Performance Shipping Reports Financial Results for Fourth Quarter and Year Ended December 31, 2025

Company Delivers Robust Profitability Amid Favorable Tanker Market Conditions

Published on Mar. 4, 2026

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Performance Shipping Inc. reported net income of $7.6 million for the fourth quarter of 2025, compared to $9.7 million for the same period in 2024. Revenue was $26.2 million ($24.6 million net of voyage expenses) for the fourth quarter of 2025, compared to $21.7 million ($19.8 million net of voyage expenses) for the same period in 2024. The company generated net income of $50.0 million for the full year 2025, up from $43.7 million in 2024.

Why it matters

Performance Shipping's strong financial results demonstrate the company's ability to navigate the tanker market effectively, generating robust profitability despite some moderation in market conditions compared to the prior year. The company's fleet renewal and expansion strategy, along with its focus on securing long-term charter contracts, have positioned it well to capitalize on favorable industry dynamics.

The details

The increase in revenue was mainly attributable to the addition of two newbuilding vessels, P. Massport and P. Tokyo, delivered in July and September 2025, respectively. Fleetwide, the average TCE rate for the fourth quarter of 2025 was $32,221, compared with $32,652 for the same period in 2024. The company also completed several key transactions during the quarter, including acquiring two Suezmax tankers, entering new time-charter contracts, and securing financing through a bond tap issuance.

  • In December 2025, Performance Shipping took delivery of two 2019-built Suezmax tankers, M/T P. Beverly Hills and M/T P. Bel Air.
  • In January 2026, the company took delivery of the third newbuild LR2 Aframax tanker, M/T P. Marseille.
  • Performance Shipping expects to take delivery of its first LR1 newbuilding in early 2027.

The players

Performance Shipping Inc.

A global shipping company specializing in the ownership of tanker vessels.

Andreas Michalopoulos

The company's Chief Executive Officer.

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What they’re saying

“Fiscal year 2025 represented another solid year for our Company. We generated revenues of $84.2 million, with a daily time charter equivalent (TCE) rate of $31,246, modestly below the strong results of 2024, when revenues reached $87.4 million and the TCE rate was $32,954. We nevertheless continued to deliver robust profitability, with net income rising to $50.0 million, supported in part by a gain from a vessel sale.”

— Andreas Michalopoulos, Chief Executive Officer (Performance Shipping Inc.)

What’s next

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The takeaway

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