Performance Shipping reports Q3 EPS 32c vs. 27c last year

Reports Q3 revenue $22.9M vs. $24.1M last year. Commenting on the results of the third quarter of 2024, Andreas Michalopoulos, the Company’s CEO stated: “We are pleased with our solid third-quarter 2024 performance, which reflected an increase in revenue, net income, and basic and diluted EPS compared to the prior quarter. During this quarter, tanker charter rates maintained their average year-to-date levels, supported by constrained supply growth and increased tonne-mile demand resulting from longer haul tanker voyages due to Red Sea disruptions and the Atlantic-Asia trade growth. Going forward, we believe that our balanced fleet deployment strategy, combined with our exposure to the spot market through pool arrangements, will provide steady cash flows and opportunities to capitalize on the solid market fundamentals of our sector. “Given our pipeline, we anticipate that we will be able to redeploy our vessels at attractive charter rates during the seasonally strong fall and winter period. At the same time, we remain focused on employing our opening vessels and continuing to secure delivery financing for our newbuilding vessels. “Looking ahead, our newbuild program is supported by a strategic partnership with a top-tier charterer and we maintain close relationships with international shipping leaders. At the same time, our existing fleet continues to generate strong cash flows. We are executing a clear strategy and believe we have a strong foundation for continued growth and shareholder value creation.”