Performance Shipping Inc Stock Price, News & Analysis

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.

Performance Shipping (NASDAQ: PSHG) reported a net loss of $2.6 million for Q2 2021, contrasting a net income of $4.6 million in Q2 2020. Loss per share was $0.53, down from $0.94. Revenue dropped to $9.1 million from $16.0 million, largely due to declining time-charter equivalent rates, which averaged $9,728 compared to $26,092 last year. Operating cash flow turned negative at -$0.2 million, compared to $2.9 million in 2020. The company anticipates a slow recovery in spot rates as the pandemic's effects linger.

Performance Shipping Inc. (NASDAQ: PSHG) announced that CFO Anthony Argyropoulos will participate in the Future of Shipping Virtual Conference on June 29, 2021. This conference, hosted by Maxim Group LLC and M-Vest, will feature discussions on the tanker industry and recent developments in shipping. Argyropoulos will join a panel at 10:30 a.m. ET, alongside industry professionals, to discuss demand and supply trends. The company specializes in owning Aframax tankers, currently operating through various charter arrangements.

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.