Quarterly ResultJul 29, 2026, 09:36 AM
Performance Shipping Q2 Net Income $11.9M, Revenue $34.7M
AI Summary
Performance Shipping Inc. reported strong financial results for Q2 2026, with net income rising to $11.9 million and revenue increasing to $34.7 million, driven by fleet expansion. The company also announced significant corporate developments, including the sale of two older vessels, new long-term time charter agreements for newbuilding Suezmax tankers, and amendments to its outstanding bond, enhancing financial flexibility. Liquidity remains robust, with cash and equivalents at $106 million.
Key Highlights
- Q2 2026 net income was $11.9 million, up from $9.1 million in Q2 2025.
- Q2 2026 revenue reached $34.7 million, compared to $18.1 million in Q2 2025.
- Basic EPS for Q2 2026 was $1.12, up from $0.69 in the prior year period.
- Average TCE rate for Q2 2026 was $32,872, slightly up from $32,295 in Q2 2025.
- Sold M/T P. Sophia and M/T P. Aliki for gross proceeds of $35.65M and $42.65M.
- Extended M/T Briolette charter for 3 years at $37,700/day and M/T Blue Moon for 2 years at $40,500/day.
- Contracted revenue backlog exceeds $500 million with an average duration of 3.4 years.
- Cash, cash equivalents, and restricted cash stood at $106 million at quarter-end.
Price Impact
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