Performance Shipping, a global shipping company specializing in tankers owned by the Paleos family, remained on a profitable track in the third quarter of the year.
For the third quarter, the company reported net income of 12.4 million dollars and net income attributable to common shareholders of 12 million euros.
At the nine-month level, net income stood at 34 million, compared to net income of 44.5 million for the same period ended September 30, 2023.
Across the fleet, the average time charter rate for Q3 2024 was 34,307 dollars per day, compared to an average rate of 31,787 for the same period in 2023.
During Q3 2024 net cash provided by operating activities reached 16.1 million dollars, compared to net cash provided by operating activities of 17.9 million for Q3 2023.
Positive Performance
“We are pleased with our solid performance in Q3 2024 – tanker charter rates maintained their average annual levels, supported by limited supply growth and increased demand in tonne-kilometres resulting from longer tanker voyages due to the disruptions in the Red Sea and the increase in Atlantic-Asia trade,” said the company’s managing director, Andreas Michalopoulos.
