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) provides maritime transportation services through its managed fleet of tanker vessels. This page aggregates official company announcements, press releases, and relevant news updates for investors and industry observers.
Access timely information on PSHG's operational developments, including charter agreements, fleet management updates, and financial reporting. Our curated collection ensures efficient tracking of corporate milestones and regulatory disclosures within the shipping sector.
Discover verified updates covering earnings reports, strategic partnerships, and safety initiatives. Content is organized to support informed decision-making while maintaining compliance with financial disclosure standards.
Bookmark this page for streamlined access to Performance Shipping Inc's latest communications. Check regularly for new developments impacting maritime logistics and tanker operations.
Performance Shipping announced a new time charter contract with Trafigura for its 2010-built LR2 Aframax tanker, M/T P. Aliki. The charter runs from June 16, 2024, for a minimum of 4.5 months up to nearly 6 months, with a daily gross rate of $47,000 for the minimum period, rising to $48,500 thereafter. This deal is set to generate around $6.4 million in gross revenue. CEO Andreas Michalopoulos highlighted the strategic benefit of securing short-term fixed revenue while keeping the vessel available for the fall and winter spot market.
Performance Shipping (NASDAQ: PSHG) has secured a new time charter contract with Aramco Trading Fujairah for its 2011-built Aframax tanker, M/T Briolette. The contract is for approximately 24 months at a daily rate of $41,000, expected to generate around $28.7 million in gross revenue. This new rate is $8,500 higher than the previous contract. The company now has a contract backlog of $228.1 million, including three five-year contracts for newbuildings. CEO Andreas Michalopoulos highlighted the ongoing partnership with Aramco and the potential for higher rates for expiring charters in 2024.
Performance Shipping (NASDAQ: PSHG) reported a net income of $11.4 million for Q1 2024, with $11.0 million attributable to common stockholders, down from $15.7 million in Q1 2023. Earnings per share were $0.89 basic and $0.29 diluted, compared to $0.68 and $0.55, respectively, in Q1 2023. Revenue fell to $22.4 million, largely due to lower TCE rates and the sale of a vessel. Average fleetwide TCE rates were $33,857, down from $41,157. Net cash from operations was $17.3 million.
The company secured a $38.5 million revenue backlog through time-charter contracts. Future plans include expanding the fleet with LNG-ready tankers, supporting a $208.3 million revenue backlog. The tanker market saw a 4.1% increase in demand, with supply growth expected in 2024 and 2025.
Outstanding shares were 12.3 million, alongside multiple warrants and preferred stocks. The tanker fleet supply and demand metrics showed modest growth.
Performance Shipping Inc. (NASDAQ: PSHG) has signed a shipbuilding contract for a newbuilding LR1 tanker vessel with a contract price of US$54.1 million. The vessel will be equipped with advanced engines and emission compliance systems. This marks the company's fourth shipbuilding contract, with future deliveries scheduled from October 2025 to January 2027. The company's revenue backlog stands at US$203.9 million, securing growth and sustainability in the energy transition.
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