Performance Shipping reports Q3 EPS 10c vs. 32c last year

Reports Q3 revenue $18.5M vs. $22.9M last year. Andreas Michalopoulos, CEO, stated: “During the third quarter of 2025, tanker market conditions remained firm, supported by increased tonne-mile demand stemming from high global demand and ongoing geopolitical disruptions. Aframax spot rates averaged approximately $37,500 per day during the period, resulting in a favorable charter rate environment for our fleet. Our balanced fleet deployment strategy-combining spot exposure through one Aframax tanker operating under a pool arrangement and stable cash flows from our time-chartered vessels-generated a fleetwide average time-charter equivalent rate of $29,460 per day and total revenue of $18.5M. Net income attributable to common stockholders was $3.5M, compared with $12M in the same period of 2024. The softer year-over-year performance primarily reflects higher financing and administrative expenses associated with our Nordic bond issuance and sale and lease-back transactions, as well as increased operating costs and reduced available revenue days resulting from the scheduled drydock of our Aframax tanker, M/T P. Aliki. In line with our fleet renewal and expansion strategy, we recently agreed to acquire two 2019-built, eco-design Suezmax tankers, scheduled for delivery in early 2026. Employment for these vessels has been secured under three-year time charters at $36,500 per day, while our Aframax tanker, M/T P. Long Beach, was recently employed under a two-year time-charter at $30,500 per day. These arrangements have strengthened our cashflow visibility, increasing our secured revenue backlog to $330M and raising our fixed charter coverage to 70% for 2026 and 57% for 2027. With an additional vessel becoming available for employment this quarter, we expect to secure attractive terms given the constructive market fundamentals and the strong seasonal winter period for Aframax tankers.The acquisition of the two Suezmax tankers marks a key milestone in our ongoing fleet growth and renewal strategy, by combining newbuilds and selective second-hand vessel purchases. This position captures future market opportunities through the operation of a younger, more competitive, and environmentally efficient fleet. In fact, since the end of last year, our operating fleet capacity in deadweight terms has increased by 75% when including the three vessels scheduled for delivery in January, and at the same time our fleet average age has declined from 13.6 to 9.2 years. Supported by the $100M Nordic bond issuance, our quarter-end cash position of $212M underscores our strong liquidity and conservative capital structure, providing significant flexibility to fund our ongoing expansion initiatives.”