This suggests the market may view the story skeptically despite strong charter coverage. Watch for closing of the vessel sales ($78M gross proceeds) and whether the fleet expansion translates to higher net income in upcoming quarters without one-off gains.
Price Chart
Executive Summary
Performance Shipping reported Q1 2026 net income of $10.2M ($0.26 diluted EPS) on revenue of $33.8M, compared to net income of $29.4M ($0.76 diluted EPS) on revenue of $21.3M in Q1 2025. The 59% revenue increase was driven by fleet expansion, while net income declined due to the absence of a $19.5M vessel sale gain in the prior year.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $33.8M (+59% YoY) driven by fleet expansion from ~7 to ~11 vessels
- Net income $10.2M vs $29.4M in Q1 2025; prior year included $19.5M gain on vessel sale
- Diluted EPS $0.26 vs $0.76 YoY; basic EPS $0.79
- Fleet utilization improved to 99.7% from 97.6% YoY
- Average TCE rate $32,520/day vs $30,843/day YoY (+5.4%)
- Revenue backlog ~$0.5B with ~90% fixed charter coverage for rest of 2026, ~80% for 2027
- Completed $50M tap issuance at 103% of par under 9.875% Nordic bonds due 2029
- Entered agreements to sell two oldest vessels for $35.65M and $42.65M
- Ordered two Suezmax newbuildings at $81.5M each, delivered Oct 2028 and May 2029, with long-term charters to Repsol
- Cash, equivalents and restricted cash $126.6M at quarter-end, pro-forma ~$192M after vessel sales
- Diluted share count 39.3M including all warrants and convertible preferred; common shares 12.4M
Financial Impact
Revenue increased $12.4M YoY (+59%) but net income declined $19.2M due to absence of prior-year $19.5M vessel sale gain. $50M bond tap completed. Fleet expanding from 11 vessels to 14 with three newbuilds (2027-2029).
Risk Factors
- Tanker market outlook uncertain; seaborne oil trade in tonne-miles expected to decrease ~2.6% in 2026
- Diluted share count of 39.3M (including warrants/preferred) vs 12.4M basic shares creates massive dilution overhang
- Interest and finance costs surged to $5.7M from $0.04M YoY, reflecting new debt financing for fleet expansion
- Geopolitical risks (Middle East disruptions, sanctions) that support rates could reverse
- Three newbuilding vessels not delivered until 2027-2029, with ~$163M capital commitment
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3301196 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 6, 2026 21d ago | 6-K | $1.66 | awaiting T+60 | — | $1.65 (−0.60%) |
Jul 31, 2026 12w ago | 6-K | $1.80 $1.62 | ▼ −10.00% | ▼ −11.78% | $1.65 (−8.33%) |
Jul 29, 2026 12w ago | Press Release | $1.89 $1.62 | ▼ −14.29% | ▼ −19.02% | $1.65 (−12.70%) |
Jul 6, 2026 16w ago | Press Release | $1.67 $1.76 | ▲ +5.09% | ▲ +3.18% | $1.65 (−1.20%) |
Jun 29, 2026 17w ago | 6-K | $1.68 $1.80 | ▲ +7.14% | ▲ +4.33% | $1.65 (−1.79%) |
May 26, 2026 22w ago | 6-K | $1.68 $1.69 | ▲ +0.60% | ▼ −1.28% | $1.65 (−1.79%) |
May 26, 2026 22w ago | Press Release | $1.70 $1.70 | · 0.00% | ▼ −2.72% | $1.65 (−2.94%) |
May 22, 2026 22w ago | EFFECT | $1.65 $1.75 | ▼ −6.06% | ▼ −2.87% | $1.65 (+0.00%) |
Apr 27, 2026 26w ago | Press Release | $1.89 $1.79 | ▼ −5.29% | ▼ −9.28% | $1.65 (−12.70%) |
Apr 16, 2026 27w ago | 6-K | $1.91 $1.67 | ▼ −12.57% | ▼ −18.71% | $1.65 (−13.61%) |
US Market Status
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