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PSHGBullishCorporate Developmentsnews

High materiality7/10

Performance Shipping Amends Bonds to Unsecured, Expands Fleet and Backlog

Jun 29, 2026, 9:29 AM EDT1 sourcesAI-analyzed

Why it may matterVerify against the original reporting

The shift to unsecured bonds, higher liquidity thresholds, and asset-lightening changes can improve refinancing options and cash-flow visibility, potentially supporting the stock if refinancing de-risks near-term maturities and reduces default risk.

AI summary

What happened, with direct paths to the underlying reporting

Performance Shipping announced approval to convert its 9.875% bonds from secured to unsecured, lifting security over two vessels and raising the liquidity covenant. The company also disclosed fleet growth, reduced average fleet age, and a backlog approaching $0.5 billion, all of which bolster refinancing prospects and cash-flow visibility despite higher leverage.

PSHG amends bonds to unsecured; mortgages on P. Monterey and P. Sophia released.
Liquidity covenant raised to $30M; amendment fee 0.325% of $150M.
Fleet expands: added four vessels, sold two; backlog near $0.5B.
Open days funding: zero through 2027; $3,500 in 2028; $11,600 in 2029.

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