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 (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.
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.
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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.