Performance Shipping (PSHG) Q3 2024 earnings summary

Executive summary

• Net income for Q3 2024 was $12.4 million, up from $10.4 million in Q3 2023; net income attributable to common stockholders was $12.0 million, up from $9.9 million year-over-year.

• Revenue for Q3 2024 was $22.9 million, down from $24.1 million in Q3 2023, mainly due to fewer ownership days after a vessel sale, partially offset by higher TCE rates.

• For the nine months ended September 30, 2024, net income was $34.0 million, down from $44.5 million in the same period of 2023.

• Management highlighted strong cash flows, a balanced fleet deployment strategy, and positive market fundamentals.

Financial highlights

• Q3 2024 earnings per share: $0.96 basic, $0.32 diluted; nine-month EPS: $2.65 basic, $0.87 diluted.

• Q3 2024 net cash from operating activities was $16.1 million, compared to $17.9 million in Q3 2023.

• Average TCE rate for Q3 2024 was $34,307, up from $31,787 in Q3 2023.

• Vessel operating expenses per day were $7,418 in Q3 2024, slightly down from $7,505 in Q3 2023.

• Total assets as of September 30, 2024, were $320.8 million, with stockholders' equity at $266.0 million.

Outlook and guidance

• Management expects to redeploy vessels at attractive charter rates during the strong fall and winter period.

• Newbuild program supported by strategic partnerships, with deliveries expected in late 2025 and early 2026.

• Fleet deployment strategy and spot market exposure expected to provide steady cash flows.