“Our company remains committed to executing its fleet renewal and expansion strategy, aiming to acquire a younger, more competitive, and environmentally sustainable fleet,” said Performance Shipping chief Andreas Michalopoulos, adding that this will be pursued through a combination of the company’s newbuilding program and selective acquisitions of secondhand vessels.
The Greek tanker owner Performance Shipping led-by chairperson of its board Aliki Paliou has reported net income of $9.1m for the second quarter of 2025. These results are compared to a net income of $10.2m for the same period in 2024.
The company’s revenue stood at $18.1m for the second quarter of 2025, compared to $20.5m for the same period last year.
This decrease was attributable to the decrease in the ownership days following the sale of the vessel P. Yanbu in March 2025, the shipowner said, despite the increase in time-charter equivalent rates realized during the quarter.
Meanwhile, the net income for the six months ended June 30 amounted to $38.5m, compared to a net income of $21.6m for the six months ended June 30, 2024.
Commenting on the results of the second quarter of 2025, Andreas Michalopoulos, the company’s chief executive officer, stated: “During the second quarter of 2025, the tanker market remained firm, supported by steady ton-mile demand and heightened volatility particularly in June due to geopolitical tensions in the Middle East.
“Our company, through its balanced fleet deployment strategy and efficient vessel operations, delivered solid financial results and achieved a fleetwide average time charter equivalent (TCE) rate of $32,295 per day.
“This TCE rate, resulting in aggregate revenues of $18.1 million, compares favorably to the average rate of $30,970 per day during the equivalent period in 2024. This strong performance was achieved despite operating a smaller fleet and in a softer charter rate environment. Indicatively, the average Aframax tanker charter rate stood at $42,765 per day during the second quarter of 2025, representing a 16% year-over-year decline from the average daily charter rate of $51,140 per day recorded in the same period last year.”
Regarding the company’s fleet renewal and expansion strategy, the chief executive stated: “Our financial strength, enhanced by our access to $100 million of non-dilutive and leverageable capital raised through our successful Nordic bond offering completed in July, provides significant liquidity to pursue our acquisition strategy. Our financial position remains robust, evidenced by a quarter-end -adjusted for the bond proceeds- cash position of approximately $192 million, and an aggregate secured revenue backlog of approximately $240 million.
“With a disciplined and conservative capital structure, we are well positioned to pursue fleet expansion initiatives that support long-term growth and sustainable value creation for our shareholders.”
