Performance Shipping Inc Stock Price, News & Analysis

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.

Performance Shipping (NASDAQ: PSHG) agreed to buy two 157,286 dwt Suezmax tankers — M/T Eco Bel Air and M/T Eco Beverly Hills — built in 2019 by Hyundai Samho. Each vessel is priced at USD 75,438,000 net of brokerage commissions, with delivery expected between December 2025 and January 2026. The ships are scrubber-fitted and feature wake-optimization devices and lower-consumption engines. Upon delivery they will be renamed M/T P. Bel Air and M/T P. Beverly Hills. The company said it has adequate cash to take delivery but may add a moderate amount of debt consistent with its financial policy. The acquisition follows a US$100 million inaugural bond issue in July.

Performance Shipping (NASDAQ:PSHG) has announced the successful naming and delivery of the M/T P. Tokyo, the second vessel in its newbuilding program. The vessel is a 114,000 DWT LNG-ready Tier III product/crude oil tanker constructed at Shanghai Waigaoqiao Shipbuilding.

The vessel has commenced a five-year time charter contract with Clearlake Shipping at a rate of $31,000 per day, with options for two additional years. This delivery follows M/T P. Massport, with two more newbuildings scheduled for delivery in early 2026 and early 2027.

Performance Shipping (NASDAQ:PSHG) has secured a new 12-month time charter contract with Pakistan National Shipping Corporation for its vessel M/T P. Aliki. The 105,304 DWT LR2 Aframax tanker will be chartered at a daily rate of $30,000, expected to commence in mid-September 2025 after completing its third special survey and drydock.

The contract will increase the company's secured revenue backlog by approximately $10.5 million, bringing the total fleetwide backlog to $250.5 million. The vessel previously completed a six-month charter with Seariver Maritime LLC, a subsidiary of ExxonMobil Corporation.