Performance Shipping (PSHG) Q1 2025 earnings summary

Executive summary

• Net income for Q1 2025 was $29.4 million, up from $11.4 million in Q1 2024, with EPS (basic) at $2.33 and (diluted) at $0.76.

• Revenue was $21.3 million, slightly down from $22.4 million year-over-year, mainly due to fewer ownership days and lower TCE rates.

• Gain on vessel sale of $19.5 million from the sale of M/T P. Yanbu contributed significantly to net income.

• Cash balance at quarter-end was $108.3 million, 2.4x outstanding bank debt, with a revenue backlog of $220 million.

Financial highlights

• Net income attributable to common stockholders rose 164% year-over-year to $29.0 million.

• Net cash from operating activities was $15.5 million, down from $17.3 million in Q1 2024.

• Operating income for Q1 2025 was $28.7 million, up from $11.3 million in Q1 2024.

• Vessel operating expenses decreased to $4.5 million from $4.9 million year-over-year.

Outlook and guidance

• Aframax spot rates in the current quarter averaged $40,700 per day, indicating a constructive market.

• Tonne-mile demand projected to grow 0.4% in 2025, with tanker fleet supply expected to rise 2.1%.

• Three newbuild vessels have secured five-year time charters, with deliveries expected between August 2025 and January 2027.