Performance Shipping (PSHG) Q3 2025 earnings summary

Executive summary

• Net income for Q3 2025 was $3.9 million, down from $12.4 million in Q3 2024; nine-month net income rose to $42.4 million from $34.0 million year-over-year.

• Revenue for Q3 2025 was $18.5 million, compared to $22.9 million in Q3 2024, reflecting lower TCE rates and fewer available days due to vessel drydock.

• Fleet renewal and expansion included agreements to acquire two 2019-built Suezmax tankers and delivery of two newbuild LR2 Aframax tankers.

• Secured long-term charters increased revenue backlog to $330 million, with fixed charter coverage at 70% for 2026.

• Cash position at quarter-end was $212 million, supported by a $100 million Nordic bond issuance.

Financial highlights

• Q3 2025 revenue: $18.5 million (net of voyage expenses: $17.5 million); Q3 2024: $22.9 million (net: $22.1 million).

• Q3 2025 net income: $3.9 million; Q3 2024: $12.4 million.

• Nine-month 2025 net income: $42.4 million; nine-month 2024: $34.0 million.

• Q3 2025 EPS (basic/diluted): $0.28/$0.10; nine-month 2025: $3.30/$1.09.

• Net cash from operating activities for Q3 2025: $13.5 million; Q3 2024: $16.1 million.

Outlook and guidance

• Tanker demand expected to remain firm into late 2025, driven by winter seasonality, increased exports, and trade flow shifts.

• Seaborne oil trade in tonne-miles projected to grow by 1.1% in 2026, with strong long-haul demand.

• Fixed charter coverage at 70% for 2026 and 57% for 2027, providing revenue visibility.