Performance Shipping Inc. reported net income of $9.1 million for the second quarter of 2025, compared to $10.2 million for the same period in 2024. Net income attributable to common stockholders was $8.6 million, down from $9.7 million in the prior year's second quarter.
Revenue for the second quarter of 2025 was $18.1 million, or $17.6 million net of voyage expenses, a decrease from $20.5 million in Q2 2024. This decrease was primarily due to fewer ownership days following the sale of the M/T P. Yanbu in March 2025, despite an increase in time-charter equivalent (TCE) rates.
The fleetwide average TCE rate for the second quarter of 2025 was $32,295, an increase from $30,970 in the corresponding period of 2024. The average Aframax tanker charter rate stood at $42,765 per day during Q2 2025, representing a 16% year-over-year decline from $51,140 per day in Q2 2024.
For the six months ended June 30, 2025, net income amounted to $38.5 million, a significant increase from $21.6 million in 2024. Net income attributable to common stockholders for the six months was $37.6 million, resulting in basic and diluted earnings per share of $3.02 and $1.00, respectively, compared to $1.68 and $0.55 in the prior year.
The company's financial strength was enhanced by access to $100 million of non-dilutive capital from its successful Nordic bond offering. The quarter-end cash position, adjusted for bond proceeds, was approximately $192 million, and the aggregate secured revenue backlog stood at approximately $240 million.
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