Performance Shipping reported Q4 2025 net income of $7.6 million, down from $9.7 million in Q4 2024. Revenues were $26.2 million ($24.6 million net of voyage expenses), driven by increased ownership days from deliveries of P. Massport and P. Tokyo. Fleetwide TCE averaged $32,221/day versus $32,652.

For the year ended December 31, 2025, net income rose to $50.0 million from $43.7 million a year earlier, with basic EPS of $3.87 and diluted EPS of $1.28. Revenues reached $84.2 million on a daily TCE of $31,246, supported by a $350 million revenue backlog and fixed charter coverage of 88% for 2026 and 72% for 2027.

The company added two 2019-built Suezmax tankers at $75.4 million each, both on three-year charters at $36,500/day, and deployed a third LR2 Aframax on a five-year charter at $31,000/day. Planned opportunistic sale of the oldest vessel will reduce fleet age to nine years, with first LR1 delivery expected in early 2027 and new Suezmax orders underway.

Liquidity remained robust with $49.3 million in cash and equivalents at year-end 2025. A $50 million bond tap priced at 103% was completed in January 2026, and pro forma proceeds from vessel sale are expected to boost cash to $135 million. Outstanding shares and warrants detail equity dilution potential.