The profits of Performance Shipping rose for the second consecutive quarter, boosted by the solid tanker market.
In particular, the listed company on the US stock exchange recorded a profit of 18.4 million dollars in the second quarter of this year, compared with 3.87 million dollars in the same period of 2022. The company’s revenue “jumped” to 31.4 million dollars from 16.7 million dollars.
In the first half of the year, the shipping company recorded a profit of 34 million dollars, compared with 1.79 million dollars in the corresponding period last year, and revenue of about 61 million euros from 25.2 million euros in the first half of 2022.
Moreover, TCE rose to 41,526 dollars in the same period compared with 18,888 dollars last year.
A ‘bullish’ market trend
The CEO of Performance Shipping, Andreas Michalopoulos, appeared optimistic about the course of the tanker market. “We believe that the strong environment will remain sustainable this year and beyond,” he noted.
According to data presented by the listed company, demand is expected to grow by 7.8% in 2023, supported by strong Chinese demand for crude oil and new long-haul trading patterns, while fleet supply is expected to grow at a modest 2.1% this year.
Performance Shipping’s fleet consists of eight tankers, while another LR2 aframax is expected, which will be “LNG-Ready” and delivered in 2025.