Performance Shipping Reports Strong Fleet Utilization, Fleet Expansion

Performance Shipping reported its third-quarter financial results for 2025, highlighting solid fleet performance amidst softer market conditions.

For the three months ending September 30, 2025, the company posted net income of $3.9 million, a decrease from $12.4 million in the same period in 2024. This drop was primarily driven by reduced time-charter equivalent (TCE) rates and a decrease in available fleet days due to the scheduled drydocking of its Aframax tanker, M/T P. Aliki. Despite these challenges, the company’s revenue reached $18.5 million for the quarter, a slight decline from $22.9 million in Q3 2024.

Performance Shipping’s fleet of tankers saw an average TCE rate of $29,460 per day in the third quarter, down from $34,307 in the prior year. The company’s balanced deployment strategy, with a combination of spot market exposure and time-chartered vessels, supported revenue generation, particularly as Aframax rates averaged $37,500 per day.

For the nine months ended September 30, 2025, Performance Shipping reported a net income of $42.4 million, an increase from $34.0 million during the same period in 2024, with earnings per share of $3.30 (basic) and $1.09 (diluted).

Andreas Michalopoulos, CEO of Performance Shipping, commented on the company’s strategy, noting that the strong tanker