Performance Shipping Q2 revenue falls 12%, net income down 11%

Performance Shipping

30/07/2025 14:38

Overview

Performance Shipping Q2 2025 revenue falls 12% yr/yr due to fleet reduction

Net income for Q2 2025 declines 11% yr/yr amid geopolitical tensions

Co achieves higher TCE rates despite operating a smaller fleet

Outlook

Performance Shipping aims to acquire a younger, competitive fleet

Company raised $100 mln for fleet expansion

Crude tanker demand supported by increased OPEC+ exports

Product tanker demand expected to decline in 2025

Result Drivers

FLEET REDUCTION - Revenue decline attributed to fewer ownership days following vessel sale

HIGHER TCE RATES - Achieved average TCE rate of $32,295, up from $30,970 in prior year

GEOPOLITICAL TENSIONS - Market volatility in June due to Middle East tensions, per CEO Andreas Michalopoulos

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
$18.14 mln
Q2 EPS
$0.23
Q2 Net Income
$9.07 mln
Q2 Basic EPS
$0.69
Q2 Vessel Operating Expenses
$4.57 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

Wall Street's median 12-month price target for Performance Shipping Inc is $5.75, about 69.3% above its July 29 closing price of $1.77

The stock recently traded at 1 times the next 12-month earnings vs. a P/E of 2 three months ago

Press Release: ID:nGNX24j31Z

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)