Performance Shipping (PSHG) Q4 2024 earnings summary

Executive summary

• Reported Q4 2024 net income of $9.7M, down from $25.0M in Q4 2023; full-year 2024 net income was $43.7M, down from $69.4M in 2023.

• Q4 2024 revenue was $21.7M, compared to $23.8M in Q4 2023; full-year revenue was $87.4M, down from $108.9M.

• Decrease in revenue and net income attributed to lower fleet operating days and reduced TCE rates following vessel sale.

• Maintained stable revenue year-on-year despite a sharp decline in charter rates, reflecting efficient operations.

Financial highlights

• Q4 2024 earnings per share: $0.74 basic, $0.25 diluted; full-year 2024: $3.39 basic, $1.11 diluted.

• Q4 2024 net cash from operating activities was $12.1M, up from $9.3M in Q4 2023.

• Q4 2024 TCE rate averaged $32,652, slightly down from $33,114 in Q4 2023.

• Daily vessel operating expenses for 2024 averaged $7,712, up from $7,537 in 2023.

• Cash and equivalents at year-end 2024 were $71.3M, representing 1.5x outstanding bank debt.

Outlook and guidance

• Charter rates in early 2025 have softened to $29,328, indicating normalization after two strong years.

• Cautious approach to redeploying vessels, with M/T P. Aliki expected to be available mid-year.

• Aggregate revenue backlog stands at $227.0M, supported by long-term charters.

• Newbuild program supported by strategic partnerships, with deliveries expected through 2027.