Performance Shipping Inc. Q2 2025 Financial Results and Recent Developments

SEC Filing 6-K (0001140361-25-028181)

Performance Shipping Inc. reported a net income of $38.5 million for the six months ended June 30, 2025, compared to $21.6 million in the same period in 2024. The increase was primarily due to a $19.5 million gain from the sale of the vessel P. Yanbu. Revenue decreased to $39.5 million from $42.9 million, driven by lower time-charter equivalent rates and increased voyage expenses. The company also announced several recent developments, including the successful placement of $100 million in bonds, a new loan agreement with Alpha Bank, and the delivery of a newbuilding vessel, Hull 1515, renamed P. Massport. The company's liquidity position remains strong, with cash and cash equivalents totaling $96.8 million as of June 30, 2025.