Performance Shipping remained on a profitable track in the first half of this year despite the correction of the freight market from last year’s levels.
The US-listed company also received a “vote of confidence” from investors, as Alliance Global Partners recommended a “buy” rating.
In terms of results, the shipping company’s revenue reached 42.87 million dollars in the first half of 2024 from 60.98 million dollars in the corresponding period last year, while net profit reached 21.6 million dollars from 34 million dollars a year ago.
In the second quarter of 2024, Performance Shipping recorded revenue of 20.5 million dollars, up from 31.45 million dollars in the same period in 2023, while profitability for the current year stood at 10.18 million dollars from 18.38 million dollars last year.
The reduced results are attributed to the decline in the average daily time charter on an annual basis.
In particular, the TCE of the fleet rose in this year’s first half to 32,414 dollars from 41,526 dollars in the corresponding period of 2023.
The company manages a total of seven tankers, of the aframax type.
At the same time, Performance Shipping is “running” a shipbuilding program for four tankers, three of the LR2 type, which have “LNG-ready” specifications and one LR1.
The listed company has already secured five-year charter contracts for the three LR2s, which will generate gross proceeds of 169.8 million dollars.
