Performance Shipping Inc. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2025
Rhea-AI Summary
Performance Shipping (NASDAQ: PSHG) reported net income of $7.6M for Q4 2025 and $50.0M for full-year 2025, on revenue of $26.2M (Q4) and $84.2M (FY). The company added modern Suezmax and LR2 vessels, completed a $50M bond tap, and signed two 158,000 DWT Suezmax newbuilding contracts at $81.5M each. Pro forma cash is projected at approximately $135M, backlog is ~$350M, and fixed charter coverage stands at 88% for 2026 and 72% for 2027.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Positive
- Full-year net income of $50.0M
- Pro forma cash projected at approximately $135M
- Revenue backlog of approximately $350M
- Fixed charter coverage of 88% for 2026
- Acquired two 2019 Suezmax vessels at $75.4M each
- Secured $50M bond tap issuance priced at 103% of par
Negative
- Q4 net income fell from $9.7M to $7.6M (≈22% decline)
- Net cash from operating activities in Q4 declined from $12.1M to $9.7M (≈20% drop)
- Q4 diluted EPS decreased from $0.25 to $0.19 (≈24% decline)
- Committed shipbuilding contracts for two Suezmax at $81.5M each (large near-term capital commitments)
News Market Reaction – PSHG
On the day this news was published, PSHG declined 8.82%, reflecting a notable negative market reaction. Argus tracked a trough of -16.5% from its starting point during tracking. Our momentum scanner triggered 12 alerts that day, indicating notable trading interest and price volatility. This price movement removed approximately $3M from the company's valuation, bringing the market cap to $29.81M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Nov 25 | Q3 2025 earnings | Negative | -10.8% | Q3 2025 net income fell sharply versus 2024 despite fleet expansion moves. |
| Jul 30 | Q2 2025 earnings | Positive | -2.5% | Q2 2025 showed solid profits, higher TCE and stronger cash, but revenue dipped. |
| May 27 | Q1 2025 earnings | Positive | +9.5% | Q1 2025 net income surged 158% helped by a large vessel sale gain. |
| Feb 20 | FY/Q4 2024 earnings | Negative | +3.1% | Q4 and full-year 2024 earnings declined versus 2023 despite strong cash. |
| Nov 07 | Q3 2024 earnings | Neutral | -1.5% | Q3 2024 delivered solid profits and higher TCE with modest revenue softness. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases have produced mixed reactions: some strong quarters sold off, while others with softer metrics traded higher, yielding a small average move of -0.45% around past earnings.
Across the last five earnings events from Nov 2024 through Nov 2025, Performance Shipping reported profitable quarters with varying year-on-year comparisons. Earlier periods highlighted strong cash balances, growing revenue backlogs, and newbuild/acquisition activity, especially in Suezmax and LR2 segments. More recent results showed net income pressure versus 2024 but continued fleet expansion and long-term charter coverage. Today’s fourth-quarter and full-year 2025 release fits into this narrative of active fleet renewal, higher secured backlog and ongoing profitability.
Historical Comparison
Over the last 5 earnings releases, PSHG’s average next‑day move was -0.45%, reflecting generally modest but directionally mixed reactions to financial updates.
Recent earnings history shows PSHG staying profitable while transitioning its fleet: moving from primarily Aframax tonnage toward LR2 and Suezmax exposure, expanding secured revenue backlog, and using vessel sales and bond financing to fund growth. Today’s Q4/FY 2025 results extend that progression with higher annual net income, new long-term charters, and continued investment in modern tankers.
Regulatory & Risk Context
Key Terms
time charter equivalent (tce) technical
tce rate technical
time-charter technical
floating storage technical
non-gaap financial
warrants financial
convertible cumulative perpetual preferred stock financial
deadweight (dwt) technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
ATHENS, Greece, March 04, 2026 (GLOBE NEWSWIRE) -- Performance Shipping Inc. (NASDAQ: PSHG) (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, today reported net income of
Revenue was
Net income for the year ended December 31, 2025, amounted to
Commenting on the results of the fourth quarter of 2025, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:
“Fiscal year 2025 represented another solid year for our Company. We generated revenues of
“Looking ahead, we believe 2026 is expected to be another firm year for the tanker market, supported by solid growth in seaborne trade of oil and refined petroleum products, increased exports from the Middle East and Latin America, firm Chinese demand, and continued trade sanctions. These market dynamics are expected to be sufficiently strong to absorb moderate fleet growth. As of the beginning of the year, we had a robust revenue backlog of approximately
“At the same time, we continue to execute our fleet renewal and expansion strategy, enhancing both the commercial competitiveness and operational efficiency of our fleet. The delivery of our two 2019-built Suezmax tankers in December 2025, both operating under three-year charters at
“Our balance sheet remains strong, supported by
Corporate Developments
Update on Outstanding Shares and Warrants
As of March 3, 2026, the Company had outstanding 12,432,158 common shares. In addition, the following common share purchase warrants were outstanding as of such date:
- Class A Warrants to purchase up to 567,366 common shares at an exercise price of
$15.75 per common share; - Warrants issued July 19, 2022, to purchase up to 1,033,333 common shares at an exercise price of
$1.65 per common share; - Warrants issued August 16, 2022, to purchase up to 2,122,222 common shares at an exercise price of
$1.65 per common share; - Series A Warrants issued March 3, 2023, which are exchangeable for up to 14,300 common shares; and
- Series B Warrants issued March 3, 2023, to purchase up to 4,097,000 common shares at an exercise price of
$2.25 per common share.
Finally, the Company had 50,726 shares of its Series B Convertible Cumulative Perpetual Preferred Stock and 1,423,912 shares of its Series C Convertible Cumulative Redeemable Perpetual Preferred Stock outstanding.
Update on Recent Developments
During the fourth quarter of 2025 and through March 3, 2026, the Company achieved several key milestones:
- Acquired two 2019-built, modern eco-design Suezmax tankers, M/T P. Beverly Hills and M/T P. Bel Air, for
$75.4 million each, net of brokerage commissions. Upon delivery in December 2025, both vessels commenced three-year time-charter contracts with Repsol Trading SA at$36,500 per day per vessel. - Entered into a two-year time-charter contract with SeaRiver Maritime, a subsidiary of ExxonMobil Corporation, for the M/T P. Long Beach at
$30,500 per day. - Completed a
$50 million tap issuance, priced at103% of par value, under the Company’s9.875% Nordic bonds due July 2029. - Took delivery of the third newbuild LR2 Aframax tanker, M/T P. Marseille, in January 2026. Upon delivery, the vessel commenced its five-year time-charter contract with Clearlake Shipping Pte Ltd, a subsidiary of Gunvor Group, at a rate of
$31,000 per day. - Secured a three-year time-charter contract for M/T P. Monterey with PBF Holding Company LLC, a subsidiary of PBF Energy Inc., at
$31,000 per day. - Entered into an agreement to sell the oldest vessel in the fleet, M/T P. Sophia, for
$35.65 million , with delivery expected in mid-2026. - Entered into two shipbuilding contracts with China Shipbuilding Trading Co. Ltd. and Shanghai Waigaoqiao Shipbuilding Co. Ltd. for the construction of two 158,000 DWT newbuilding Suezmax tanker vessels. The vessels are expected to be delivered in October 2028 and May 2029, respectively, at a contract price of
$81.5 million per vessel.
Tanker Market Update for the Fourth Quarter of 2025:
- Tanker fleet supply was 709.92 million dwt, up
0.4% from 707.3 million dwt from the previous quarter and up2.1% from Q4 2024 levels of 695.3 million dwt. - Tanker demand has entered 2026 on firm footing, supported by elevated export volumes following increased oil production, strong Middle East and Latin America exports, resilient Chinese import demand, and shifting Venezuelan flows. In parallel, mainstream tonnage has been increasingly utilized, while ongoing geopolitical uncertainty further underpins demand conditions. As a result, in 2026 and 2027, seaborne oil trade in tonne-miles is expected to grow by approximately
0.7% and1.4% , respectively. - Tanker fleet supply in deadweight terms is estimated to grow by
4.2% in 2026 and by5.5% in 2027. - Newbuilding tanker contracting was 22.2 million dwt in the fourth quarter, resulting in a tanker orderbook-to-fleet ratio of
17.8% . - Daily spot charter rates for Aframax tankers averaged
$61,382 , up61.1% from the previous quarter average of$38,107 and up58.4% from Q4 2024 average of$38,746 . - The value of a 10-year-old Aframax tanker at the end of the fourth quarter was
$55.0 million , up10.0% from$50.0 million in the previous quarter, and up5.8% from$52.0 million in Q4 2024. - Daily spot charter rates for Suezmax tankers averaged
$77,370 , up50.6% from the previous quarter average of$51,385 and up80.1% from Q4 2024 average of$42,948 . - The value of a 10-year-old Suezmax tanker at the end of the fourth quarter was
$64.0 million , up4.9% from$61.0 million in the previous quarter, and up6.7% from$60.0 million in Q4 2024. - The number of tankers used for floating storage (excluding dedicated storage) stood at 119 (14.4 million dwt) in the fourth quarter, down
4.8% from 125 (14.4 million dwt) at the end of the previous quarter and up56.6% from 76 (10.1 million dwt) in Q4 2024. - Global oil consumption was 104.3 million bpd, down
0.1% from the previous quarter level of 104.5 million bpd, and up1.0% from Q4 2024 levels of 103.2 million bpd. - Global oil production was 108.3 million bpd, up
0.3% from the previous quarter level of 108.0 million bpd and up4.2% from Q4 2024 levels of 103.9 million bpd. - OECD commercial inventories were 2,883 million barrels, up
0.9% from the previous quarter level of 2,858 million barrels, and up5.1% from Q4 2024 levels of 2,743 million barrels.
The above market outlook update is based on information, data, and estimates derived from industry sources. There can be no assurances that such trends will continue or that anticipated developments in tanker demand, fleet supply or other market indicators will materialize. While we believe the market and industry information included in this release to be generally reliable, we have not independently verified any third-party information or verified that more recent information is not available.
Supplemental Information
On February 28, 2026, the United States and Israel launched strikes against Iran, killing Iran’s supreme leader Ayatollah Khamenei. In retaliation, Iranian missiles and drones targeted Israel and a number of countries that host US military bases—including Bahrain, the United Arab Emirates, Kuwait, Qatar and Saudi Arabia—and Hezbollah fired projectiles at Israel. While there is significant uncertainty about the duration of the war in Iran, the White House has stated that it may be a protracted engagement. These events have destabilized the region and may lead to significant disruptions across all sectors of the shipping industry. Further, shipping through the Strait of Hormuz, a waterway essential to the shipment of crude oil and refined petroleum, may experience prolonged disruption. Iran’s Islamic Revolutionary Guard Corps has warned vessels to avoid the passage. Increased electronic interference may affect navigational and tracking systems, which would heighten the risk of vessel collisions. One of our vessels, the M/T P. Aliki, chartered to Pakistan National Shipping Corporation, is currently operating within the Persian Gulf. Although it is impossible to predict exactly how this conflict will affect the tanker industry, it is very likely that a prolonged war will have significant impacts across the sector.
| Summary of Selected Financial & Other Data | ||||||||||||
| (in thousands of US Dollars, except per share data, fleet data and average daily results) | For the three months ended December 31, | For the years ended December 31, | ||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||
| STATEMENT OF OPERATIONS DATA: | ||||||||||||
| Revenue | $ | 26,158 | $ | 21,678 | $ | 84,172 | $ | 87,445 | ||||
| Voyage expenses | 1,573 | 1,858 | 5,181 | 4,237 | ||||||||
| Vessel operating expenses | 6,441 | 5,058 | 21,605 | 19,758 | ||||||||
| Net income | 7,559 | 9,704 | 49,973 | 43,730 | ||||||||
| Net income attributable to common stockholders | 7,101 | 9,246 | 48,142 | 41,897 | ||||||||
| Earnings per common share, basic | 0.57 | 0.74 | 3.87 | 3.39 | ||||||||
| Earnings per common share, diluted | 0.19 | 0.25 | 1.28 | 1.11 | ||||||||
| FLEET DATA | ||||||||||||
| Average number of vessels | 8.3 | 7.0 | 7.1 | 7.0 | ||||||||
| Number of vessels | 10.0 | 7.0 | 10.0 | 7.0 | ||||||||
| Ownership days | 763 | 644 | 2,577 | 2,562 | ||||||||
| Available days | 763 | 607 | 2,528 | 2,525 | ||||||||
| Operating days (1) | 758 | 604 | 2,492 | 2,506 | ||||||||
| Fleet utilization | 99.3 | % | 99.5 | % | 98.6 | % | 99.2 | % | ||||
| AVERAGE DAILY RESULTS | ||||||||||||
| Time charter equivalent (TCE) rate (2) | $ | 32,221 | $ | 32,652 | $ | 31,246 | $ | 32,954 | ||||
| Daily vessel operating expenses (3) | $ | 8,442 | $ | 7,854 | $ | 8,384 | $ | 7,712 | ||||
___________________
| (1) | Operating days are the number of available days in a period less the aggregate number of days that our vessels are off-hire. The specific calculation counts as on-hire the days of the ballast leg of the spot voyages, as long as a charter party is in place. The shipping industry uses operating days to measure the aggregate number of days in a period during which vessels actually generate revenues. | |
| (2) | Time charter equivalent rates, or TCE rates, are defined as revenue (voyage, time charter and pool revenue), less voyage expenses during a period divided by the number of our available days during the period, which is consistent with industry standards. Voyage expenses include port charges, bunker (fuel) expenses, canal charges and commissions. TCE is a non-GAAP measure. TCE rate is a standard shipping industry performance measure used primarily to compare daily earnings generated by vessels despite changes in the mix of charter types (i.e., voyage (spot) charters, time charters and bareboat charters). | |
| (3) | Daily vessel operating expenses, which include crew wages and related costs, the cost of insurance and vessel registry, expenses relating to repairs and maintenance, the costs of spares and consumable stores, lubricant costs, tonnage taxes, regulatory fees, environmental costs, lay-up expenses and other miscellaneous expenses, are calculated by dividing vessel operating expenses by ownership days for the relevant period. | |
| Fleet Employment Profile (As of March 3, 2026) | |||||||
| Performance Shipping Inc.’s fleet is employed as follows: | |||||||
| Vessel | Year of Build | Capacity | Builder | Charter Type | Notes | ||
| Operating Aframax Tanker Vessels | |||||||
| 1 | BLUE MOON | 2011 | 104,623 DWT | Sumitomo Heavy Industries Marine & Engineering Co., LTD. | Time-Charter | ||
| 2 | BRIOLETTE | 2011 | 104,588 DWT | Sumitomo Heavy Industries Marine & Engineering Co., LTD. | Time-Charter | ||
| 3 | P. SOPHIA | 2009 | 105,071 DWT | Hyundai Heavy Industries Co., LTD | Time-Charter | ||
| 4 | P. ALIKI | 2010 | 105,304 DWT | Hyundai Heavy Industries Co., LTD | Time-Charter | ||
| 5 | P. MONTEREY | 2011 | 105,525 DWT | Hyundai Heavy Industries Co., LTD | Time-Charter | ||
| 6 | P. LONG BEACH | 2013 | 105,408 DWT | Hyundai Heavy Industries Co., LTD | Time-Charter | ||
| 7 | P. MASSPORT | 2025 | 114,036 DWT | China Shipbuilding Trading Company Limited and Shanghai Waigaoqiao Shipbuilding Company Limited | Time-Charter | ||
| 8 | P. TOKYO | 2025 | 114,014 DWT | China Shipbuilding Trading Co. Ltd. (“CSTC”) and Shanghai Waigaoqiao Shipbuilding Co. Ltd. | Time-Charter | ||
| 9 | P. MARSEILLE | 2026 | 113,977 DWT | China Shipbuilding Trading Co. Ltd. (“CSTC”) and Shanghai Waigaoqiao Shipbuilding Co. Ltd. | Time-Charter | ||
| Operating Suezmax Tanker Vessels | |||||||
| 10 | P. BEVERLY HILLS | 2019 | 157,286 DWT | Hyundai Samho Heavy Industries Co., Ltd | Time-Charter | ||
| 11 | P. BEL AIR | 2019 | 157,286 DWT | Hyundai Samho Heavy Industries Co., Ltd | Time-Charter | ||
| Newbuilding LR1 Tanker Vessel | |||||||
| 12 | HULL 1624 | - | 75,000 DWT | Jiangsu Yangzijiang Shipbuilding Group Co., Ltd. | Time-Charter | 1,2 | |
| 1 | As previously announced, the Company has secured time charter contract for its newbuilding vessel Hull 1624, with employment to commence upon delivery of the vessel to the Company. | ||||||
| 2 | Expected delivery date to the Company for Hull 1624, as per management's current estimate, is January 2027. | ||||||
About the Company
Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of tanker vessels. The Company employs its fleet on spot voyages, through pool arrangements and on time charters.
Cautionary Statement Regarding Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include, but are not limited to, statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts, including with respect to the delivery of the vessels we have agreed to acquire, future market conditions and the prospective financing and employment of our vessels. The words “believe," “anticipate," “intends," “estimate," “forecast," “project," “plan," “potential," “will," “may," “should," “expect," “targets," “likely," “would," “could," “seeks," “continue," “possible," “might," “pending” and similar expressions, terms or phrases may identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including, without limitation, our management’s examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs, or projections.
In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to: the strength of world economies, fluctuations in currencies and interest rates, general market conditions, including fluctuations in charter rates and vessel values, changes in demand in the tanker shipping industry, changes in the supply of vessels, changes in worldwide oil production and consumption and storage, changes in our operating expenses, including bunker prices, crew costs, drydocking and insurance costs, our future operating or financial results, availability of financing and refinancing including with respect to vessels we agree to acquire, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, the length and severity of epidemics and pandemics, including COVID-19, and their impact on the demand for seaborne transportation of petroleum and other types of products, general domestic and international political conditions or events, including “trade wars”, armed conflicts including the war in Ukraine and the war between Israel and Hamas and between Israel and the US and Iran, the imposition of new international sanctions, acts by terrorists or acts of piracy on ocean-going vessels, potential disruption of shipping routes due to political events, armed conflict, accidents or labor disputes, vessel breakdowns and instances of off-hires and other important factors. Please see our filings with the US Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.
(See financial tables attached)
| PERFORMANCE SHIPPING INC. | ||||||||||||
| FINANCIAL TABLES | ||||||||||||
| Expressed in thousands of U.S. Dollars, except for share and per share data | ||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||
| For the three months ended December 31, | For the years ended December 31, | |||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
| REVENUE: | (unaudited) | (unaudited) | (unaudited) | |||||||||
| Revenue | $ | 26,158 | $ | 21,678 | $ | 84,172 | $ | 87,445 | ||||
| EXPENSES: | ||||||||||||
| Voyage expenses | 1,573 | 1,858 | 5,181 | 4,237 | ||||||||
| Vessel operating expenses | 6,441 | 5,058 | 21,605 | 19,758 | ||||||||
| Depreciation and amortization of deferred charges | 4,769 | 3,400 | 15,077 | 13,336 | ||||||||
| General and administrative expenses | 3,211 | 2,483 | 9,702 | 8,306 | ||||||||
| Gain on vessel's sale | - | - | (19,456 | ) | - | |||||||
| (Reversal) / Provision for credit losses | - | - | 27 | (7 | ) | |||||||
| Foreign currency losses /(gains) | 5 | (79 | ) | 100 | 1 | |||||||
| Operating income | $ | 10,159 | $ | 8,958 | $ | 51,936 | $ | 41,814 | ||||
| OTHER INCOME / (EXPENSES): | ||||||||||||
| Interest and finance costs | (4,020 | ) | (20 | ) | (6,793 | ) | (1,345 | ) | ||||
| Interest income | 1,424 | 766 | 4,834 | 3,255 | ||||||||
| Changes in fair value of warrants' liability | (4 | ) | - | (4 | ) | 6 | ||||||
| Total other income (expenses), net | $ | (2,600 | ) | $ | 746 | $ | (1,963 | ) | $ | 1,916 | ||
| Net income | $ | 7,559 | $ | 9,704 | $ | 49,973 | $ | 43,730 | ||||
| Dividends on preferred stock | (458 | ) | (458 | ) | (1,831 | ) | (1,833 | ) | ||||
| Net income attributable to common stockholders | $ | 7,101 | $ | 9,246 | $ | 48,142 | $ | 41,897 | ||||
| Earnings per common share, basic | $ | 0.57 | $ | 0.74 | $ | 3.87 | $ | 3.39 | ||||
| Earnings per common share, diluted | $ | 0.19 | $ | 0.25 | $ | 1.28 | $ | 1.11 | ||||
| Weighted average number of common shares, basic | 12,432,158 | 12,432,158 | 12,432,158 | 12,365,418 | ||||||||
| Weighted average number of common shares, diluted | 39,334,298 | 39,037,450 | 38,925,391 | 39,201,865 | ||||||||
| CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||
| For the three months ended December 31, | For the years ended December 31, | |||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
| (unaudited) | (unaudited) | (unaudited) | ||||||||||
| Net income | $ | 7,559 | $ | 9,704 | $ | 49,973 | $ | 43,730 | ||||
| Other comprehensive income (Actuarial gain) | 49 | 4 | 49 | 4 | ||||||||
| Comprehensive income | $ | 7,608 | $ | 9,708 | $ | 50,022 | $ | 43,734 | ||||
| CONDENSED CONSOLIDATED BALANCE SHEET DATA | ||||
| (Expressed in thousands of US Dollars) | ||||
| December 31, 2025 | December 31, 2024* | |||
| ASSETS | (unaudited) | |||
| Cash, cash equivalents and restricted cash | $ | 49,261 | $ | 71,314 |
| Advances for vessels under construction and other vessels' costs | 48,725 | 58,468 | ||
| Vessels, net | 449,689 | 189,577 | ||
| Other fixed assets, net | 58 | 34 | ||
| Other assets | 12,120 | 11,000 | ||
| Total assets | $ | 559,853 | $ | 330,393 |
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
| Long-term debt, net of unamortized deferred financing costs | $ | 222,332 | $ | 47,459 |
| Other liabilities | 14,087 | 7,691 | ||
| Total stockholders' equity | 323,434 | 275,243 | ||
| Total liabilities and stockholders' equity | $ | 559,853 | $ | 330,393 |
| * The balance sheet data as of December 31, 2024 has been derived from the audited consolidated financial statements at that date. | ||||
| OTHER FINANCIAL DATA | ||||||||||||
| For the three months ended December 31, | For the years ended December 31, | |||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||
| (unaudited) | (unaudited) | (unaudited) | ||||||||||
| Net Cash provided by Operating Activities | $ | 9,735 | $ | 12,055 | $ | 50,076 | $ | 59,896 | ||||
| Net Cash used in Investing Activities | $ | (169,028 | ) | $ | (7,697 | ) | $ | (244,589 | ) | $ | (47,415 | ) |
| Net Cash (used in) / provided by Financing Activities | $ | (3,618 | ) | $ | (2,567 | ) | $ | 172,460 | $ | (9,434 | ) | |
Corporate Contact: Andreas Michalopoulos Chief Executive Officer, Director and Secretary Telephone: + 30-216-600-2400 Email:amichalopoulos@pshipping.com Website: www.pshipping.com Investor and Media Relations: Edward Nebb Comm-Counsellors, LLC Telephone: + 1-203-972-8350 Email:enebb@optonline.net