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Performance Shipping Inc. Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2025

ATHENS, Greece, July 30, 2025 (GLOBE NEWSWIRE) -- Performance Shipping Inc. (NASDAQ: PSHG) (鈥渨e鈥� or the 鈥淐ompany鈥�), a global shipping company specializing in the ownership of tanker vessels, today reported net income of $9.1 million and net income attributable to common stockholders of $8.6 million for the second quarter of 2025. These results are compared to a net income of $10.2 million and net income attributable to common stockholders of $9.7 million for the same period in 2024. Earnings per share, basic and diluted, for the second quarter of 2025 were $0.69 and $0.23, respectively.

Revenue was $18.1 million ($17.6 million net of voyage expenses) for the second quarter of 2025, compared to $20.5 million ($19.7 million net of voyage expenses) for the same period in 2024. This decrease was attributable to the decrease in the ownership days following the sale of the vessel P. Yanbu in March 2025, despite the increase in time-charter equivalent rates (鈥淭CE rates鈥�) realized during the quarter. Fleetwide, the average TCE rate for the second quarter of 2025 was $32,295, compared with an average rate of $30,970 for the same period in 2024. During the second quarter of 2025, net cash provided by operating activities was $11.3 million, compared with net cash provided by operating activities of $14.4 million for the second quarter of 2024.

Net income for the six months ended June 30, 2025, amounted to $38.5 million, compared to a net income of $21.6 million for the six months ended June 30, 2024. Net income attributable to common stockholders for the six months ended June 30, 2025, amounted to $37.6 million, and resulted in earnings per share, basic and diluted, of $3.02 and $1.00, respectively. Net income attributable to common stockholders for the six months ended June 30, 2024, amounted to $20.7 million, and resulted in earnings per common share, basic and diluted, of $1.68 and $0.55, respectively.

Commenting on the results of the second quarter of 2025, Andreas Michalopoulos, the Company鈥檚 Chief Executive Officer, stated:

鈥淒uring the second quarter of 2025, the tanker market remained firm, supported by steady ton-mile demand and heightened volatility particularly in June due to geopolitical tensions in the Middle East. Our Company, through its balanced fleet deployment strategy and efficient vessel operations, delivered solid financial results and achieved a fleetwide average time charter equivalent (TCE) rate of $32,295 per day.

鈥淭his TCE rate, resulting in aggregate revenues of $18.1 million, compares favorably to the average rate of $30,970 per day during the equivalent period in 2024. This strong performance was achieved despite operating a smaller fleet and in a softer charter rate environment. Indicatively, the average Aframax tanker charter rate stood at $42,765 per day during the second quarter of 2025, representing a 16% year-over-year decline from the average daily charter rate of $51,140 per day recorded in the same period last year.

鈥淥ur Company remains committed to executing its fleet renewal and expansion strategy, aiming to acquire a younger, more competitive, and environmentally sustainable fleet. This will be pursued through a combination of our well-supported newbuilding program and selective acquisitions of secondhand vessels.

鈥淥ur financial strength, enhanced by our access to $100 million of non-dilutive and leverageable capital raised through our successful Nordic bond offering completed in July, provides significant liquidity to pursue our acquisition strategy. Our financial position remains robust, evidenced by a quarter-end -adjusted for the bond proceeds- cash position of approximately $192 million, and an aggregate secured revenue backlog of approximately $240 million.

鈥淲ith a disciplined and conservative capital structure, we are well positioned to pursue fleet expansion initiatives that support long-term growth and sustainable value creation for our shareholders.鈥�

Corporate Developments

Update on Outstanding Shares and Warrants

As of July 29, 2025, the Company had outstanding 12,432,158 common shares. In addition, the following common share purchase warrants were outstanding as of such date:

• Class A Warrants to purchase up to 567,366 common shares at an exercise price of $15.75 per common share;
• Warrants issued July 19, 2022, to purchase up to 1,033,333 common shares at an exercise price of $1.65 per common share;
• Warrants issued August 16, 2022, to purchase up to 2,122,222 common shares at an exercise price of $1.65 per common share;
• Series A Warrants issued March 3, 2023, which are exchangeable for up to 14,300 common shares; and
• Series B Warrants issued March 3, 2023, to purchase up to 4,097,000 common shares at an exercise price of $2.25 per common share.
  

Finally, the Company had 50,726 shares of its Series B Convertible Cumulative Perpetual Preferred Stock and 1,423,912 shares of its Series C Convertible Cumulative Redeemable Perpetual Preferred Stock outstanding.

Tanker Market Update for the Second Quarter of 2025:

• Tanker fleet supply was 701.6 million dwt, up 0.5% from 697.9 million dwt from the previous quarter and up 1.4% from Q2 2024 levels of 692.0 million dwt.
• Tanker demand is expected to show modest growth, with crude tanker demand supported by increased OPEC+ exports and projected DWT demand growth of 0.6% in 2025. In contrast, product tanker demand is set to decline by 0.9% in 2025, amid weak refining margins, soft oil demand, and reduced inter-basin trade. However, shifts in refining capacity and ongoing geopolitical rerouting could provide some support later in the year.
• Tanker fleet supply in deadweight terms is estimated to grow by 2.4% in 2025 and by 3.8% in 2026.
• Tanker fleet utilization averaged 84.6% in 2024, while analysts expect that it will slightly improve to levels of 85.2% in 2025 but decline to 83.7% in 2026.
• Newbuilding tanker contracting was 5.8 million dwt in the second quarter, resulting in a tanker orderbook-to-fleet ratio of 15.0%.
• Daily spot charter rates for Aframax tankers averaged $42,765, up 33.9% from the previous quarter average of $31,931 and down 16.4% from Q2 2024 average of $51,140.
• The value of a 10-year-old Aframax tanker at the end of the second quarter was $50.0 million, unchanged from the previous quarter, and down 16.7% from $60.0 million in Q2 2024.
• The number of tankers used for floating storage (excluding dedicated storage) stood at 119 (12.3 million dwt) in the second quarter, up 15.5% from 103 (11.5 million dwt) at the end of the previous quarter and up 2.6% from 116 in Q2 2024.
• Global oil consumption was 103.2 million bpd, up 1.0% from the previous quarter level of 102.2 million bpd, and up 0.4% from Q2 2024 levels of 102.7 million bpd.
• Global oil production was 104.5 million bpd, down 1.1% from the previous quarter level of 103.4 million bpd and up 1.6% from Q2 2024 levels of 102.8 million bpd.
• OECD commercial inventories were 2,796 million barrels, up 1.7% from the previous quarter level of 2,749 million barrels, and down 1.3% from Q2 2024 levels of 2,834 million barrels.

The above market outlook update is based on information, data, and estimates derived from industry sources. There can be no assurances that such trends will continue or that anticipated developments in tanker demand, fleet supply or other market indicators will materialize. While we believe the market and industry information included in this release to be generally reliable, we have not independently verified any third-party information or verified that more recent information is not available.

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About the Company

Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of tanker vessels. The Company employs its fleet on spot voyages, through pool arrangements and on time charters.

Cautionary Statement Regarding Forward-Looking Statements

Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include, but are not limited to, statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts, including with respect to the delivery of the vessels we have agreed to acquire, future market conditions and the prospective financing and employment of our vessels. The words 鈥渂elieve," 鈥渁nticipate," 鈥渋ntends," 鈥渆stimate," 鈥渇orecast," 鈥減roject," 鈥減lan," 鈥減otential," 鈥渨ill," 鈥渕ay," 鈥渟hould," 鈥渆xpect," 鈥渢argets," 鈥渓ikely," 鈥渨ould," 鈥渃ould," 鈥渟eeks," 鈥渃ontinue," 鈥減ossible," 鈥渕ight," 鈥減ending鈥� and similar expressions, terms or phrases may identify forward-looking statements.

The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including, without limitation, our management鈥檚 examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs, or projections.

In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to: the strength of world economies, fluctuations in currencies and interest rates, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in the tanker shipping industry, changes in the supply of vessels, changes in worldwide oil production and consumption and storage, changes in our operating expenses, including bunker prices, crew costs, drydocking and insurance costs, our future operating or financial results, availability of financing and refinancing including with respect to vessels we agree to acquire, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, the length and severity of epidemics and pandemics, including COVID-19, and their impact on the demand for seaborne transportation of petroleum and other types of products, general domestic and international political conditions or events, including 鈥渢rade wars鈥�, armed conflicts including the war in Ukraine and the war between Israel and Hamas, the imposition of new international sanctions, acts by terrorists or acts of piracy on ocean-going vessels, potential disruption of shipping routes due to accidents, labor disputes or political events, vessel breakdowns and instances of off-hires and other important factors. Please see our filings with the US Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.

(See financial tables attached)

Corporate Contact:
Andreas Michalopoulos
Chief Executive Officer, Director and Secretary
Telephone: + 30-216-600-2400
Email: [email protected]
Website: www.pshipping.com

Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email: [email protected]