Performance Shipping Inc Stock Price, News & Analysis

Performance Shipping Inc. (NASDAQ: PSHG) announced that CFO Anthony Argyropoulos will participate in the 14th Annual Wolfe Research Global Transportation & Industrials Conference on May 27, 2021, at 8:25 a.m. ET. The panel will focus on tankers and bulkers, and a webcast will be available for those interested. Performance Shipping specializes in owning Aframax tankers and primarily operates in the spot market with leading energy companies. The company emphasizes that statements made during the conference may include forward-looking elements that are subject to various uncertainties.

Performance Shipping Inc. (NASDAQ: PSHG) reported a net loss of $2.9 million for Q1 2021, reversing a net income of $1.3 million in Q1 2020. The loss per share was $0.57, compared to earnings of $0.60 in the previous year. Revenues totaled $8.4 million, a significant decline from $13.5 million in Q1 2020, primarily due to decreased time-charter equivalent rates amid a weak market. The average TCE rate plummeted to $7,691 from $21,386 year-over-year. Cash used in operations was $1.4 million, down from a positive $7.1 million in the prior year.

Performance Shipping Inc. (NASDAQ: PSHG) announced that H.C. Wainwright & Co. has initiated analyst coverage with a “Buy” rating and a price target of US$11.00. The company specializes in owning Aframax tankers, primarily operating in the spot market and short to medium-term charters with major energy firms. The press release emphasizes that analyst reports reflect individual opinions and not company positions. It also includes a cautionary note regarding forward-looking statements, highlighting potential risks from various economic and geopolitical factors.

Performance Shipping Inc. (NASDAQ: PSHG) has filed its 2020 Annual Report on Form 20-F with the U.S. Securities and Exchange Commission, accessible on both the SEC website and the company's site. The report includes the company's audited consolidated financial statements for the fiscal year ended December 31, 2020. Performance Shipping specializes in the ownership of Aframax tankers and primarily operates in the spot market with leading energy companies and traders. The company also warns about forward-looking statements which may be affected by various uncertainties.

Performance Shipping Inc. (NASDAQ: PSHG) reported a net loss of $2.5 million for Q4 2020, significantly improved from a $12.2 million loss in Q4 2019. Loss per share decreased to $0.51 from $3.17 year-over-year. Total revenues dropped to $7.2 million, down from $10.6 million in 2019, largely due to reduced time-charter equivalent rates amid tough market conditions. The company recorded a net income of $3.8 million for the full year 2020, compared to a loss of $32.1 million in 2019. The average time charter equivalent rate was $10,114, a decrease from $23,153 in Q4 2019.

Performance Shipping Inc. (NASDAQ: PSHG) held its Annual Meeting of Shareholders virtually on February 25, 2021. Shareholders approved two key proposals: the election of Aliki Paliou and Reidar Brekke as Class II Directors, and the appointment of Ernst & Young (Hellas) as independent auditors for the fiscal year ending December 31, 2021. The Company focuses on providing shipping transportation services through Aframax tankers, primarily in the spot market and medium-term charters with major energy entities.

Performance Shipping Inc. (NASDAQ: PSHG) announced its 2021 Annual General Meeting of Shareholders to be held virtually on February 25, 2021. Shareholders are encouraged to vote in advance, with a record date set for January 6, 2021. Additionally, the Company has adopted an Amended and Restated Equity Incentive Plan, increasing the share awards by 500,000 for a total of 10 years from adoption. The Company operates Aframax tankers, mainly on short to medium-term charters with energy companies. Details on voting procedures will be provided in a separate proxy statement.

Performance Shipping Inc. (NASDAQ: PSHG) has taken delivery of the M/T P. Yanbu, a 105,400 dwt Aframax tanker, acquired for $22 million. The purchase was financed through $13.2 million cash and an $8.8 million loan from Piraeus Bank S.A. With this acquisition, the company’s fleet expands to five Aframax tankers. The estimated daily cashflow breakeven rate is reduced to approximately $15,500 per vessel, enabling potential dividend declarations following favorable average daily time charter equivalent rates.