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) 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.
Performance Shipping (NASDAQ: PSHG) signed a Memorandum of Agreement to sell its oldest vessel, the 2009-built 105,071 dwt Aframax M/T P. Sophia, for a gross price of US$35.65 million.
Delivery is expected in mid-2026, the vessel remains on a US$43,000/day charter through ~late May 2026, and the ship currently serves as collateral for the Company’s outstanding Nordic bond with net proceeds applied under the bond terms. The Company acquired the vessel in Q3 2022 for US$27,577,320, implying an approximate gain of US$8 million.
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.