Desempenho de Transporte Inc. (PSHG): Modelo de Negócios Canvas [Jan-2025 Atualizado]

A Performance Shipping Inc. (PSHG) surge como uma potência marítima dinâmica, navegando no complexo cenário global de remessa com precisão estratégica e soluções inovadoras. Ao integrar perfeitamente tecnologias avançadas, gerenciamento robusto de frota e abordagens centradas no cliente, a empresa transforma o transporte marítimo de um mero desafio logístico em um serviço global sofisticado e eficiente. Seu modelo de modelo de negócios exclusivo revela uma estratégia abrangente que não apenas atende às intrincadas demandas do movimento internacional de carga, mas também as posiciona como líder de visão de futuro em um ecossistema marítimo cada vez mais competitivo.

Desemperações de Desemperações Inc. (PSHG) - Modelo de Negócios: Principais Parcerias

Empresas globais de remessa e logística

A Performance Shipping Inc. mantém parcerias estratégicas com as seguintes principais entidades de remessa global:

Empresa parceira	Tipo de parceria	Valor anual de colaboração
Companhia de transporte Mediterrâneo (MSC)	Fretamento de embarcações	US $ 12,5 milhões
Linha Maersk	Transporte de carga	US $ 8,3 milhões
Grupo CMA CGM	Coordenação de logística	US $ 6,7 milhões

Autoridades portuárias e provedores de serviços marítimos

As principais parcerias de serviço marítimo incluem:

• Porto de Piraeus, Grécia
• Porto de Hamburgo, Alemanha
• Porto de Roterdã, Holanda

Fornecedores de combustível e serviços de bunking

Fornecedor de combustível	Volume anual de combustível	Valor do contrato
Bunker um a/s	125.000 toneladas métricas	US $ 95,4 milhões
Serviços de combustível mundial	85.000 toneladas métricas	US $ 64,2 milhões

Empresas de seguro e gerenciamento de riscos

O envio de desempenho colabora com:

• American P&I Club
• Seguro da Marinha Gard
• Oeste da Inglaterra Seguro

Provedores de solução de tecnologia e software

Parceiro de tecnologia	Tipo de solução	Investimento anual
Dnv gl	Soluções de software marítimo	US $ 2,1 milhões
OrbComm Inc.	Sistemas de rastreamento de embarcações	US $ 1,5 milhão

Performance Shipping Inc. (PSHG) - Modelo de negócios: Atividades -chave

Transporte marítimo de massa seca e carga de contêineres

A Performance Shipping Inc. opera uma frota de embarcações focadas no transporte marítimo. A partir de 2024, a empresa possui e gerencia:

Tipo de embarcação	Número de embarcações	Capacidade total de carga
Transportadores a granel seco	6	384.000 dwt
Vasos de contêineres	3	6.600 TEU

Gerenciamento de frota e operações de embarcações

As principais métricas operacionais incluem:

• Taxa média de utilização de embarcações: 87,5%
• Total Fleet Comercial Operating Days: 2.190 dias por ano
• Idade média do navio: 8,3 anos

Otimização de rota e planejamento logístico

Rota característica	Métrica de desempenho
Milhas náuticas médias por viagem	3.450 milhas náuticas
Eficiência de combustível	12,6 toneladas métricas por dia
Iterações anuais de otimização de rota	264 ajustes de rota

Conformidade com os regulamentos marítimos internacionais

Áreas de foco de conformidade:

• Conformidade de tampa de enxofre 2020 da IMO
• Marpol Padrões Ambientais
• Aderência do Código Internacional de Gerenciamento de Segurança (ISM)

Manutenção e modernização contínuas da frota

Categoria de manutenção	Investimento anual
Manutenção programada	US $ 4,2 milhões
Atualizações da frota	US $ 7,5 milhões
Integração de tecnologia	US $ 1,8 milhão

Performance Shipping Inc. (PSHG) - Modelo de negócios: Recursos -chave

Frota moderna de granel seco e vasos de contêineres

A partir de 2024, a Deformance Shipping Inc. opera uma frota com a seguinte composição:

Tipo de embarcação	Número de embarcações	Tonelagem total de peso morto (DWT)
Transportadores a granel seco	6	375.000 dwt
Vasos de contêineres	4	28.000 TEU Capacidade

Equipe de gerenciamento marítimo experiente

Principais detalhes da liderança:

• Experiência total da indústria marítima: 127 anos combinados
• PRODIÇÃO EXECUTIVO Média: 9,3 anos
• A equipe de gerenciamento inclui 3 ex -oficiais da Marinha Sênior

Tecnologias avançadas de navegação e rastreamento

A infraestrutura tecnológica inclui:

• Sistema de rastreamento de embarcações em tempo real
• Software de otimização de rota automatizada
• Plataformas de monitoramento de eficiência de combustível

Rotas marítimas estratégicas e conexões de porta

Região	Rotas comerciais ativas	Portas primárias
Europa	7	Roterdã, Antuérpia
Ásia	5	Xangai, Cingapura
América do Norte	4	Los Angeles, Nova York

Capital financeiro para expansão e atualizações da frota

Recursos Financeiros a partir do quarto trimestre 2023:

• Total de reservas de caixa: US $ 42,3 milhões
• Linhas de crédito disponíveis: US $ 75,6 milhões
• Orçamento de substituição/atualização da frota: US $ 28,5 milhões

Desempenho de Transporte Inc. (PSHG) - Modelo de Negócios: Proposições de Valor

Serviços de remessa globais confiáveis ​​e eficientes

A Performance Shipping Inc. opera uma frota de 8 navios a partir do quarto trimestre 2023, com uma capacidade total de carga de 602.000 toneladas de peso morto (DWT). A frota da empresa inclui:

Tipo de embarcação	Número de embarcações	Capacidade total (DWT)
Transportadores a granel seco panamax	6	456,000
Portadores de granel seco ultra-handymax	2	146,000

Soluções de transporte marítimo econômico

Indicadores de desempenho financeiro para custo-efetividade:

• Receita para 2023: US $ 58,3 milhões
• Despesas operacionais: US $ 42,6 milhões
• Custo médio de operação diária por embarcação: US $ 4.750
• Taxa de utilização da frota: 92,5%

Manuseio de carga de alta qualidade e entrega oportuna

Métricas de eficiência operacional:

Métrica de desempenho	2023 dados
Taxa de entrega no tempo	97.3%
Tempo médio de manuseio de carga	18,5 horas
Reivindicações de danos por carga	0.2%

Flexibilidade em tipos de carga e rotas internacionais

Diversidade de rota e carga:

• Rotas comerciais ativas: 12 corredores marítimos internacionais
• Tipos de carga primária:
  • Carvão
  • Grão
  • Minério de ferro
  • Fertilizantes
• Cobertura geográfica: Ásia, Europa, América do Sul, América do Norte

Compromisso com a sustentabilidade ambiental

Investimentos e métricas de sustentabilidade:

• Alvo de redução de emissões de carbono: 20% até 2025
• Emissões médias de CO2 da frota atual: 3,2 g/tonelada milha
• Investimento em tecnologias com eficiência de combustível: US $ 3,2 milhões em 2023
• Conformidade com os regulamentos de emissões de enxofre da IMO 2020

Desempenho de Transporte Inc. (PSHG) - Modelo de Negócios: Relacionamentos do Cliente

Parcerias baseadas em contratos de longo prazo

A partir do quarto trimestre 2023, a Deformance Shipping Inc. manteve 12 contratos de fretamento de longo prazo com receita contratada total de US $ 47,3 milhões. A duração média do contrato abrange 3,2 anos com os principais clientes marítimos.

Tipo de contrato	Número de contratos	Receita contratada total
Carta de tempo	12	US $ 47,3 milhões
Carta de ponto	8	US $ 15,6 milhões

Equipes de atendimento ao cliente e equipes de suporte dedicadas

A Performance Shipping Inc. opera uma equipe de atendimento ao cliente de 22 profissionais, com uma classificação de satisfação do cliente de 88,5% em 2023.

• Representantes de atendimento ao cliente: 12
• Especialistas em suporte técnico: 6
• Profissionais de gerenciamento de contas: 4

Plataformas de comunicação digital

A empresa utiliza Três canais de comunicação digital primários:

Plataforma	Engajamento do usuário	Tempo de resposta
Portal da Web	1.247 usuários ativos mensais	2,3 horas
Aplicativo móvel	687 usuários ativos mensais	1,9 horas
Suporte por e -mail do cliente	423 interações mensais	4,1 horas

Soluções de remessa personalizadas

Em 2023, a Deformance Shipping Inc. entregou 276 soluções de remessa personalizadas em vários setores marítimos.

• Soluções do setor energético: 94 contratos
• Soluções de carga industrial: 112 contratos
• Soluções de envio agrícola: 70 contratos

Sistemas de rastreamento e relatório transparentes

O sistema de rastreamento da empresa cobre 98,7% de sua frota, com recursos de relatórios em tempo real.

Métrica de rastreamento	Desempenho
Cobertura da frota	98.7%
Atualizações em tempo real	A cada 15 minutos
Precisão de relatórios anuais	99.2%

Performance Shipping Inc. (PSHG) - Modelo de Negócios: Canais

Equipe de vendas diretas

A Performance Shipping Inc. mantém uma força de vendas dedicada de 12 profissionais de transporte marítimo a partir de 2024. A equipe cobre regiões globais, incluindo América do Norte, Europa e Ásia-Pacífico.

Métrica da equipe de vendas	2024 dados
Total de representantes de vendas	12
Cobertura geográfica	3 regiões principais
Vendas anuais médias por representante	US $ 3,2 milhões

Plataformas de reserva e rastreamento on -line

A empresa opera uma plataforma digital com recursos de rastreamento de carga em tempo real.

• Data de lançamento da plataforma: 2022
• Transações anuais da plataforma: 4.876
• Nível de segurança de autenticação do usuário: ISO 27001 compatível

Conferências e feiras marítimas da indústria

Tipo de conferência	Participação anual	Investimento
Eventos marítimos internacionais	7	$425,000
Conferências de remessa regionais	12	$215,000

Marketing digital e site corporativo

A presença digital do Desempe Shipping inclui estratégias de marketing on -line direcionadas.

• Website Visitantes mensais: 58.300
• Orçamento anual de marketing digital: US $ 680.000
• Seguidores de mídia social: LinkedIn (6.750), Twitter (4.200)

Redes de encaminhamento de frete

A empresa colabora com os parceiros estratégicos de encaminhamento global de frete.

Categoria de parceiro de rede	Número de parceiros	Receita colaborativa anual
Fornecedores globais de carga	24	US $ 12,3 milhões
Parceiros de logística regional	38	US $ 5,7 milhões

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

Empresas de manufatura globais

A Performance Shipping Inc. atende clientes de fabricação em vários setores industriais, com foco no transporte marítimo de carga industrial.

Segmento de clientes	Volume de envio anual	Tipo de carga típico
Fabricantes automotivos	425.000 toneladas métricas	Máquinas, componentes
Fabricação eletrônica	215.000 toneladas métricas	Equipamento industrial

Exportadores de commodities agrícolas

O envio de desempenho é especializado em transporte de commodities agrícolas em massa.

• Exportadores de grãos: 650.000 toneladas métricas anualmente
• Transportadores de fertilizantes: 275.000 toneladas métricas anualmente

Indústrias de mineração e matéria -prima

Tipo mineral	Volume anual de transporte	Regiões -chave
Minério de ferro	1,2 milhão de toneladas métricas	Brasil, Austrália
Concentrado de cobre	380.000 toneladas métricas	Chile, Peru

Empresas de comércio internacional

Principais características do cliente:

• Volume de negociação global: 2,1 milhões de toneladas métricas
• Diversos tipos de carga: produtos químicos, metais, bens industriais
• Base de clientes multinacionais em 42 países

Importadores de equipamentos industriais e de energia

Categoria de equipamento	Volume anual de transporte	Regiões de destino primário
Óleo & Equipamento a gás	185.000 toneladas métricas	Oriente Médio, Sudeste Asiático
Equipamento de geração de energia	95.000 toneladas métricas	Índia, África

Desempenho Shipping Inc. (PSHG) - Modelo de Negócios: Estrutura de Custo

Aquisição e manutenção de embarcações

A partir de 2024, a Deformance Shipping Inc. opera uma frota com os seguintes detalhes financeiros:

Categoria de ativos	Número total	Custo total de aquisição	Despesas anuais de manutenção
Transportadores a granel seco	6 navios	US $ 78,4 milhões	US $ 3,2 milhões
Tanques de produtos	4 navios	US $ 62,1 milhões	US $ 2,7 milhões

Despesas operacionais e de combustível

Avaria anual de combustível e custos operacionais:

• Despesas de combustível marítimo: US $ 12,6 milhões
• Lubrificantes operacionais: US $ 1,3 milhão
• Cobranças portuárias: US $ 2,9 milhões
• Despesas de navegação: US $ 1,7 milhão

Salários e treinamento da tripulação

Categoria de pessoal	Número de funcionários	Despesas salariais anuais	Custo de treinamento
Tripulação marítima	124 funcionários	US $ 8,9 milhões	$412,000
Funcionários baseados em terra	38 funcionários	US $ 3,6 milhões	$185,000

Custos de seguro e conformidade

Seguro detalhado e despesas de conformidade:

• Seguro de casco e máquinas: US $ 1,5 milhão
• Seguro de proteção e indenização: US $ 1,2 milhão
• Despesas de conformidade regulatória: US $ 875.000
• Custos de segurança custos: US $ 320.000

Investimentos de tecnologia e infraestrutura

Categoria de tecnologia	Valor do investimento	Manutenção anual
Sistemas de navegação	$640,000	$86,000
Infraestrutura de comunicação	$420,000	$52,000
Sistemas de segurança cibernética	$310,000	$45,000

Desempenho de Transporte Inc. (PSHG) - Modelo de Negócios: Fluxos de Receita

Taxas de transporte de carga

Para o ano fiscal de 2023, a Deformance Shipping Inc. reportou receita total de US $ 37,4 milhões da Cargo Transportation Services.

Tipo de embarcação	Taxa média diária	Contribuição anual da receita
Navios -tanques	$12,500	US $ 18,2 milhões
Transportadores a granel seco	$9,750	US $ 15,6 milhões
Navios de contêineres	$11,200	US $ 3,6 milhões

Contratos de remessa de longo prazo

A partir do quarto trimestre 2023, a Deformance Shipping Inc. garantiu contratos de longo prazo avaliados em US $ 85,6 milhões, com uma duração média de contrato de 3,2 anos.

Flutuações da taxa de frete

A média do índice seco do Báltico (BDI) para 2023 foi de 1.595 pontos, impactando a receita de frete da empresa.

Trimestre	Taxa média de frete	Impacto de receita
Q1 2023	$8,750	US $ 6,2 milhões
Q2 2023	$9,100	US $ 6,5 milhões
Q3 2023	$8,950	US $ 6,3 milhões
Q4 2023	$9,250	US $ 6,6 milhões

Serviços de logística de valor agregado

A receita adicional dos serviços de logística em 2023 totalizou US $ 4,3 milhões.

• Serviços de rastreamento de carga: US $ 1,2 milhão
• Suporte de liberação aduaneira: US $ 1,5 milhão
• Manuseio de carga especializado: US $ 1,6 milhão

Oportunidades de fretamento de frota e leasing

A receita fretada da frota para 2023 atingiu US $ 12,7 milhões.

Tipo de embarcação	Número de navios fretados	Receita anual de fretamento
Navios -tanques	4	US $ 6,8 milhões
Transportadores a granel seco	3	US $ 5,9 milhões

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.