Performance Shipping, a global shipping company specializing in tankers, remained on a positive course in 2024.
The US-listed shipping company announced net profits of 43.7 million dollars, compared to net profits of 69.4 million in the same period last year.
The decrease in revenue and profitability was attributed to the sale of the vessel “P. Kikuma” in December 2023, as well as the decline in time charter equivalent (TCE) rates.
The average time charter rate stood at 32,652 dollars per day in the fourth quarter of 2024, compared to an average rate of 33,114 in the same period in 2023.
During the fourth quarter of 2024, net cash from operating activities stood at 12.1 million dollars, compared to net cash from operating activities of 9.3 million dollars in the fourth quarter of 2023.
Performance
Commenting on the results, the company’s CEO, Andreas Michalopoulos, emphasized that the company’s ability to maintain stable revenues year-on-year, despite the sharp decline in freight rates, demonstrates the efficient operation of the ships and the balanced development strategy of Performance’s fleet.
According to him, in early 2025, charter rates decreased to 29,328 dollars despite the seasonally high winter season. “We believe that, after two exceptional years, this trend is an indication that charter rates may normalize to average historical levels,” he said.
Regarding the future, Michalopoulos appeared cautious as the market is being restructured.
