Welcome to our dedicated page for Performance Shipping news (Ticker: PSHG), a resource for investors and traders seeking the latest updates and insights on Performance Shipping stock.
Performance Shipping Inc. (NASDAQ: PSHG) is a global shipping company specializing in the ownership of tanker vessels. The company states that it provides shipping transportation services through a fleet that includes Aframax, LR2 and Suezmax tankers, employed on spot voyages, through pool arrangements and on time-charter contracts. This news page aggregates company press releases and other coverage related to Performance Shipping’s operations, fleet developments and capital markets activity.
Readers can find news about fleet expansion and renewal, such as the naming and delivery of newbuild LR2 product/crude oil tankers like M/T P. MASSPORT, M/T P. TOKYO and M/T P. MARSEILLE, as well as the acquisition and delivery of 2019-built Suezmax tankers M/T P. BEL AIR and M/T P. BEVERLY HILLS. The company’s announcements describe these vessels as part of its strategy to expand and renew its tanker fleet.
News items also cover charter employment for specific vessels, including multi-year time-charter contracts with counterparties such as Clearlake Shipping Pte Ltd, Repsol Trading S.A., SeaRiver Maritime (a subsidiary of ExxonMobil Corporation) and Pakistan National Shipping Corporation. These updates often discuss charter durations and daily rates, and how they affect the company’s secured revenue backlog and charter coverage.
In addition, the news feed includes financial results for reported periods, where Performance Shipping presents revenue, net income, time charter equivalent rates, fleet utilization and other operating data. Other releases address financing transactions, such as Nordic bond issuances and tap issues, and corporate matters like annual general meetings and ESG reporting. Investors and observers can use this page to review the company’s own descriptions of market conditions, fleet deployment and corporate developments over time.
Performance Shipping Inc. (NASDAQ: PSHG) has received a notice from Nasdaq regarding non-compliance with the minimum bid price requirement, as the company's stock closed below $1.00 for 30 consecutive days. The grace period to regain compliance lasts 180 days, until January 9, 2023. To remedy this, the stock must trade at or above $1.00 for at least ten consecutive days. The company has indicated its intention to address this issue, and its operations remain unaffected by the notification.
Performance Shipping (NASDAQ: PSHG) has taken delivery of the M/T P. Sophia, a 2009-built Aframax tanker, enhancing its fleet to six tankers. The acquisition, completed in July 2022, positions the company to leverage high charter rates in the crude oil sector. CEO Andreas Michalopoulos expressed optimism regarding the tanker market's recovery, citing the favorable purchase price and timely delivery as strategic advantages. The company aims to generate strong cash flows through its current spot charter operations.
Performance Shipping Inc. (NASDAQ: PSHG) has secured a new amortizing term loan facility of approximately $31.9 million with Piraeus Bank S.A. This financing will refinance $7.3 million of an existing loan and partially fund the acquisition of the company's sixth Aframax tanker, M/T P. Sophia. The loan carries an interest rate of LIBOR plus 2.70% and will be repaid in 20 quarterly installments. The CEO highlighted favorable market conditions for Aframax tankers, with spot charter rates around $28,000, and expects strong cash flow from the expanded fleet.
Performance Shipping Inc. (NASDAQ: PSHG) reported a net loss of $2.1 million for Q1 2022, down from a $2.9 million loss in Q1 2021. The company attributed a significant part of its $11.5 million net loss to a $9.3 million non-cash dividend from a share exchange. Revenue increased slightly to $8.6 million, driven by higher time-charter equivalent rates ($12,352/day). Operating cash usage rose to $3.9 million. The company sold 526,916 shares in an at-the-market offering and raised $7.4 million from a public offering. It aims to expand its fleet and benefit from improving charter rates following the Russia-Ukraine conflict.
Performance Shipping (NASDAQ: PSHG) has signed a Memorandum of Agreement to acquire the M/T Maran Sagitta, a 105,071 dwt Aframax tanker built in 2009, for $27.58 million. The delivery is expected around July 5, 2022. This acquisition will be financed through cash raised from a recent equity offering and a new senior secured debt facility. CEO Andreas Michalopoulos stated that the addition of this vessel will enhance operational leverage and positively impact cash flow, with strong fundamentals in the tanker market anticipated to support high charter rates ahead.
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Performance Shipping Inc. (NASDAQ: PSHG) announced the pricing of a public offering of 7,620,000 units at $1.05 each, aimed at raising approximately $8.0 million before expenses. Each unit includes one common share (or pre-funded warrant) and one Class A warrant, exercisable at the same price. The offering is set to close around June 1, 2022, subject to standard conditions. Maxim Group LLC is the book-running manager, and the underwriter has a 45-day option to purchase an additional 1,143,000 shares and/or warrants.
Performance Shipping Inc. (NASDAQ: PSHG) has filed its 2021 Annual Report on Form 20-F with the U.S. Securities and Exchange Commission. This report, covering the fiscal year ended December 31, 2021, includes audited consolidated financial statements and is accessible on the SEC's website as well as the company's own website. Performance Shipping specializes in owning Aframax tanker vessels, with its fleet currently engaged in spot voyages and pool arrangements.
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.