Greek tanker owner Performance Shipping has signed a three-year time charter with PBF Holding Company LLC for its 105,525-dwt aframax tanker P Monterey, reported Denmark's Shipping Telegraph.

The vessel, built in 2011, will earn a gross charter rate of US$31,000 per day. The contract, due to start in mid-February, is expected to generate about $33 million in gross revenue over its minimum term.

Chief executive Andreas Michalopoulos said the deal strengthens cash flow visibility and lifts the company's fleetwide backlog to a record $349 million as of January 1. He said securing employment at a strong rate with a reliable counterparty highlights the firm's service quality.

Mr Michalopoulos added that Performance Shipping remains committed to its strategy of medium and long-term time charters with staggered maturities. He said this approach ensures steady revenues, renewal opportunities and supports growth prospects.