The average time charter equivalent (TCE) rates for the fleet were set at $29,460 per day, lower than last year’s performance, but within a strong environment for aframaxes, where spot levels reached $37,500 per day.
At the same time, the results for the quarter ended September 30 amounted to $3.9 million, compared to $12.4 million in the corresponding period of 2024, with basic earnings per share set at $0.28.
Revenues for the same period were set at $18.5 million, affected by lower freight rates and a reduction in available days due to dockings.
Commenting on the results, the company’s Chief Executive Officer, Andreas Michalopoulos, emphasized that the quarter was affected by increased financial and operational costs, as well as reduced available sailing days, however, the company’s growth strategy significantly strengthens the prospects.
A central role in Performance Shipping’s new profile is the significant fleet expansion. The company agreed to acquire two modern 2019-built suezmaxes, with a secured three-year charter at $36,500 per day, while also securing two-year or five-year contracts for other aframaxes and LR2 tankers.
The result was an increase in contracted revenues to $330 million and a strengthening of the chartered coverage to 70% for 2026.
At the same time, the strengthening of liquidity through the issuance of a $100 million bond raised available funds to $212 million, allowing the company to finance the rapid renewal of its fleet.
With vessel ownership increasing by 75% in terms of capacity within one year and the average age decreasing to 9.2 years, Performance Shipping is entering a phase of upgrade and strong prospects, also in view of the positive winter season for aframaxes.
