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 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.