Greek tanker owner Performance Shipping has extended the charter of its aframax Briolette to Aramco Trading, locking in approximately $39 million in gross revenue over a minimum 35-month period, according to Splash247.
Charter Details
The 104,588 deadweight tonne (dwt) vessel, built in 2011, has been fixed for 35 months, plus or minus 30 days at the charterer's option. The new deal, at $37,700 per day, started on July 2 in direct continuation of the vessel's existing employment. This is the fourth consecutive contract Performance has secured with Aramco for the Briolette. The previous two-year charter, agreed in 2024, was struck at $41,000 per day and was also a direct continuation of earlier employment.
Portfolio Impact
Andreas Michalopoulos, chief executive officer of Performance Shipping, said the latest charter pushes the company's contracted revenue backlog above $500 million as of mid-2026. The company's remaining average time charter duration has increased to 3.2 years, with charter cover of more than 80% through the end of 2028 and about 60% in 2029.
Fleet Developments
The latest extension follows a run of longer-term employment deals for Performance's tanker fleet. In January, the company fixed the aframax P Monterey to PBF Holding for three years. In November of the previous year, Performance secured a two-year charter for the 2013-built P Long Beach with ExxonMobil's shipping arm SeaRiver Maritime.
Performance has also been reshaping its fleet. Earlier this year, the Athens-based owner ordered two 158,000 dwt suezmax tankers at Shanghai Waigaoqiao Shipbuilding, priced at $81.5 million each, with deliveries in late 2028 and mid-2029. The company has sold older aframax tonnage this year, including the 2010-built P Aliki to Trafigura for $42.65 million and the 2009-built P Sophia for $35.65 million.
| Metric | Value |
|---|---|
| Vessel | Briolette (aframax, 2011 built, 104,588 dwt) |
| Charterer | Aramco Trading |
| Duration | 35 months ± 30 days (charterer's option) |
| Daily rate | $37,700 |
| Gross revenue (min. period) | ~$39 million |
| Contract backlog (mid-2026) | >$500 million |
| Average charter duration | 3.2 years |
| Charter cover through 2028 | >80% |
| Charter cover in 2029 | ~60% |
Current Fleet Composition
Performance's fleet currently includes aframax/LR2 tankers and two suezmaxes on the water, with one LR1 newbuilding due in early 2027 and two suezmax newbuildings due in 2028 and 2029. The Briolette deal underscores the company's strategy of securing long-term, high-quality charters with major oil traders and refiners.
Watch List
- Delivery of the two suezmax newbuildings from Shanghai Waigaoqiao Shipbuilding (late 2028 and mid-2029) will expand Performance's fleet capacity.
- Further charter renewals or new fixtures for the remaining fleet as existing deals approach expiry.
- Potential impact of crude oil demand trends on aframax and suezmax spot rates, which could influence charter rates for future contracts.
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