PSHG Performance Shipping

Tankers Crude · Aframax / Suezmax · 99 documents

Reporting basis & limitations

Reported period	Months	Revenue basis / as of	Sources & reconciliation
2026Q2	—	derived: half-year 2026 minus Q1 2026, both issuer prints (no Q2 release)	source 1 source 2 reported figure missing

Reporting-period source notes

2026Q2

Performance Shipping's 10-vessel crude tanker fleet — 8 Aframax and 2 Suezmax — 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?

Company said

Performance Shipping has booked 100% of its 2026Q3 days (2026-07-31, source; by class on the right). It does not say what it will pay — turning its rates into a dividend is our job.

$32,699/d

booked average

—

no dividend given

Our model

No forecast yet — why.

$32,699/d

modelled

—

Booked vs market $/day

Class	Booked	At	Spot now
Fleet · applied to every class	100%	$32,699	—

Rates in, dividend out 2026Q3

Model Your scenario

Set a rate per vessel class and the statement below re-prices: our model’s 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 · 8	$32,5202026Q1 · fleet avg	$32,699100% of days	$314,9382026-10 median · 5 routes	+224%
Suezmax · 2	$32,5202026Q1 · fleet avg	$32,699100% of days	$540,6212026-10 median · 4 routes	+222%

Company earned: the issuer’s 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 — a derived blend, not a vendor index; the trend is rebased to 100 eight weeks ago.

Your rates open days only — booked days stay at the booked rate

LR2 100% booked at $32,699 · 0 open days

$/d

Suezmax 100% booked at $32,699 · 0 open days

$/d

2026Q3 P&L and cash

Model

Your scenario

Vessel-days, days modelled

Ships on the fleet list × the quarter's calendar days for LR2, Suezmax: no off-hire or drydock days are deducted there.

920

By class

Class	Days	Model $/day	Yours $/day
LR2	736	32,699	32,699
Suezmax	184	32,699	32,699

Fleet TCE, $/day modelled

32,699

Revenue (TCE basis), $m modelled

Vessel-days × fleet TCE.

30.1

Vessel opex, $m assumed

As 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 assumed

As 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, $m

Needs vessel opex and G&A on a per-day basis; missing cash-cost component(s): mandatory_amortization_usd_m.

—

Hire for chartered-in ships, $m

Not on file for any quarter (not extracted, or not disclosed).

—

Interest expense, $m assumed

As 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, $m

Not on file for any quarter (not extracted, or not disclosed).

—

Drydock cost, $m

No separate drydock cash line on file.

—

Cash break-even, $/day

No cash break-even: missing cash-cost component(s): mandatory_amortization_usd_m.

—

Cushion vs fleet TCE, $/day

—

Free cash flow to equity, $m

No cash break-even: missing cash-cost component(s): mandatory_amortization_usd_m.

—

Maintenance capex, $m

Not disclosed as a cash line; not in the model’s cash.

—

Dividend policy

No stated payout policy on file.

Output	Model	Your scenario	Δ
Estimated DPS, $/share	—
Forward yield, run-rate %	—

Yield annualises the quarter’s DPS × 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 model’s 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 — 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 — rates, the dividend, and the price

Fleet rate

Realized fleet TCEModel

forecast →

$0k

$20k

$40k

2025Q1

2025Q2

2025Q3

2025Q4

2026Q1

2026Q2

2026Q3

2026Q4

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 →

No departure from the method above is recorded for PSHG; the inputs and their basis are listed below.

What drives it — fleet TCE, 2026Q3

Expected fleet TCE

$32,699/d

STATED

Days already fixed

100%

at disclosed rates

Financials & fleet

Latest quarter 2026Q2 2 qtrs old

Fleet

Realized TCE

$32,520/d 2026Q1

Declared DPS

—

TTM DPS

—

Coverage

—

Revenue

$34.7M

Opex

$8.1M

Net income

$11.9M

8× aframax · 2× suezmax current

Fleet model — 2026Q3

Fleet model estimate — not issuer guidance.

Class	Ships	TC	Spot	% Fixed	Guided $/d	Spot $/d	Blended $/d	QTD rev $M	Modeled Q rev $M
LR2	8	—	—	100%	32,699	99,747	32,699	—	24.1
Suezmax	2	—	—	100%	32,699	185,993	32,699	—	6.0
Total	10						32,699	—	30.1

Guided rates are issuer-booked cover for 2026Q3 blended with Gibson and route-basket spot medians for the open days.

Revenue if rates hold

$30.1M

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 — 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 — a FLEET-wide figure applied to this class; the issuer did not split coverage by class · suezmax: using issuer guidance 100% fixed @ $32,699/day — a FLEET-wide figure applied to this class; the issuer did not split coverage by class · aframax: 2026Q3 has ended — open days are priced at the mean of its own monthly medians, $99,747/day, not the newest month (owner 2026-10-19) · suezmax: 2026Q3 has ended — open days are priced at the mean of its own monthly medians, $185,993/day, not the newest month (owner 2026-10-19) · 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 (R² < 0.5) · DPS chain unscoreable — missing: payout ratio (no quantified policy, no payout multiple in the quarter files); share count

Profit statement highlights

Line	2026Q2	2026Q1	YoY Δ
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 — treat income-derived figures as provisional

Full P&L grid — 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	—	—	—	—	—	0.0
Net income $M	11.9	10.2	7.6	3.9	9.1	29.4
Declared DPS	—	—	—	—	—	—

Realized fleet TCE

Benchmark comparison will appear once issuer-printed benchmark data is available.

Guidance & sources

Issuer guidance — 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	print

Sources — press, filings & documents

Press & filings by quarter

Quarter	Report	Presentation	Dividend	Other
2026Q4	6-K, 6-K exhibit, 6-K exhibit	—	—	—
2026Q3	6-K, 6-K, 6-K exhibit, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K exhibit	—	—	—
2026Q2	6-K, 6-K exhibit, 6-K, 6-K exhibit, 20-F, 6-K, 6-K exhibit, 6-K, 6-K exhibit	—	—	—
2026Q1	6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K exhibit	—	—	—
2025Q4	6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K exhibit, 6-K, 6-K exhibit, 6-K exhibit, 6-K, 6-K exhibit	—	—	—
2025Q3	6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K, 6-K exhibit, 6-K, 6-K exhibit	—	—	—
2025Q2	6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K exhibit, 20-F, 6-K, 6-K exhibit	—	—	—
2025Q1	6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K exhibit, 6-K, 6-K exhibit	—	—	—
2024Q4	6-K, 6-K, 6-K, 6-K, 6-K, 6-K, 6-K	—	—	—
2024Q3	6-K, 6-K, 6-K	—	—	—
2024Q2	6-K, 6-K, 6-K, 6-K	—	—	—
2024Q1	20-F, 6-K, 6-K	—	—	—