PSHG Performance Shipping Inc.
Price Chart
Executive Summary
Performance Shipping reported Q1 2026 net income of $10.2M ($0.26 diluted EPS) on revenue of $33.8M, compared to net income of $29.4M ($0.76 diluted EPS) on revenue of $21.3M in Q1 2025. The 59% revenue increase was driven by fleet expansion, while net income declined due to the absence of a $19.5M vessel sale gain in the prior year. The company highlighted a $0.5B revenue backlog with ~90% fixed charter coverage through 2026, but the historical read on this ticker shows neutral/long calls have consistently lost money at T+20 (-10.3% average), warranting caution.
Actionable Insight
The operational story (fleet growth, TCE improving, $0.5B backlog, vessel sales for cash) is positive, but diluted EPS fell sharply, the prior-year gain distorts comparability, and the stock's historical T+20 performance on prior reports is deeply negative (-10.3% avg, 0% win rate). This suggests the market may view the story skeptically despite strong charter coverage. Watch for closing of the vessel sales ($78M gross proceeds) and whether the fleet expansion translates to higher net income in upcoming quarters without one-off gains.
Key Facts
- Q1 2026 revenue $33.8M (+59% YoY) driven by fleet expansion from ~7 to ~11 vessels
- Net income $10.2M vs $29.4M in Q1 2025; prior year included $19.5M gain on vessel sale
- Diluted EPS $0.26 vs $0.76 YoY; basic EPS $0.79
- Fleet utilization improved to 99.7% from 97.6% YoY
- Average TCE rate $32,520/day vs $30,843/day YoY (+5.4%)
- Revenue backlog ~$0.5B with ~90% fixed charter coverage for rest of 2026, ~80% for 2027
- Completed $50M tap issuance at 103% of par under 9.875% Nordic bonds due 2029
- Entered agreements to sell two oldest vessels for $35.65M and $42.65M
- Ordered two Suezmax newbuildings at $81.5M each, delivered Oct 2028 and May 2029, with long-term charters to Repsol
- Cash, equivalents and restricted cash $126.6M at quarter-end, pro-forma ~$192M after vessel sales
- Diluted share count 39.3M including all warrants and convertible preferred; common shares 12.4M
Financial Impact
Revenue increased $12.4M YoY (+59%) but net income declined $19.2M due to absence of prior-year $19.5M vessel sale gain. $50M bond tap completed. Fleet expanding from 11 vessels to 14 with three newbuilds (2027-2029).
Risk Factors
- Tanker market outlook uncertain; seaborne oil trade in tonne-miles expected to decrease ~2.6% in 2026
- Diluted share count of 39.3M (including warrants/preferred) vs 12.4M basic shares creates massive dilution overhang
- Interest and finance costs surged to $5.7M from $0.04M YoY, reflecting new debt financing for fleet expansion
- Geopolitical risks (Middle East disruptions, sanctions) that support rates could reverse
- Three newbuilding vessels not delivered until 2027-2029, with ~$163M capital commitment
Market Snapshot
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3301196 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
May 26, 2026
17d ago
|
6-K
| $1.68 $1.70 | ▲ +1.19% | ▲ +0.72% | $1.78 (+5.95%) |
|
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%) |
|
Apr 16, 2026
8w ago
|
Press Release
| $1.90 $1.76 | ▼ −7.37% | ▼ −8.35% | $1.78 (−6.32%) |
|
Apr 14, 2026
8w ago
|
Press Release
| $1.88 $1.84 | ▼ −2.13% | ▼ −3.52% | $1.78 (−5.32%) |
|
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
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access