What Performance Shipping does

Performance Shipping Inc. is a Marshall Islands-domiciled, NASDAQ-listed (PSHG) tanker shipping company headquartered in Athens, Greece, that operates a fleet of approximately 11 Aframax, Suezmax, and LR1 tanker vessels for the seaborne transportation of crude oil and petroleum products worldwide. Originally founded in 2010 as Diana Containerships Inc. with a containership focus, the company rebranded around 2020 and pivoted to tanker shipping, systematically renewing its fleet and reducing average vessel age from 14 years to approximately 6 years through acquisitions and newbuilding orders at shipyards including Jiangsu New Yangzi. Vessels are owned through separate wholly-owned subsidiaries and commercially/technically managed in-house by Performance Shipping Management Inc., which handles operations, chartering, technical maintenance, claims, insurance, crew management, and HSQE compliance (BV-certified under ISO 9001, ISO 14001, ISO 45001, and the ISM Code).

Revenue is generated primarily through time charter contracts with major energy traders and oil majors, including Repsol Trading S.A., Mercuria Energy Trading S.A., SeaRiver Maritime (an ExxonMobil subsidiary), Trafigura Maritime Logistics, and Clearlake Shipping (a Gunvor Group subsidiary). Charter agreements are typically multi-year at fixed daily rates (e.g., $35,000-$36,850/day for newbuilding Suezmax tankers, $30,500/day for an Aframax with SeaRiver, $23,750/day for an LR1 under a sale-leaseback). Additional revenue streams include vessel sales (e.g., $42.65M Aframax sale to Trafigura) and capital recycling through sale-leaseback structures. The company does not operate through shipbrokers or intermediaries, executing direct enterprise-level charter negotiations with its customers.

The go-to-market model is enterprise field sales targeting the small universe of investment-grade oil traders and integrated oil companies, with the company's value proposition anchored on a modern, eco-compliant fleet, contracted revenue visibility (~$500 million backlog with ~90% coverage for remaining 2026 and ~80% for 2027), and in-house management that meets major-oil vetting standards. The fleet is being expanded via a newbuilding program delivering two Suezmaxes in 2028-2029 (both pre-chartered to Repsol) and an LR1 newbuild for 2027 delivery (under a Mercuria sale-leaseback), financed through a combination of $150 million of 9.875% senior secured bonds due July 2029 (listed on Oslo Stock Exchange), sale-leaseback proceeds, and refinanced bank facilities.

Name

Performance Shipping

Legal name

Performance Shipping Inc.

Website

https://pshipping.com

Company type

Public

Founded year

2010

Operating status

Operating

Headcount range

101–250 employees

Short description

Performance Shipping is a NASDAQ-listed (PSHG) tanker shipping company that operates a modern fleet of approximately 11 Aframax, Suezmax, and LR1 vessels under multi-year time charters with major oil traders and energy majors. It serves counterparties including Repsol, Mercuria, SeaRiver (ExxonMobil), Trafigura, and Gunvor for crude and product transport.

Ownership category

akta.pro rank

Product category

Tanker Shipping Services

NAICS

Support Activities for Water Transportation (4883), Freight Transportation Arrangement (488510)

SIC

Water Transportation (4400), Deep Sea Foreign Transportation Of Freight (4412)

akta.pro primary industry

Liquid Bulk / Crude & Product Tanker Operators (VLCC/Suezmax/Aframax/MR) (TLADABAD)

akta.pro secondary industries

Crude Oil Tanker Shipping (EUALADAG), Crude Oil & Petroleum Products Tanker Transport (TLADALAA)

Keywords

• Tanker shipping services
• Crude oil transportation
• Time charter contracts
• Vessel fleet management
• Seaborne petroleum logistics

Headquarters

HQ city

Athens

HQ country

Greece

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Others, Supply Chain

Revenue model

1. Tanker Vessel Time Charters: Revenue is primarily generated through time charter contracts for tanker vessels, where vessels are chartered out to major oil traders and energy companies at fixed daily rates for specified periods, providing predictable contracted revenue streams.
2. Vessel Sales: The company generates revenue from the sale of vessels, acquiring vessels and selling them after a period of operation, typically recording gains on sale.
3. Bareboat Financing/Sale-Leaseback: The company enters sale-leaseback arrangements for vessels, selling vessels and chartering them back on long-term bareboat leases, generating upfront proceeds while maintaining operational use of the vessels.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Performance Shipping Inc. operates a fleet of approximately 11 tanker vessels (Suezmax, Aframax, and LR1) that provide seaborne transportation of crude oil and petroleum products to major oil traders and integrated oil companies under multi-year time charter contracts at fixed daily rates. The company also provides in-house commercial and technical ship management services through its wholly-owned subsidiary Performance Shipping Management Inc., and periodically generates revenue through vessel sales and sale-leaseback transactions.

Product overview

Performance Shipping Inc. is a NASDAQ-listed tanker shipping company that operates a fleet of tanker vessels providing seaborne transportation of crude oil and petroleum products worldwide. The company offers vessels under spot voyages, pool arrangements, and time charters. Its current fleet consists of Aframax, Suezmax, and LR1 tanker vessels, with a newbuilding program adding Suezmax tankers in 2028-2029. The company also provides ship management services through its wholly-owned subsidiary Performance Shipping Management Inc., which handles commercial and technical management including operations, chartering, technical maintenance, insurance, crew management, and environmental compliance.

Differentiator

Problem solved

Functional benefit

Products and services

• Tanker Shipping Services Seaborne transportation of crude oil and petroleum products globally using a fleet of Suezmax, Aframax, and LR1 tanker vessels, offered under spot voyages, pool arrangements, and time charters (2-7 year fixed-rate contracts) to major oil traders and integrated oil companies.
• Ship Management Services In-house commercial and technical ship management services for tanker vessels, including operations and chartering, technical maintenance, claims and insurance, crew management, finance and accounting, and Health, Safety, Quality and Environmental (HSQE) management, delivered through wholly-owned Performance Shipping Management Inc.
• Vessel Sales Sale of tanker vessels from the company's fleet, including older Aframax vessels divested as part of the fleet renewal strategy (e.g., M/T P. Aliki sold to Trafigura Maritime Logistics for $42.65 million in April 2026), generating one-time gains on sale.

Quantifiable outcome

• Revenue growth of 59% year-over-year to $33.8 million in Q1 2026
• +2 more outcomes

Named customers5 records

Segments2 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Five partnerships are on record, tiered core and secondary.

• Repsol Trading S.A.coreStrategic or Co-development Partner · 16 April 2026Performance Shipping entered into long-term time charter agreements with Repsol Trading S.A. for two Suezmax tanker newbuildings (deliveries expected October 2028 and May 2029). First vessel chartered for 7 years at $35,000/day and second for 5 years at $36,850/day. These charters are expected to generate approximately $471 million in contracted revenue, covering the majority of vessel acquisition costs.
• Trafigura Maritime Logistics Pte. Ltd.secondaryChannel Partner/ Reseller/ Distributor · 14 April 2026Performance Shipping signed a Memorandum of Agreement to sell its 2010-built Aframax tanker M/T P. Aliki to Trafigura Maritime Logistics for $42.65 million, with delivery expected Q3 2026. The company acquired the vessel in Q4 2022 for $36.5 million.
• Mercuria Energy Trading S.A.coreStrategic or Co-development Partner · 17 March 2026Performance Shipping entered into a sale and leaseback agreement for its LR1 tanker newbuilding, including a ten-year bareboat charter and a firm four-year charter to Mercuria at $23,750/day. The vessel is being built at Jiangsu New Yangzi Shipbuilding for delivery in 2027.
• Clearlake Shipping (Gunvor Group subsidiary)coreStrategic or Co-development Partner · 14 January 2026Performance Shipping's third newbuild tanker M/T P. Marseille began operations under a five-year charter with Clearlake Shipping, a Gunvor Group subsidiary.
• SeaRiver Maritime (ExxonMobil subsidiary)coreStrategic or Co-development Partner · 4 November 2025Performance Shipping secured a two-year time charter contract with SeaRiver Maritime for M/T P. Long Beach at $30,500/day, starting mid-December 2025. The deal increases the company's secured revenue backlog by approximately $21.35 million.

Scale indicators9 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Euronav: Euronav is a pure-play crude tanker operator (VLCC and Suezmax) listed in both Brussels and NYSE. Direct competitor to Performance Shipping in the Suezmax segment with similar long-term charter strategy and energy-trader counterparty base.
• Torm: Torm is one of the world's largest product tanker operators (MR and LR1) listed in Copenhagen. Direct competitor in LR1 product tanker segment with overlapping charterer relationships and similar fleet renewal strategy.
• DHT Holdings: DHT Holdings is a pure-play VLCC operator with a similar strategy of locking in long-term time charters at fixed daily rates. Highly comparable business model despite larger vessel class focus.
• Ardmore Shipping: Ardmore Shipping operates a fleet of MR and Aframax/LR2 product and chemical tankers. Comparable modern-fleet strategy and time-charter-heavy business model serving major oil traders.
• International Seaways: International Seaways operates a diversified tanker fleet (VLCC, Suezmax, Aframax, LR1, MR) and is similarly NYSE-listed with comparable exposure to long-term time charter economics and the same core charterer base.
• Scorpio Tankers: Scorpio Tankers operates one of the largest product tanker fleets (MR and LR1) globally. Direct competitor to Performance Shipping in the LR1 segment with overlapping product and crude exposure.
• Frontline: Frontline is one of the world's largest independent tanker operators with a fleet spanning VLCC, Suezmax, and LR2/Aframax segments. Closely comparable business model of long-term time charters with major oil traders and oil majors.
• Tsakos Energy Navigation: Tsakos Energy Navigation operates a diversified tanker fleet including Suezmax, Aframax, VLCC, and product tankers. Greece-based peer with similar Athens operating footprint and long-term charter relationships.

Broad incumbents

• Diana Shipping: Diana Shipping is a dry bulk operator historically associated with Performance Shipping via common management lineage (Diana Containerships legacy). Athens-based Greek shipping peer with public-market overlap though different vessel class.
• Genco Shipping & Trading: Genco Shipping operates a dry bulk fleet but is a NYSE-listed small-cap shipping peer comparable in size, public-market profile, and fleet-renewal philosophy. Useful as a size and structure comparable rather than direct segment competition.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries2 records

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Performance Shipping