Quarterly ResultMay 26, 2026, 09:28 AM
Performance Shipping Q1 Net Income $10.2M; Revenue $33.8M
AI Summary
Performance Shipping Inc. reported a net income of $10.2 million for Q1 2026, compared to $29.4 million in Q1 2025, which included a $19.5 million gain from a vessel sale. Revenue increased by 59% to $33.8 million, driven by fleet expansion. The company also announced significant corporate developments, including ordering two new Suezmax tankers with long-term charters, selling two older vessels for $78.3 million, and securing a $50 million debt issuance. The CEO highlighted a strong start to 2026, improved TCE rates, and a robust revenue backlog with strong cash flow visibility.
Key Highlights
- Q1 2026 Net Income: $10.2 million, compared to $29.4 million in Q1 2025.
- Q1 2026 Revenue: $33.8 million, up 59% from $21.3 million in Q1 2025.
- Q1 2026 Basic EPS: $0.79; Diluted EPS: $0.26.
- Average TCE rate: $32,520 in Q1 2026, up from $30,843 in Q1 2025.
- Ordered two new Suezmax tankers for $81.5 million each, with long-term charters.
- Agreed to sell two oldest vessels (P. Sophia, P. Aliki) for $78.3 million gross.
- Completed $50 million tap issuance under 9.875% Nordic bonds due July 2029.
- Cash, cash equivalents, and restricted cash: $127 million at quarter-end.
Price Impact
More from PSHG