Welcome to our dedicated page for Performance Shipping news (Ticker: PSHG), a resource for investors and traders seeking the latest updates and insights on Performance Shipping stock.
Performance Shipping Inc. (NASDAQ: PSHG) is a global shipping company specializing in the ownership of tanker vessels. The company states that it provides shipping transportation services through a fleet that includes Aframax, LR2 and Suezmax tankers, employed on spot voyages, through pool arrangements and on time-charter contracts. This news page aggregates company press releases and other coverage related to Performance Shipping’s operations, fleet developments and capital markets activity.
Readers can find news about fleet expansion and renewal, such as the naming and delivery of newbuild LR2 product/crude oil tankers like M/T P. MASSPORT, M/T P. TOKYO and M/T P. MARSEILLE, as well as the acquisition and delivery of 2019-built Suezmax tankers M/T P. BEL AIR and M/T P. BEVERLY HILLS. The company’s announcements describe these vessels as part of its strategy to expand and renew its tanker fleet.
News items also cover charter employment for specific vessels, including multi-year time-charter contracts with counterparties such as Clearlake Shipping Pte Ltd, Repsol Trading S.A., SeaRiver Maritime (a subsidiary of ExxonMobil Corporation) and Pakistan National Shipping Corporation. These updates often discuss charter durations and daily rates, and how they affect the company’s secured revenue backlog and charter coverage.
In addition, the news feed includes financial results for reported periods, where Performance Shipping presents revenue, net income, time charter equivalent rates, fleet utilization and other operating data. Other releases address financing transactions, such as Nordic bond issuances and tap issues, and corporate matters like annual general meetings and ESG reporting. Investors and observers can use this page to review the company’s own descriptions of market conditions, fleet deployment and corporate developments over time.
Performance Shipping (NASDAQ: PSHG) announced a three-year time charter with PBF Holding Company LLC (subsidiary of PBF Energy, NYSE: PBF) for the M/T P. Monterey, a 105,525 dwt Aframax tanker built in 2011. The gross charter rate is US$31,000 per day for a period of three years +/- 30 days at the charterer’s option. The charter is expected to commence in mid-February and is projected to generate approximately US$33 million of gross revenue for the minimum charter duration. Management said the deal raises the company’s fleetwide aggregate backlog to a record ~US$349 million as of January 1, 2026 and improves cash flow visibility through staggered medium- and long-term employment.
Performance Shipping (NASDAQ: PSHG) announced the naming and delivery of the M/T P. Marseille, the third 114,000 DWT LNG-ready Tier III LR2 vessel built at Shanghai Waigaoqiao Shipbuilding.
The vessel, previously Hull H1597, was handed over on Jan 14, 2026, and commenced operations under a five-year time charter (with options for a sixth and seventh year) to Clearlake Shipping Pte Ltd, a subsidiary of Gunvor Group, at a base rate plus profit-sharing. This completes the company’s three-LR2 newbuilding program; one LR1 chemical/product tanker remains scheduled for delivery in early 2027.
Performance Shipping (NASDAQ: PSHG) announced a successful placement of a USD 50 million tap issue in its outstanding senior secured bond due July 17, 2029 (ISIN NO0013607028) at a fixed coupon of 9.875% per annum, payable semi-annually.
The tap was priced at 103.00% of par following a reverse inquiry and is expected to close on January 26, 2026, subject to customary closing conditions. After the tap, total outstanding under the Bonds is USD 150 million. Net proceeds will be used for general corporate purposes. The bonds are being offered to qualified institutional buyers in the U.S. under Rule 144A and to non-U.S. persons under Regulation S and will not be registered under the Securities Act.
Performance Shipping (NASDAQ: PSHG) announced delivery of the M/T P. Beverly Hills, a 2019-built Suezmax tanker of 157,286 dwt purchased under an agreement signed in October 2025.
This vessel is the second of two 2019-built Suezmax tankers delivered to the company, completing the Suezmax acquisition and bringing the fleet to a total of twelve (12) tanker vessels, including two newbuilds under construction and ten vessels currently operating. The delivered vessel has immediate employment with Repsol Trading S.A., which the company said provides strong cash-flow visibility from inception and supports the fleet's commercial competitiveness and eco-design efficiency.
Performance Shipping (NASDAQ: PSHG) announced delivery of the M/T P. Bel Air, a 2019-built Suezmax tanker of 157,286 dwt purchased in October 2025.
The vessel is the first of two 2019-built Suezmaxes to be delivered, with the sister ship expected by the end of December 2025. Following this delivery the company’s fleet totals twelve (12) tankers (including two newbuilds), with nine currently operating.
The M/T P. Bel Air will immediately commence a three-year time charter with Repsol Trading S.A. at a rate of US$36,500 per day, a commercial commitment that the company says enhances earnings visibility and expands its eco-design Suezmax capacity.
Performance Shipping Inc. (NASDAQ: PSHG) announced that a previously disclosed potential forward sale of the 2009-built Aframax tanker M/T P. Sophia will not materialize.
As of Dec. 5, 2025, the buyer that held an exclusivity right to bid on converting the vessel into an FPSO informed the company the vessel was not selected for the proposed offshore project, causing the forward sale and exclusivity agreement to automatically lapse. The company stated no sale will be completed under those terms and that the M/T P. Sophia will continue to operate in the company fleet.
Performance Shipping (NASDAQ: PSHG) reported Q3 2025 net income $3.9M versus $12.4M in Q3 2024 and revenue $18.5M (net of voyage expenses $17.5M). Fleetwide TCE averaged $29,460/day in Q3 2025, down from $34,307 in Q3 2024. For the nine months ended Sept 30, 2025, net income was $42.4M and basic EPS was $3.30.
The company closed strategic deals: agreed to acquire two 2019 Suezmax tankers at $75.4M each with three-year charters at $36,500/day, took delivery of two LR2 Aframax newbuilds on five-year charters at $31,000/day, completed a $100M Nordic bond issuance and held $212M cash. Secured revenue backlog rose to $330M and fixed charter coverage is 70% for 2026 and 57% for 2027.
Performance Shipping (NASDAQ: PSHG) announced three-year time charter contracts with Repsol Trading S.A. for two newly acquired Suezmax tankers, M/T P. Bel Air and M/T P. Beverly Hills (each 157,000 DWT, built 2019).
Each vessel is fixed at a gross rate of US$36,500 per day, commencing on delivery (scheduled by early 2026). The minimum firm period is three years (plus or minus 30 days at the charterer’s option) and is expected to generate approximately US$78 million in gross revenue for the firm term.
The company said these charters raise fleetwide contracted revenue to about US$335 million and increase charter coverage to 70% for 2026 and 57% for 2027, while covering more than half of the vessels’ acquisition cost.
Performance Shipping (NASDAQ: PSHG) announced its 2025 annual general meeting of shareholders (2025 AGM) is scheduled for December 3, 2025.
The Board set a record date of October 27, 2025, which determines shareholders eligible to vote at the 2025 AGM.
Performance Shipping (NASDAQ: PSHG) entered a 24-month time charter with SeaRiver Maritime (ExxonMobil) for the M/T P. Long Beach, a 105,408 DWT LR2 Aframax, at a daily gross rate of US$30,500. The vessel is expected to deliver around mid-December 2025 after redelivery from its prior charter. The contract raises the company’s minimum secured revenue backlog by about US$21.35 million and increases fleetwide secured backlog to approximately US$257 million (minimum basis as of Oct 1, 2025). The charter raises fixed coverage to ~52% for 2026 and ~41% for 2027, and the company says it lowers cash-flow breakeven for open days.
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