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. (PSHG) reports developments as a global shipping company focused on owning tanker vessels. Its updates center on vessel employment, time charters, spot voyages and pool arrangements for its tanker fleet and newbuilding program, including Aframax/LR2, LR1 and Suezmax vessel categories.
Recurring announcements cover shipbuilding contracts, newbuilding deliveries, sale-and-leaseback financing, vessel sale activity, fleet utilization, time charter equivalent rates and annual or quarterly financial results. Company news also includes Form 20-F reporting and governance or capital-structure items tied to its foreign private issuer status.
Performance Shipping (NASDAQ: PSHG) amended its secured loan facility with Nordea Bank, extending maturity to four years from the supplemental agreement's effective date and cutting the margin from 2.50% to 1.60% per annum.
The principal amount is unchanged and the facility remains secured and guaranteed, with no bank debt maturities before mid-2030.
Performance Shipping (NASDAQ: PSHG) extended the time charter for its 2011-built Aframax tanker M/T Briolette with Aramco Trading Fujairah at a gross rate of US$37,700 per day for about 35 months from July 2, 2026.
The contract is expected to generate approximately US$39 million in gross revenue, lifting contracted revenue backlog to over US$0.5 billion by mid‑2026. The company reports charter coverage above 80% through 2028 and about 60% in 2029, with contracted employment effectively covering expected cash obligations through 2028.
Performance Shipping (NASDAQ: PSHG) received approval to amend its 9.875% bonds, converting them from senior secured to senior unsecured and releasing ship mortgages on P. Monterey and P. Sophia. Amendments remove use-of-proceeds restrictions on collateral vessel sales and raise the minimum liquidity covenant from US$20 million to US$30 million.
The company will pay a one-time 0.325% amendment fee on the US$150 million bonds. Management highlights fleet expansion by two vessels, a reduced average fleet age of six years and a doubled contract backlog to nearly US$0.5 billion, supporting future cash obligations and refinancing prospects.
Performance Shipping (NASDAQ: PSHG) reported Q1 2026 net income of $10.2 million versus $29.4 million in Q1 2025, with basic EPS of $0.79. Prior-year results included a $19.5 million vessel sale gain.
Revenue rose 59% to $33.8 million, driven by fleet expansion to an average 10.9 vessels and a higher TCE rate of $32,520. Operating cash flow increased to $23.0 million. Quarter-end liquidity was about $127 million in cash, expected to reach $192 million pro forma vessel sales.
The company reports a contracted revenue backlog near $0.5 billion, with charter coverage of roughly 90% for the rest of 2026 and 80% for 2027, and has added newbuilds, long-term charters and a $50 million bond tap due 2029.
Performance Shipping (NASDAQ: PSHG) filed its 2025 Annual Report on Form 20-F with the U.S. SEC for the fiscal year ended December 31, 2025. The Annual Report includes audited consolidated financial statements and is available on the SEC website and the company website. Hard copies are available free upon request.
Performance Shipping (NASDAQ: PSHG) entered fixed long-term time charters with Repsol Trading S.A. for two 158,000 dwt Suezmax newbuildings delivering October 2028 and May 2029. The first charter is seven years at US$35,000/day; the second five years at US$36,850/day.
According to the company, these charters increase fleetwide contracted revenue to approximately US$471 million from US$317 million and raise average contract duration to 2.8 years, boosting earnings visibility and covering the majority of the vessels' acquisition cost.
Performance Shipping (NASDAQ: PSHG) signed a memorandum of agreement to sell its 2010-built, 105,304 dwt Aframax tanker M/T P. Aliki to Trafigura Maritime Logistics for a gross price of US$42.65 million. Delivery is expected around end of Q3 2026, subject to charter expiry and closing conditions.
Part of net proceeds will repay about US$12.8 million of loan debt where the vessel serves as collateral. The company says pro forma cash should rise from ~US$50M (end-2025) to ~US$175M, supporting newbuild funding and fleet renewal.
Performance Shipping (NASDAQ: PSHG) entered a sale and leaseback for its LR1 newbuilding, M/T P. San Francisco, due for delivery in early 2027. The bareboat financing totals US$37.8 million with a ten-year bareboat charter and 120 monthly installments equal to US$5,451 per day.
The agreement carries an implied rate of Term SOFR + 2.00%, a balloon payment of ~US$18.1 million at final installment, and continuous repurchase options after year two. The vessel has a four-year charter to Mercuria at US$23,750/day, above a stated cashflow breakeven of US$22,200/day.
Performance Shipping (NASDAQ: PSHG) reported net income of $7.6M for Q4 2025 and $50.0M for full-year 2025, on revenue of $26.2M (Q4) and $84.2M (FY). The company added modern Suezmax and LR2 vessels, completed a $50M bond tap, and signed two 158,000 DWT Suezmax newbuilding contracts at $81.5M each. Pro forma cash is projected at approximately $135M, backlog is ~$350M, and fixed charter coverage stands at 88% for 2026 and 72% for 2027.
Performance Shipping (NASDAQ: PSHG) signed two shipbuilding contracts for 158,000 DWT Suezmax tankers at $81.5 million per vessel, with deliveries expected in October 2028 and May 2029. Payment milestones include a 15% refund-guarantee deposit, three 10% milestone payments, and 55% at delivery.
The vessels will be Tier III, scrubber-fitted, fuel-efficient and intended to expand the company’s Suezmax exposure and long-term commercial competitiveness.