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PSHG

Performance Shipping Inc.

PSHG

Performance Shipping Inc. • NASDAQ
$2.20 ▲ 5.77% (+0.12)
Market Cap $27.35 M
52w High $2.34
52w Low $1.31
Dividend Yield 0%
P/E 1.41
Volume 188.58K
Outstanding Shares 12.43M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $18.143M ▼ $1.749M ▲ $9.074M ▼ 50.014% ▼ $0.69 ▼ $12.264M ▼
Q1-2025 $21.333M ▼ $-17.322M ▼ $29.427M ▲ 137.941% ▲ $2.33 ▲ $32.659M ▲
Q4-2024 $21.677M ▼ $2.403M ▲ $9.704M ▼ 44.766% ▼ $0.74 ▼ $13.124M ▼
Q3-2024 $22.889M ▲ $2.189M ▲ $12.411M ▲ 54.223% ▲ $0.96 ▲ $15.965M ▲
Q2-2024 $20.508M $1.572M $10.185M 49.664% $0.79 $13.928M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $95.783M ▼ $363.8M ▲ $50.971M ▼ $312.829M ▲
Q1-2025 $108.273M ▲ $358.76M ▲ $54.09M ▼ $304.67M ▲
Q4-2024 $70.314M ▲ $330.393M ▲ $55.15M ▲ $275.243M ▲
Q3-2024 $69.523M ▲ $320.829M ▲ $54.836M ▼ $265.993M ▲
Q2-2024 $61.744M $310.453M $56.413M $254.04M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $9.074M ▼ $0 $0 $0 $0 $0
Q1-2025 $29.427M ▲ $0 ▼ $0 ▲ $0 ▲ $0 $0 ▲
Q4-2024 $9.704M ▲ $12.055M ▼ $-7.697M ▼ $-2.567M ▼ $0 $-35.36M ▼
Q3-2024 $0 ▼ $16.148M ▲ $-7.028M ▲ $-2.341M ▼ $0 ▼ $16.148M ▲
Q2-2024 $10.185M $14.226M $-10.044M $-2.166M $994K $-18.337M

Five-Year Company Overview

Income Statement

Income Statement Revenue has trended upward over the last few years, and the business has shifted from marginal or slightly loss‑making results earlier in the period to consistently profitable operations more recently. Profit margins have clearly improved, helped by stronger tanker rates and a more efficient fleet. However, earnings per share have been extremely volatile, influenced not only by shipping cycles but also by repeated reverse stock splits and capital changes, so past per‑share figures should be treated with caution. Overall, the income statement now shows a healthier, profitable company, but still exposed to the usual ups and downs of the tanker market.

Balance Sheet

Balance Sheet The balance sheet looks sturdier than a few years ago. Total assets and shareholders’ equity have grown meaningfully, suggesting reinvestment in the fleet and a stronger capital base. Debt is present but not excessive relative to equity, and it has come down from prior peak levels, which reduces financial risk. Cash holdings are materially higher than earlier in the period, providing a liquidity cushion for market downturns or fleet investments. That said, the long list of reverse splits and historical dilution shows that the company has previously relied heavily on equity capital, which is a background risk for existing shareholders in weaker markets.

Cash Flow

Cash Flow Operating cash flow has been consistently positive and has increased over time, indicating that the core business is generating real cash, not just accounting profits. Free cash flow, however, has been uneven because of sizable spending on vessels and fleet upgrades in certain years. When investment is modest, free cash flow is healthy; when the company buys or upgrades ships, cash outflows spike. This pattern is typical for a capital‑intensive shipping business, but it means cash generation can swing significantly depending on the investment cycle and shipping rates.

Competitive Edge

Competitive Edge Performance Shipping competes in a cyclical, crowded tanker market, but it is working to differentiate itself with a younger, more fuel‑efficient fleet. Its focus on modern Aframax and Suezmax tankers, equipped with fuel‑saving and emissions‑control technologies, can make its vessels more attractive to charterers concerned about costs and environmental rules. The mix of long‑term charters and spot exposure provides a blend of income visibility and upside in strong markets, though it does not eliminate volatility. As a relatively small player, the company lacks the scale of major tanker operators, which can limit bargaining power and diversification, but a modern, well‑managed fleet partially offsets this.

Innovation and R&D

Innovation and R&D Instead of traditional lab‑style R&D, the company’s “innovation” is mainly in fleet renewal and adoption of new marine technologies. Recent and planned vessels incorporate energy‑saving hull and propulsion designs, modern engines, scrubber systems, and are prepared for alternative fuels such as LNG. This positions the fleet ahead of many older competitors on fuel efficiency and environmental compliance, which could matter more as regulations tighten and customers prefer greener options. The main uncertainty is how quickly fuel technologies and regulations will evolve; investing in ships with long lives always carries the risk that standards or customer preferences change faster than expected.

Summary

Performance Shipping has moved from a fragile, loss‑prone profile to a more profitable, better‑capitalized tanker owner with a clearer strategic focus on modern, eco‑friendly vessels. Earnings and cash flows have improved, supported by a healthier market and fleet upgrades, while the balance sheet now carries more equity, more cash, and manageable debt. The company’s main strengths are its younger, efficient fleet and balanced chartering approach; its key risks are exposure to highly cyclical tanker rates, capital‑intensive fleet investments, and a history of dilution and reverse splits. Future results will depend heavily on how well management times the shipping cycle, executes its newbuild deliveries, and adapts to fast‑evolving environmental and fuel regulations.

NEWS

November 25, 2025 · 9:27 AM UTC

Performance Shipping Inc. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2025

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November 6, 2025 · 9:25 AM UTC

Performance Shipping Inc. Secures Three-Year Time Charter Contracts With Repsol for Two Newly Acquired Modern Suezmax Tankers at US$36,500 Per Day Each

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November 4, 2025 · 9:27 AM UTC

Performance Shipping Inc. Secures Two-Year Time Charter Contract for M/T P. Long Beach at US$30,500 Per Day

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October 9, 2025 · 9:28 AM UTC

Performance Shipping Inc. Announces Fleet Expansion with Two Modern Suezmax Tanker Acquisitions

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September 2, 2025 · 9:27 AM UTC

Performance Shipping Inc. Announces Naming and Delivery of M/T P. Tokyo, the Second Vessel in Its Newbuilding Program

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