Performance Shipping Inc., a global shipping company specializing in the ownership of tanker vessels, reported net income of $11.9 million and net income attributable to common stockholders of $13.9 million for the second quarter of 2026, compared to a net income of $9.1 million and net income attributable to common stockholders of $8.6 million for the same period in 2025. Earnings per share, basic and diluted, for the second quarter of 2026 were $1.12 and $0.37, respectively.
Revenue was $34.7 million ($32.9 million net of voyage expenses) for the second quarter of 2026, compared to $18.1 million ($17.6 million net of voyage expenses) for the same period in 2025. This increase was mainly attributable to the increase in ownership days following the delivery of the newbuilding vessels P. Massport, P. Tokyo and P. Marseille in July 2025, September 2025, and January 2026, respectively, and also of the secondhand Suezmax vessels P. Bel Air and P. Beverly Hills in December 2025, partly offset by the sale of the P. Yanbu in March 2025. Fleetwide, the average TCE rate for the second quarter of 2026 was $32,872, compared with an average rate of $32,295 for the same period in 2025. During the second quarter of 2026, net cash provided by operating activities was $19.7 million, compared with net cash provided by operating activities of $11.3 million for the second quarter of 2025.
Net income for the six months ended June 30, 2026, amounted to $22.1 million, compared to a net income of $38.5 million for the six months ended June 30, 2025. Net income attributable to common stockholders for the six months ended June 30, 2026 amounted to $23.7 million, while net income attributable to common stockholders for the six months ended June 30, 2025, amounted to $37.6 million.
Commenting on the results of the second quarter of 2026, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:
“The Company delivered another quarter of solid financial and operational performance, reflecting our long-term chartering strategy, disciplined fleet renewal program and conservative capital allocation. As a result, we generated revenues of $68.4 million during the first half of 2026, reflecting average daily TCE rates of approximately $32,700 across our fleet, and delivered net income attributable to common stockholders of $23.7 million.
“The tanker market remains constructive, and we continue to capitalize on the supportive charter environment by securing long-term employment at attractive rates. Subsequent to quarter-end, we further enhanced the visibility of our future cash flows by extending the time charters of the M/T Briolette with Aramco Trading for three years at $37,700 per day and the M/T Blue Moon with American Eagle Tankers for an additional two years at an average rate of $40,500 per day. As of mid-2026 and as adjusted for the newly concluded charter agreements, our contracted revenue backlog exceeded half a billion dollars, with an average remaining duration of 3.4 years and significant charter coverage extending through 2030, providing strong cash flow visibility.
“By securing an average contracted time charter rate of approximately $32,500 per day through 2030, we have substantially covered our projected daily cash expenses through 2028, while maintaining an estimated spot cash break-even that gradually increases from effectively zero to approximately $14,300 per day by 2030 based on management’s current estimates of future operating expenses. These contracted cash flows underscore the resilience of our business model and our ability to navigate future market conditions with confidence.
“Our balance sheet remains a key strength. The Company has no debt maturities before mid-2029, and the recent amendments to our outstanding bond, converting it into a senior unsecured obligation, further improved our financial flexibility. As of quarter end, the Company maintained cash, cash equivalents and restricted cash of approximately $106 million, with liquidity anticipated to increase further following the completed sale in July 2026 of the M/T P. Sophia, and the pending sale of the M/T P. Aliki. Our liquidity, on a pro forma basis after giving effect to the net cash proceeds from these sales, is expected to adequately fund our remaining capital expenditures related to our fully contracted newbuilding program and enable us to pursue selective acquisition opportunities.”