Performance Shipping Inc.

FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

For the month of July 2026

Commission File Number: 001-35025

(Translation of registrant's name into English)

373 Syngrou Avenue

175 64 Palaio Faliro

Athens, Greece

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒ Form 40-F ☐

INFORMATION CONTAINED IN THIS FORM 6-K REPORT

Attached to this Report on Form 6-K as Exhibit 99.1 is a copy of Management’s Discussion and Analysis of Financial Condition and Results of Operations for the Six Months Ended June 30, 2026 and the Unaudited Interim Consolidated Financial Statements of Performance Shipping Inc. (the “Company”) for the six months ended June 30, 2026.

The information contained in this Report on Form 6-K, excluding the statement in Exhibit 99.1 attributed to the Company’s Chief Executive Officer, is hereby incorporated by reference into the Company’s registration statement on Form F-3 (File No. 333-197740), filed with the U.S. Securities and Exchange Commission (the “SEC”) with an effective date of August 13, 2014, the Company’s registration statement on Form F-3 (File No. 333-266946), filed with the SEC with an effective date of August 29, 2022, and the Company’s registration statement on Form F-3 (File No. 333- 295541), filed with the SEC with an effective date of May 21, 2026.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Exhibit 99.1

Performance Shipping Inc.

Unless otherwise specified herein, references to the “Company” or “we”, “us” and “our” shall include Performance Shipping Inc. and its subsidiaries. The following management’s discussion and analysis should be read in conjunction with our interim unaudited consolidated financial statements and their notes attached hereto. This discussion contains forward-looking statements that reflect our current views with respect to future events and financial performance. Our actual results may differ materially from those anticipated in these forward-looking statements. For additional information relating to our management’s discussion and analysis of financial condition and results of operations, please see our annual report on Form 20-F for the year ended December 31, 2025 filed with the Securities and Exchange Commission (the “SEC”) on April 27, 2026.

Management’s Discussion and Analysis of Financial Condition and Results of Operations for the Six Months Ended June 30, 2026

Our Operations

We have historically chartered our vessels to customers primarily pursuant to short-term and long-term time charters and on spot voyages, and also through pool arrangements. Under our time charters, the charterer typically pays us a fixed daily charter hire rate and bears all voyage expenses, including the cost of bunkers (fuel oil) and port and canal charges. Under spot charter arrangements, voyage expenses that are unique to a particular charter are paid for by us. Under our pool arrangements, the pool manager charters our vessels, prices the charters, and is required to pay all voyage costs, including port charges, fuel and canal tolls and to collect receivables. We receive a portion of the total revenues generated by the pool, net of expenses incurred by the pool, and the amount allocated to our participating vessel, is determined in accordance with an agreed-upon formula determined by the margins allocated to our participating vessel based on her age, design and other performance characteristics. In all three types of charters, we remain responsible for paying the chartered vessel's operating expenses, including the cost of crewing, insuring, repairing and maintaining the vessel, the costs of spares and consumable stores, tonnage taxes, environmental costs, and other miscellaneous expenses. We also pay commissions to unaffiliated shipbrokers, and to related party brokers when they are involved, for the arrangement of the relevant charter.

Factors affecting our results of operations

We believe that the important measures for analyzing trends in our results of operations consist of the following:

The following tables reflect our ownership days, available days, operating days, fleet utilization, TCE rate, and daily operating expenses for our total fleet, as well as a calculation for our TCE rates, for the periods indicated.

Voyage and Time Charter Revenues

Our revenues are driven primarily by the number of vessels in our fleet, the number of days that our vessels operate, and the amount of daily charter hire that our vessels earn under charters which, in turn, are affected by a number of factors, including:

Vessels operating on time charters for a certain period of time provide more predictable cash flows over that period of time but can yield lower profit margins than vessels operating in the spot charter market during periods characterized by favorable market conditions. Vessels operating in the spot charter market, or through pool arrangements, generate revenues that are less predictable but may enable their owners to capture increased profit margins during periods of improvements in charter rates, although their owners would be exposed to the risk of declining charter rates, which may have a materially adverse impact on financial performance. As we employ vessels on time and spot charters, or through pool arrangements, we mitigate our charter rates fluctuation exposure.

Currently, the vessels in our fleet are employed on time charter voyages. Our charter agreements subject us to counterparty risk. In depressed market conditions, charterers may seek to renegotiate the terms of their existing charter agreements or avoid their obligations under those contracts. Should a counterparty fail to honor its obligations under agreements with us, we could sustain significant losses, which could have a material adverse effect on our business, financial condition, results of operations and cash flows.

Since January 1 2024, when the European Union’s Emissions Trading System (“EU ETS”) was extended to cover Carbon dioxide (“CO2”) emissions from ships over 5,000 gross tons entering EU port, our Revenues also includedthe value of the EUAs to be provided to us pursuant to the terms of our agreements with the charterers of our vessels and the commercial pools in which we participate.

Voyage Expenses

We incur voyage expenses that mainly include port and canal charges, bunker (fuel oil) expenses and commissions. Since January 1, 2024, our voyage expenses also include the value of our EUA obligations to the EU authorities under the EU ETS, and effective January 1, 2025 they also include expenses in connection with the Company’s compliance with the new Fuel EU Maritime Regulation. Port and canal charges and bunker expenses primarily increase in periods during which vessels are employed on voyage charters because these expenses are for the account of the owner of the vessels, while they are on the account of the charterer when vessels are time-chartered. Laid-up vessels, if any, do not incur bunkers costs. However, at times when our vessels are off-hire due to other reasons, we incur port and canal charges and bunker expenses.

We have paid commissions ranging from 1.25% to 6.50% of the total daily charter hire rate of each charter to unaffiliated shipbrokers, depending on the number of brokers involved with arranging the charter, and to Pure Brokerage and Shipping Corp. (or “Pure Brokerage”), a related party shipbroker. Our in-house fleet manager, Performance Shipping Management Inc., (or our “Manager”), our wholly-owned subsidiary, receives a commission that is equal to 2% of our gross revenues in exchange for providing us with technical and commercial management services in connection with the employment of our fleet. However, this commission is eliminated from our consolidated financial statements as an intercompany transaction.

Vessel Operating Expenses

Vessel operating expenses include crew wages and related costs, the cost of insurance and vessel registry, expenses relating to repairs and maintenance, the cost of spares and consumable stores, tonnage taxes, regulatory fees, environmental costs, lay-up expenses, and other miscellaneous expenses. Other factors beyond our control, some of which may affect the shipping industry in general, including, for instance, health-related disruptions or the war in Ukraine, which could cause our crew costs and other operating expenses to increase, developments relating to market prices for crew wages and insurance, may also cause these expenses to increase. In conjunction with our senior executive officers, Performance Shipping Management Inc. has established an operating expense budget for each vessel and performs the day-to-day management of our vessels under separate management agreements with our vessel-owning subsidiaries. We monitor the performance of our Manager by comparing actual vessel operating expenses with the operating expense budget for each vessel.

Vessel Depreciation and Amortization of Deferred Charges

We depreciate all our vessels on a straight-line basis over their estimated useful lives, which we estimate to be 25 years for our tanker vessels from the date of their initial delivery from the shipyard. Depreciation is based on the cost less the estimated salvage values. Each vessel's salvage value is the product of her light-weight tonnage and estimated scrap rate, which is estimated at $350 per light-weight ton for all vessels in our fleet. We believe that these assumptions are common in the tanker industry.

We follow the deferral method of accounting for dry-docking costs whereby actual costs incurred are deferred and amortized on a straight-line basis over the period through the date the next dry-docking will be scheduled to become due. Unamortized dry-docking costs of vessels that are sold are written off and included in the calculation of the resulting gain or loss in the year of the vessel’s sale. Unamortized dry-docking costs of vessels classified as held for sale are written off as impairment charges when these vessels’ carrying values are impaired as a result of their classification.

General and Administrative Expenses

We incur general and administrative expenses, including our onshore-related expenses such as legal and professional expenses. Certain of our general and administrative expenses have been provided for under our Brokerage Services Agreement with Pure Brokerage. We also incur payroll expenses of employees and general and administrative expenses reflecting the costs associated with running a public company, including board of director costs, director and officer insurance, investor relations, registrar and transfer agent fees, and legal and accounting costs related to our compliance with public reporting obligations.

Gain / Loss on Sale of Vessels

Depending on market conditions and as we gradually replace our fleet with younger vessels, we dispose from time to time certain of our vessels. At the time of the sale, we incur a gain or loss which is the difference between the sale proceeds and the vessel’s carrying amount, plus any unamortized dry-dock costs, less costs to sell. For June 30, 2025, we incurred a gain on the sale of the vessel P. Yanbu amounting to $19.5 million, whereas no sale of vessel was completed during the six months ended June 30, 2026

Interest and Finance Costs

We have historically incurred interest expense and financing costs in connection with vessel-specific debt. As of June 30, 2026 and December 31, 2025, our aggregate outstanding debt including the Nordic Bond, amounted to $316.1 million and $228.7 million, respectively. We expect to manage any exposure in interest rates through our regular operating and financing activities and, when deemed appropriate, through the use of derivative financial instruments.

Interest Income

Interest earned on cash and cash equivalents and restricted cash constitutes our interest income, which is separately presented in the interim unaudited consolidated statement of operations.

The following table presents interim unaudited results of operations for the six month periods ended June 30, 2026 and 2025. This information was derived from the interim unaudited financial statements of operations for the respective periods.

For the six months ended June 30, 2026, compared to the six months ended June 30, 2025

Net incomefor the six months ended June 30, 2026, amounted to $22.1 million, compared to net income of $38.5 million for the same period in 2025. The net income for the six months ended June 30, 2025 was affected by the gain on vessel’s sale of $19.5 million in connection with the disposal of the vessel P. Yanbu in March 2025.

Revenuefor the six months ended June 30, 2026, amounted to $68.4 million, compared to $39.5 million for the same period in 2025. This increase was mainly attributable to the increase in ownership days following the delivery of the newbuilding vessels P. Massport, P. Tokyo and P. Marseille in July 2025, September 2025, and January 2026, respectively, and also of the secondhand Suezmax vessels P. Bel Air and P. Beverly Hills in December 2025, partly offset by the sale of the P. Yanbu in March 2025. Fleetwide, the average TCE rate for the first six months of 2026 was $32,699, compared with an average rate of $31,521 for the same period in 2025.

Voyage Expenses for the six months ended June 30, 2026, amounted to $3.7 million, compared to $2.6 million for the same period in 2025. Voyage expenses of our tanker vessels mainly consist of bunkers costs, port and canal expenses, and commissions paid to third-party brokers, and also include expenses in connection under the EU ETS and the Fuel EU Maritime Regulation. The increase of the voyage expenses was mainly attributable to the increase of commissions, which are calculated as a percentage of revenues.

Vessel Operating Expenses for the six months ended June 30, 2026, amounted to $15.8 million, compared to $9.0 million for the same period of 2025 and mainly consist of expenses for running and maintaining our vessels, such as crew wages and related costs, consumables and stores, insurances, repairs and maintenance, environmental compliance costs and other miscellaneous expenses. The increase in vessel operating expenses was mainly attributable to the increase in the average number of tanker vessels owned by us, after the delivery of three newbuildings and the acquisition of two secondhand tanker vessels from July 2025 to January 2026, and the slight increase in the daily operating expenses of our tanker vessels from $7,731 in the first six months of 2025 to $7,995 in the first six months of 2026. The daily operating expenses mainly increased due to increased daily stores and spares costs.

Depreciation and amortization of deferred charges for the six months ended June 30, 2026, amounted to $12.3 million, compared to $6.5 million for the same period in 2025, and represents the depreciation and amortization expense of our tanker vessels. The increase of $5.8 million was attributable to the increase in depreciation, due to the increase in our fleet.

General and administrative expenses for the six months ended June 30, 2026, amounted to $4.4 million, compared to $3.9 million for the same period in 2025, and mainly consist of payroll expenses of office employees, consultancy fees, brokerage services fees, legal fees and audit fees. The increase was mainly attributable to increased payroll costs.

Gain on Vessel’s Sale during the six-months ended June 30, 2025 amounted to $19.5 million, and related to the sale of the vessel P. Yanbu; during the six months ended June 30, 2026 there were no vessel disposals.

Interest and Finance Costs were $11.6 million for the period ended June 30, 2026, compared to $0.1 million for the same period in 2025. Interest and finance costs include the interest expense on our bond, bank loans, sale and leaseback financing, and capitalized interest for our four newbuilding vessels. The increase is attributable to the increase of our average debt and the increased average interest rates for our outstanding debt after the issuance of our $100.0 million bond in July 2025 and the following tap issue of $50.0 million in January 2026, Theaverage interest rates on our outstanding debt , including bonds were 7.26% for the first six months of 2026, compared to 5.57% in the first six months of 2025.

Interest Incomewas $1.5 million for the period ended June 30, 2026, compared to $1.7 million for the same period in 2025. The amount relates solely to interest earned from time deposits. The decrease mainly derived from the decrease in the amount of time deposits in the first six months period June 30, 2026, in comparison with the same period in prior year, as a result of the decrease of our average cash and cash equivalents balances and decrease average interest rates.

Impact of Inflation and Interest Rate Increases

We experience the effects of inflationary pressures in the United States of America, Eurozone and other countries, although inflation has moderated from recent peak levels. Geopolitical developments, including the war in Ukraine and ongoing political unrest and conflicts in the Middle East, continue to contribute to volatility in energy and commodity prices, which continue to have a moderate effect on our operating expenses. Policy interest rates remain elevated following a period of rapid and substantial increases, as central banks in certain developed countries raised interest rates in an effort to subdue inflation. The eventual implications of persistently tighter monetary policy, and potentially higher long-term interest rates, may result in a higher cost of capital for our business.

Liquidity and Capital Resources

We have historically financed our capital requirements with cash flow from operations, equity contributions from shareholders, and long- and medium-term debt. Our operating cash flow is generated from charters on our vessels, through our subsidiaries. Our main uses of funds have been capital expenditures for the acquisition of new vessels, construction of newbuildings, expenditures incurred in connection with ensuring that our vessels comply with international and regulatory standards, repayments of loans, and payments of dividends. At times when we are not restricted by our lenders from acquiring additional vessels, we will require capital to fund vessel acquisitions and debt service.

As of June 30, 2026, and December 31, 2025, our working capital, which is current assets minus current liabilities, including the current portion of long-term debt, was $123.9 million and $31.8 million, respectively. The increase in our working capital as of June 30, 2026 is mainly attributable to the classification as held for sale in current assets of the two vessels P. Sophia and P. Aliki, whose aggregate net book value plus the unamortized drydock costs amounted to $51.5 million. We expect that we will fund our operations with cash on hand, cash generated from operations, debt and equity offerings, or a combination thereof, in the twelve-month period ending one year after the financial statements' issuance.

Cash Flow

As of June 30, 2026, cash and cash equivalents (including restricted cash of $1.0 million) amounted to $105.9 million, compared to $49.2 million (including restricted cash of $1.1 million) as of December 31, 2025. We consider highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less to be cash equivalents. Cash and cash equivalents are primarily held in U.S. dollars.

Net Cash Provided by Operating Activities

Net cash provided by operating activities for thesix-month period ended June 30, 2026, amounted to $42.7 million, compared to $26.8 million used in operating activities for thesix-month period ended June 30, 2025. The improvement was primarily attributable to higher revenues resulting from the expansion of our fleet.

Net Cash Provided By / (Used In) Investing Activities

Net cash used in investing activities in thesix months ended June 30, 2026 was $70.7 million, and net cash provided by investing activities in thesix months ended June 30, 2025 was $3.3 million. The variance is mainly attributable to the $36.1 million we paid for the acquisition of the vessel P. Marseille in the six months ended June 30, 2026 and the proceeds of $36.9 million we received in the six months ended June 30, 2025 from the sale of the vessel P. Yanbu. Also, in thesix months ended June 30, 2026 and 2025, we made payments for our newbuilding vessels of $34.3 million and $33.6 million, respectively.

Net Cash Provided By / (Used) In Financing Activities

Net cash provided by financing activities for the six months ended June 30, 2026, was $84.7 million, consisting of $45.0 million in loan proceeds, $51.5 million in proceeds from bonds (including premium), partially offset by $7.6 million in loan repayments, $1.3 million paid to redeem Series B preferred stock, $2.0 million in financing fees, and $0.9 million in cash dividends paid on Series B and Series C preferred shares.

Net cash used in financing activities in thesix months ended June 30, 2025 was $4.7 million and consists of loan repayments of $3.8 million and cash dividends on Series B and C preferred shares of $0.9 million.

Capital Expenditures

Our future capital expenditures relate to the purchase of tanker vessels, vessels under construction and vessel upgrades. We also expect to incur additional capital expenditures when our vessels undergo surveys. This process of recertification may require us to reposition these vessels from a discharge port to shipyard facilities, which will reduce our operating days during the period. The loss of earnings associated with the decrease in operating days, together with the capital needs for repairs and upgrades results in increased cash flow needs which we will fund with cash on hand.

Recent Developments

On July 7, 2026, we entered into a supplemental loan agreement with Nordea, pursuant to which the maturity date of the existing facility was extended to July 2030, the quarterly principal instalments were reduced, and the applicable margin was reduced. Except as amended by the supplemental loan agreement, all other terms and conditions of the loan agreement remained unchanged.

On July 15, 2026, our vessel P. Sophia was delivered to its new owners in accordance with the terms of the previously executed Memorandum of Agreement. Upon delivery, we received from the buyers the agreed sale proceeds.

On July 24, 2026, we made a prepayment of $12.8 million to Alpha Bank in connection with the future sale of the vessel P. Aliki. The remaining debt relating to the vessel P. Long Beach under the same loan agreement remained unchanged.

INDEX TO UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS