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 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.
Performance Shipping Inc. (NASDAQ: PSHG) announced the sale of its last container vessel, the M/V Domingo, for US$5.6 million on August 19, 2020. This transaction marks a significant shift to exclusively owning Aframax tankers. Since June 2019, the company has sold four container ships for a total of US$53.4 million and acquired four Aframax tankers for US$112 million. The sale enhances cash reserves to approximately US$38 million, positioning the company to capitalize on growth opportunities in the Aframax tanker market.
Performance Shipping Inc. (PSHG) reported a net income of $4.6 million for Q2 2020, a significant turnaround from a net loss of $1.6 million in Q2 2019. Earnings per share reached $0.09, compared to a loss of $0.06 per share in the previous year. Voyage and time charter revenues surged to $16.0 million, largely driven by higher time-charter equivalent (TCE) rates of $26,092, up from $11,599 in Q2 2019. The company experienced positive cash flow, with net cash from operations of $2.9 million. However, they caution that ongoing COVID-19 impacts could affect future performance.
Performance Shipping Inc. (NASDAQ: PSHG) has signed a time charter contract with Aramco Trading Company for its Aframax tanker, M/T Blue Moon. The charter will last between 17 to 19 months at a gross rate of $28,000 per day, minus a 5% commission. This strategic move aims to maximize shareholder value amidst fluctuating market conditions, highlighting the Company's focus on voyage charters. Performance Shipping currently operates four Aframax tankers and one Panamax container vessel, emphasizing its commitment to adapt positively to market developments.
Performance Shipping Inc. (NASDAQ: PSHG) reported a net income of $1.3 million for Q1 2020, a rebound from a net loss of $0.2 million in Q1 2019. Net income attributable to common stockholders was $2.8 million, with an earnings per share (EPS) of $0.06, adjusted EPS at $0.03. Revenue increased sharply to $13.5 million from $5.5 million year-over-year, largely due to improved time-charter rates. Operating cash flow stood at $7.1 million, up from $8,000 in the previous year. The company simplified its capital structure by redeeming preferred shares and maintained a robust cash position of approximately $30.5 million.
Performance Shipping Inc. (NASDAQ: PSHG) anticipates basic earnings per share for Q1 2020 to range between $0.01 and $0.03. As of March 31, 2020, cash and cash equivalents were $14.2 million, increasing to $27.5 million by April 30, 2020. The company reported a long-term debt of $56.7 million. Notably, 452,768 shares were repurchased at an average price of $0.81 under a buyback program. The guidance for Q1 is provided amid the uncertainties of the COVID-19 pandemic, while future guidance remains undetermined.