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), a global tanker vessel company, has secured a refinancing agreement with Alpha Bank S.A. for its existing loan facility. The refinancing covers the full outstanding balance of $29.75 million, previously secured by vessels M/T P. Long Beach and M/T P. Aliki.
The new facility features an interest rate of SOFR plus 1.90% annually, with a structured repayment plan consisting of 20 quarterly installments of $1.05 million each and a balloon payment of $8.75 million due in mid-2030.
[ "Successful refinancing of $29.75 million loan facility secured", "Extended repayment timeline through mid-2030 provides long-term financial stability", "Structured quarterly payments of $1.05 million demonstrate manageable debt servicing" ]Performance Shipping (NASDAQ: PSHG) has successfully placed a $100 million bond offering in the Nordic bond market. The bonds will mature in July 2029 with a fixed coupon rate of 9.875% per annum, payable semi-annually, and were priced at 97% of par.
The bonds will be secured by first priority mortgages on the company's two oldest tanker vessels. The offering is expected to close on July 17, 2025, with proceeds intended for tanker acquisitions or bond repurchases. The bonds will be offered to qualified institutional buyers in the U.S. under Rule 144A and to non-U.S. persons under Regulation S.
Performance Shipping (NASDAQ: PSHG) has accepted a commitment letter from Alpha Bank A.E. for refinancing existing loan facilities worth $29.75 million. The new facility will be secured by vessels M/T P. Long Beach and M/T P. Aliki, featuring SOFR plus 1.90% interest rate.
The loan will be repaid through 20 quarterly installments of $1.05 million each, with a $8.75 million balloon payment due in mid-2030. The refinancing offers significant benefits, including a 23% reduction in average payable margins and extension of loan maturities by over two and a half years.
Performance Shipping (NASDAQ: PSHG), a global tanker vessel operator, has announced the filing of its 2024 Annual Report on Form 20-F with the U.S. Securities and Exchange Commission (SEC) for the fiscal year ended December 31, 2024.
The Annual Report, which includes the company's audited consolidated financial statements, is accessible through both the SEC's website and Performance Shipping's corporate website. The company will provide shareholders with free hard copies of the Annual Report upon request.
Performance Shipping Inc. (NASDAQ: PSHG) has entered into a forward sale and exclusivity agreement for its 2009-built Aframax tanker, M/T P. Sophia. The agreement grants an unaffiliated third party exclusive rights to bid for converting the vessel into a Floating Production Storage and Offloading (FPSO) vessel for a national oil company's offshore project.
If the buyer wins the auction by April 5, 2026, they will purchase M/T P. Sophia for US$36,050,000. An additional US$1,000,000 bonus will be paid if delivery occurs before September 30, 2025. During the exclusivity period, PSHG can continue operating the vessel but cannot sell it to other parties until the auction concludes in April 2026.
Performance Shipping (NASDAQ: PSHG) has announced the sale of its 2011-built Aframax tanker vessel M/T P. Yanbu for US$39 million to an unaffiliated third party. The debt-free vessel, originally acquired in Q4 2020 for US$22 million, is expected to generate a gain of approximately US$21.5 million in Q1 2025.
The transaction aligns with the company's fleet renewal strategy, focusing on fleet modernization through newbuild programs and selective second-hand vessel acquisitions. Following this sale and the delivery of three newbuild LR2 Aframax tankers, the company's fleetwide average age will decrease from 14 to 10 years by January 2026.
The sale will boost PSHG's cash balance to over US$105 million, more than double their year-end debt balance of US$47.7 million. The company anticipates the delivery of three newbuild LNG-ready LR2 Aframax tankers and one newbuild LR1 chemical/product oil tanker, with the first LR2 tanker expected around August 2025.
Performance Shipping (NASDAQ: PSHG) has secured a sale and leaseback agreement for its third newbuild LR2 Aframax tanker, completing financing for all three newbuilding LNG-ready, scrubber-fitted vessels. The bareboat financing amounts to $45 million, with the vessel being chartered back for eight years.
The agreement includes 96 monthly installments at $6,850 per day plus variable rate at SOFR plus 2.05% annually, with a $25 million balloon payment. All three vessels are chartered to Clearlake Shipping for five years at $31,000 per day upon delivery.
The total bareboat financing of $134.6 million represents 70% of the $192.9 million shipbuilding contract cost. The daily breakeven rate is estimated at $25,000 per newbuild tanker. Deliveries are scheduled for August and September 2025, and January 2026, reducing fleet average age from 14 to 10 years.