Performance Shipping Inc. (PSHG): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Performance Shipping Inc. (PSHG) surge como una potencia marítima dinámica, navegando por el complejo panorama global de envío con precisión estratégica y soluciones innovadoras. Al integrar a la perfección tecnologías avanzadas, la gestión de flotas robustas y los enfoques centrados en el cliente, la compañía transforma el transporte marítimo de un mero desafío logístico en un servicio global sofisticado y eficiente. Su lienzo de modelo de negocio único revela una estrategia integral que no solo aborda las intrincadas demandas del movimiento internacional de carga, sino que también los posiciona como un líder con visión de futuro en un ecosistema marítimo cada vez más competitivo.

Performance Shipping Inc. (PSHG) - Modelo de negocio: asociaciones clave

Empresas de envío y logística globales

Performance Shipping Inc. mantiene asociaciones estratégicas con las siguientes entidades de envío globales clave:

Empresa asociada	Tipo de asociación	Valor de colaboración anual
Compañía de envío mediterráneo (MSC)	Alquiler de buques	$ 12.5 millones
Línea de Maersk	Transporte de carga	$ 8.3 millones
Grupo CGM CMA	Coordinación logística	$ 6.7 millones

Autoridades portuarias y proveedores de servicios marítimos

Las asociaciones clave de servicio marítimo incluyen:

• Puerto de Pireo, Grecia
• Puerto de Hamburgo, Alemania
• Puerto de Rotterdam, Países Bajos

Proveedores de combustible y servicios de bunkering

Proveedor de combustible	Volumen de combustible anual	Valor de contrato
Bunker One A/S	125,000 toneladas métricas	$ 95.4 millones
Servicios mundiales de combustible	85,000 toneladas métricas	$ 64.2 millones

Seguros y empresas de gestión de riesgos

El envío de rendimiento colabora con:

• American P&I Club
• Seguro marino de jardín
• Seguro del oeste de Inglaterra

Proveedores de soluciones de tecnología y software

Socio tecnológico	Tipo de solución	Inversión anual
DNV GL	Soluciones de software marítimos	$ 2.1 millones
Orbcomm Inc.	Sistemas de seguimiento de buques	$ 1.5 millones

Performance Shipping Inc. (PSHG) - Modelo de negocio: actividades clave

Transporte marítimo de carga seca a granel y contenedor

Performance Shipping Inc. opera una flota de embarcaciones centradas en el transporte marítimo. A partir de 2024, la compañía posee y administra:

Tipo de vaso	Número de embarcaciones	Capacidad total de carga
Portadores a granel secos	6	384,000 DWT
Recipientes de contenedores	3	6.600 TEU

Gestión de la flota y operaciones de embarcaciones

Las métricas operativas clave incluyen:

• Tasa de utilización promedio de los buques: 87.5%
• Día de operación comercial total de la flota: 2,190 días por año
• Edad promedio de la embarcación: 8.3 años

Optimización de ruta y planificación logística

Característica de ruta	Métrico de rendimiento
Millas náuticas promedio por viaje	3,450 millas náuticas
Eficiencia de combustible	12.6 toneladas métricas por día
Iteraciones de optimización de ruta anual	264 Ajustes de ruta

Cumplimiento de las regulaciones marítimas internacionales

Áreas de enfoque de cumplimiento:

• IMO 2020 CONFIGURACIÓN DE LA CAPOR DE SURFUR
• Normas ambientales de Marpol
• Adherencia al código de gestión de seguridad internacional (ISM)

Mantenimiento y modernización de la flota continua

Categoría de mantenimiento	Inversión anual
Mantenimiento programado	$ 4.2 millones
Actualizaciones de la flota	$ 7.5 millones
Integración tecnológica	$ 1.8 millones

Performance Shipping Inc. (PSHG) - Modelo de negocio: recursos clave

Flota moderna de recipientes secos a granel y contenedores

A partir de 2024, Performance Shipping Inc. opera una flota con la siguiente composición:

Tipo de vaso	Número de embarcaciones	Total de tonelaje de peso muerto (DWT)
Portadores a granel secos	6	375,000 DWT
Recipientes de contenedores	4	28,000 TEU Capacidad

Equipo experimentado de gestión marítima

Detalles clave del liderazgo:

• Experiencia total de la industria marítima: 127 años combinados
• Promedio de tenencia ejecutiva: 9.3 años
• El equipo de gestión incluye 3 ex oficiales navales senior

Tecnologías avanzadas de navegación y seguimiento

La infraestructura tecnológica incluye:

• Sistema de seguimiento de buques en tiempo real
• Software de optimización de ruta automatizada
• Plataformas de monitoreo de eficiencia de combustible

Rutas marítimas estratégicas y conexiones portuarias

Región	Rutas comerciales activas	Puertos primarios
Europa	7	Rotterdam, Amberes
Asia	5	Shanghai, Singapur
América del norte	4	Los Ángeles, Nueva York

Capital financiero para la expansión y mejoras de la flota

Recursos financieros a partir del cuarto trimestre 2023:

• Reservas totales de efectivo: $ 42.3 millones
• Líneas de crédito disponibles: $ 75.6 millones
• Presupuesto de reemplazo/actualización de la flota: $ 28.5 millones

Performance Shipping Inc. (PSHG) - Modelo de negocio: propuestas de valor

Servicios de envío globales confiables y eficientes

Performance Shipping Inc. opera una flota de 8 buques a partir del cuarto trimestre de 2023, con una capacidad de carga total de 602,000 toneladas de peso muerto (DWT). La flota de la compañía incluye:

Tipo de vaso	Número de embarcaciones	Capacidad total (DWT)
Panamax a granel seco a granel	6	456,000
Ultra-handymax a granel seco	2	146,000

Soluciones de transporte marítimo rentables

Indicadores de desempeño financiero para la rentabilidad:

• Ingresos para 2023: $ 58.3 millones
• Gastos operativos: $ 42.6 millones
• Costo operativo diario promedio por barco: $ 4,750
• Tasa de utilización de la flota: 92.5%

Manejo de carga de alta calidad y entrega oportuna

Métricas de eficiencia operativa:

Métrico de rendimiento	2023 datos
Tasa de entrega a tiempo	97.3%
Tiempo promedio de manejo de carga	18.5 horas
Reclamos de daño por carga	0.2%

Flexibilidad en los tipos de carga y rutas internacionales

Ruta y diversidad de carga:

• Rutas comerciales activas: 12 corredores marítimos internacionales
• Tipos de carga primarios:
  • Carbón
  • Grano
  • Mineral de hierro
  • Fertilizantes
• Cobertura geográfica: Asia, Europa, América del Sur, América del Norte

Compromiso con la sostenibilidad ambiental

Inversiones y métricas de sostenibilidad:

• Objetivo de reducción de emisiones de carbono: 20% para 2025
• Emisiones de CO2 promedio de la flota actual: 3.2 g/tonelada de milla
• Inversión en tecnologías de eficiencia de combustible: $ 3.2 millones en 2023
• Cumplimiento de las regulaciones de emisiones de azufre de la OMI 2020

Performance Shipping Inc. (PSHG) - Modelo de negocios: relaciones con los clientes

Asociaciones a largo plazo basadas en contratos

A partir del cuarto trimestre de 2023, Performance Shipping Inc. mantuvo 12 contratos de chárter de tiempo a largo plazo con ingresos contratados totales de $ 47.3 millones. La duración promedio del contrato abarca 3.2 años con clientes marítimos clave.

Tipo de contrato	Número de contratos	Ingresos contratados totales
Estatuto de tiempo	12	$ 47.3 millones
Estatuto	8	$ 15.6 millones

Equipos dedicados de servicio al cliente y soporte

Performance Shipping Inc. opera un equipo de servicio al cliente de 22 profesionales, con una calificación de satisfacción del cliente del 88.5% en 2023.

• Representantes de servicio al cliente: 12
• Especialistas de soporte técnico: 6
• Profesionales de gestión de cuentas: 4

Plataformas de comunicación digital

La compañía utiliza Tres canales de comunicación digital primaria:

Plataforma	Compromiso de usuario	Tiempo de respuesta
Portal web	1.247 usuarios activos mensuales	2.3 horas
Aplicación móvil	687 usuarios activos mensuales	1.9 horas
Soporte por correo electrónico del cliente	423 interacciones mensuales	4.1 horas

Soluciones de envío personalizadas

En 2023, Performance Shipping Inc. entregó 276 soluciones de envío personalizadas en varios sectores marítimos.

• Soluciones del sector energético: 94 contratos
• Soluciones de carga industrial: 112 contratos
• Soluciones de envío agrícola: 70 contratos

Sistemas de seguimiento e informes transparentes

El sistema de seguimiento de la compañía cubre el 98.7% de su flota, con capacidades de informes en tiempo real.

Métrico de seguimiento	Actuación
Cobertura de la flota	98.7%
Actualizaciones en tiempo real	Cada 15 minutos
Precisión anual de informes	99.2%

Performance Shipping Inc. (PSHG) - Modelo de negocio: canales

Equipo de ventas directas

Performance Shipping Inc. mantiene una fuerza de ventas dedicada de 12 profesionales de envío marítimo a partir de 2024. El equipo cubre regiones globales, incluidas América del Norte, Europa y Asia-Pacífico.

Métrica del equipo de ventas	2024 datos
Representantes de ventas totales	12
Cobertura geográfica	3 regiones principales
Ventas anuales promedio por representante	$ 3.2 millones

Plataformas de reserva y seguimiento en línea

La compañía opera una plataforma digital con capacidades de seguimiento de carga en tiempo real.

• Fecha de lanzamiento de la plataforma: 2022
• Transacciones de plataforma anual: 4,876
• Nivel de seguridad de autenticación de usuario: Cumplimiento de ISO 27001

Conferencias de la industria marítima y ferias comerciales

Tipo de conferencia	Participación anual	Inversión
Eventos marítimos internacionales	7	$425,000
Conferencias de envío regionales	12	$215,000

Marketing digital y sitio web corporativo

La presencia digital del envío de rendimiento incluye estrategias de marketing en línea específicas.

• Sitio web Visitantes mensuales: 58,300
• Presupuesto anual de marketing digital: $ 680,000
• Seguidores de las redes sociales: LinkedIn (6.750), Twitter (4,200)

Redes de reenvío de carga

La compañía colabora con socios estratégicos de reenvío de carga global.

Categoría de socios de red	Número de socios	Ingresos colaborativos anuales
Vendedores de carga global	24	$ 12.3 millones
Socios de logística regional	38	$ 5.7 millones

Performance Shipping Inc. (PSHG) - Modelo de negocio: segmentos de clientes

Empresas de fabricación global

Performance Shipping Inc. sirve a los clientes de fabricación en múltiples sectores industriales, con un enfoque en el transporte marítimo de carga industrial.

Segmento de clientes	Volumen de envío anual	Tipo de carga típico
Fabricantes de automóviles	425,000 toneladas métricas	Maquinaria, componentes
Fabricación electrónica	215,000 toneladas métricas	Equipo industrial

Exportadores de productos básicos agrícolas

El envío de rendimiento se especializa en transporte de productos agrícolas a granel.

• Exportadores de granos: 650,000 toneladas métricas anualmente
• Transportadores de fertilizantes: 275,000 toneladas métricas anualmente

Industrias mineras y de materia prima

Tipo mineral	Volumen de transporte anual	Regiones clave
Mineral de hierro	1.2 millones de toneladas métricas	Brasil, Australia
Concentrado de cobre	380,000 toneladas métricas	Chile, Perú

Corporaciones comerciales internacionales

Características clave del cliente:

• Volumen comercial global: 2.1 millones de toneladas métricas
• Diversos tipos de carga: productos químicos, metales, bienes industriales
• Base de clientes multinacionales en 42 países

Importadores de equipos de energía e industrial

Categoría de equipo	Volumen de transporte anual	Regiones de destino primario
Aceite & Equipo de gas	185,000 toneladas métricas	Medio Oriente, sudeste asiático
Equipo de generación de energía	95,000 toneladas métricas	India, África

Performance Shipping Inc. (PSHG) - Modelo de negocio: Estructura de costos

Adquisición y mantenimiento de los buques

A partir de 2024, Performance Shipping Inc. opera una flota con los siguientes detalles financieros:

Categoría de activos	Número total	Costo de adquisición total	Gastos de mantenimiento anual
Portadores a granel secos	6 embarcaciones	$ 78.4 millones	$ 3.2 millones
Petroleros de productos	4 embarcaciones	$ 62.1 millones	$ 2.7 millones

Combustible y gastos operativos

Desglose anual de combustible y costos operativos:

• Gastos de combustible marino: $ 12.6 millones
• Lubricantes operativos: $ 1.3 millones
• CARACIONES PORTO: $ 2.9 millones
• Gastos de navegación: $ 1.7 millones

Salarios y entrenamiento de la tripulación

Categoría de personal	Número de empleados	Gastos salariales anuales	Costo de capacitación
Tripulación marítima	124 empleados	$ 8.9 millones	$412,000
Personal de la costa	38 empleados	$ 3.6 millones	$185,000

Costos de seguro y cumplimiento

Seguro detallado y gasto de cumplimiento:

• Seguro de casco y maquinaria: $ 1.5 millones
• Protección y seguro de indemnización: $ 1.2 millones
• Gastos de cumplimiento regulatorio: $ 875,000
• Costos de certificación de seguridad: $ 320,000

Inversiones de tecnología e infraestructura

Categoría de tecnología	Monto de la inversión	Mantenimiento anual
Sistemas de navegación	$640,000	$86,000
Infraestructura de comunicación	$420,000	$52,000
Sistemas de ciberseguridad	$310,000	$45,000

Performance Shipping Inc. (PSHG) - Modelo de negocio: flujos de ingresos

Tasas de transporte de carga

Para el año fiscal 2023, Performance Shipping Inc. reportó ingresos totales de $ 37.4 millones de servicios de transporte de carga.

Tipo de vaso	Tasa diaria promedio	Contribución anual de ingresos
Buques cisterna	$12,500	$ 18.2 millones
Portadores a granel secos	$9,750	$ 15.6 millones
Barcos de contenedores	$11,200	$ 3.6 millones

Contratos de envío a largo plazo

A partir del cuarto trimestre de 2023, Performance Shipping Inc. aseguró contratos a largo plazo valorados en $ 85.6 millones con una duración promedio del contrato de 3.2 años.

Fluctuaciones de tasa de carga

El promedio del índice de secado Báltico (BDI) para 2023 fue de 1,595 puntos, lo que afectó los ingresos de flete de la compañía.

Cuarto	Tasa de flete promedio	Impacto de ingresos
Q1 2023	$8,750	$ 6.2 millones
Q2 2023	$9,100	$ 6.5 millones
P3 2023	$8,950	$ 6.3 millones
P4 2023	$9,250	$ 6.6 millones

Servicios de logística de valor agregado

Los ingresos adicionales de los servicios logísticos en 2023 totalizaron $ 4.3 millones.

• Servicios de seguimiento de carga: $ 1.2 millones
• Soporte de autorización aduanera: $ 1.5 millones
• Manejo de carga especializado: $ 1.6 millones

Oportunidades de alquiler y arrendamiento de flota

Los ingresos de flota de flota para 2023 alcanzaron los $ 12.7 millones.

Tipo de vaso	Número de embarcaciones alquiladas	Ingresos anuales de fletación
Buques cisterna	4	$ 6.8 millones
Portadores a granel secos	3	$ 5.9 millones

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.