In the first quarter of 2025, Performance Shipping (PSHG, Financial) reported a revenue of $21.3 million, a slight decrease from the $22.4 million reported in the same period last year. Despite a noticeable decline in crude oil tanker charter rates over the past year, the company demonstrated strong financial performance through its strategic operations and fleet management.
PSHG's exposure to the spot market, particularly through its Aframax tanker vessels, and its time charter contract arrangements helped achieve a fleet-wide average time charter rate of $30,843 per day. Although the average Aframax tanker charter rate dropped to $31,931 per day from last year's $56,338, the spot rates for Aframax tankers stood at $40,700 per day, offering an appealing freight environment.
The company completed the sale of its 2011-built Aframax tanker, M/T P. Yanbu, for $39 million, resulting in a $19.5 million gain. Consequently, PSHG's net income attributable to common stockholders surged by 164% year-over-year to $29.0 million. With a quarter-end cash balance of approximately $108.3 million, which is 2.4 times its outstanding bank debt, and a revenue backlog of $220 million, the company remains financially strong and focused on its newbuild program.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 2 analysts, the average target price for Performance Shipping Inc (PSHG, Financial) is $5.75 with a high estimate of $6.50 and a low estimate of $5.00. The average target implies an upside of 291.16% from the current price of $1.47. More detailed estimate data can be found on the Performance Shipping Inc (PSHG) Forecast page.
Based on the consensus recommendation from 2 brokerage firms, Performance Shipping Inc's (PSHG, Financial) average brokerage recommendation is currently 2.0, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
Based on GuruFocus estimates, the estimated GF Value for Performance Shipping Inc (PSHG, Financial) in one year is $0.57, suggesting a downside of 61.22% from the current price of $1.47. GF Value is GuruFocus' estimate of the fair value that the stock should be traded at. It is calculated based on the historical multiples the stock has traded at previously, as well as past business growth and the future estimates of the business' performance. More detailed data can be found on the Performance Shipping Inc (PSHG) Summary page.
