Performance Shipping Inc. Reports Financial Results for the First Quarter Ended March 31, 2026

Performance Shipping Inc. reported financial results for the first quarter of 2026, with a net income of $10.2 million and earnings per share of $0.26. This compares to a net income of $29.4 million in the same period of 2025, which included a gain from a vessel sale. Revenue for Q1 2026 was $33.8 million, an increase from $21.3 million in Q1 2025, attributed to an expanded fleet including newbuilds and secondhand vessels. Net cash provided by operating activities was $23.0 million in Q1 2026, up from $15.5 million in Q1 2025. The company has a strong revenue backlog and expects the current tanker market environment to continue supporting earnings. They have secured long-term time charter contracts for upcoming newbuild vessels and maintain a conservative balance sheet with strong liquidity. Recent developments include a $50 million bond tap issuance, delivery of a newbuild tanker, securing new time charter contracts, and agreements to sell two older vessels. The company also entered into new shipbuilding contracts for two Suezmax tankers with long-term charters. The tanker market experienced significant increases in spot charter rates for Aframax and Suezmax tankers in Q1 2026.