Performance Shipping Q1 Revenue Rises 59% to $33.8M, Net Income $10.2M
PSHG•Performance Shipping reported first-quarter net income of $10.2 million, with revenue of $33.8 million up 59% driven by three newbuild and two secondhand vessel deliveries. As of Q2 start, the company has a nearly $500 million revenue backlog with 90% coverage for the next nine months and $127 million liquidity.
1. First Quarter Financial Results
Performance Shipping generated net income of $10.2 million in Q1, down from $29.4 million in the prior-year period due to a prior vessel sale gain. Revenue rose to $33.8 million, net of voyage expenses, while operating cash flow improved to $23.0 million from $15.5 million a year earlier.
2. Fleet Expansion and Charter Rate Improvement
The company expanded its fleet with deliveries of P. Massport, P. Tokyo and P. Marseille newbuilds, plus two secondhand Suezmax tankers, boosting average ownership days. Fleetwide TCE rates increased to $32,520 per day from $30,843, reflecting higher-specification vessels and stronger charter markets.
3. Revenue Backlog and Charter Coverage
As of early Q2, Performance Shipping has secured nearly $500 million in revenue backlog, with 90% of remaining 2026 and 80% of 2027 days under fixed charters. The average remaining charter duration is three years, with 50% of the time charter portfolio locked in through 2030, providing strong cash flow visibility.
4. Liquidity and Capital Structure
Liquidity stood at $127 million at quarter end, up 1.6x year-end, with pro-forma liquidity of $192 million after planned vessel sales. The company completed a $50 million tap of its 9.875% Nordic bonds and has no significant near-term debt maturities, supporting a conservative balance sheet and financing for three newbuilds through 2029.
