Performance Shipping Inc.

Performance Shipping Inc. has filed a Form 6-K, announcing its Annual Meeting of Shareholders scheduled for November 4, 2026. The meeting will take place in Athens, Greece, where shareholders will vote on electing two Class I Directors and ratifying the appointment of Ernst & Young (Hellas) as independent auditors for the fiscal year ending December 31, 2026. The record date for shareholder eligibility to vote is September 28, 2026. Shareholders are encouraged to vote by mail, phone, or internet.

Performance Shipping Inc. reported net income of $22.1 million for the first half of 2026, a decrease from $38.5 million in the same period of 2025, primarily due to the absence of a $19.5 million gain on vessel sale recorded in 2025 and higher interest costs. However, revenue significantly increased to $68.4 million from $39.5 million, driven by fleet expansion and improved average TCE rates. The company also announced a loan agreement extension, the delivery of a vessel to new owners, and a debt prepayment.

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.

Performance Shipping Inc. announced the extension of a time charter for its Aframax tanker M/T Blue Moon for two years at an average gross rate of $40,500 per day, significantly higher than the previous rate, expected to generate $29 million in gross revenue. This extension increases the company's contracted revenue backlog to over $530 million. Additionally, the company completed the sale and delivery of the M/T P. Sophia for $35.65 million, realizing a 30% increase over its acquisition price and contributing to its fleet renewal strategy.

Performance Shipping Inc. announced the completion of the sale of its 2009-built Aframax tanker vessel, M/T P. Sophia, for $35.65 million. The vessel was acquired in 2022 for approximately $27.6 million, representing a 30% increase over its acquisition price. This strategic divestment strengthens the company's liquidity and reduces its pro forma average fleet age to approximately six years, aligning with its fleet renewal strategy.

Performance Shipping Inc. announced the extension of its time charter contract for the M/T Blue Moon Aframax tanker with American Eagle Tankers for an additional 24 months. The new agreement secures an average gross charter rate of $40,500 per day, significantly higher than the previous rate of $28,000 per day. This extension is projected to generate approximately $29 million in gross revenue and increases the company's contracted revenue backlog to over $530 million, enhancing cash flow predictability and fleet utilization.

Performance Shipping Inc. announced it has secured substantially improved terms and an extension for its existing secured loan facility with Nordea Bank. The maturity of the facility has been extended to four years, and the annual margin has been reduced from 2.50% to 1.60%. This amendment enhances the company's financial flexibility, reduces its cost of capital, and ensures no bank debt maturities are scheduled before mid-2030.

Performance Shipping Inc., through two wholly-owned subsidiaries, announced a first supplemental agreement with Nordea Bank Abp NUF to amend its existing secured loan facility. The amendment extends the facility's maturity to four years from its effective date and reduces the applicable margin from 2.50% to 1.60% per annum. The company stated that this agreement strengthens its financing profile, enhances financial flexibility, and reduces its cost of capital, with no bank debt maturities now scheduled before mid-2030.

Performance Shipping Inc. announced the extension of its time charter contract with Aramco Trading Fujairah FZE for the Aframax tanker M/T Briolette. The new agreement is for 35 months at a gross charter rate of US$37,700 per day, expected to generate approximately US$39 million in gross revenue. This extension significantly boosts the company's contracted revenue backlog to over US$500 million and increases its average time charter duration to 3.2 years, providing strong earnings visibility through 2029.

Performance Shipping Inc. announced that its bondholders have approved amendments to the terms of its 9.875% senior secured bonds. These amendments will convert the bonds into senior unsecured obligations by releasing existing security, including ship mortgages on two vessels. The changes also remove use of proceeds restrictions on vessel sales and increase the minimum liquidity covenant from US$20.0 million to US$30.0 million. The company will pay a one-time amendment fee of 0.325% on the US$150.0 million nominal amount, with the CEO stating the changes reflect improved credit quality and fleet enhancements.