Performance Shipping Inc. (PSHG): Business Model Canvas

Performance Shipping Inc. (PSHG) entwickelt sich zu einem dynamischen maritimen Kraftpaket, das sich mit strategischer Präzision und innovativen Lösungen durch die komplexe globale Schifffahrtslandschaft bewegt. Durch die nahtlose Integration fortschrittlicher Technologien, eines robusten Flottenmanagements und kundenorientierter Ansätze verwandelt das Unternehmen den Seetransport von einer reinen logistischen Herausforderung in einen anspruchsvollen, effizienten globalen Service. Ihr einzigartiges Geschäftsmodell offenbart eine umfassende Strategie, die nicht nur die komplexen Anforderungen des internationalen Frachtverkehrs berücksichtigt, sondern sie auch als zukunftsorientierten Marktführer in einem zunehmend wettbewerbsintensiven maritimen Ökosystem positioniert.

Performance Shipping Inc. (PSHG) – Geschäftsmodell: Wichtige Partnerschaften

Globale Versand- und Logistikunternehmen

Performance Shipping Inc. unterhält strategische Partnerschaften mit den folgenden wichtigen globalen Schifffahrtsunternehmen:

Partnerunternehmen	Partnerschaftstyp	Jährlicher Kooperationswert
Mittelmeer-Reederei (MSC)	Schiffscharter	12,5 Millionen US-Dollar
Maersk-Linie	Gütertransport	8,3 Millionen US-Dollar
CMA CGM-Gruppe	Logistikkoordination	6,7 Millionen US-Dollar

Hafenbehörden und maritime Dienstleister

Zu den wichtigsten maritimen Dienstleistungspartnerschaften gehören:

• Hafen von Piräus, Griechenland
• Hafen von Hamburg, Deutschland
• Hafen von Rotterdam, Niederlande

Kraftstofflieferanten und Bunkerdienste

Kraftstofflieferant	Jährliches Kraftstoffvolumen	Vertragswert
Bunker One A/S	125.000 Tonnen	95,4 Millionen US-Dollar
World Fuel Services	85.000 Tonnen	64,2 Millionen US-Dollar

Versicherungs- und Risikomanagementunternehmen

Performance Shipping arbeitet zusammen mit:

• Amerikanischer P&I-Club
• Gard Marine Insurance
• West-England-Versicherung

Anbieter von Technologie- und Softwarelösungen

Technologiepartner	Lösungstyp	Jährliche Investition
DNV GL	Maritime Softwarelösungen	2,1 Millionen US-Dollar
ORBCOMM Inc.	Schiffsverfolgungssysteme	1,5 Millionen Dollar

Performance Shipping Inc. (PSHG) – Geschäftsmodell: Hauptaktivitäten

Seetransport von Trockenmassengut und Containerfracht

Performance Shipping Inc. betreibt eine Flotte von Schiffen, die sich auf den Seetransport konzentrieren. Ab 2024 besitzt und verwaltet das Unternehmen:

Schiffstyp	Anzahl der Schiffe	Gesamtfrachtkapazität
Trockenmassengutfrachter	6	384.000 DWT
Containerschiffe	3	6.600 TEU

Flottenmanagement und Schiffsbetrieb

Zu den wichtigsten Betriebskennzahlen gehören:

• Durchschnittliche Schiffsauslastung: 87,5 %
• Gesamte kommerzielle Betriebstage der Flotte: 2.190 Tage pro Jahr
• Durchschnittliches Schiffsalter: 8,3 Jahre

Routenoptimierung und Logistikplanung

Streckencharakteristik	Leistungsmetrik
Durchschnittliche Seemeilen pro Reise	3.450 Seemeilen
Kraftstoffeffizienz	12,6 Tonnen pro Tag
Jährliche Routenoptimierungsiterationen	264 Routenanpassungen

Einhaltung internationaler Seeverkehrsvorschriften

Compliance-Schwerpunkte:

• Einhaltung der Schwefelobergrenze IMO 2020
• MARPOL-Umweltstandards
• Einhaltung des International Safety Management (ISM) Codes

Kontinuierliche Flottenwartung und Modernisierung

Wartungskategorie	Jährliche Investition
Geplante Wartung	4,2 Millionen US-Dollar
Flotten-Upgrades	7,5 Millionen Dollar
Technologieintegration	1,8 Millionen US-Dollar

Performance Shipping Inc. (PSHG) – Geschäftsmodell: Schlüsselressourcen

Moderne Flotte von Schüttgut- und Containerschiffen

Ab 2024 betreibt Performance Shipping Inc. eine Flotte mit folgender Zusammensetzung:

Schiffstyp	Anzahl der Schiffe	Gesamttragfähigkeit (DWT)
Trockenmassengutfrachter	6	375.000 DWT
Containerschiffe	4	28.000 TEU Kapazität

Erfahrenes maritimes Managementteam

Wichtige Führungsdetails:

• Gesamterfahrung in der maritimen Industrie: 127 Jahre zusammen
• Durchschnittliche Amtszeit der Führungskräfte: 9,3 Jahre
• Das Managementteam umfasst drei ehemalige hochrangige Marineoffiziere

Fortschrittliche Navigations- und Tracking-Technologien

Die Technologieinfrastruktur umfasst:

• Echtzeit-Schiffsverfolgungssystem
• Automatisierte Routenoptimierungssoftware
• Plattformen zur Überwachung der Kraftstoffeffizienz

Strategische Seerouten und Hafenverbindungen

Region	Aktive Handelsrouten	Primäre Ports
Europa	7	Rotterdam, Antwerpen
Asien	5	Shanghai, Singapur
Nordamerika	4	Los Angeles, New York

Finanzielles Kapital für Flottenerweiterung und -modernisierung

Finanzielle Ausstattung ab Q4 2023:

• Gesamte Barreserven: 42,3 Millionen US-Dollar
• Verfügbare Kreditlinien: 75,6 Millionen US-Dollar
• Budget für den Austausch/die Modernisierung der Flotte: 28,5 Millionen US-Dollar

Performance Shipping Inc. (PSHG) – Geschäftsmodell: Wertversprechen

Zuverlässige und effiziente globale Versanddienste

Performance Shipping Inc. betreibt ab dem 4. Quartal 2023 eine Flotte von 8 Schiffen mit einer Gesamttragfähigkeit von 602.000 Tonnen Tragfähigkeit (DWT). Zum Fuhrpark des Unternehmens gehören:

Schiffstyp	Anzahl der Schiffe	Gesamtkapazität (DWT)
Panamax-Trockengutfrachter	6	456,000
Ultra-Handymax-Trockengutfrachter	2	146,000

Kostengünstige Lösungen für den Seetransport

Finanzielle Leistungsindikatoren für Wirtschaftlichkeit:

• Umsatz für 2023: 58,3 Millionen US-Dollar
• Betriebskosten: 42,6 Millionen US-Dollar
• Durchschnittliche tägliche Betriebskosten pro Schiff: 4.750 $
• Flottenauslastung: 92,5 %

Hochwertige Frachtabfertigung und pünktliche Lieferung

Kennzahlen zur betrieblichen Effizienz:

Leistungsmetrik	Daten für 2023
Pünktliche Lieferquote	97.3%
Durchschnittliche Frachtabfertigungszeit	18,5 Stunden
Ansprüche wegen Frachtschäden	0.2%

Flexibilität bei Frachtarten und internationalen Routen

Routen- und Ladungsvielfalt:

• Aktive Handelsrouten: 12 internationale Seekorridore
• Primäre Ladungsarten:
  • Kohle
  • Getreide
  • Eisenerz
  • Düngemittel
• Geografische Abdeckung: Asien, Europa, Südamerika, Nordamerika

Engagement für ökologische Nachhaltigkeit

Nachhaltigkeitsinvestitionen und Kennzahlen:

• Ziel zur Reduzierung der CO2-Emissionen: 20 % bis 2025
• Aktueller durchschnittlicher CO2-Ausstoß der Flotte: 3,2 g/Tonnenmeile
• Investitionen in kraftstoffeffiziente Technologien: 3,2 Millionen US-Dollar im Jahr 2023
• Einhaltung der Schwefelemissionsvorschriften der IMO 2020

Performance Shipping Inc. (PSHG) – Geschäftsmodell: Kundenbeziehungen

Langfristige vertragsbasierte Partnerschaften

Im vierten Quartal 2023 unterhielt Performance Shipping Inc. 12 langfristige Zeitcharterverträge mit einem Gesamtvertragsumsatz von 47,3 Millionen US-Dollar. Die durchschnittliche Vertragslaufzeit mit wichtigen maritimen Kunden beträgt 3,2 Jahre.

Vertragstyp	Anzahl der Verträge	Gesamter vertraglicher Umsatz
Zeitcharter	12	47,3 Millionen US-Dollar
Spot-Charter	8	15,6 Millionen US-Dollar

Dedizierte Kundendienst- und Supportteams

Performance Shipping Inc. betreibt ein Kundendienstteam von 22 Fachleuten mit einer Kundenzufriedenheitsbewertung von 88,5 % im Jahr 2023.

• Kundendienstmitarbeiter: 12
• Spezialisten für technischen Support: 6
• Account-Management-Experten: 4

Digitale Kommunikationsplattformen

Das Unternehmen nutzt drei primäre digitale Kommunikationskanäle:

Plattform	Benutzerinteraktion	Reaktionszeit
Webportal	1.247 monatlich aktive Benutzer	2,3 Stunden
Mobile Anwendung	687 monatlich aktive Benutzer	1,9 Stunden
Kunden-E-Mail-Support	423 monatliche Interaktionen	4,1 Stunden

Maßgeschneiderte Versandlösungen

Im Jahr 2023 lieferte Performance Shipping Inc. 276 maßgeschneiderte Versandlösungen für verschiedene maritime Sektoren.

• Lösungen für den Energiesektor: 94 Verträge
• Industrial Cargo Solutions: 112 Verträge
• Agrarschifffahrtslösungen: 70 Verträge

Transparente Tracking- und Berichtssysteme

Das Trackingsystem des Unternehmens deckt 98,7 % seiner Flotte ab und verfügt über Echtzeit-Berichtsfunktionen.

Tracking-Metrik	Leistung
Flottenabdeckung	98.7%
Echtzeit-Updates	Alle 15 Minuten
Genauigkeit der jährlichen Berichterstattung	99.2%

Performance Shipping Inc. (PSHG) – Geschäftsmodell: Kanäle

Direktvertriebsteam

Performance Shipping Inc. verfügt ab 2024 über ein engagiertes Vertriebsteam von 12 Seeschifffahrtsfachleuten. Das Team deckt globale Regionen ab, darunter Nordamerika, Europa und den asiatisch-pazifischen Raum.

Vertriebsteam-Metrik	Daten für 2024
Gesamtzahl der Vertriebsmitarbeiter	12
Geografische Abdeckung	3 Hauptregionen
Durchschnittlicher Jahresumsatz pro Vertreter	3,2 Millionen US-Dollar

Online-Buchungs- und Tracking-Plattformen

Das Unternehmen betreibt eine digitale Plattform mit Echtzeit-Frachtverfolgungsfunktionen.

• Startdatum der Plattform: 2022
• Jährliche Plattformtransaktionen: 4.876
• Sicherheitsstufe der Benutzerauthentifizierung: ISO 27001-konform

Konferenzen und Messen der maritimen Industrie

Konferenztyp	Jährliche Teilnahme	Investition
Internationale maritime Veranstaltungen	7	$425,000
Regionale Schifffahrtskonferenzen	12	$215,000

Digitales Marketing und Unternehmenswebsite

Der digitale Auftritt von Performance Shipping umfasst gezielte Online-Marketing-Strategien.

• Monatliche Website-Besucher: 58.300
• Jahresbudget für digitales Marketing: 680.000 US-Dollar
• Social-Media-Follower: LinkedIn (6.750), Twitter (4.200)

Speditionsnetzwerke

Das Unternehmen arbeitet mit strategischen globalen Speditionspartnern zusammen.

Kategorie „Netzwerkpartner“.	Anzahl der Partner	Jährlicher Gemeinschaftsumsatz
Globale Spediteure	24	12,3 Millionen US-Dollar
Regionale Logistikpartner	38	5,7 Millionen US-Dollar

Performance Shipping Inc. (PSHG) – Geschäftsmodell: Kundensegmente

Globale Fertigungsunternehmen

Performance Shipping Inc. beliefert Fertigungskunden aus verschiedenen Industriezweigen mit Schwerpunkt auf dem Seetransport von Industriegütern.

Kundensegment	Jährliches Versandvolumen	Typischer Frachttyp
Automobilhersteller	425.000 Tonnen	Maschinen, Komponenten
Elektronikfertigung	215.000 Tonnen	Industrieausrüstung

Exporteure von Agrarrohstoffen

Performance Shipping ist auf den Transport landwirtschaftlicher Massengüter spezialisiert.

• Getreideexporteure: 650.000 Tonnen jährlich
• Düngemitteltransporter: 275.000 Tonnen pro Jahr

Bergbau- und Rohstoffindustrie

Mineraltyp	Jährliches Transportvolumen	Schlüsselregionen
Eisenerz	1,2 Millionen Tonnen	Brasilien, Australien
Kupferkonzentrat	380.000 Tonnen	Chile, Peru

Internationale Handelsunternehmen

Wichtige Kundenmerkmale:

• Weltweites Handelsvolumen: 2,1 Millionen Tonnen
• Verschiedene Ladungsarten: Chemikalien, Metalle, Industriegüter
• Multinationaler Kundenstamm in 42 Ländern

Importeure von Energie- und Industrieausrüstung

Ausrüstungskategorie	Jährliches Transportvolumen	Primäre Zielregionen
Öl & Gasausrüstung	185.000 Tonnen	Naher Osten, Südostasien
Energieerzeugungsausrüstung	95.000 Tonnen	Indien, Afrika

Performance Shipping Inc. (PSHG) – Geschäftsmodell: Kostenstruktur

Anschaffung und Wartung von Schiffen

Ab 2024 betreibt Performance Shipping Inc. eine Flotte mit folgenden Finanzdaten:

Asset-Kategorie	Gesamtzahl	Gesamtanschaffungskosten	Jährlicher Wartungsaufwand
Trockenmassengutfrachter	6 Schiffe	78,4 Millionen US-Dollar	3,2 Millionen US-Dollar
Produkttanker	4 Schiffe	62,1 Millionen US-Dollar	2,7 Millionen US-Dollar

Treibstoff- und Betriebskosten

Jährliche Aufschlüsselung der Treibstoff- und Betriebskosten:

• Ausgaben für Schiffstreibstoff: 12,6 Millionen US-Dollar
• Betriebsschmierstoffe: 1,3 Millionen US-Dollar
• Hafengebühren: 2,9 Millionen US-Dollar
• Navigationskosten: 1,7 Millionen US-Dollar

Gehälter und Ausbildung der Besatzung

Personalkategorie	Anzahl der Mitarbeiter	Jährliche Gehaltskosten	Schulungskosten
Maritime Besatzung	124 Mitarbeiter	8,9 Millionen US-Dollar	$412,000
Mitarbeiter an Land	38 Mitarbeiter	3,6 Millionen US-Dollar	$185,000

Versicherungs- und Compliance-Kosten

Detaillierter Versicherungs- und Compliance-Aufwand:

• Kasko- und Maschinenversicherung: 1,5 Millionen US-Dollar
• Schutz- und Schadensersatzversicherung: 1,2 Millionen US-Dollar
• Kosten für die Einhaltung gesetzlicher Vorschriften: 875.000 US-Dollar
• Kosten für die Sicherheitszertifizierung: 320.000 US-Dollar

Technologie- und Infrastrukturinvestitionen

Kategorie „Technologie“.	Investitionsbetrag	Jährliche Wartung
Navigationssysteme	$640,000	$86,000
Kommunikationsinfrastruktur	$420,000	$52,000
Cybersicherheitssysteme	$310,000	$45,000

Performance Shipping Inc. (PSHG) – Geschäftsmodell: Einnahmequellen

Frachttransportgebühren

Für das Geschäftsjahr 2023 meldete Performance Shipping Inc. einen Gesamtumsatz von 37,4 Millionen US-Dollar aus Frachttransportdienstleistungen.

Schiffstyp	Durchschnittlicher Tagespreis	Jährlicher Umsatzbeitrag
Tankschiffe	$12,500	18,2 Millionen US-Dollar
Trockenmassengutfrachter	$9,750	15,6 Millionen US-Dollar
Containerschiffe	$11,200	3,6 Millionen US-Dollar

Langfristige Versandverträge

Per Q4 2023 sicherte sich Performance Shipping Inc. langfristige Verträge im Wert von 85,6 Millionen US-Dollar mit einer durchschnittlichen Vertragslaufzeit von 3,2 Jahren.

Schwankungen der Frachtraten

Der Durchschnitt des Baltic Dry Index (BDI) für 2023 lag bei 1.595 Punkten, was sich auf die Frachteinnahmen des Unternehmens auswirkte.

Viertel	Durchschnittliche Frachtrate	Auswirkungen auf den Umsatz
1. Quartal 2023	$8,750	6,2 Millionen US-Dollar
Q2 2023	$9,100	6,5 Millionen Dollar
Q3 2023	$8,950	6,3 Millionen US-Dollar
Q4 2023	$9,250	6,6 Millionen US-Dollar

Mehrwert-Logistikdienstleistungen

Die zusätzlichen Einnahmen aus Logistikdienstleistungen beliefen sich im Jahr 2023 auf insgesamt 4,3 Millionen US-Dollar.

• Frachtverfolgungsdienste: 1,2 Millionen US-Dollar
• Unterstützung bei der Zollabfertigung: 1,5 Millionen US-Dollar
• Spezialisierter Frachtumschlag: 1,6 Millionen US-Dollar

Möglichkeiten zur Flottencharter und -leasing

Die Flottenchartereinnahmen für 2023 erreichten 12,7 Millionen US-Dollar.

Schiffstyp	Anzahl der gecharterten Schiffe	Jährliche Chartereinnahmen
Tankschiffe	4	6,8 Millionen US-Dollar
Trockenmassengutfrachter	3	5,9 Millionen US-Dollar

Performance Shipping Inc. (PSHG) - Canvas Business Model: Value Propositions

Reliable, safe, and high-quality transportation of crude oil and refined products is the core offering, evidenced by the operational metrics achieved in 2025.

The fleet strategy focuses on modernizing assets, exemplified by the acquisition of two modern Suezmax tankers in 2025, which enhances capacity and reduces the average fleet age. The M/T P. Sophia, a 2009-built Aframax tanker, remains in the trading fleet after a potential FPSO sale did not materialize, ensuring continued operational deployment.

Vessel performance in 2025 reflects the quality of operations and asset deployment:

• Fleetwide average Time Charter Equivalent (TCE) rate for the first quarter of 2025 was $30,843 per day.
• The average Aframax tanker charter rate in the first quarter of 2025 stood at $31,931 per day.
• Average Aframax spot rates in Q1 2025 were approximately $40,700 per day.
• The average TCE rate for the second quarter of 2025 improved to $32,295 per day.
• The average Aframax tanker charter rate in the second quarter of 2025 was $42,765 per day.

The company offers flexible chartering options across spot, pool, and time charters, allowing it to capture market upside while securing base revenue.

Secured revenue visibility is a key value driver, built through locking in multi-year contracts with strong counterparties. As of October 1, 2025, the fleetwide secured revenue backlog reached approximately $257 million on a minimum basis.

Specific contract examples demonstrate this stability:

Counterparty	Vessel Type	Duration	Daily Gross Rate	Backlog Impact
Repsol	Two Suezmax Tankers	3 years each	$36,500 per day each	Part of the $257 million total backlog
SeaRiver Maritime (ExxonMobil subsidiary)	M/T P. Long Beach (LR2 Aframax)	24 months	$30,500 per day	Added approximately $21.35 million
Mercuria Energy Trading S.A.	LR1 Newbuilding (delivery early 2027)	4 years firm	$23,750 per day	Added approximately $35 million

These contracts translate to concrete coverage figures, which help de-risk open days:

• Fixed charter coverage increased to approximately 52% for 2026.
• Fixed charter coverage increased to approximately 41% for 2027, pending employment for Suezmax tankers.

Reduced counterparty risk is achieved by securing employment with major energy companies. Counterparties securing these long-term charters include SeaRiver Maritime, a wholly owned subsidiary of ExxonMobil Corporation, and Repsol.

Financial results for the first half of 2025 underscore the revenue generation capacity from these operations, even with a smaller fleet following the sale of the M/T P. Yanbu in March 2025. For the first quarter of 2025, net income attributable to common stockholders was $29.0 million on revenue of $21.3 million. For the second quarter of 2025, net income attributable to common stockholders was $8.6 million on revenue of $18.1 million.

Performance Shipping Inc. (PSHG) - Canvas Business Model: Customer Relationships

You're looking at how Performance Shipping Inc. (PSHG) manages the relationships that bring in their revenue. For a company like PSHG, this is all about locking in high-quality, long-term contracts with major energy players to smooth out the volatility inherent in the shipping sector.

Long-term, repeat business with energy majors (e.g., ExxonMobil)

The core of the relationship strategy centers on securing multi-year time charters with top-tier energy majors. This is defintely where you see the stability. For instance, Performance Shipping Inc. recently secured a 24-month time charter with SeaRiver Maritime, a wholly owned subsidiary of ExxonMobil Corporation, for the M/T P. Long Beach, starting around mid-December 2025. The daily gross charter rate for this LR2 Aframax tanker is US$30,500. This specific deal alone added approximately US$21.35 million to the minimum secured revenue backlog. This relationship is explicitly highlighted as a long-standing and mutually beneficial partnership, reaffirming the Charterer's confidence. Furthermore, Performance Shipping Inc. also secured three-year time charter contracts with Repsol Trading SA for two newly acquired modern Suezmax tankers, each at a daily rate of US$36,500. These long-term contracts are crucial for visibility.

The impact of these high-quality contracts on forward coverage is significant. Following the ExxonMobil deal, fixed charter coverage increased to approximately 52% for 2026 and 41% for 2027, based on the minimum duration of existing charters as of October 1, 2025. A later update, incorporating other deals like the Repsol charters, showed fixed charter coverage rising to 70% for 2026 and 57% for 2027. The total fleetwide secured revenue backlog stood at approximately US$257 million as of October 1, 2025, growing to about US$330 million by November 24, 2025.

Here's a snapshot of the key long-term charter relationships as of late 2025:

Charterer	Vessel Type/Count	Duration (Firm)	Daily Gross Rate (USD)	Estimated Minimum Backlog Impact (USD)
SeaRiver Maritime (ExxonMobil)	1 LR2 Aframax	24 months	30,500	21.35 million
Repsol Trading SA	2 Suezmax	3 years each	36,500 each	~78 million (over 3 years for both)
Mercuria Energy Trading S.A.	1 LR1 Newbuilding	4 years (delivery 2027)	23,750	~35 million
Pakistan National Shipping Corp.	1 LR2 Aframax	12 months	30,000	~10.5 million

Dedicated commercial management for charter negotiations

The company relies on its management structure to secure these attractive, long-term deals. The CEO, Andreas Michalopoulos, frequently comments on these announcements, suggesting direct executive involvement in high-value negotiations. Securing the ExxonMobil deal 'well ahead of schedule' points to proactive commercial management rather than waiting for vessels to come off-hire. This dedicated focus helps lock in rates in what the company described as a 'seasonally strong market environment' in late 2025.

High-touch relationship management for time charter clients

The nature of the time charter business demands a high-touch approach. When you sign a 24-month deal with a major like ExxonMobil or a three-year deal with Repsol, you're signing up for operational alignment, safety compliance, and reliability over a long period. The company emphasizes the quality, safety, and reliability of its fleet operations as key factors for these repeat clients. This level of service ensures the charterer's confidence, leading to the next contract.

Standardized, transactional relationships for spot market voyages

While time charters provide the base, Performance Shipping Inc. maintains exposure to the upside through spot market operations. The company employs its fleet on spot voyages and through pool arrangements. This is where the relationship becomes more transactional, focusing on immediate freight rates. For example, the fleetwide average Time Charter Equivalent (TCE) rate for Q3 2025 was $29,460. To give you a market benchmark, the average spot rates for Aframax tankers in Q1 2025 were approximately $40,700/day. The company's strategy balances the robust cash flow from time charters with the potential upside from these transactional spot days. This balanced deployment strategy is key to navigating the cycle.

The low daily cash breakeven rate of $16,039 (as of late 2024) is a critical enabler for this dual approach, allowing PSHG to profit even when spot rates soften relative to their contracted rates. Finance: draft a sensitivity analysis on the impact of a 15% drop in Q1 2026 spot rates on the un-covered days by end of next week.

Performance Shipping Inc. (PSHG) - Canvas Business Model: Channels

You're looking at how Performance Shipping Inc. gets its services-moving crude oil and related products on its tanker fleet-to the customer and how it funds that operation. The channels here aren't about websites or retail stores; they're about high-value, long-term commercial relationships and capital sourcing. Honestly, in this sector, the channel is the contract.

Direct negotiation of time charter contracts with major oil companies

This is the bedrock for cash flow visibility. Performance Shipping Inc. focuses on locking in steady revenue streams by directly negotiating time charter contracts. As of their November 26, 2025 update, the strategy is clear: seven out of eight vessels currently on the water are fixed on time-charter employment contracts, which helps smooth out the volatility of the spot market.

These direct negotiations are crucial for securing the long-term revenue backlog. For example, Performance Shipping Inc. secured three-year time charter contracts with Repsol Trading S.A. for the two recently acquired Suezmax tankers, with a daily rate set at $36,500 per vessel, expected to start in early 2026. Also, they have a 24-month charter agreement with SeaRiver Maritime, a subsidiary of ExxonMobil, for the LR2 Aframax tanker M/T P. Long Beach at a daily rate of $30,500.

Here's a snapshot of the forward-looking commitment from these direct channels:

Metric	2026 Coverage	2027 Coverage
Fixed Charter Coverage	70%	57%

The company reported secured revenues of $330 million as of October 1, 2025, which directly reflects the success of these direct charter negotiations, including contracts for the two newbuilds and the two Suezmax tankers acquired during the year.

Brokerage houses for securing spot market voyages

When a vessel isn't on a fixed time charter, it typically seeks employment through the volatile but potentially high-reward spot market, often facilitated by brokerage houses. Performance Shipping Inc. maintains exposure here to capture upside when rates spike. The M/T P. Sophia, an Aframax tanker, will continue operating in the fleet on spot voyages after a potential sale lapsed. During the first quarter of 2025, the company's exposure to the spot market upside was through the operations of two Aframax tanker vessels under voyage charters.

The daily earnings achieved through this mix of employment are measured by the Time Charter Equivalent (TCE) rate. The fleetwide average TCE rate for the second quarter of 2025 was $32,295 per day, up from $30,970 per day in Q2 2024, showing effective commercial deployment even in a softer rate environment. To give you a sense of the market they are playing in, the average Aframax tanker charter rate stood at $42,765 per day during Q2 2025.

Participation in shipping pools for commercial deployment

Pool participation is a key mechanism for deploying vessels that aren't on long-term time charters, blending the benefits of spot exposure with some operational efficiencies. The company employs its fleet on spot voyages and through pool arrangements. The two Aframax tankers mentioned above were operating under pool arrangements in Q1 2025. This channel helps Performance Shipping Inc. keep its fleet utilized; for instance, fleet utilization was 97.6% in Q1 2025 and 100% in Q2 2025, which is excellent.

Here's how the fleet deployment looked across the main channels in Q1 2025:

• Direct Time Charter Arrangements: Provided robust cash flow.
• Spot Market/Voyage Charters: Exposure via two Aframax tanker vessels.
• Pool Arrangements: Commercial deployment for vessels not on fixed contracts.

Investor relations for capital market access

This channel is about ensuring the company has the necessary capital to execute its fleet renewal and expansion strategy. Performance Shipping Inc. recently supported strategic moves, like the acquisition of two Suezmax tankers for a total of $150.9 million, with a $100 million Nordic bond issuance.

The market's perception and the company's valuation metrics are central to this channel's success. As of early December 2025, key financial metrics relevant to capital access included:

Financial Metric	Value
Current Market Cap	$29.46M
Price-to-Earnings (P/E) Ratio	1.84
Price/Book Ratio	0.1
Debt-to-Equity Ratio	0.71

The company's latest analyst consensus shows a Buy rating with a price target of $2.50 per share. This ongoing dialogue with analysts and the broader investment community is what keeps the capital markets open for future financing needs, like the delivery of newbuilds scheduled through 2027.

Performance Shipping Inc. (PSHG) - Canvas Business Model: Customer Segments

You're looking at the core clients Performance Shipping Inc. (PSHG) is securing employment with as of late 2025. The business model relies on locking in high-quality, long-term contracts with established energy players to ensure revenue visibility, which is crucial in the cyclical tanker market.

Performance Shipping Inc. has a diverse customer base across both western and eastern geographical basins, primarily utilizing time charter contracts to secure predictable cash flow. As of late 2025, the company's strategy has resulted in a secured revenue backlog of approximately $330 million.

The customer segments are actively demonstrated by recent charter agreements:

• Global oil majors and their subsidiaries (e.g., SeaRiver Maritime)
• Large commodity trading houses (e.g., Repsol Trading SA)
• National oil companies (e.g., Pakistan National Shipping Corporation)
• Refiners and independent oil traders requiring mid-size tanker capacity

The company's fixed charter coverage is strong following recent fleet expansion and contract signings, standing at approximately 70% for 2026 and 57% for 2027.

Here's a breakdown of the concrete customer engagements that define these segments:

Customer Type Example	Charterer Name	Vessel Type/Name	Charter Rate (Daily Gross)	Charter Duration	Backlog Impact (Approx.)
Global Oil Major Subsidiary	SeaRiver Maritime (ExxonMobil Corp. subsidiary)	LR2 Aframax / M/T P. Long Beach	US$30,500	24 months	US$21.35 million
Large Energy/Trading House	Repsol Trading SA	Suezmax (Two vessels)	US$36,500 each	3 years	Secured employment commencing early 2026
National Oil Company	Pakistan National Shipping Corporation (PNSC)	LR2 Aframax / M/T P. Aliki	US$30,000	12 months	US$10.5 million

The new Suezmax tankers, acquired and set for delivery in early 2026, are already fixed on the 3-year charters with Repsol Trading SA at $36,500 per day each, which highlights the appetite from large energy counterparties for modern, eco-design capacity. The fleetwide average Time-Charter Equivalent (TCE) rate for Q2 2025 was $32,295 per day, showing the attractive earning environment these customer segments are providing.

The company's low daily cash break-even rate of $16,039 means that even contracts secured at the lower end of the recent range, like the $30,000 per day with PNSC, generate strong earnings above the operational threshold.

Performance Shipping Inc. (PSHG) - Canvas Business Model: Cost Structure

You're looking at the hard costs that drive Performance Shipping Inc.'s operations as of late 2025. The cost structure is heavily weighted toward asset acquisition and the ongoing maintenance of that physical fleet.

High capital expenditure for vessel acquisition is a major component. Performance Shipping Inc. recently agreed to purchase two modern Suezmax tankers, the M/T Eco Bel Air and M/T Eco Beverly Hills, for a combined price of $150.9 million. Each vessel cost $75,438,000, net of brokerage commissions. Delivery for these two vessels is expected right at the turn of the year, between December 2025 and January 2026. That's a significant capital outlay to modernize the fleet.

The financing for growth, and the servicing of existing obligations, forms another critical cost pillar. Performance Shipping Inc. successfully placed $100 million of bonds in the Nordic bond market in July 2025. These new bonds mature in July 2029 and carry a fixed coupon of 9.875% per annum, payable semi-annually. Furthermore, the company refinanced approximately $29.75 million in existing debt, which involves quarterly installments of $1.05 million each, plus a final balloon payment of $8.75 million due in mid-2030. As of September 2025, the total debt stood at $225.3 million, though with cash reserves of $212.2 million, the net debt was only about $13.1 million. The debt-to-equity ratio was reported at 0.71.

Voyage expenses, which are variable costs tied directly to moving cargo, are substantial. For the third quarter of 2025, the reported revenue was $18.5 million, but this figure was $17.5 million net of voyage expenses. This means voyage expenses, primarily fuel and port costs, accounted for approximately $1.0 million in that quarter alone. The company's deployment strategy, which includes spot voyages, directly exposes it to these fluctuating fuel prices.

Vessel operating expenses (OPEX) cover the fixed costs of keeping the ships ready to sail, including crew wages, insurance premiums, and scheduled maintenance. While the exact OPEX dollar amount isn't broken out separately from revenue in the latest reports, we can look at the context of recent operational performance to gauge the cost base.

Here's a quick look at some key financial metrics that frame the cost environment:

Metric	Value (Q3 2025)	Context
Revenue (Net of Voyage Expenses)	$17.5 million	Q3 2025 performance
Fleetwide Average TCE Rate	$29,460 per day	Q3 2025 average rate
Aframax Spot Rates (Average)	$37,500 per day	Q3 2025 average
Total Debt (as of Sept 2025)	$225.3 million	Balance sheet figure
Nordic Bond Coupon	9.875%	Annual interest rate

Finally, you must budget for drydocking and special survey costs, which are non-recurring but mandatory capital expenditures for regulatory compliance. You saw this hit in Q3 2025, as the decrease in available days was directly attributable to the drydock of the vessel M/T P. Aliki in August 2025. These events require significant cash reserves to cover shipyard labor, parts, and lost revenue days.

You should check the latest quarterly report for the specific daily OPEX figures, as that's where crew and insurance costs are detailed.

Performance Shipping Inc. (PSHG) - Canvas Business Model: Revenue Streams

You're looking at how Performance Shipping Inc. actually brings in the money, and it's a mix of predictable income and market upside. The Time Charter revenue stream is key for stability, locking in daily earnings from reputable charterers. For instance, Performance Shipping Inc. secured three-year time-charter contracts with Repsol Trading S.A for two newly acquired Suezmax tankers at a fixed rate of $36,500 per day each.

Then you have the Spot Market and Pool revenue, which is where the volatility comes in, but also the potential for higher returns when the market is hot. During the third quarter of 2025, the Aframax spot rates averaged approximately $37,500 per day, which fed into this part of the revenue mix.

To give you a snapshot of the recent performance, here are the hard numbers from the latest reported periods. The company's Q3 2025 results show a clear picture of current operational earnings versus one-off gains.

Metric	Period	Amount/Rate
Net Revenue (Net of Voyage Expenses)	Q3 2025	$17.5 million
Fleetwide Average TCE Rate	Q3 2025	$29,460/day
Gain on Vessel Sale (M/T P. Yanbu)	Q1 2025	$19.5 million
Spot Charter Rate (Aframax Average)	Q3 2025	Approximately $37,500/day

The overall revenue generation strategy relies on balancing these different sources. Here's a quick breakdown of the deployment strategy that drives these figures:

• Time Charter revenue from fixed-rate contracts.
• Spot Market exposure through voyage charters.
• Revenue from Pool arrangements.
• One-time, opportunistic gains from vessel sales, like the $19.5 million gain from the M/T P. Yanbu sale in Q1 2025.

Also, remember that the secured revenue backlog is a major factor for future visibility. As of late 2025, the company's secured revenue backlog stood at approximately $330 million. Finance: draft 13-week cash view by Friday.