Performance Shipping profit rises to $11.9 million

• Performance Shipping (NASDAQ:PSHG) reported Q2 2026 net income of $11.9 million, up from $9.1 million a year earlier.
• Revenue increased to $34.7 million as fleet expansion supported higher operating activity.
• Performance Shipping reported more than $0.5 billion in contracted revenue backlog and no debt maturities before mid-2029.

Performance Shipping (NASDAQ:PSHG) reported second quarter 2026 revenue of $34.7 million and net income of $11.9 million, supported by fleet expansion.

Revenue increased from $18.1 million in Q2 2025, while average time charter equivalent rate rose slightly to $32,872 and net income attributable to common stockholders increased to $13.9 million.

The company reported basic and diluted earnings per share of $1.12 and $0.37, respectively, while net revenue after voyage expenses was $32.9 million during the quarter.

Following the announcement, Performance Shipping's share price was unchanged at $2.40.

For the first half of 2026, Performance Shipping reported revenue of $68.4 million and net income attributable to common stockholders of $23.7 million, while highlighting vessel sales of $78.3 million and $106 million in quarter-end cash.

Performance Shipping said it had more than $0.5 billion in contracted revenue backlog with an average duration of 3.4 years, extended charters at rates of up to $40,500 per day, and no debt maturities before mid-2029.