Performance Shipping reported net income of $11.9 million and net income attributable to common stockholders of $13.9 million for the second quarter ended June 30, 2026, compared with $9.1 million and $8.6 million, respectively, in the corresponding period of 2025.
Revenue increased to $34.7 million from $18.1 million, driven by higher ownership days following fleet expansion.
The increase in ownership days reflected the delivery of the newbuilding vessels P. Massport, P. Tokyo and P. Marseille, together with the acquisition of the secondhand Suezmax tankers P. Bel Air and P. Beverly Hills.
These additions were partially offset by the sale of P. Yanbu in March 2025. During the second quarter, the company achieved an average fleetwide time charter equivalent rate of $32,872 per day, compared with $32,295 per day in the same quarter of 2025.
For the six months ended June 30, 2026, net income totalled $22.1 million, compared with $38.5 million in the first half of 2025, while net income attributable to common stockholders reached $23.7 million.
First-half revenue amounted to $68.4 million, and net cash provided by operating activities during the second quarter increased to $19.7 million from $11.3 million a year earlier.
Following the end of the quarter, the company extended the time charter for Briolette with Aramco Trading for three years at $37,700 per day and renewed the charter for Blue Moon with American Eagle Tankers for two years at an average rate of $40,500 per day.
Performance Shipping also entered into time charter agreements with Repsol Trading for two 158,000 DWT newbuilding Suezmax tankers. The vessels will be employed for seven years at $35,000 per day and five years at $36,850 per day, respectively, with deliveries expected in October 2028 and May 2029, according to the company.
In addition, the company agreed to sell its two oldest vessels, P. Sophia for gross proceeds of $35.65 million and P. Aliki for $42.65 million. Delivery of P. Sophia was completed in mid-July 2026, while P. Aliki is expected to be delivered during the third quarter of 2026.
