Performance Shipping (PSHG) Q2 2025 earnings summary

Executive summary

• Net income for Q2 2025 was $9.1 million, down from $10.2 million in Q2 2024; six-month net income rose to $38.5 million from $21.6 million year-over-year.

• Revenue for Q2 2025 was $18.1 million, compared to $20.5 million in Q2 2024, reflecting a smaller fleet after a vessel sale.

• Fleetwide average TCE rate increased to $32,295 per day in Q2 2025 from $30,970 in Q2 2024.

• The company is executing a fleet renewal and expansion strategy, supported by a strong liquidity position and recent bond offering.

Financial highlights

• Q2 2025 net income attributable to common stockholders was $8.6 million; EPS basic $0.69, diluted $0.23.

• Six-month 2025 net income attributable to common stockholders was $37.6 million; EPS basic $3.02, diluted $1.00.

• Net cash from operating activities in Q2 2025 was $11.3 million, down from $14.4 million in Q2 2024.

• Operating income for Q2 2025 was $8.1 million, compared to $9.8 million in Q2 2024.

• Cash and equivalents at June 30, 2025, were $96.8 million, up from $71.3 million at year-end 2024.

Outlook and guidance

• The company plans to pursue fleet expansion through newbuildings and selective secondhand acquisitions.

• Financial strength is enhanced by $100 million raised in a Nordic bond offering, supporting future acquisitions.

• Management expects modest tanker demand growth, with crude tanker demand supported by OPEC+ exports.