Performance Shipping Inc Stock Price, News & Analysis

Performance Shipping Inc. (NASDAQ: PSHG) held its Annual General Meeting on February 28, 2022, in Athens, Greece. Key proposals approved include the election of Alex Papageorgiou and Mihalis Boutaris as Class III directors, whose terms expire in 2025, and Loïsa Ranunkel as a Class I director, whose term ends in 2023. Additionally, Ernst & Young was appointed as the company's independent auditors for the fiscal year ending December 31, 2022. The Company specializes in owning Aframax tankers deployed on spot voyages, time charters, and pool arrangements.

Performance Shipping Inc. (NASDAQ: PSHG) reported a net loss of $2.1 million for Q4 2021, an improvement from a $2.5 million loss in Q4 2020. Revenue grew to $9.6 million, boosted by higher time-charter equivalent (TCE) rates, which averaged $13,370 compared to $10,114 the previous year. Annual net loss reached $9.7 million, down from a net income of $3.8 million in 2020. CEO Andreas Michalopoulos noted increasing oil demand driving tanker rates but cautioned about recent charter rate declines in early 2022. No dividend will be declared for Q4 2021.

Performance Shipping Inc. (NASDAQ: PSHG) announced the completion of its Exchange Offer, allowing shareholders to exchange up to 4,066,181 common shares for Series B Preferred Shares. The offer expired on January 27, 2022, with 2,834,612 shares accepted, resulting in the issuance of 793,657 Series B Preferred Shares. The process will be completed promptly. The company specializes in tanker vessel operations within the global shipping industry, and this exchange is part of its strategy to enhance capital structure.

Performance Shipping Inc. (NASDAQ: PSHG) announced preliminary results for its Exchange Offer, allowing the exchange of up to 4,066,181 common shares for Series B Preferred Shares at a ratio of 0.28. The offer expired on January 27, 2022, with 2,834,612 common shares tendered, equating to an issuance of approximately 793,691 Series B Preferred Shares. The final results will be confirmed by Computershare Trust Company, N.A. and announced thereafter. This exchange aims to adjust the company’s capital structure.

Performance Shipping (NASDAQ: PSHG) has scheduled its 2022 Annual General Meeting (AGM) for February 28, 2022, with a record date of January 25, 2022. The Board has nominated Alex Papageorgiou, Mihalis Boutaris, and Loïsa Ranunkel as independent directors. The Board size will reduce from seven to five members, saving costs, as Reidar Brekke and Antonios Karavias retire. The changes aim to enhance governance, increasing gender diversity with two women on the Board. Aliki Paliou will become Chairperson, while senior management remains unchanged.

Performance Shipping Inc. (NASDAQ: PSHG) announced an extension of its exchange offer for up to 4,066,181 common shares for Series B Convertible Cumulative Perpetual Preferred Stock. The offer now expires on January 27, 2022, at 5:00 p.m. New York City time. Shareholders who have already tendered their shares do not need to take further action to participate. The company emphasizes the importance of reviewing the Offer to Exchange and related materials before making any decisions regarding the exchange offer.

Performance Shipping Inc. (NASDAQ: PSHG) has announced an exchange offer for up to 4,066,181 of its common shares for newly issued Series B Preferred Shares at a 0.28 ratio. This offer will expire on January 21, 2022. The company has engaged Computershare Trust Company, N.A. as the depositary, while Georgeson LLC will serve as the information agent for shareholders. Interested parties can obtain further information by contacting the information agent.

Performance Shipping (NASDAQ: PSHG) announced a shareholders' rights agreement and a dividend of one right for each share of common stock held as of December 30, 2021. The rights, valid for ten years, allow shareholders to buy one one-thousandth of a share of Series A preferred stock at an exercise price of $50. Rights become exercisable if a person or group acquires 10% or more of common shares without Board approval, enabling non-acquiring shareholders to purchase shares at a favorable market value. More details are available in a Form 6-K report filed with the SEC.

Performance Shipping Inc. (NASDAQ: PSHG) reported a net loss of $2.2 million, or $0.43 per share, for Q3 2021, a decline from a profit of $0.4 million in Q3 2020. Revenue decreased to $9.3 million compared to $9.5 million year-over-year due to lower time-charter equivalent (TCE) rates, averaging $9,335, down from $15,990. For the nine months ending September 30, 2021, the net loss reached $7.7 million, contrasting with a net income of $6.3 million in the same period the previous year. The company did not declare a dividend for Q3 2021. Market recovery is anticipated as charter rates improve.