PSHG
PSHG
Performance Shipping Inc.Income Statement
| Period | Revenue | Operating Expense | Net Income | Net Profit Margin | Earnings Per Share | EBITDA |
|---|---|---|---|---|---|---|
| Q3-2025 | $18.54M ▲ | $6.5M ▲ | $3.91M ▼ | 21.1% ▼ | $0.28 ▼ | $8.16M ▼ |
| Q2-2025 | $18.14M ▼ | $1.75M ▲ | $9.07M ▼ | 50.01% ▼ | $0.69 ▼ | $12.26M ▼ |
| Q1-2025 | $21.33M ▼ | $-17.32M ▼ | $29.43M ▲ | 137.94% ▲ | $2.33 ▲ | $32.66M ▲ |
| Q4-2024 | $21.68M ▼ | $2.4M ▲ | $9.7M ▼ | 44.77% ▼ | $0.74 ▼ | $13.12M ▼ |
| Q3-2024 | $22.89M | $2.19M | $12.41M | 54.22% | $0.96 | $15.96M |
What's going well?
Revenue is holding steady and gross margins improved, showing the company can control product costs. The business remains profitable at the core level.
What's concerning?
Operating expenses and interest costs surged, cutting deeply into profits. A big jump in share count means each investor now owns a much smaller piece of the company, and one-time charges distorted the results.
Balance Statement
| Period | Cash & Short-term | Total Assets | Total Liabilities | Total Equity |
|---|---|---|---|---|
| Q3-2025 | $212.17M ▲ | $554.31M ▲ | $238.03M ▲ | $316.28M ▲ |
| Q2-2025 | $95.78M ▼ | $363.8M ▲ | $50.97M ▼ | $312.83M ▲ |
| Q1-2025 | $108.27M ▲ | $358.76M ▲ | $54.09M ▼ | $304.67M ▲ |
| Q4-2024 | $70.31M ▲ | $330.39M ▲ | $55.15M ▲ | $275.24M ▲ |
| Q3-2024 | $69.52M | $320.83M | $54.84M | $265.99M |
What's financially strong about this company?
The company is sitting on a huge cash pile, has no near-term bills to pay, and all its assets are tangible and high quality. Equity is strong and there are no hidden risks on the balance sheet.
What are the financial risks or weaknesses?
The main risk is the sharp jump in long-term debt, which could mean higher interest costs or future repayment pressure. The big changes in capital structure suggest a major event that investors should understand.
Cash Flow Statement
| Period | Net Income | Cash From Operations | Cash From Investing | Cash From Financing | Net Change | Free Cash Flow |
|---|---|---|---|---|---|---|
| Q3-2025 | $3.91M ▼ | $14.31M ▲ | $-82.47M ▼ | $189.04M ▲ | $116.39M ▲ | $0 |
| Q2-2025 | $9.07M ▼ | $0 | $0 | $0 | $0 | $0 |
| Q1-2025 | $29.43M ▲ | $0 ▼ | $0 ▲ | $0 ▲ | $0 | $0 ▲ |
| Q4-2024 | $9.7M ▲ | $12.05M ▼ | $-7.7M ▼ | $-2.57M ▼ | $0 | $-35.36M ▼ |
| Q3-2024 | $0 | $16.15M | $-7.03M | $-2.34M | $0 | $16.15M |
What's strong about this company's cash flow?
Operating cash flow turned positive at $14.3 million, and the company now has a strong cash cushion. The business is generating more cash than its reported profits.
What are the cash flow concerns?
Most of the cash increase came from outside financing, not from the business itself. Free cash flow is still reported as zero, and the company may need more funding if operations don't ramp up.
5-Year Trend Analysis
A comprehensive look at Performance Shipping Inc.'s financial evolution and strategic trajectory over the past five years.
The company has transformed its financial and operational profile in recent years. Profitability and cash generation have improved sharply from earlier loss-making periods, margins remain strong even after a pullback, and the balance sheet now features high liquidity and more cash than debt. A modern, eco-friendly fleet and a clear environmental focus enhance its attractiveness to high-quality charterers. Together, these factors give PSHG a stronger foundation to navigate the inherent volatility of the shipping market.
Key risks center on cyclicality and volatility. Revenue and earnings remain highly sensitive to tanker freight rates, which can reverse quickly, as seen in the 2024 downturn. Free cash flow is lumpy due to large, irregular capital expenditures, and future fleet investments could strain cash if market conditions weaken. The company’s long history of accumulated losses and repeated equity-related actions suggests a past pattern of value dilution, and its competitive advantages may erode as more owners upgrade to similar eco-standard vessels.
The outlook is cautiously constructive but heavily dependent on external market conditions. PSHG enters the next phase with a stronger balance sheet, a more efficient fleet, and a pipeline of advanced LNG-ready vessels that aligns with tightening environmental rules. If tanker markets remain reasonably supportive and the new ships are employed on attractive terms, the company could sustain healthy profitability and cash generation. Conversely, a prolonged downturn in freight rates or cost overruns and delays on newbuilds could pressure both earnings and returns on recent investments. Uncertainty is high, as is typical in marine shipping, but the company’s current financial strength provides more resilience than it had in the past.
About Performance Shipping Inc.
https://www.pshipping.comPerformance Shipping Inc., through its subsidiaries, provides shipping transportation services through its ownership of tanker vessels worldwide. It owned and operated five Aframax tanker vessels with a combined carrying capacity of 546,094 dwt. The company was incorporated in 2010 and is based in Athens, Greece.
Income Statement
| Period | Revenue | Operating Expense | Net Income | Net Profit Margin | Earnings Per Share | EBITDA |
|---|---|---|---|---|---|---|
| Q3-2025 | $18.54M ▲ | $6.5M ▲ | $3.91M ▼ | 21.1% ▼ | $0.28 ▼ | $8.16M ▼ |
| Q2-2025 | $18.14M ▼ | $1.75M ▲ | $9.07M ▼ | 50.01% ▼ | $0.69 ▼ | $12.26M ▼ |
| Q1-2025 | $21.33M ▼ | $-17.32M ▼ | $29.43M ▲ | 137.94% ▲ | $2.33 ▲ | $32.66M ▲ |
| Q4-2024 | $21.68M ▼ | $2.4M ▲ | $9.7M ▼ | 44.77% ▼ | $0.74 ▼ | $13.12M ▼ |
| Q3-2024 | $22.89M | $2.19M | $12.41M | 54.22% | $0.96 | $15.96M |
What's going well?
Revenue is holding steady and gross margins improved, showing the company can control product costs. The business remains profitable at the core level.
What's concerning?
Operating expenses and interest costs surged, cutting deeply into profits. A big jump in share count means each investor now owns a much smaller piece of the company, and one-time charges distorted the results.
Balance Statement
| Period | Cash & Short-term | Total Assets | Total Liabilities | Total Equity |
|---|---|---|---|---|
| Q3-2025 | $212.17M ▲ | $554.31M ▲ | $238.03M ▲ | $316.28M ▲ |
| Q2-2025 | $95.78M ▼ | $363.8M ▲ | $50.97M ▼ | $312.83M ▲ |
| Q1-2025 | $108.27M ▲ | $358.76M ▲ | $54.09M ▼ | $304.67M ▲ |
| Q4-2024 | $70.31M ▲ | $330.39M ▲ | $55.15M ▲ | $275.24M ▲ |
| Q3-2024 | $69.52M | $320.83M | $54.84M | $265.99M |
What's financially strong about this company?
The company is sitting on a huge cash pile, has no near-term bills to pay, and all its assets are tangible and high quality. Equity is strong and there are no hidden risks on the balance sheet.
What are the financial risks or weaknesses?
The main risk is the sharp jump in long-term debt, which could mean higher interest costs or future repayment pressure. The big changes in capital structure suggest a major event that investors should understand.
Cash Flow Statement
| Period | Net Income | Cash From Operations | Cash From Investing | Cash From Financing | Net Change | Free Cash Flow |
|---|---|---|---|---|---|---|
| Q3-2025 | $3.91M ▼ | $14.31M ▲ | $-82.47M ▼ | $189.04M ▲ | $116.39M ▲ | $0 |
| Q2-2025 | $9.07M ▼ | $0 | $0 | $0 | $0 | $0 |
| Q1-2025 | $29.43M ▲ | $0 ▼ | $0 ▲ | $0 ▲ | $0 | $0 ▲ |
| Q4-2024 | $9.7M ▲ | $12.05M ▼ | $-7.7M ▼ | $-2.57M ▼ | $0 | $-35.36M ▼ |
| Q3-2024 | $0 | $16.15M | $-7.03M | $-2.34M | $0 | $16.15M |
What's strong about this company's cash flow?
Operating cash flow turned positive at $14.3 million, and the company now has a strong cash cushion. The business is generating more cash than its reported profits.
What are the cash flow concerns?
Most of the cash increase came from outside financing, not from the business itself. Free cash flow is still reported as zero, and the company may need more funding if operations don't ramp up.
5-Year Trend Analysis
A comprehensive look at Performance Shipping Inc.'s financial evolution and strategic trajectory over the past five years.
The company has transformed its financial and operational profile in recent years. Profitability and cash generation have improved sharply from earlier loss-making periods, margins remain strong even after a pullback, and the balance sheet now features high liquidity and more cash than debt. A modern, eco-friendly fleet and a clear environmental focus enhance its attractiveness to high-quality charterers. Together, these factors give PSHG a stronger foundation to navigate the inherent volatility of the shipping market.
Key risks center on cyclicality and volatility. Revenue and earnings remain highly sensitive to tanker freight rates, which can reverse quickly, as seen in the 2024 downturn. Free cash flow is lumpy due to large, irregular capital expenditures, and future fleet investments could strain cash if market conditions weaken. The company’s long history of accumulated losses and repeated equity-related actions suggests a past pattern of value dilution, and its competitive advantages may erode as more owners upgrade to similar eco-standard vessels.
The outlook is cautiously constructive but heavily dependent on external market conditions. PSHG enters the next phase with a stronger balance sheet, a more efficient fleet, and a pipeline of advanced LNG-ready vessels that aligns with tightening environmental rules. If tanker markets remain reasonably supportive and the new ships are employed on attractive terms, the company could sustain healthy profitability and cash generation. Conversely, a prolonged downturn in freight rates or cost overruns and delays on newbuilds could pressure both earnings and returns on recent investments. Uncertainty is high, as is typical in marine shipping, but the company’s current financial strength provides more resilience than it had in the past.
CEO
Andreas Nikolaos Michalopoulos
Compensation Summary
(Year )
Upcoming Earnings
Split Record
| Date | Type | Ratio |
|---|---|---|
| 2022-11-15 | Reverse | 1:15 |
| 2020-11-02 | Reverse | 1:10 |
Ratings Snapshot
Rating : A-