Performance Shipping Q2 net income falls to $8.6m

Tanker owner Performance Shipping reported a net income attributable to common stockholders of $8.6 million for the second quarter of 2025, a decrease from the $9.7 million recorded in the same period of 2024.

Revenue for the quarter was $18.1 million, down from $20.5 million in the second quarter of last year. The company stated this decrease was attributable to fewer ownership days following the sale of the vessel P. Yanbu in March 2025.

Despite the lower revenue, the company's fleetwide average time-charter equivalent (TCE) rate for the second quarter of 2025 increased to $32,295 per day, compared with an average of $30,970 per day for the same period in 2024.

For the first six months of 2025, net income attributable to common stockholders was $37.6 million, a significant increase from the $20.7 million reported for the first half of 2024.

Andreas Michalopoulos, the company’s Chief Executive Officer, stated that the tanker market remained firm during the quarter, supported by steady ton-mile demand.

He noted the company's financial position remains "robust", with a quarter-end cash position of approximately $192 million and an aggregate secured revenue backlog of about $240 million, following a recent Nordic bond offering.