Performance Shipping Secures Two-Year Aframax Extension with AET at Improved Rates

## Performance Shipping Extends Aframax Charter with AET at Strengthened Rates Nasdaq-listed Greek tanker owner Performance Shipping has secured a two-year charter extension for its aframax tanker *Blue Moon* with AET, the tanker subsidiary of Malaysia's MISC Group, according to Splash247. The 2011-built vessel, measuring 104,623 dwt, will earn **$43,000 per day** during the first year of the extended contract, stepping down to **$38,000 per day** in the second year — producing a blended average rate that represents a meaningful improvement over prevailing spot market volatility and underscores continued demand for mid-size crude tankers on period charters. ### Market Context The deal reflects sustained charterer appetite for securing aframax tonnage on medium-term contracts, a trend that has gained momentum as oil majors and trading houses seek to manage freight cost exposure amid ongoing geopolitical uncertainty affecting crude trade flows. Aframax vessels, typically employed on shorter-haul crude routes in the North Sea, Mediterranean, Caribbean, and Southeast Asia, have benefited from shifting trade patterns and refinery demand dynamics over the past two years. For Performance Shipping, the extension provides revenue visibility and cash flow certainty through the contract period, a strategically important consideration for a listed owner managing investor expectations. Locking in rates above $40,000 per day for the first year is broadly considered commercially attractive in the current aframax market environment. AET, as the tanker arm of MISC Group — one of Asia's largest integrated shipping conglomerates — is a well-established counterparty, adding contract quality and counterparty creditworthiness to the deal's appeal. ### Fleet and Financial Implications The *Blue Moon* extension strengthens Performance Shipping's contracted revenue backlog and reduces near-term re-employment risk for the vessel. For investors, the fixed-rate structure offers predictable earnings contribution from the asset over the two-year horizon, insulating that portion of the fleet from potential softening in spot aframax rates. The transaction was reported by Splash247 and highlights the continued willingness of major charterers to commit to period fixtures at rates that reflect a constructive, if moderating, tanker market outlook heading into the second half of 2026.