ATHENS, Greece, Dec. 15, 2025 (GLOBE NEWSWIRE) -- Performance Shipping Inc. (NASDAQ: PSHG) (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, announced that, through a separate wholly-owned subsidiary, it has taken delivery of the M/T P. Bel Air (formerly “Eco Bel Air”), a 2019-built Suezmax tanker of 157,286 dwt that the Company entered into an agreement to purchase in October 2025. As previously announced, the M/T P. Bel Air is the first of two 2019-built S ...

ATHENS, Greece, Dec. 05, 2025 (GLOBE NEWSWIRE) -- Performance Shipping Inc. (NASDAQ: PSHG) (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, today announced that the previously disclosed potential forward sale of the 2009-built Aframax tanker, M/T P. Sophia, will not materialize. As announced on April 7, 2025, the Company had entered into a forward sale and exclusivity agreement with an unaffiliated third party (the “Buyer”), granting the Buyer the exclusive ...

Core Viewpoint - Performance Shipping Inc. reported a decline in net income for Q3 2025 compared to the same period in 2024, primarily due to decreased time-charter equivalent rates and reduced available days from vessel drydockings. However, the company remains optimistic about future market conditions supported by strong global demand and strategic fleet management. Financial Performance - The net income for Q3 2025 was $3.9 million, down from $12.4 million in Q3 2024, with earnings per share of $0.28 (basic) and $0.10 (diluted) [1][4] - Revenue for Q3 2025 was $18.5 million, a decrease from $22.9 million in Q3 2024, attributed to lower TCE rates and fewer available days due to drydock [2][3] - For the nine months ended September 30, 2025, net income increased to $42.4 million from $34.0 million in the same period of 2024, with earnings per share of $3.30 (basic) and $1.09 (diluted) [3][4] Operational Highlights - The average TCE rate for Q3 2025 was $29,460, down from $34,307 in Q3 2024, reflecting market conditions [2][13] - The fleet's average age decreased from 13.6 years to 9.2 years, and operating fleet capacity increased by 75% since the end of the previous year [6][11] - The company secured time-charter agreements for new vessels at competitive rates, enhancing cash flow visibility and increasing secured revenue backlog to $330 million [5][11] Market Conditions - Tanker market conditions remained firm in Q3 2025, with Aframax spot rates averaging approximately $37,500 per day, benefiting from increased tonne-mile demand due to geopolitical disruptions [3][9] - Global oil consumption rose to 105.0 million bpd, up 0.7% from the previous quarter, while production increased to 107.6 million bpd, up 2.3% [14] - The tanker fleet supply is projected to grow by 2.3% in 2025 and 4.2% in 2026, with tanker demand expected to remain strong due to seasonal factors and shifting trade flows [11][14] Corporate Developments - The company completed a $100 million Nordic bond issuance, enhancing liquidity with a quarter-end cash position of $212 million [7][11] - Recent acquisitions include two eco-design Suezmax tankers, scheduled for delivery in early 2026, which are expected to strengthen the fleet's competitive position [5][6] - As of November 24, 2025, the company had 12,432,158 common shares outstanding, along with various warrants and preferred stock [8][10]

Core Viewpoint - Performance Shipping Inc. has secured long-term time charter contracts with Repsol Trading S.A for two newly acquired Suezmax tankers, enhancing revenue visibility and operational reliability [1][2][3]. Group 1: Charter Contracts - The company has entered into three-year time charter contracts for the M/T P. Bel Air and M/T P. Beverly Hills at a gross rate of US$36,500 per day per vessel, generating approximately US$78 million in gross revenue over the minimum firm period [2][4]. - The charter contracts will commence upon delivery of the vessels, which are scheduled for early 2026 [1][2]. Group 2: Financial Impact - The secured revenues from these charters will cover more than half of the vessels' acquisition cost, increasing the company's total fleetwide revenue to approximately US$335 million and charter coverage to 70% for 2026 and 57% for 2027 [4]. - This employment enhances the company's fleetwide contracted revenue backlog and earnings visibility [2][4]. Group 3: Operational Insights - The CEO highlighted that the modern, fuel-efficient, and environmentally friendly characteristics of the scrubber-fitted vessels contributed to securing long-term employment at attractive terms [3]. - The agreement with Repsol marks the company's first business engagement with a major energy company, expanding its network of reputable charterers [3].

Group 1 - Performance Shipping Inc. has scheduled its 2025 annual general meeting of shareholders for December 3, 2025, with a record date of October 27, 2025 [1] - The company specializes in the ownership of tanker vessels and provides global shipping transportation services [2] - The fleet is employed on spot voyages, through pool arrangements, and on time charters [2]

Core Viewpoint - Performance Shipping Inc. has secured a time charter contract with SeaRiver Maritime for its M/T P. Long Beach, enhancing the company's revenue backlog and demonstrating a strong partnership with ExxonMobil [1][3]. Company Summary - Performance Shipping Inc. specializes in the ownership of tanker vessels and provides shipping transportation services through spot voyages, pool arrangements, and time charters [5]. Charter Agreement Details - The M/T P. Long Beach will be chartered for 24 months at a daily gross rate of US$30,500, expected to generate approximately US$21.35 million in secured revenue for the minimum duration of the charter [2]. - The vessel is anticipated to be delivered to SeaRiver around mid-December 2025, following its redelivery from the previous charterer [2]. Financial Impact - The new charter increases the company's fleetwide secured revenue backlog to approximately US$257 million as of October 1, 2025, and raises fixed charter coverage to about 52% for 2026 and 41% for 2027 [4]. - This contract also contributes to lowering the cash flow breakeven rate for open days, optimizing fleet deployment strategy [4].

Core Viewpoint - Performance Shipping Inc. is expanding its fleet by acquiring two eco-friendly Suezmax tankers, enhancing its operational profile and aligning with its strategy for modernization and growth in the midsize tanker segment [1][2]. Company Overview - Performance Shipping Inc. is a global provider of shipping transportation services, specializing in the ownership of tanker vessels, and employs its fleet on spot voyages, pool arrangements, and time charters [3]. Fleet Expansion Details - The company has entered into agreements to purchase the M/T Eco Bel Air and M/T Eco Beverly Hills, both built in 2019, for a total price of USD 75,438,000 per vessel, with delivery expected between December 2025 and January 2026 [1][2]. - The new vessels are equipped with energy-efficient technologies, including lower consumption electronic engines and scrubbers, which contribute to their eco-design [1]. Financial Strategy - Following a USD 100 million bond issue in July, the company is considering a moderate amount of debt to maintain flexibility for future acquisitions while having sufficient cash on hand for the current purchase [2].

Company Overview - Performance Shipping Inc. is a global shipping company specializing in the ownership of tanker vessels [5] - The company employs its fleet on spot voyages, through pool arrangements, and on time charters [5] Fleet Expansion - The company has successfully named and delivered the M/T P. Tokyo, the second vessel from its current newbuilding program [1] - The M/T P. Tokyo is a 114,000 DWT LNG-ready Tier III product/crude oil tanker, constructed at Shanghai Waigaoqiao Shipbuilding Co. Ltd. [1][2] - This delivery follows the M/T P. Massport and is part of the company's fleet expansion and renewal strategy [2] - Two further newbuildings, an additional sister LR2 Aframax and an LR1 chemical/product tanker, are scheduled for delivery in early 2026 and early 2027 respectively [2] Charter Contracts - All three newbuilding LR2 vessels have secured five-year charter contracts with Clearlake Shipping Pte Ltd, a subsidiary of the Gunvor Group [3] - The M/T P. Tokyo has commenced operations under a five-year time charter contract at a gross rate of US$31,000 per day, with options for a sixth and seventh year at a base rate plus profit-sharing [3] Leadership Commentary - The CEO of the company expressed pride in welcoming the M/T P. Tokyo into the fleet, highlighting it as a representation of the company's fleet renewal and growth strategy [4] - The CEO also emphasized the importance of the partnership with Clearlake Shipping through the commencement of this second long-term charter [4]

Core Viewpoint - Performance Shipping Inc. has secured a time charter contract with Pakistan National Shipping Corporation for its tanker vessel M/T P. Aliki, enhancing its revenue backlog and demonstrating its global chartering capabilities [1][3]. Company Overview - Performance Shipping Inc. is a global provider of shipping transportation services, specializing in the ownership of tanker vessels and employing its fleet on spot voyages, pool arrangements, and time charters [4]. Charter Agreement Details - The M/T P. Aliki will be chartered for 12 months, with a daily gross charter rate of US$30,000, contributing approximately US$10.5 million to the company's revenue backlog [2][3]. - The vessel is currently undergoing a special survey and drydock, with delivery to the charterer expected around mid-September 2025 [2]. Financial Impact - The new charter increases the company's fleetwide secured revenue backlog to about US$250.5 million, based on the minimum duration of each charter as of the last financial reporting period [3]. - The CEO expressed confidence that this charter will generate earnings significantly above the vessel's free cash flow breakeven level, aligning with the company's strategy to secure attractive employment for its vessels [3].

Core Viewpoint - Performance Shipping Inc. has released its 2024 ESG Report, emphasizing its commitment to Environmental, Social, and Governance issues to enhance transparency and accountability [1]. Company Overview - Performance Shipping Inc. is a global shipping company that specializes in the ownership of tanker vessels, employing its fleet for spot voyages, pool arrangements, and time charters [3]. ESG Report Highlights - The 2024 ESG Report is developed in accordance with the Global Reporting Initiative Universal Standards 2021, detailing the company's initiatives towards sustainable and responsible operations [1]. - The report aims to build strong corporate governance and outlines the company's efforts in addressing ESG issues [1]. Accessibility of Information - The ESG Report is available on the company's website for public access [2].