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) reported second-quarter 2026 net income of $11.9 million and net income attributable to common stockholders of $13.9 million, up from $9.1 million and $8.6 million a year earlier. Q2 revenue rose to $34.7 million ($32.9 million net of voyage expenses) from $18.1 million, supported by fleet expansion. Basic and diluted EPS were $1.12 and $0.37, respectively, and average TCE rose slightly to $32,872.
For the first half of 2026, revenue reached $68.4 million and net income attributable to common stockholders was $23.7 million, below $37.6 million in 2025. The company highlighted over $0.5 billion in contracted revenue backlog with 3.4 years average duration, no debt maturities before mid-2029, $106 million in quarter-end cash, vessel sales totaling $78.3 million, extended charters at up to $40,500 per day, and bond and bank facility amendments that increase financial flexibility.
Performance Shipping (NASDAQ: PSHG) reported the completion of the previously announced sale and delivery of the 2009-built, 105,071 dwt Aframax tanker M/T P. Sophia to new owners through a wholly owned subsidiary. The vessel was debt-free at delivery and was sold for a gross price of US$35.65 million, compared with an acquisition cost of approximately US$27.6 million in the third quarter of 2022. According to Performance Shipping, the sale, achieved amid strong asset values, supports its fleet renewal strategy, strengthens liquidity, and reduces the company’s pro forma average fleet age to about six years.
Performance Shipping (NASDAQ: PSHG) announced that a wholly-owned subsidiary has extended the time charter for its 2011-built, 104,623 dwt Aframax tanker M/T Blue Moon with American Eagle Tankers for twenty-four months +/- 15 days at the Charterer’s option. The extension provides a gross charter rate of US$43,000 per day in the first year and US$38,000 per day in the second, averaging US$40,500 per day, compared with the vessel’s previous applicable rate of US$28,000 per day. The new period is expected to start after a scheduled drydock and by the end of 2026 and is expected to generate about US$29 million in gross revenue for the minimum duration. According to Performance Shipping, this deal increases contracted revenue backlog to over US$530 million as of mid-2026, with charter coverage approaching 90% through end-2028 and about 60% for 2029.
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.