Performance Shipping (NASDAQ:PSHG), a global specialist in tanker vessel ownership, announced on Wednesday that its full-year net income for 2025 reached $50 million, an increase from the $43.7 million reported in 2024.
The results reflect a year of strategic growth, marked by the delivery and immediate deployment of the newbuilding vessels P. Massport and P. Tokyo in the second half of the year.
For the fourth quarter ended December 31, 2025, the company reported net income of $7.6 million, compared to $9.7 million in the same period of the prior year.
Basic earnings per share for the quarter stood at $0.57, while diluted earnings were $0.19.
The quarterly decline in profit occurred despite a rise in total revenue, which climbed to $26.2 million from $21.7 million in the fourth quarter of 2024.
The increase in quarterly revenue was primarily driven by a rise in ownership days following the expansion of the fleet. However, the average Time Charter Equivalent (TCE) rate—a key industry measure of performance—dipped slightly to $32,221 per day in the fourth quarter, compared to $32,652 in the previous year.
Net revenue, which accounts for voyage expenses, rose to $24.6 million in the final three months of 2025.
For the full year 2025, basic earnings per share reached $3.87, up from $3.39 in 2024.
The company’s cash generation remained stable, though net cash provided by operating activities in the fourth quarter softened to $9.7 million, down from $12.1 million in the prior-year period.