PSHG Performance Shipping
Tankers Crude Β· Aframax / Suezmax Β· 99 documents
Reporting basis & limitations
| Reported period | Months | Revenue basis / as of | Sources & reconciliation |
|---|---|---|---|
| 2026Q2 | β | derived: half-year 2026 minus Q1 2026, both issuer prints (no Q2 release) | source 1source 2 reported figure missing |
Reporting-period source notes
2026Q2
Performance Shipping's 10-vessel crude tanker fleet β 8 Aframax and 2 Suezmax β should earn about $32,699 a day in 2026Q3. All of those vessel-days are already fixed at rates Performance Shipping has disclosed.
What will Performance Shipping pay for 2026Q3?
Booked vs market $/day
| Class | Booked | At | Spot now |
|---|---|---|---|
| Fleet Β· applied to every class | 100% | $32,699 | β |
Rates in, dividend out 2026Q3
Model Your scenarioSet a rate per vessel class and the statement below re-prices: our modelβs figures in one column, yours beside them. These are your numbers, not our forecast and not company guidance; nothing you set is saved.
Latest rates
| Class | Company earned | Booked 2026Q3 | Market now | 8 weeks |
|---|---|---|---|---|
| LR2 Β· 8 | $32,5202026Q1 Β· fleet avg | $32,699100% of days | $314,9382026-10 median Β· 5 routes | +224% |
| Suezmax Β· 2 | $32,5202026Q1 Β· fleet avg | $32,699100% of days | $540,6212026-10 median Β· 4 routes | +222% |
Company earned: the issuerβs own reported TCE (linked). Booked: cover the issuer printed for 2026Q3. Market now: the median across the broker route prints we hold for the class β a derived blend, not a vendor index; the trend is rebased to 100 eight weeks ago.
Your rates open days only β booked days stay at the booked rate
2026Q3 P&L and cash
| Line | Model | Your scenario | Ξ | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Vessel-days, days modelledShips on the fleet list Γ the quarter's calendar days for LR2, Suezmax: no off-hire or drydock days are deducted there. |
920 | 920 | |||||||||||||
By class
| |||||||||||||||
| Fleet TCE, $/day modelled | 32,699 | 32,699 | |||||||||||||
Revenue (TCE basis), $m modelledVessel-days Γ fleet TCE. |
30.1 | 30.1 | |||||||||||||
Vessel opex, $m assumedAs reported for 2026Q2. Disclosed, but no break-even derives from them: missing cash-cost component(s): mandatory_amortization_usd_m. Source (2026Q2) |
(8.1) | ||||||||||||||
G&A, $m assumedAs reported for 2026Q2. Disclosed, but no break-even derives from them: missing cash-cost component(s): mandatory_amortization_usd_m. Source (2026Q2) |
(1.9) | ||||||||||||||
EBITDA, $mNeeds vessel opex and G&A on a per-day basis; missing cash-cost component(s): mandatory_amortization_usd_m. |
β | β | |||||||||||||
Hire for chartered-in ships, $mNot on file for any quarter (not extracted, or not disclosed). |
β | ||||||||||||||
Interest expense, $m assumedAs reported for 2026Q2. Disclosed, but no break-even derives from them: missing cash-cost component(s): mandatory_amortization_usd_m. Source (2026Q2) |
(5.9) | ||||||||||||||
Scheduled debt amortisation, $mNot on file for any quarter (not extracted, or not disclosed). |
β | ||||||||||||||
Drydock cost, $mNo separate drydock cash line on file. |
β | β | |||||||||||||
Cash break-even, $/dayNo cash break-even: missing cash-cost component(s): mandatory_amortization_usd_m. |
β | β | |||||||||||||
| Cushion vs fleet TCE, $/day | β | β | |||||||||||||
Free cash flow to equity, $mNo cash break-even: missing cash-cost component(s): mandatory_amortization_usd_m. |
β | β | |||||||||||||
Maintenance capex, $mNot disclosed as a cash line; not in the modelβs cash. |
β | ||||||||||||||
Dividend policy
No stated payout policy on file.
| Output | Model | Your scenario | Ξ |
|---|---|---|---|
| Estimated DPS, $/share | β | ||
| Forward yield, run-rate % | β |
Yield annualises the quarterβs DPS Γ 4 (a run-rate, not a forecast of the year) against the $1.53 close on 2026-10-16.
No dividend is modelled for 2026Q3: its cash costs are on file except scheduled debt amortisation, so no cash break-even can be built yet.
Showing the modelβs own figures. Setting your own rates needs JavaScript.
Why no forward dividend next step: cost stack / debt service
This page prices a fleet, takes off its cash costs and debt service, and measures what is left against the payout. The step it cannot take today: its cash costs are on file except scheduled debt amortisation, so no cash break-even can be built yet. A filing that separates opex, g&a and debt service unblocks it.
What is on file:
- 10-vessel fleet β 8 Aframax and 2 Suezmax
- realized fleet TCE of $32,520/day in 2026Q1
Every company's position on the modelling chain, and what each page can and cannot answer yet: coverage.
Market context β rates, the dividend, and the price
Fleet rate
Reported fleet TCE. This company declares no dividend, so there is nothing to pay out against it.
How we got the number
How to read this page
Every figure here is built the same way: the fleet's vessel-days are priced at the rate its classes earned, costs and debt service come off, and what is left is measured against the dividend the company actually declared. Nothing is estimated where it can be sourced, and a number that cannot be sourced is withheld rather than filled in. The full method, and the rates behind it β
No departure from the method above is recorded for PSHG; the inputs and their basis are listed below.
What drives it β fleet TCE, 2026Q3
Financials & fleet
Latest quarter 2026Q2 2 qtrs old
8Γ aframax Β· 2Γ suezmax current
Fleet model β 2026Q3
Fleet model estimate β not issuer guidance.
| Class | Ships | TC | Spot | % Fixed | Guided $/d | Spot $/d | Blended $/d | QTD rev $M | Modeled Q rev $M |
|---|---|---|---|---|---|---|---|---|---|
| LR2 | 8 | β | β | 100% | 32,699 | 99,747 | 32,699 | β | 24.1 |
| Suezmax | 2 | β | β | 100% | 32,699 | 185,993 | 32,699 | β | 6.0 |
| Total | 10 | 32,699 | β | 30.1 | |||||
Guided rates are issuer-booked cover for 2026Q3 blended with Gibson and route-basket spot medians for the open days.
Bear uses booked coverage only; Base adds open vessels at this issuer's realized share of the latest Gibson median; Bull reruns them at the same share of the recent 3-month peak index.
Expected DPS suppressed: debt service unknown β earnings bridge carries no mandatory amortization; the model refuses to assume it is zero. (debt-service basis: carried forward)
Expected DPS suppressed: no verbatim payout policy located in the corpus.
Model gaps & assumptions
aframax: using issuer guidance 100% fixed @ $32,699/day β a FLEET-wide figure applied to this class; the issuer did not split coverage by class Β· suezmax: using issuer guidance 100% fixed @ $32,699/day β a FLEET-wide figure applied to this class; the issuer did not split coverage by class Β· aframax: 2026Q3 has ended β open days are priced at the mean of its own monthly medians, $99,747/day, not the newest month (owner 2026-10-19) Β· suezmax: 2026Q3 has ended β open days are priced at the mean of its own monthly medians, $185,993/day, not the newest month (owner 2026-10-19) Β· one-model DPS not used: fewer than 3 quarters of rate and dividend history, no break-even, or it does not explain the company's own dividends (RΒ² < 0.5) Β· DPS chain unscoreable β missing: payout ratio (no quantified policy, no payout multiple in the quarter files); share count
Profit statement highlights
| Line | 2026Q2 | 2026Q1 | YoY Ξ |
|---|---|---|---|
| Revenue | $34.7M | $33.8M | +91.0% |
| Opex | $8.1M | $7.7M | +78.1% |
| Net income | $11.9M | $10.2M | +31.2% |
reconciliation: reported figure missing (2026Q2) earnings bridge incomplete β treat income-derived figures as provisional
Full P&L grid β 6 quarters
| Line item | 2026Q2 | 2026Q1 | 2025Q4 | 2025Q3 | 2025Q2 | 2025Q1 |
|---|---|---|---|---|---|---|
| Revenue $M | 34.7 | 33.8 | 26.2 | 18.5 | 18.1 | 21.3 |
| Voyage expenses $M | 1.8 | 2.0 | 1.6 | 1.0 | 0.5 | 2.1 |
| Vessel opex $M | 8.1 | 7.7 | 6.4 | 6.1 | 4.6 | 4.5 |
| G&A $M | 1.9 | 2.5 | 3.2 | 2.6 | 1.8 | 2.1 |
| Depreciation $M | 5.7 | 6.5 | 4.8 | 3.8 | 3.1 | 3.3 |
| Interest expense, gross $M | β | β | β | β | β | 0.0 |
| Net income $M | 11.9 | 10.2 | 7.6 | 3.9 | 9.1 | 29.4 |
| Declared DPS | β | β | β | β | β | β |
Realized fleet TCE
Realized fleet TCE versus benchmark: 5 points, 2025-01-01 to 2026-01-01; Realized fleet TCE latest 32,520.00.
Benchmark comparison will appear once issuer-printed benchmark data is available.
Guidance & sources
Issuer guidance β forward-looking
No current-quarter guidance on file.
Historical guidance (1 rows)
| Period | Metric | Value | Coverage | As of | Source |
|---|---|---|---|---|---|
| 2026Q3 | Fleet time charters (H1 2026, carried) | $32,699 | 100% | 2026-07-31 |
Sources β press, filings & documents
Press & filings by quarter
Recent documents
- edgar 2026-10-06 6-K β Current Report (2026-10-06)
- edgar 2026-10-06 6-K exhibit (2026-10-06)
- edgar 2026-10-06 6-K exhibit (2026-10-06)
- edgar 2026-07-31 6-K β Current Report (2026-07-31)
- edgar 2026-07-15 6-K β Current Report (2026-07-15)
- edgar 2026-07-15 6-K exhibit (2026-07-15)
- edgar 2026-07-15 6-K exhibit (2026-07-15)
- edgar 2026-07-08 6-K β Current Report (2026-07-08)
- edgar 2026-07-08 6-K exhibit (2026-07-08)
- edgar 2026-07-06 6-K β Current Report (2026-07-06)
- edgar 2026-07-06 6-K exhibit (2026-07-06)
- edgar 2026-06-29 6-K β Current Report (2026-06-29)