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Performance Shipping
(NASDAQ:PSHG)
Performance Shipping (PSHG) vs. SPDR S&P 500 ETF (SPY)
Performance Shipping Business Overview & Revenue Model
Performance Shipping Financial Statement Overview
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 86.41M | 87.44M | 108.94M | 75.17M | 36.49M | 46.28M |
| Gross Profit | 48.14M | 50.11M | 67.92M | 37.20M | -2.49M | 14.22M |
| EBITDA | 68.45M | 56.04M | 93.80M | 49.55M | -1.02M | 10.11M |
| Net Income | 61.73M | 43.73M | 69.41M | 36.30M | -11.30M | 1.85M |
Balance Sheet | ||||||
| Total Assets | 358.76M | 330.39M | 296.27M | 292.98M | 144.92M | 157.85M |
| Cash, Cash Equivalents and Short-Term Investments | 108.27M | 70.31M | 67.27M | 38.73M | 9.57M | 21.38M |
| Total Debt | 45.60M | 47.51M | 54.98M | 127.84M | 49.90M | 57.67M |
| Total Liabilities | 54.09M | 55.15M | 63.08M | 137.27M | 57.58M | 61.06M |
| Stockholders Equity | 304.67M | 275.24M | 233.18M | 155.71M | 87.35M | 96.80M |
Cash Flow | ||||||
| Free Cash Flow | -37.55M | 12.48M | 56.04M | -111.73M | -4.91M | -50.43M |
| Operating Cash Flow | 42.43M | 59.67M | 67.95M | 33.85M | -3.12M | 13.18M |
| Investing Cash Flow | -24.77M | -47.41M | 25.72M | -112.95M | -770.00K | -40.15M |
| Financing Cash Flow | -7.07M | -9.21M | -65.14M | 109.25M | -7.91M | 21.98M |
Performance Shipping Technical Analysis
Performance Shipping Risk Analysis
Performance Shipping Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $23.00M | 0.93 | 21.39% | ― | -7.48% | 3.08% | |
59 Neutral | 25.00M | 4.97 | 3.49% | ― | 3.83% | 0.00% | |
56 Neutral | 15.83M | -2.39 | -5.63% | 7.24% | -7.89% | -186.18% | |
54 Neutral | 21.45M | -0.96 | 2.56% | ― | -29.15% | -118.42% | |
50 Neutral | 35.56M | -2.42 | -9.69% | ― | -13.96% | -498.96% | |
47 Neutral | 26.76M | -4.54 | 0.24% | ― | 11.80% | -186.40% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% |
Performance Shipping Corporate Events
On September 2, 2025, Performance Shipping Inc. announced the successful naming and delivery of the M/T P. Tokyo, a 114,000 DWT LNG-ready Tier III product/crude oil tanker, marking the second vessel in its newbuilding program. This delivery is part of the company’s fleet expansion and renewal strategy, with the vessel commencing operations under a five-year charter contract with Clearlake Shipping Pte Ltd at a rate of US$31,000 per day, enhancing Performance Shipping’s industry positioning and operational capacity.
On August 18, 2025, Performance Shipping Inc. announced a new time charter contract with Pakistan National Shipping Corporation for its M/T P. Aliki tanker. The vessel will be chartered for 12 months at a daily rate of US$30,000, increasing the company’s secured revenue backlog by approximately US$10.5 million. This contract highlights Performance Shipping’s strategic efforts to secure profitable employment for its vessels, enhancing revenue visibility and shareholder value.
On July 31, 2025, Performance Shipping Inc. announced the successful naming and delivery of its first LR2 Aframax newbuilding, M/T P. Massport, at Shanghai Waigaoqiao Shipbuilding Co. Ltd. This vessel is the first of four newbuild tankers ordered by the company and has commenced operations under a five-year charter contract with Clearlake Shipping Pte Ltd. This delivery marks the beginning of a strategic fleet expansion for Performance Shipping, which aims to enhance its market position with modern, high-specification vessels.
On August 5, 2025, Performance Shipping Inc. announced the release of its 2024 ESG Report, which highlights the company’s commitment to addressing Environmental, Social, and Governance (ESG) issues. The report, developed with reference to the Global Reporting Initiative Universal Standards 2021, outlines the company’s efforts in building strong corporate governance and operating sustainably. This move is part of Performance Shipping’s ongoing efforts to increase transparency and accountability, potentially enhancing its industry positioning and stakeholder trust.
Performance Shipping Inc. released its Management’s Discussion and Analysis of Financial Condition and Results of Operations for the six months ended June 30, 2025. The report highlights the company’s operational metrics, including ownership days, available days, and fleet utilization, which are crucial for assessing performance. The company’s focus on efficient fleet management and chartering strategies is evident, as they continue to navigate industry challenges while maintaining operational efficiency. This report provides stakeholders with insights into the company’s financial health and strategic direction.
On July 24, 2025, Performance Shipping Inc. announced the signing of a refinancing agreement with Alpha Bank S.A. This agreement refinances the company’s existing loan facility of $29,750,000, secured by the M/T P. Long Beach and the M/T P. Aliki, with a new facility bearing interest at SOFR plus 1.90% per annum. The loan will be repayable in 20 quarterly installments, with a balloon payment due in mid-2030. This refinancing is expected to impact the company’s financial stability and operational flexibility positively.
On July 2, 2025, Performance Shipping Inc. announced the successful placement of a $100 million bond offering in the Nordic bond market. The bonds, which mature in July 2029 with a fixed coupon of 9.875% per annum, are secured by first priority mortgages on the company’s two oldest tanker vessels. The proceeds are intended for tanker acquisitions or bond repurchases, potentially impacting the company’s operational capacity and financial strategy.
On June 24, 2025, Performance Shipping Inc. announced the acceptance of a commitment letter from Alpha Bank A.E. to refinance its existing loan of $29,750,000. The refinancing, subject to customary conditions and final agreement, will be executed through two subsidiaries and will reduce financing costs by 23%, with no significant debt maturities until mid-2030. This move underscores the company’s strong financial position and its solid relationships with lenders, potentially enhancing its industry positioning and offering reassurance to stakeholders.
On June 17, 2025, Performance Shipping Inc. announced a long-term time charter contract with Mercuria Energy Trading S.A. for its LR1 newbuilding tanker, scheduled for delivery in early 2027. The contract, set at a daily gross rate of US$23,750, spans four years with options for extension, enhancing the company’s revenue visibility and stability. This agreement is expected to generate earnings above the vessel’s free cash flow breakeven level, increasing the fleetwide secured revenue backlog by approximately US$35 million, thereby strengthening the company’s market positioning and reducing cash flow breakeven rates.