Performance Shipping Inc.
- Open
- 1.68
- Day high
- 1.69
- Day low
- 1.67
- Prev close
- 1.69
- Volume
- 25K
- Mkt cap
- $21M
- P/E (TTM)
- 0.7
- EPS (TTM)
- $2.33
- P/B
- 0.1
- P/S
- 0.2
- Yield
- —
- Per share
- —
Performance Shipping Inc. (PSHG) is a Industrials company listed on NASDAQ. The stock is down 5% over the past year.
Performance Shipping Inc. (PSHG) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
PSHG earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 26, 2026 | $0.22 | $0.26 | +16.1% | $34M | +7.3% |
| Mar 4, 2026 | $0.17 | $0.19 | +11.8% | $26M | +11.0% |
| Nov 25, 2025 | $0.24 | $0.10 | -58.3% | $19M | -0.3% |
| Jul 30, 2025 | $0.19 | $0.23 | +23.3% | $18M | -14.4% |
| May 27, 2025 | $0.20 | $0.76 | +280.0% | $21M | +1.0% |
| Feb 20, 2025 | $0.28 | $0.25 | -10.7% | $22M | -3.0% |
| Nov 7, 2024 | $0.25 | $0.32 | +28.0% | $23M | -0.7% |
| Jul 25, 2024 | $0.26 | $0.26 | +0.0% | $21M | -2.7% |
| May 30, 2024 | $0.26 | $0.29 | +11.5% | $22M | +1.2% |
| Mar 7, 2024 | $0.69 | $0.63 | -8.7% | $24M | +7.9% |
| Nov 27, 2023 | $0.28 | $0.27 | -3.6% | $24M | -5.1% |
| Jul 27, 2023 | $16.20 | $0.46 | -97.2% | $31M | — |
PSHG insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 27, 2017 | Peter Gyllenhammar AB | Sell | 350,000 | $0.23 |
| Jul 26, 2017 | Peter Gyllenhammar AB | Sell | 180,000 | $0.63 |
Source: PSHG SEC Form 4 filings, latest Jul 27, 2017. For informational purposes only — not investment advice.
See the full PSHG insider & 13F page →Performance Shipping Inc. company profile
Overview
Performance Shipping Inc. (NASDAQ:PSHG) is a Greek-based shipping company that was incorporated in 2010 and went public in 2011. The company operates in the global maritime transportation industry, providing crude oil and petroleum product shipping services through its fleet of tanker vessels. Based in Athens, Greece, Performance Shipping has established itself as a focused player in the Aframax tanker segment, operating five vessels with a combined carrying capacity of 546,094 deadweight tons (dwt). The company has experienced significant financial volatility typical of the cyclical shipping industry, with recent years showing strong profitability following the challenging market conditions of the early 2020s.
Business
Performance Shipping operates exclusively in the marine shipping industry, specifically focusing on the transportation of crude oil and refined petroleum products via ocean-going tanker vessels. The company owns and operates a fleet of five Aframax tankers, which are medium-sized oil tankers typically ranging from 80,000 to 120,000 deadweight tons. Aframax tankers represent a crucial segment of the global oil transportation fleet, named after the Average Freight Rate Assessment system used for pricing. These vessels are designed to carry crude oil and petroleum products across international waters, serving as the critical link between oil-producing regions and refineries or storage facilities worldwide. The size of Aframax tankers makes them versatile enough to access most major ports while still achieving economies of scale in transportation. The company's fleet operates in the spot charter market, where vessels are hired for individual voyages or short-term periods based on prevailing market rates. This business model exposes the company to the volatile nature of shipping rates, which fluctuate based on global oil demand, seasonal patterns, geopolitical events, and the overall supply-demand balance in the tanker market. Performance Shipping's vessels transport cargo for major oil companies, trading houses, and other charterers who need to move petroleum products between different geographic locations.
Revenue model
Performance Shipping generates revenue through vessel charter operations, earning daily charter rates for transporting crude oil and petroleum products. The company operates under a spot charter model, where vessels are hired for individual voyages or short-term contracts at prevailing market rates. Charter rates are typically quoted on a per-day basis and can vary significantly based on market conditions. The company's customers include major oil companies, petroleum traders, and other shipping companies that need to transport oil products between different global locations. Payment is generally received based on the duration of the charter and the agreed daily rate, with customers paying for fuel, port charges, and other voyage-related expenses in addition to the base charter fee. Several factors significantly impact Performance Shipping's profitability margins. Positive margin drivers include increased global oil demand, seasonal shipping patterns (particularly winter heating demand), geopolitical tensions that disrupt normal shipping routes, port congestion that reduces effective vessel supply, and overall economic growth that drives energy consumption. Negative margin pressures come from new vessel deliveries increasing fleet supply, economic downturns reducing oil demand, efficient shipping routes that reduce voyage times, high fuel costs when operating under certain charter arrangements, and increased competition from other tanker operators. The cyclical nature of the shipping industry means that charter rates can fluctuate dramatically, with the company experiencing periods of very high profitability followed by challenging market conditions. Operational costs including crew wages, maintenance, insurance, and regulatory compliance remain relatively fixed regardless of charter rates, creating significant operating leverage in both directions.
Competitive moat
Performance Shipping operates in a highly competitive and commoditized industry with limited sustainable competitive advantages. The company's primary assets are its five Aframax tankers, which are essentially interchangeable with similar vessels operated by numerous competitors worldwide. The shipping industry is characterized by transparent pricing, standardized services, and low switching costs for customers. The company's modest scale provides little competitive advantage compared to larger shipping conglomerates that can achieve better economies of scale, more diverse geographic coverage, and stronger relationships with major oil companies. Performance Shipping lacks the fleet size to offer comprehensive logistics solutions or guarantee vessel availability during peak demand periods. However, the company does benefit from some modest defensive characteristics. The global tanker fleet has a limited supply that cannot be quickly expanded due to the long lead times required for shipbuilding. Additionally, aging vessels eventually require replacement, and stringent environmental regulations are making older tankers obsolete, potentially reducing effective supply over time. The primary competitive threats come from larger, more diversified shipping companies with stronger balance sheets, newer fleets, and established customer relationships. New vessel construction by competitors, particularly in Asia, represents a constant threat to charter rates. The company is also vulnerable to technological disruption, changes in global trade patterns, and shifts toward alternative energy sources that could reduce long-term demand for oil transportation services.
Risks & safety
Performance Shipping demonstrates a strong financial position with excellent liquidity and minimal debt burden, providing substantial margin of safety for investors. • Cash and liquidity: The company maintains $70.3 million in cash and short-term investments as of Q4 2024, representing over 21% of total assets, with no apparent cash burn issues given positive operating cash flows. • Debt levels: Very low debt-to-equity ratio of 0.17, indicating minimal financial leverage and low solvency risk. • Valuation metrics: Extremely attractive valuation with P/E ratio of 0.53, price-to-book ratio of 0.08, and EV/EBITDA of 0.003, suggesting the stock trades at a significant discount to intrinsic value. • Profitability: Strong recent performance with $43.7 million net income on $87.4 million revenue in 2024, demonstrating 50% net profit margins. • Current ratio: Excellent liquidity position with current ratio of 5.29, indicating strong ability to meet short-term obligations. • Other considerations: The cyclical nature of shipping creates earnings volatility risk, and the company's small scale makes it vulnerable to market downturns, though current financial strength provides substantial cushion.
Recent development
Based on the available financial data, Performance Shipping has focused on maintaining operational efficiency and financial discipline rather than pursuing major strategic pivots or fleet expansion. The company has demonstrated strong cash generation capabilities throughout 2024, with operating cash flows of $59.7 million for the full year. The most notable development has been the company's exceptional financial performance recovery following the challenging shipping market conditions of recent years. After generating $69.4 million in net income during 2023, the company maintained strong profitability in 2024 with $43.7 million in net income, though this represents a decline from the peak 2023 performance as charter rates normalized. The company has maintained a conservative capital allocation strategy, building substantial cash reserves rather than pursuing aggressive fleet expansion or acquisitions. This approach has resulted in a very strong balance sheet with over $70 million in cash, providing significant financial flexibility for future opportunities or market downturns. Performance Shipping appears to have focused on optimizing vessel utilization and maintaining high operational standards rather than expanding its fleet size. The company's five-vessel fleet has remained stable, suggesting management's preference for maximizing returns from existing assets rather than taking on additional capital commitments during uncertain market conditions.
PSHG company profile · for informational purposes only — not investment advice.
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