Performance Shipping Inc. reported net income of $29.4 million for the first quarter of 2025, a significant increase from $11.4 million in the same period of 2024. Net income attributable to common stockholders rose to $29.0 million, representing a 164% year-over-year increase from $11.0 million in Q1 2024.
Earnings per share, basic and diluted, for the first quarter of 2025 were $2.33 and $0.76, respectively. Revenue for the quarter was $21.3 million, or $19.2 million net of voyage expenses, a slight decrease from $22.4 million in Q1 2024, primarily due to fewer ownership days following the sale of the M/T P. Yanbu.
The fleetwide average time-charter equivalent (TCE) rate for the first quarter of 2025 was $30,843, compared to $33,857 in Q1 2024. Despite a significant softening in crude oil tanker charter rates, the company generated strong financial results, with average Aframax tanker spot rates averaging approximately $40,700 per day during the current quarter.
A key driver of the strong net income was a gain on vessel sale of $19.5 million from the M/T P. Yanbu transaction, which was concluded at a gross sale price of $39 million. The company's cash balance, including restricted cash, stood at approximately $108.3 million at quarter-end, representing 2.4 times its outstanding bank debt.
The aggregate revenue backlog remained robust at $220 million, supported by the newbuild program and strategic long-term partnerships. The company continues to execute its fleet renewal and expansion strategy, focusing on selective acquisitions and opportunistic sales of older vessels.
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