Announced on 07/29/26, Performance Shipping (PSHG) announced their Q2 2026 results. Touch on the high points
- Rev of $34.7M
- Net Income to common shareholders $13.9M
- Placed orders for a pair of Suezmax newbuilds (already have multi-year TC contracts for each vessel)
- Arranged to sell two oldest vessels - each one an Aframax vessels, at least 15 years old.
- Some vessel refinancing activity. But also, significant liquidity at end of Q2 2026. Expected to increase as the older vessels get monetized.
The Press release indicates all the Series B Convertible Cumulative Preferred Shares have been redeemed. But there is still some Series A warrants and the Series C Convertible Preferred equity (the latter is the more dilutive issue). PSHG mention the heigh spot rates across all tanker sizes. But, given PSHG opted to fix their vessels on TC, they have no way to extract major benefit from the higher spot rates.