Performance Shipping Inc Stock Price, News & Analysis

Performance Shipping (NASDAQ:PSHG), a global tanker vessel operator, reported Q2 2025 financial results with net income of $9.1 million and earnings per share of $0.69 basic and $0.23 diluted. Revenue reached $18.1 million, down from $20.5 million in Q2 2024, primarily due to fleet reduction following the P. Yanbu vessel sale.

The company achieved a strong fleetwide TCE rate of $32,295 per day, up from $30,970 in Q2 2024, despite operating in a softer charter rate environment. The company's financial position was strengthened by a $100 million Nordic bond offering in July, bringing total cash position to approximately $192 million. The company maintains an aggregate secured revenue backlog of $240 million and operates a fleet of 6 vessels with 3 newbuildings on order.

[ "Increased TCE rate to $32,295 per day from $30,970 year-over-year", "Strong cash position of $192 million after Nordic bond offering", "Secured revenue backlog of approximately $240 million", "Six-month net income grew to $38.5 million from $21.6 million year-over-year", "100% fleet utilization in Q2 2025" ]

Performance Shipping (NASDAQ:PSHG), a global tanker vessel company, has secured a refinancing agreement with Alpha Bank S.A. for its existing loan facility. The refinancing covers the full outstanding balance of $29.75 million, previously secured by vessels M/T P. Long Beach and M/T P. Aliki.

The new facility features an interest rate of SOFR plus 1.90% annually, with a structured repayment plan consisting of 20 quarterly installments of $1.05 million each and a balloon payment of $8.75 million due in mid-2030.

[ "Successful refinancing of $29.75 million loan facility secured", "Extended repayment timeline through mid-2030 provides long-term financial stability", "Structured quarterly payments of $1.05 million demonstrate manageable debt servicing" ]

Performance Shipping (NASDAQ: PSHG) has successfully placed a $100 million bond offering in the Nordic bond market. The bonds will mature in July 2029 with a fixed coupon rate of 9.875% per annum, payable semi-annually, and were priced at 97% of par.

The bonds will be secured by first priority mortgages on the company's two oldest tanker vessels. The offering is expected to close on July 17, 2025, with proceeds intended for tanker acquisitions or bond repurchases. The bonds will be offered to qualified institutional buyers in the U.S. under Rule 144A and to non-U.S. persons under Regulation S.

Performance Shipping (NASDAQ: PSHG) has accepted a commitment letter from Alpha Bank A.E. for refinancing existing loan facilities worth $29.75 million. The new facility will be secured by vessels M/T P. Long Beach and M/T P. Aliki, featuring SOFR plus 1.90% interest rate.

The loan will be repaid through 20 quarterly installments of $1.05 million each, with a $8.75 million balloon payment due in mid-2030. The refinancing offers significant benefits, including a 23% reduction in average payable margins and extension of loan maturities by over two and a half years.

Performance Shipping Inc. has secured a 4-year time charter contract with Mercuria Energy Trading for its upcoming LR1 tanker newbuilding. The contract, starting in early 2027, features a daily rate of $23,750 with extension options for up to three additional years at increasing rates. The charter is expected to generate approximately $35 million in revenue, boosting the company's total fleet revenue backlog to $255 million. The agreement includes options for three one-year extensions with rate increases of $850 for the first two years and $1,200 for the third year, subject to mutual agreement. This strategic partnership with Mercuria aims to provide stable earnings and enhanced revenue visibility through 2031.

Performance Shipping Inc. (NASDAQ: PSHG) announced plans to conduct fixed income investor meetings starting June 6, 2025, through Norwegian investment banks. The company is considering issuing a five-year USD senior unsecured bond, subject to market conditions. If issued, the bond proceeds will fund fleet expansion, renewal, and general corporate purposes. The potential bonds would be offered to qualified institutional buyers in the US under Rule 144A and to non-US persons under Regulation S of the Securities Act. The bonds would not be registered under the Securities Act or state securities laws, requiring applicable exemptions for US sales.

Performance Shipping Inc. (NASDAQ: PSHG) reported strong Q1 2025 financial results with net income of $29.4 million, up 158% from $11.4 million in Q1 2024. Revenue was $21.3 million, slightly down from $22.4 million in Q1 2024. The company achieved a fleetwide average TCE rate of $30,843, compared to $33,857 in Q1 2024. A significant highlight was the sale of the M/T P. Yanbu vessel for $39 million, resulting in a $19.5 million gain. The company maintains a robust financial position with $108.3 million in cash and a substantial revenue backlog of $220 million. Performance Shipping operates a fleet of 6 Aframax tankers and has 4 newbuild vessels on order, with three secured under five-year time charter contracts.

Performance Shipping (NASDAQ: PSHG), a global tanker vessel operator, has announced the filing of its 2024 Annual Report on Form 20-F with the U.S. Securities and Exchange Commission (SEC) for the fiscal year ended December 31, 2024.

The Annual Report, which includes the company's audited consolidated financial statements, is accessible through both the SEC's website and Performance Shipping's corporate website. The company will provide shareholders with free hard copies of the Annual Report upon request.

Performance Shipping Inc. (NASDAQ: PSHG) has entered into a forward sale and exclusivity agreement for its 2009-built Aframax tanker, M/T P. Sophia. The agreement grants an unaffiliated third party exclusive rights to bid for converting the vessel into a Floating Production Storage and Offloading (FPSO) vessel for a national oil company's offshore project.

If the buyer wins the auction by April 5, 2026, they will purchase M/T P. Sophia for US$36,050,000. An additional US$1,000,000 bonus will be paid if delivery occurs before September 30, 2025. During the exclusivity period, PSHG can continue operating the vessel but cannot sell it to other parties until the auction concludes in April 2026.