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) reported Q4 2024 financial results with net income of $9.7 million, down from $25.0 million in Q4 2023. Revenue decreased to $21.7 million from $23.8 million year-over-year, primarily due to reduced ownership days following the P. Kikuma vessel sale and lower TCE rates.
For full-year 2024, net income was $43.7 million compared to $69.4 million in 2023. The company maintained a strong financial position with $71.3 million in cash at quarter-end, representing 1.5x outstanding bank debt. The fleet's average TCE rate for Q4 2024 was $32,652, slightly down from $33,114 in Q4 2023.
The company has an aggregate revenue backlog of $227.0 million and operates with five vessels under time charters earning an average of $36,200 per day, helping to offset lower spot market rates.
Performance Shipping (NASDAQ: PSHG) has extended its time charter contract with ST Shipping & Transport, a Glencore subsidiary, for the M/T P. Monterey Aframax tanker. The contract extension features a gross charter rate of US$28,000 per day for twelve months (+/- 30 days), commencing mid-January and expected to generate approximately US$9.38 million in gross revenue.
The company's secured revenue backlog now stands at US$62 million, or US$232 million including contracts for three Aframax LR2 newbuildings. The fleet currently consists of six vessels under time charter arrangements and one vessel in spot market pool participation. Two more vessels are expected to be redelivered from period charters in the coming months.
Performance Shipping (NASDAQ: PSHG) has secured a 21-month time charter contract with American Eagle Tankers (AET) for its Aframax tanker vessel, M/T Blue Moon. The contract, starting in January, features a daily rate of $28,000, expected to generate approximately $17.4 million in gross revenue for the minimum charter duration.
The agreement with AET, a MISC Group member, involves the 2011-built, 104,623 dwt vessel. This new collaboration increases the company's secured revenue backlog to $59.4 million for operating vessels and $169.8 million for three new buildings, demonstrating the company's strategy to secure stable income streams in volatile market conditions.
Performance Shipping (NASDAQ: PSHG) has released its 2023 Sustainability Report, demonstrating its commitment to Environmental, Social, and Governance (ESG) transparency and accountability. The comprehensive report, which adheres to the Global Reporting Initiative Universal Standards 2021, details the company's initiatives in sustainable and responsible operations throughout 2023. The report, focusing on the tanker vessel operator's ESG practices and corporate governance framework, is now accessible on the company's website.
Performance Shipping has secured a 7-month time charter contract with SeaRiver Maritime, an ExxonMobil subsidiary, for its LR2 Aframax tanker vessel M/T P. Aliki. The charter will generate approximately US$6.6 million in gross revenue at a rate of US$33,500 per day. The contract includes a +/- 15 days option at the charterer's discretion and is expected to begin in early December. The agreement involves the 2010-built, 105,304 dwt tanker vessel.
Performance Shipping Inc. (NASDAQ: PSHG) has mailed proxy materials for its 2024 Annual General Meeting, scheduled for December 17, 2024. The company highlights its growth strategy based on its pure-play Aframax tanker fleet, simplified ownership structure, and management expertise. The Board recommends shareholders vote 'FOR' their nominee and 'AGAINST' George Economou's proposals, who is attempting to take over the company. The company emphasizes its strong commercial relationships, ability to secure attractive charter rates, and solid financial position with a secured revenue backlog of $216 million and a low daily cash break-even rate of $16,039.
Performance Shipping Inc. (NASDAQ: PSHG) reported Q3 2024 financial results with net income of $12.4 million and revenue of $22.9 million. The company's earnings per share were $0.96 basic and $0.32 diluted. Fleet average TCE rate increased to $34,307 from $31,787 in Q3 2023. Operating cash flow was $16.1 million, down from $17.9 million in Q3 2023. The company currently operates 7 Aframax tankers and has 4 newbuilding vessels under construction. Revenue decrease was primarily due to reduced ownership days following the sale of P. Kikuma vessel in December 2023.
Performance Shipping (NASDAQ: PSHG) has secured a sale and leaseback agreement for its second newbuild LR2 Aframax tanker. The bareboat financing amounts to $45.39 million for a vessel with a contract price of $64.85 million. The agreement includes a 10-year bareboat charter with monthly installments of $211,500 plus variable rate at SOFR plus 2.1%, and a $20 million balloon payment. The vessel, expected for delivery in Q1 2026, has been pre-chartered to Clearlake Shipping for 5 years at $31,000 per day, with extension options. The daily cashflow breakeven is estimated at $24,390.
Performance Shipping Inc. (NASDAQ: PSHG) reported financial results for Q2 2024:
- Net income: $10.2 million
- Revenue: $20.5 million
- Earnings per share: $0.79 (basic), $0.26 (diluted)
- Average TCE rate: $30,970
- Cash balance: $62.7 million
The company owns 7 operating Aframax tankers and has orders for 4 newbuild tankers. Six vessels are on time charters, with a fixed revenue backlog of $61.1 million. The company secured 5-year charters for 3 newbuilds, adding $169.8 million to the backlog.
CEO Andreas Michalopoulos noted a solid tanker market supported by trade pattern shifts and supply growth. The company focuses on a balanced fleet deployment strategy and expansion with fuel-efficient, low-emission vessels.
Performance Shipping Inc. (NASDAQ: PSHG), a global tanker vessel company, announced that Alliance Global Partners (AGP) has initiated analyst coverage with a 'Buy' rating and a US$6.50 price target. This development marks a significant milestone for the company, potentially increasing its visibility among investors and in the financial markets. However, it's important to note that the company emphasizes that analyst reports represent the views of the analysts and not necessarily those of Performance Shipping Inc. The company also disclaims responsibility for the content, accuracy, or timing of these reports.