PSHG

ATHENS, Greece, May 26, 2026 (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 $10.2 million for the first quarter of 2026, compared to a net income of $29.4 million for the same period in 2025. Earnings per share, basic and diluted, for the first quarter of 2026 were $0.79 and $0.26, respectively. The net income for the first quarter of 2025 included a gain of $19.5 million resulting from the sale of the vessel P. Yanbu. Revenue was $33.8 million ($31.8 million net of voyage expenses) for the first quarter of 2026, compared to $21.3 million ($19.2 million net of voyage expenses) for the same period in 2025. This increase was mainly attributable to the increase in ownership days following the delivery of the newbuilding vessels P. Massport, P. Tokyo and P. Marseille in July 2025, September 2025, and January 2026, respectively, and also of the secondhand Suezmax vessels P. Bel Air and P. Beverly Hills in December 2025, partly offset by the sale of the P. Yanbu in March 2025. Fleetwide, the average TCE rate for the first quarter of 2026 was $32,520, compared with an average rate of $30,843 for the same period in 2025. During the first quarter of 2026, net cash provided by operating activities was $23.0 million, compared with net cash provided by operating activities of $15.5 million for the first quarter of 2025. Commenting on the results of the first quarter of 2026, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated: “The Company had a strong start to 2026, generating revenues of $33.8 million and net income of $10.2 million during the first quarter. Revenue increased by 59% period-over-period, driven by the expansion in the average fleet to approximately eleven high-specification tankers from seven vessels in the prior-year period, reflecting a more modern fleet profile and enhanced earnings capacity. The average daily TCE rate improved to $32,520, compared to $30,843 in the comparable prior-year period. “Looking ahead, we expect the constructive tanker market environment, supported by elevated charter rates and ongoing trade flow inefficiencies driven by geopolitical developments, to continue underpinning earnings. With two of our vessels becoming available for employment later this year, the Company...

Solid profit numbers didn't seem to be enough to please Performance Shipping Inc.'s (NASDAQ:PSHG) shareholders. We think that they might be concerned about some underlying details that our analysis found. AI is about to change healthcare. These 20 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10bn in marketcap - there is still time to get in early. In high finance, the key ratio used to measure how well a company converts reported profits into free cash flow (FCF) is the accrual ratio (from cashflow). To get the accrual ratio we first subtract FCF from profit for a period, and then divide that number by the average operating assets for the period. You could think of the accrual ratio from cashflow as the 'non-FCF profit ratio'. Therefore, it's actually considered a good thing when a company has a negative accrual ratio, but a bad thing if its accrual ratio is positive. That is not intended to imply we should worry about a positive accrual ratio, but it's worth noting where the accrual ratio is rather high. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future". Performance Shipping has an accrual ratio of 0.75 for the year to December 2025. Statistically speaking, that's a real negative for future earnings. To wit, the company did not generate one whit of free cashflow in that time. Even though it reported a profit of US$48.1m, a look at free cash flow indicates it actually burnt through US$231m in the last year. It's worth noting that Performance Shipping generated positive FCF of US$12m a year ago, so at least they've done it in the past. However, that's not all there is to consider. The accrual ratio is reflecting the impact of unusual items on statutory profit, at least in part. See our latest analysis for Performance Shipping That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates. Given the accrual ratio, it's not overly surprising that Performance Shipping's profit was boosted by unusual items worth US$19m in the last twelve months. We can't deny that higher profits generally leave us optimistic, but we'd prefer it if the profit were to be sustainable. When we analysed the vast...

ATHENS, Greece, March 04, 2026 (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 $7.6 million for the fourth quarter of 2025, compared to a net income of $9.7 million for the same period in 2024. Earnings per share, basic and diluted, for the fourth quarter of 2025 were $0.57 and $0.19, respectively. Revenue was $26.2 million ($24.6 million net of voyage expenses) for the fourth quarter of 2025, compared to $21.7 million ($19.8 million net of voyage expenses) for the same period in 2024. This increase was mainly attributable to the increase in ownership days following the delivery of the newbuilding vessels P. Massport and P. Tokyo in July and September 2025, respectively. Fleetwide, the average TCE rate for the fourth quarter of 2025 was $32,221, compared with an average rate of $32,652 for the same period in 2024. During the fourth quarter of 2025, net cash provided by operating activities was $9.7 million, compared with net cash provided by operating activities of $12.1 million for the fourth quarter of 2024. Net income for the year ended December 31, 2025, amounted to $50.0 million, compared to a net income of $43.7 million for the year ended December 31, 2024. Earnings per share, basic and diluted, for the year ended December 31, 2025, were $3.87 and $1.28, respectively, while earnings per common share, basic and diluted, for the year ended December 31, 2024 were $3.39 and $1.11, respectively. Commenting on the results of the fourth quarter of 2025, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated: “Fiscal year 2025 represented another solid year for our Company. We generated revenues of $84.2 million, with a daily time charter equivalent (TCE) rate of $31,246, modestly below the strong results of 2024, when revenues reached $87.4 million and the TCE rate was $32,954. We nevertheless continued to deliver robust profitability, with net income rising to $50.0 million, supported in part by a gain from a vessel sale. These results demonstrate the strength of our operations and our ability to pursue opportunities in a profitable tanker market. “Looking ahead, we believe 2026 is expected to be another firm year for the tanker market, supported by solid growth in seaborne trade of oil and refined petrol...

ATHENS, Greece, Nov. 25, 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 $3.9 million for the third quarter of 2025. This result is compared to a net income of $12.4 million for the same period in 2024. Earnings per share, basic and diluted, for the third quarter of 2025 were $0.28 and $0.10, respectively. Revenue was $18.5 million ($17.5 million net of voyage expenses) for the third quarter of 2025, compared to $22.9 million ($22.1 million net of voyage expenses) for the same period in 2024. This decrease was attributable to the decrease in time-charter equivalent rates (“TCE rates”) realized during the quarter and to the decrease in the available days following the drydock of the vessel P. Aliki in August 2025. Fleetwide, the average TCE rate for the third quarter of 2025 was $29,460, compared with an average rate of $34,307 for the same period in 2024. During the third quarter of 2025, net cash provided by operating activities was $13.5 million, compared with net cash provided by operating activities of $16.1 million for the third quarter of 2024. Net income for the nine months ended September 30, 2025, amounted to $42.4 million, compared to a net income of $34.0 million for the nine months ended September 30, 2024. Earnings per share, basic and diluted, for the nine months ended September 30, 2025, amounted to $3.30 and $1.09, respectively. Commenting on the results of the third quarter of 2025, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated: “During the third quarter of 2025, tanker market conditions remained firm, supported by increased tonne-mile demand stemming from high global demand and ongoing geopolitical disruptions. Aframax spot rates averaged approximately $37,500 per day during the period, resulting in a favorable charter rate environment for our fleet. Our balanced fleet deployment strategy—combining spot exposure through one Aframax tanker operating under a pool arrangement and stable cash flows from our time-chartered vessels—generated a fleetwide average time-charter equivalent rate of $29,460 per day and total revenue of $18.5 million. “Net income attributable to common stockholders was $3.5 million, compared with $12.0 million in the same period of 2024. The softer year-...

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 $9.1 million and net income attributable to common stockholders of $8.6 million for the second quarter of 2025. These results are compared to a net income of $10.2 million and net income attributable to common stockholders of $9.7 million for the same period in 2024. Earnings per share, basic and diluted, for the second quarter of 2025 were $0.69 and $0.23, respectively. Revenue was $18.1 million ($17.6 million net of voyage expenses) for the second quarter of 2025, compared to $20.5 million ($19.7 million net of voyage expenses) for the same period in 2024. This decrease was attributable to the decrease in the ownership days following the sale of the vessel P. Yanbu in March 2025, despite the increase in time-charter equivalent rates (“TCE rates”) realized during the quarter. Fleetwide, the average TCE rate for the second quarter of 2025 was $32,295, compared with an average rate of $30,970 for the same period in 2024. During the second quarter of 2025, net cash provided by operating activities was $11.3 million, compared with net cash provided by operating activities of $14.4 million for the second quarter of 2024. Net income for the six months ended June 30, 2025, amounted to $38.5 million, compared to a net income of $21.6 million for the six months ended June 30, 2024. Net income attributable to common stockholders for the six months ended June 30, 2025, amounted to $37.6 million, and resulted in earnings per share, basic and diluted, of $3.02 and $1.00, respectively. Net income attributable to common stockholders for the six months ended June 30, 2024, amounted to $20.7 million, and resulted in earnings per common share, basic and diluted, of $1.68 and $0.55, respectively. 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 fl...

ATHENS, Greece, May 27, 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 $29.4 million and net income attributable to common stockholders of $29.0 million for the first quarter of 2025. These results are compared to a net income of $11.4 million and net income attributable to common stockholders of $11.0 million for the same period in 2024. Earnings per share, basic and diluted, for the first quarter of 2025 were $2.33 and $0.76, respectively. Revenue was $21.3 million ($19.2 million net of voyage expenses) for the first quarter of 2025, compared to $22.4 million ($21.6 million net of voyage expenses) for the same period in 2024. This decrease was attributable to the slight decrease in the ownership days following the sale of the vessel P. Yanbu in March 2025, and the decrease in time-charter equivalent rates (“TCE rates”) realized during the quarter. Fleetwide, the average TCE rate for the first quarter of 2025 was $30,843, compared with an average rate of $33,857 for the same period in 2024. During the first quarter of 2025, net cash provided by operating activities was $15.5 million, compared with net cash provided by operating activities of $17.3 million for the first quarter of 2024. Commenting on the results of the first quarter of 2025, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated: “Our solid financial results for the first quarter of 2025 demonstrate our ability to successfully navigate the market cycle capitalizing on our efficient vessel operations and balanced fleet deployment strategy. During the quarter, our exposure to the spot market upside through the operations of our two Aframax tanker vessels under voyage charters and pool arrangements along with the robust cash flow secured through the time charter contract arrangements of our remaining fleet, enabled us to achieve a fleetwide average time charter equivalent rate of $30,843 per day. “Notwithstanding the significant softening observed in crude oil tanker charter rates over the past year, our Company generated revenue of $21.3 million during the first quarter of 2025. This figure compares favorably to the revenue of $22.4 million generated during the same period last year, underscoring our ability to deliver strong performa...