PSHG News & Events

Reports Q1 revenue $33.8M vs $21.3M last year. Commenting on the results of the first quarter of 2026, Andreas Michalopoulos, the Company's Chief Executive Officer, stated: "The Company had a strong start to 2026, generating revenues of $33.8 million and net income of $10.2 million during the first quarter. Revenue increased by 59% period-over-period, driven by the expansion in the average fleet to approximately eleven high-specification tankers from seven vessels in the prior-year period, reflecting a more modern fleet profile and enhanced earnings capacity. The average daily TCE rate improved to $32,520, compared to $30,843 in the comparable prior-year period."

Performance Shipping (PSHG) announced that it has entered into time charter agreements with Repsol Trading (REPYY) for its two previously announced 158,000 dwt Suezmax tanker newbuilding vessels under construction in China, by China Shipbuilding Trading Co. Ltd. and Shanghai Waigaoqiao Shipbuilding. Under the agreements, the first vessel has been chartered for a period of seven years at a daily hire rate of US$35,000, while the second vessel has been chartered for a period of five years at a daily hire rate of US$36,850, payable monthly in advance. The Vessels are expected to be delivered from the shipyard to the Company in October 2028 and May 2029 and will commence their respective charters with Repsol upon their delivery.

Performance Shipping announced that, through a separate wholly-owned subsidiary, it has entered into a sale and leaseback agreement with an unaffiliated third party for its previously announced LR1 tanker newbuilding vessel, to be named M/T P. San Francisco, currently under construction at Jiangsu New Yangzi Shipbuilding Co., Ltd. and scheduled for delivery in early 2027. The bareboat financing amount totals $37.8 million. As part of this agreement, the Vessel will be sold and then chartered back to the Company on a bareboat basis for a ten-year period starting from delivery from the shipyard. The bareboat charter includes 120 monthly installments equivalent to $5,451 per day, with an implied interest rate of Term SOFR plus 2.00% per annum. Additionally, a balloon payment of approximately $18.1 million will be due together with the last installment. The Company has continuous options to repurchase the Vessel at predetermined rates following the second anniversary of the bareboat charter.