Overview

• Performance Shipping Q3 revenue fell to $18.5 mln, down from $22.9 mln in 2024

• Net income for Q3 2025 decreased to $3.9 mln from $12.4 mln in 2024

• Company attributes revenue decline to lower TCE rates and drydock activities

Outlook

• Company expects strong market fundamentals to support Aframax tanker rates

• Performance Shipping to acquire two Suezmax tankers for delivery in early 2026

• Company's secured revenue backlog increased to $330 mln for 2026

Result Drivers

• TCE RATE DECLINE - Co attributes revenue decrease to lower time-charter equivalent rates

• DRYDOCK IMPACT - Reduced available days due to drydock of P. Aliki affected revenue

• HIGHER EXPENSES - Increased financing and administrative costs due to bond issuance and sale-leaseback transactions

Key Details

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"

• The average consensus recommendation for the oil & gas transportation services peer group is "buy"

• Wall Street's median 12-month price target for Performance Shipping Inc is $5.25, about 57.5% above its November 24 closing price of $2.23

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

Press Release: ID:nGNXGFLmf

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com.

(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.)