Performance Shipping Inc., a global shipping company specializing in the ownership of tanker vessels, reported net income of $9.1 million and net income attributable to common stockholders of $8.6 million for the second quarter of 2025. These results are compared to a net income of $10.2 million and net income attributable to common stockholders of $9.7 million for the same period in 2024. Earnings per share, basic and diluted, for the second quarter of 2025 were $0.69 and $0.23, respectively.
Revenue was $18.1 million ($17.6 million net of voyage expenses) for the second quarter of 2025, compared to $20.5 million ($19.7 million net of voyage expenses) for the same period in 2024. This decrease was attributable to the decrease in the ownership days following the sale of the vessel P. Yanbu in March 2025, despite the increase in time-charter equivalent rates (“TCE rates”) realized during the quarter. Fleetwide, the average TCE rate for the second quarter of 2025 was $32,295, compared with an average rate of $30,970 for the same period in 2024. During the second quarter of 2025, net cash provided by operating activities was $11.3 million, compared with net cash provided by operating activities of $14.4 million for the second quarter of 2024.
Net income for the six months ended June 30, 2025, amounted to $38.5 million, compared to a net income of $21.6 million for the six months ended June 30, 2024. Net income attributable to common stockholders for the six months ended June 30, 2025, amounted to $37.6 million, and resulted in earnings per share, basic and diluted, of $3.02 and $1.00, respectively. Net income attributable to common stockholders for the six months ended June 30, 2024, amounted to $20.7 million, and resulted in earnings per common share, basic and diluted, of $1.68 and $0.55, respectively.
Commenting on the results of the second quarter of 2025, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:
“During the second quarter of 2025, the tanker market remained firm, supported by steady ton-mile demand and heightened volatility particularly in June due to geopolitical tensions in the Middle East. Our Company, through its balanced fleet deployment strategy and efficient vessel operations, delivered solid financial results and achieved a fleetwide average time charter equivalent (TCE) rate of $32,295 per day.
“This TCE rate, resulting in aggregate revenues of $18.1 million, compares favorably to the average rate of $30,970 per day during the equivalent period in 2024. This strong performance was achieved despite operating a smaller fleet and in a softer charter rate environment. Indicatively, the average Aframax tanker charter rate stood at $42,765 per day during the second quarter of 2025, representing a 16% year-over-year decline from the average daily charter rate of $51,140 per day recorded in the same period last year.
“Our Company remains committed to executing its fleet renewal and expansion strategy, aiming to acquire a younger, more competitive, and environmentally sustainable fleet. This will be pursued through a combination of our well-supported newbuilding program and selective acquisitions of secondhand vessels.
“Our financial strength, enhanced by our access to $100 million of non-dilutive and leverageable capital raised through our successful Nordic bond offering completed in July, provides significant liquidity to pursue our acquisition strategy. Our financial position remains robust, evidenced by a quarter-end -adjusted for the bond proceeds- cash position of approximately $192 million, and an aggregate secured revenue backlog of approximately $240 million.
“With a disciplined and conservative capital structure, we are well positioned to pursue fleet expansion initiatives that support long-term growth and sustainable value creation for our shareholders.”
Source: Performance Shipping Inc.