Performance Shipping (PSHG) has released an update.
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Performance Shipping Inc. reports a profitable first quarter in 2024 with net income reaching $11.4 million, despite a decrease in revenue and time-charter equivalent rates compared to the previous year. The company cites a solid tanker market, supported by longer haul voyages and limited supply growth, as a key factor in their strong performance. Additionally, Performance Shipping announces its strategy for fleet expansion with new tanker constructions, aiming to enhance its participation in the energy transition.
For further insights into PSHG stock, check out TipRanks’ Stock Analysis page.