PSHG Performance Shipping Inc.
Price Chart
Executive Summary
Performance Shipping Inc. reported Q1 2026 net income of $10.2M, down from $29.4M in Q1 2025 (which included a $19.5M vessel sale gain). Revenue rose 58% to $33.8M on fleet expansion, and operating cash flow improved to $23.0M. The company highlighted a ~$500M revenue backlog, 90% charter coverage for 2026, and strong liquidity of $127M, but the headline earnings decline and massive diluted EPS drop ($0.26 vs $0.76) temper the positive operational narrative.
Actionable Insight
The earnings beat on revenue but miss on net income creates a mixed signal. The strong charter backlog and fleet expansion support the bull case, but the massive diluted EPS decline and heavy debt load ($314M) warrant caution. Watch for vessel sale closings in Q2-Q3 2026 and any updates on spot market exposure for the two vessels coming off charter later this year.
Key Facts
- Q1 2026 net income of $10.2M vs $29.4M in Q1 2025; prior year included $19.5M gain on vessel sale
- Revenue increased 58% to $33.8M from $21.3M, driven by fleet expansion to 11 vessels from 6
- Diluted EPS fell to $0.26 from $0.76; basic EPS fell to $0.79 from $2.33
- Average TCE rate improved to $32,520/day from $30,843/day
- Operating cash flow rose to $23.0M from $15.5M
- Cash and restricted cash of $126.6M, up from $49.3M at year-end 2025
- Completed $50M tap issuance of 9.875% Nordic bonds due 2029
- Secured long-term charters for two new Suezmax newbuildings with Repsol at $35,000-$36,850/day
- Agreed to sell two oldest vessels (P. Sophia and P. Aliki) for combined $78.3M
- Revenue backlog of nearly $500M with ~90% charter coverage for remaining 2026
Financial Impact
Revenue up $12.4M (+58%) but net income down $19.2M (-65%); diluted EPS down $0.50 (-66%)
Risk Factors
- Tanker spot rates are highly volatile and could decline from current elevated levels
- Significant debt of $314M vs $333M equity; interest costs rose to $5.7M from $35K
- Massive warrant overhang: 7.8M+ warrants exercisable at $1.65-$2.25 vs current stock price
- Two oldest vessels being sold reduce fleet size and earnings capacity
- Seaborne oil trade expected to decline 2.6% in 2026 per industry estimates
Market Snapshot
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001140361-26-022858 |
| Document: ef20074939_6k.htm | 0001140361-26-022858 |
| Document: 0001140361-26-022858-index-headers.html | 0001140361-26-022858 |
| Document: 0001140361-26-022858-index.html | 0001140361-26-022858 |
| Document: 0001140361-26-022858.txt | 0001140361-26-022858 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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May 26, 2026
17d ago
|
6-K
| $1.68 $1.70 | ▲ +1.19% | ▲ +0.72% | $1.78 (+5.95%) |
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May 26, 2026
18d ago
|
Press Release
| $1.70 $1.70 | · 0.00% | ▼ −1.08% | $1.78 (+4.71%) |
|
May 22, 2026
22d ago
|
EFFECT
| $1.65 $1.70 | ▼ −3.03% | ▼ −1.37% | $1.78 (−7.88%) |
|
Apr 27, 2026
6w ago
|
Press Release
| $1.89 $1.82 | ▼ −3.70% | ▼ −5.40% | $1.78 (−5.82%) |
|
Apr 16, 2026
8w ago
|
6-K
| $1.91 $1.81 | ▼ −5.24% | ▼ −5.79% | $1.78 (−6.81%) |
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Apr 16, 2026
8w ago
|
Press Release
| $1.90 $1.76 | ▼ −7.37% | ▼ −8.35% | $1.78 (−6.32%) |
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Apr 14, 2026
8w ago
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Press Release
| $1.88 $1.84 | ▼ −2.13% | ▼ −3.52% | $1.78 (−5.32%) |
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Mar 4, 2026
14w ago
|
Press Release
| $2.17 $2.34 | ▲ +7.83% | ▲ +9.17% | $1.78 (−17.97%) |
|
Mar 2, 2026
14w ago
|
Press Release
| $2.38 $2.28 | ▼ −4.20% | ▼ −3.72% | $1.78 (−25.21%) |
US Market Status
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