Performance Shipping (PSHG) Q4 2025 earnings summary

Executive summary

• Net income for Q4 2025 was $7.6 million, down from $9.7 million in Q4 2024; full-year net income rose to $50.0 million from $43.7 million year-over-year.

• Revenue for Q4 2025 was $26.2 million, up from $21.7 million in Q4 2024, driven by new vessel deliveries.

• Full-year 2025 revenue was $84.2 million, slightly below 2024's $87.4 million, with a TCE rate of $31,246.

• Robust profitability supported by a vessel sale gain; continued fleet renewal and expansion.

Financial highlights

• Q4 2025 earnings per share: $0.57 basic, $0.19 diluted; full-year: $3.87 basic, $1.28 diluted.

• Net cash from operating activities in Q4 2025 was $9.7 million, down from $12.1 million in Q4 2024.

• Vessel operating expenses for 2025 were $21.6 million, up from $19.8 million in 2024.

• Operating income for 2025 was $51.9 million, up from $41.8 million in 2024.

• Cash, cash equivalents, and restricted cash at year-end 2025 totaled $49.3 million.

Outlook and guidance

• Revenue backlog of ~$350 million with 88% fixed charter coverage for 2026 and 72% for 2027.

• Expectation of a firm tanker market in 2026, supported by strong oil trade, Chinese demand, and trade sanctions.

• Three vessels becoming available in 2026 expected to secure attractive charters.