Performance Shipping Inc. Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2025
Rhea-AI Summary
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" ]AI-generated analysis. Not financial advice.
Positive
- None.
Negative
- Revenue decreased to $18.1 million from $20.5 million year-over-year
- Net income declined to $9.1 million from $10.2 million year-over-year
- Fleet reduction to 6 vessels from 7 vessels after P. Yanbu sale
- Operating cash flow decreased to $11.3 million from $14.4 million year-over-year
News Market Reaction – PSHG
On the day this news was published, PSHG declined 2.55%, reflecting a moderate negative market reaction. Our momentum scanner triggered 2 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $594K from the company's valuation, bringing the market cap to $22.69M at that time.
Data tracked by StockTitan Argus on the day of publication.
ATHENS, Greece, July 30, 2025 (GLOBE NEWSWIRE) -- Performance Shipping Inc. (NASDAQ: PSHG) (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, today reported net income of
Revenue was
Net income for the six months ended June 30, 2025, amounted to
Commenting on the results of the second quarter of 2025, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:
“During the second quarter of 2025, the tanker market remained firm, supported by steady ton-mile demand and heightened volatility particularly in June due to geopolitical tensions in the Middle East. Our Company, through its balanced fleet deployment strategy and efficient vessel operations, delivered solid financial results and achieved a fleetwide average time charter equivalent (TCE) rate of
“This TCE rate, resulting in aggregate revenues of
“Our Company remains committed to executing its fleet renewal and expansion strategy, aiming to acquire a younger, more competitive, and environmentally sustainable fleet. This will be pursued through a combination of our well-supported newbuilding program and selective acquisitions of secondhand vessels.
“Our financial strength, enhanced by our access to
“With a disciplined and conservative capital structure, we are well positioned to pursue fleet expansion initiatives that support long-term growth and sustainable value creation for our shareholders.”
Corporate Developments
Update on Outstanding Shares and Warrants
As of July 29, 2025, the Company had outstanding 12,432,158 common shares. In addition, the following common share purchase warrants were outstanding as of such date:
- Class A Warrants to purchase up to 567,366 common shares at an exercise price of
$15.75 per common share; - Warrants issued July 19, 2022, to purchase up to 1,033,333 common shares at an exercise price of
$1.65 per common share; - Warrants issued August 16, 2022, to purchase up to 2,122,222 common shares at an exercise price of
$1.65 per common share; - Series A Warrants issued March 3, 2023, which are exchangeable for up to 14,300 common shares; and
- Series B Warrants issued March 3, 2023, to purchase up to 4,097,000 common shares at an exercise price of
$2.25 per common share.
Finally, the Company had 50,726 shares of its Series B Convertible Cumulative Perpetual Preferred Stock and 1,423,912 shares of its Series C Convertible Cumulative Redeemable Perpetual Preferred Stock outstanding.
Tanker Market Update for the Second Quarter of 2025:
- Tanker fleet supply was 701.6 million dwt, up
0.5% from 697.9 million dwt from the previous quarter and up1.4% from Q2 2024 levels of 692.0 million dwt. - Tanker demand is expected to show modest growth, with crude tanker demand supported by increased OPEC+ exports and projected DWT demand growth of
0.6% in 2025. In contrast, product tanker demand is set to decline by0.9% in 2025, amid weak refining margins, soft oil demand, and reduced inter-basin trade. However, shifts in refining capacity and ongoing geopolitical rerouting could provide some support later in the year. - Tanker fleet supply in deadweight terms is estimated to grow by
2.4% in 2025 and by3.8% in 2026. - Tanker fleet utilization averaged
84.6% in 2024, while analysts expect that it will slightly improve to levels of85.2% in 2025 but decline to83.7% in 2026. - Newbuilding tanker contracting was 5.8 million dwt in the second quarter, resulting in a tanker orderbook-to-fleet ratio of
15.0% . - Daily spot charter rates for Aframax tankers averaged
$42,765 , up33.9% from the previous quarter average of$31,931 and down16.4% from Q2 2024 average of$51,140 . - The value of a 10-year-old Aframax tanker at the end of the second quarter was
$50.0 million , unchanged from the previous quarter, and down16.7% from$60.0 million in Q2 2024. - The number of tankers used for floating storage (excluding dedicated storage) stood at 119 (12.3 million dwt) in the second quarter, up
15.5% from 103 (11.5 million dwt) at the end of the previous quarter and up2.6% from 116 in Q2 2024. - Global oil consumption was 103.2 million bpd, up
1.0% from the previous quarter level of 102.2 million bpd, and up0.4% from Q2 2024 levels of 102.7 million bpd. - Global oil production was 104.5 million bpd, down
1.1% from the previous quarter level of 103.4 million bpd and up1.6% from Q2 2024 levels of 102.8 million bpd. - OECD commercial inventories were 2,796 million barrels, up
1.7% from the previous quarter level of 2,749 million barrels, and down1.3% from Q2 2024 levels of 2,834 million barrels.
The above market outlook update is based on information, data, and estimates derived from industry sources. There can be no assurances that such trends will continue or that anticipated developments in tanker demand, fleet supply or other market indicators will materialize. While we believe the market and industry information included in this release to be generally reliable, we have not independently verified any third-party information or verified that more recent information is not available.
| Summary of Selected Financial & Other Data | |||||||||||||
| (in thousands of US Dollars, except per share data, fleet data and average daily results) | For the three months ended June 30, | For the six months ended June 30, | |||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||
| STATEMENT OF OPERATIONS DATA: | |||||||||||||
| Revenue | $ | 18,143 | $ | 20,508 | $ | 39,476 | $ | 42,879 | |||||
| Voyage expenses | 510 | 780 | 2,628 | 1,584 | |||||||||
| Vessel operating expenses | 4,568 | 5,049 | 9,037 | 9,924 | |||||||||
| Net income | 9,074 | 10,185 | 38,501 | 21,616 | |||||||||
| Net income attributable to common stockholders | 8,616 | 9,727 | 37,586 | 20,699 | |||||||||
| Earnings per common share, basic | 0.69 | 0.79 | 3.02 | 1.68 | |||||||||
| Earnings per common share, diluted | 0.23 | 0.26 | 1.00 | 0.55 | |||||||||
| FLEET DATA | |||||||||||||
| Average number of vessels | 6.0 | 7.0 | 6.5 | 7.0 | |||||||||
| Number of vessels | 6.0 | 7.0 | 6.0 | 7.0 | |||||||||
| Ownership days | 546 | 637 | 1,169 | 1,274 | |||||||||
| Available days | 546 | 637 | 1,169 | 1,274 | |||||||||
| Operating days (1) | 546 | 634 | 1,154 | 1,258 | |||||||||
| Fleet utilization | |||||||||||||
| AVERAGE DAILY RESULTS | |||||||||||||
| Time charter equivalent (TCE) rate (2) | $ | 32,295 | $ | 30,970 | $ | 31,521 | $ | 32,414 | |||||
| Daily vessel operating expenses (3) | $ | 8,366 | $ | 7,926 | $ | 7,731 | $ | 7,790 | |||||
| _____________ | |
| (1) | Operating days are the number of available days in a period less the aggregate number of days that our vessels are off-hire. The specific calculation counts as on-hire the days of the ballast leg of the spot voyages, as long as a charter party is in place. The shipping industry uses operating days to measure the aggregate number of days in a period during which vessels actually generate revenues. |
| (2) | Time charter equivalent rates, or TCE rates, are defined as revenue (voyage, time charter and pool revenue), less voyage expenses during a period divided by the number of our available days during the period, which is consistent with industry standards. Voyage expenses include port charges, bunker (fuel) expenses, canal charges and commissions. TCE is a non-GAAP measure. TCE rate is a standard shipping industry performance measure used primarily to compare daily earnings generated by vessels despite changes in the mix of charter types (i.e., voyage (spot) charters, time charters and bareboat charters). |
| (3) | Daily vessel operating expenses, which include crew wages and related costs, the cost of insurance and vessel registry, expenses relating to repairs and maintenance, the costs of spares and consumable stores, lubricant costs, tonnage taxes, regulatory fees, environmental costs, lay-up expenses and other miscellaneous expenses, are calculated by dividing vessel operating expenses by ownership days for the relevant period. |
| Fleet Employment Profile (As of July 29, 2025) | |||||||
| Performance Shipping Inc.’s fleet is employed as follows: | |||||||
| Vessel | Year of Build | Capacity | Builder | Vessel Type | Charter Type | Notes | |
| Operating Aframax Tanker Vessels | |||||||
| 1 | BLUE MOON | 2011 | 104,623 DWT | Sumitomo Heavy Industries Marine & Engineering Co., LTD. | Crude | Time-Charter | |
| 2 | BRIOLETTE | 2011 | 104,588 DWT | Sumitomo Heavy Industries Marine & Engineering Co., LTD. | Crude | Time-Charter | |
| 3 | P. SOPHIA | 2009 | 105,071 DWT | Hyundai Heavy Industries Co., LTD | Crude | Pool | |
| 4 | P. ALIKI | 2010 | 105,304 DWT | Hyundai Heavy Industries Co., LTD | Product | - | 1 |
| 5 | P. MONTEREY | 2011 | 105,525 DWT | Hyundai Heavy Industries Co., LTD | Crude | Time-Charter | |
| 6 | P. LONG BEACH | 2013 | 105,408 DWT | Hyundai Heavy Industries Co., LTD | Product | Time-Charter | |
| 7 | P. MASSPORT (ex Hull 1515) | 2025 | 114,035 DWT | China Shipbuilding Trading Company Limited and Shanghai Waigaoqiao Shipbuilding Company Limited | Product | Time-Charter | |
| Newbuilding LR1 and LR2 Tanker Vessels | |||||||
| 8 | HULL 1596 | - | 114,000 DWT | China Shipbuilding Trading Co. Ltd. (“CSTC”) and Shanghai Waigaoqiao Shipbuilding Co. Ltd. | Product | Time-Charter | 2,3 |
| 9 | HULL 1597 | - | 114,000 DWT | China Shipbuilding Trading Co. Ltd. (“CSTC”) and Shanghai Waigaoqiao Shipbuilding Co. Ltd. | Product | Time-Charter | 2,3 |
| 10 | HULL 1624 | - | 75,000 DWT | Jiangsu Yangzijiang Shipbuilding Group Co., Ltd. | Chemical/ Product | Time-Charter | 2,3 |
| 1 | The vessel P. Aliki is presently undergoing its scheduled special survey. | ||||||
| 2 | As previously announced, the Company has secured time charter contracts for all of its newbuilding vessels, with employment to commence upon delivery of the vessels to the Company. | ||||||
| 3 | Expected delivery dates to the Company, as per current management's estimations, are: September 2025 for Hull 1596, January 2026 for Hull 1597, and January 2027 for Hull 1624. | ||||||
About the Company
Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of tanker vessels. The Company employs its fleet on spot voyages, through pool arrangements and on time charters.
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include, but are not limited to, statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts, including with respect to the delivery of the vessels we have agreed to acquire, future market conditions and the prospective financing and employment of our vessels. The words “believe," “anticipate," “intends," “estimate," “forecast," “project," “plan," “potential," “will," “may," “should," “expect," “targets," “likely," “would," “could," “seeks," “continue," “possible," “might," “pending” and similar expressions, terms or phrases may identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including, without limitation, our management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs, or projections.
In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to: the strength of world economies, fluctuations in currencies and interest rates, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in the tanker shipping industry, changes in the supply of vessels, changes in worldwide oil production and consumption and storage, changes in our operating expenses, including bunker prices, crew costs, drydocking and insurance costs, our future operating or financial results, availability of financing and refinancing including with respect to vessels we agree to acquire, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, the length and severity of epidemics and pandemics, including COVID-19, and their impact on the demand for seaborne transportation of petroleum and other types of products, general domestic and international political conditions or events, including “trade wars”, armed conflicts including the war in Ukraine and the war between Israel and Hamas, the imposition of new international sanctions, acts by terrorists or acts of piracy on ocean-going vessels, potential disruption of shipping routes due to accidents, labor disputes or political events, vessel breakdowns and instances of off-hires and other important factors. Please see our filings with the US Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.
(See financial tables attached)
| PERFORMANCE SHIPPING INC. | |||||||||||||
| FINANCIAL TABLES | |||||||||||||
| Expressed in thousands of U.S. Dollars, except for share and per share data | |||||||||||||
| UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||
| For the three months ended June 30, | For the six months ended June 30, | ||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||
| REVENUE: | |||||||||||||
| Revenue | $ | 18,143 | $ | 20,508 | $ | 39,476 | $ | 42,879 | |||||
| EXPENSES: | |||||||||||||
| Voyage expenses | 510 | 780 | 2,628 | 1,584 | |||||||||
| Vessel operating expenses | 4,568 | 5,049 | 9,037 | 9,924 | |||||||||
| Depreciation and amortization of deferred charges | 3,147 | 3,300 | 6,475 | 6,600 | |||||||||
| General and administrative expenses | 1,752 | 1,579 | 3,856 | 3,703 | |||||||||
| Gain on vessel's sale | - | - | (19,456 | ) | - | ||||||||
| (Reversal) / Provision for credit losses | (3 | ) | (7 | ) | 27 | (7 | ) | ||||||
| Foreign currency losses | 69 | - | 69 | 10 | |||||||||
| Operating income | $ | 8,100 | $ | 9,807 | $ | 36,840 | $ | 21,065 | |||||
| OTHER INCOME / (EXPENSES): | |||||||||||||
| Interest and finance costs | (44 | ) | (443 | ) | (78 | ) | (1,108 | ) | |||||
| Interest income | 1,020 | 817 | 1,737 | 1,649 | |||||||||
| Changes in fair value of warrants' liability | (2 | ) | 4 | 2 | 10 | ||||||||
| Total other income, net | $ | 974 | $ | 378 | $ | 1,661 | $ | 551 | |||||
| Net income | $ | 9,074 | $ | 10,185 | $ | 38,501 | $ | 21,616 | |||||
| Dividends on preferred stock | (458 | ) | (458 | ) | (915 | ) | (917 | ) | |||||
| Net income attributable to common stockholders | $ | 8,616 | $ | 9,727 | $ | 37,586 | $ | 20,699 | |||||
| Earnings per common share, basic | $ | 0.69 | $ | 0.79 | $ | 3.02 | $ | 1.68 | |||||
| Earnings per common share, diluted | $ | 0.23 | $ | 0.26 | $ | 1.00 | $ | 0.55 | |||||
| Weighted average number of common shares, basic | 12,432,158 | 12,316,214 | 12,432,158 | 12,297,945 | |||||||||
| Weighted average number of common shares, diluted | 38,667,584 | 39,362,532 | 38,667,584 | 39,215,897 | |||||||||
| UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||||||||||||
| For the three months ended June 30, | For the six months ended June 30, | ||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||
| Net income | $ | 9,074 | $ | 10,185 | $ | 38,501 | $ | 21,616 | |||||
| Comprehensive income | $ | 9,074 | $ | 10,185 | $ | 38,501 | $ | 21,616 | |||||
| CONDENSED CONSOLIDATED BALANCE SHEET DATA | ||||
| (Expressed in thousands of US Dollars) | ||||
| June 30, 2025 | December 31, 2024* | |||
| ASSETS | (unaudited) | |||
| Cash, cash equivalents and restricted cash | $ | 96,783 | $ | 71,314 |
| Advances for vessels under construction and other vessels' costs | 92,301 | 58,468 | ||
| Vessels, net | 166,090 | 189,577 | ||
| Other fixed assets, net | 27 | 34 | ||
| Other assets | 8,599 | 11,000 | ||
| Total assets | $ | 363,800 | $ | 330,393 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
| Long-term bank debt, net of unamortized deferred financing costs | $ | 43,739 | $ | 47,459 |
| Other liabilities | 7,232 | 7,691 | ||
| Total stockholders' equity | 312,829 | 275,243 | ||
| Total liabilities and stockholders' equity | $ | 363,800 | $ | 330,393 |
| * The balance sheet data as of December 31, 2024 has been derived from the audited consolidated financial statements at that date. | ||||
| OTHER FINANCIAL DATA | ||||||||||||
| For the three months ended June 30, | For the six months ended June 30, | |||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||
| Net Cash provided by Operating Activities | $ | 11,309 | $ | 14,353 | $ | 26,847 | $ | 31,693 | ||||
| Net Cash provided by / (used in) Investing Activities | $ | (20,001 | ) | $ | (10,175 | ) | $ | 3,303 | $ | (32,690 | ) | |
| Net Cash used in Financing Activities | $ | (2,798 | ) | $ | (2,184 | ) | $ | (4,681 | ) | $ | (4,526 | ) |
Corporate Contact: Andreas Michalopoulos Chief Executive Officer, Director and Secretary Telephone: + 30-216-600-2400 Email: amichalopoulos@pshipping.com Website: www.pshipping.com Investor and Media Relations: Edward Nebb Comm-Counsellors, LLC Telephone: + 1-203-972-8350 Email: enebb@optonline.net