Performance Shipping Inc. Reports Financial Results for the First Quarter Ended March 31, 2025

Financial Performance - Performance Shipping Inc. reported a net income of $29.4 million for Q1 2025, a significant increase from $11.4 million in Q1 2024, representing a 164% year-over-year growth in net income attributable to common stockholders [1][6] - Earnings per share for Q1 2025 were $2.33 (basic) and $0.76 (diluted), compared to $0.89 (basic) and $0.29 (diluted) in Q1 2024 [14] Revenue and Expenses - Revenue for Q1 2025 was $21.3 million, down from $22.4 million in Q1 2024, primarily due to a decrease in ownership days following the sale of the vessel P. Yanbu and lower time-charter equivalent (TCE) rates [2][4] - The average TCE rate for Q1 2025 was $30,843 per day, down from $33,857 in Q1 2024 [14] Market Conditions - The average Aframax tanker charter rate in Q1 2025 was $31,931 per day, significantly lower than $56,338 in the same period last year, indicating a softening in crude oil tanker charter rates [5][12] - Despite the decline in charter rates, the Aframax tanker market remains resilient, supported by solid market fundamentals, with spot rates averaging approximately $40,700 per day [5] Fleet Management - The company completed the sale of the Aframax tanker M/T P. Yanbu for a gross sale price of $39 million, resulting in a gain of $19.5 million [6] - The company maintains a robust financial position with a cash balance of approximately $108.3 million, which is 2.4 times its outstanding bank debt, and a revenue backlog of $220 million [7] Fleet Data - As of May 26, 2025, the company had 12,432,158 common shares outstanding and various warrants for common shares [8][9] - The fleet utilization rate was 97.6% in Q1 2025, slightly down from 98.0% in Q1 2024 [14] Industry Outlook - The tanker fleet supply is projected to grow by 2.1% in 2025, with a constrained fleet supply due to a shrinking pool of environmentally compliant vessels [12] - Global oil consumption was 103.2 million barrels per day in Q1 2025, showing a slight increase from 101.7 million barrels per day in Q1 2024 [12]