal a step up in earnings for the vessel. Performance Shipping operates a fleet of 12 tankers on a fully delivered basis and has been steadily increasing its forward revenue cover. The latest fixture lifts the company’s aggregate backlog to about $349m as of January. Chief executive Andreas Michalopoulos said the charter strengthens cash flow visibility and reflects the company’s focus on medium- and long-term employment with solid counterparties. The deal also highlights continued interest from energy companies in securing tonnage on longer tenors, as tanker owners look to balance exposure between spot market upside and stable contract cover. googletag.cmd.push(function() { googletag.display('div-gpt-ad-1_95_0_1_2'); }); TagsGreece