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) announced its 2021 Annual General Meeting of Shareholders to be held virtually on February 25, 2021. Shareholders are encouraged to vote in advance, with a record date set for January 6, 2021. Additionally, the Company has adopted an Amended and Restated Equity Incentive Plan, increasing the share awards by 500,000 for a total of 10 years from adoption. The Company operates Aframax tankers, mainly on short to medium-term charters with energy companies. Details on voting procedures will be provided in a separate proxy statement.
Performance Shipping Inc. (NASDAQ: PSHG) has taken delivery of the M/T P. Yanbu, a 105,400 dwt Aframax tanker, acquired for $22 million. The purchase was financed through $13.2 million cash and an $8.8 million loan from Piraeus Bank S.A. With this acquisition, the company’s fleet expands to five Aframax tankers. The estimated daily cashflow breakeven rate is reduced to approximately $15,500 per vessel, enabling potential dividend declarations following favorable average daily time charter equivalent rates.
Performance Shipping Inc. (NASDAQ: PSHG) has regained compliance with Nasdaq's minimum bid price requirements, as confirmed by Nasdaq. The company’s stock closed at $1.00 or higher for ten consecutive business days from November 2 to November 13, 2020. This compliance assures the continuation of its listing on the Nasdaq Capital Market. CEO Andreas Michalopoulos emphasized the company’s commitment to maintaining its Nasdaq listing. Currently, Performance Shipping operates a fleet of four Aframax tankers and is expecting to receive another by December 22, 2020.
Performance Shipping (NASDAQ: PSHG) reported a net income of $0.4 million for Q3 2020, a significant recovery from a net loss of $18.1 million in Q3 2019. Earnings per share rose to $0.08 from a loss of $5.58. Revenues increased to $9.5 million, driven by higher time-charter equivalent rates of $15,990, up from $12,915 year-over-year. The company also declared a $0.01 dividend per share and announced a new business strategy. Despite challenges from COVID-19 and low demand, the firm aims for growth, supported by new financing and acquisitions.
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Performance Shipping Inc. (NASDAQ: DCIX) has announced the purchase of the M/T Kalamas, a 105,400 dwt Aframax tanker vessel, for US$22.0 million. This acquisition is set to enhance the Company's fleet capacity by 23.9%, increasing it to approximately 546,094 dwt. Financing will come from US$13.2 million in cash and an US$8.8 million loan from Piraeus Bank S.A. The deal, marking the completion of the first growth phase, will lower the cash flow breakeven rate by about US$3,000 per vessel, facilitating potential dividends to shareholders.
Performance Shipping Inc. (NASDAQ: PSHG) announced plans to secure a new amortizing term loan facility of up to US$31.5 million with Piraeus Bank S.A. Proceeds will refinance an existing term loan for the M/T P. Fos and M/T P. Kikuma and partially fund the acquisition of a fifth Aframax tanker. The facility will incur an interest rate of LIBOR + 2.85%, and repayments will be made in 16 quarterly installments. Additionally, an amendment to reduce quarterly payments on a separate US$28.1 million term loan has been approved.
Performance Shipping Inc. (NASDAQ: PSHG) announced a reverse stock split effective November 2, 2020, approved by shareholders. The split will consolidate every ten shares into one, reducing outstanding shares from approximately 50.2 million to about 5 million. This action is aimed at regaining compliance with Nasdaq’s minimum bid price rule. CEO Andreas Michalopoulos emphasized the Company's commitment to its Nasdaq listing and outlined recent positive developments like exiting the container ship sector and acquiring four Aframax tankers.
Performance Shipping (NASDAQ: PSHG) announced a new dividend policy, declaring a quarterly cash dividend of $0.01 per share, payable on November 9, 2020. The dividend will be distributed to shareholders of record on October 30, 2020. The amount of future dividends will depend on cash from operations after accounting for debt repayment and vessel maintenance reserves. CEO Andreas Michalopoulos emphasized the company's strong cash position of approximately $0.74 per share and its commitment to delivering shareholder value, supported by a fleet of four modern Aframax tankers.
Performance Shipping (NASDAQ: PSHG) has announced significant management changes with the appointment of Mr. Andreas Michalopoulos as the new Chief Executive Officer, succeeding retiring CEO Mr. Symeon Palios, who will remain as Chairman. Mr. Michalopoulos, who has served as Deputy CEO since 2019 and CFO since 2010, is recognized for his leadership. Mr. Anthony Argyropoulos has been appointed Chief Financial Officer, bringing extensive experience in global shipping finance. This transition supports the company's aim to establish a fully independent tanker company and maintain its strong financial position.
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