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. (PSHG) reports developments as a global shipping company focused on owning tanker vessels. Its updates center on vessel employment, time charters, spot voyages and pool arrangements for its tanker fleet and newbuilding program, including Aframax/LR2, LR1 and Suezmax vessel categories.
Recurring announcements cover shipbuilding contracts, newbuilding deliveries, sale-and-leaseback financing, vessel sale activity, fleet utilization, time charter equivalent rates and annual or quarterly financial results. Company news also includes Form 20-F reporting and governance or capital-structure items tied to its foreign private issuer status.
Performance Shipping Inc. (NASDAQ: PSHG) has announced a new time charter contract for its Aframax tanker, M/T Blue Moon, with Teekay Chartering Limited. The contract, which commenced recently, guarantees a gross charter rate of US$23,000 per day for 24 months, potentially generating approximately US$16.8 million in gross revenue. This agreement is part of the company's strategy to secure fixed revenue amid fluctuating charter rates and underscores its commitment to providing stable returns for shareholders.
Performance Shipping (NASDAQ: PSHG) announced a securities purchase agreement to raise approximately $5.95 million through a registered direct offering of 17,000,000 common shares at $0.35 per share, along with warrants for an equivalent number of shares. These warrants will be immediately exercisable with a similar exercise price of $0.35 and will expire in five and a half years. The transaction is expected to close around July 19, 2022, subject to customary conditions.
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.