Performance Shipping (PSHG) GlobeNewswire·2025-02-20 14:29Core Insights - Performance Shipping Inc. reported a net income of 25.0 million in Q4 2023, with earnings per share of 0.25 for basic and diluted shares respectively [1][3][14] - The company's total revenue for Q4 2024 was 23.8 million in the same quarter of 2023, primarily due to reduced ownership days and lower time-charter equivalent rates [2][5] - For the full year 2024, net income was 69.4 million in 2023, with earnings per share of 1.11 for basic and diluted shares respectively [3][14] Financial Performance - Revenue for Q4 2024 was 23.8 million in Q4 2023, with net cash provided by operating activities increasing to 9.3 million year-over-year [2][14] - The average time-charter equivalent (TCE) rate for Q4 2024 was 33,114 in Q4 2023 [2][14] - The company experienced a decrease in fleet operating days from 2,793 in 2023 to 2,506 in 2024 due to the sale of a vessel [5][14] Market Outlook - The tanker market showed resilience with average daily charter rates for Aframax tankers at 61,277 in Q4 2023 [6][10] - Global oil consumption increased to 103.4 million barrels per day (bpd), up 0.4% from the previous quarter and 1.0% from Q4 2023 [10] - The tanker fleet supply is projected to grow by 2.3% in 2025, with tanker fleet utilization expected to improve slightly to 85.3% [10][12] Corporate Developments - The company maintains a robust financial position with a cash balance of approximately 227.0 million, supported by strategic long-term partnerships [8] - The company is cautious about redeploying its vessels and is actively managing its fleet to optimize earnings [7][8]