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 Inc. (NASDAQ: PSHG) disclosed on April 21, 2023, that it has received a notification from Nasdaq regarding non-compliance with the minimum bid price requirement. The Company’s common stock has been trading below the $1.00 per share mark for 30 consecutive business days, from March 6 to April 17, 2023. Nasdaq's listing rules provide a 180-day grace period, expiring on October 16, 2023, for the company to regain compliance. To remedy this, PSHG aims to maintain a bid price of at least $1.00 for ten consecutive business days. If unsuccessful, the Company might qualify for an additional grace period, provided that it meets other listing standards. During this period, the stock will remain listed and trading on Nasdaq without impacting the Company’s operations.
Performance Shipping Inc. (NASDAQ: PSHG) has announced a share repurchase plan approved by its Board of Directors, allowing the repurchase of up to US$2.0 million of its common shares, representing around 21% of its market capitalization as of April 3, 2023. CEO Andreas Michalopoulos stated that the company aims to enhance shareholder value amidst rising interest rates and economic uncertainties affecting capital markets. The strategy offers management flexibility in stock buybacks while ensuring alignment with financial performance and market conditions. The repurchase plan is effective immediately and expires on March 31, 2024.
Performance Shipping (NASDAQ: PSHG) announced a contract for the construction of a 114,000 DWT LNG-ready LR2 Aframax product/crude oil tanker at a total cost of $62.6 million. The contract involves a structured payment plan, with 15% due upon receipt of a refund guarantee, and the remaining amount payable at various milestones leading to the delivery expected in Q4 2025. The vessel will be equipped to meet Tier III NOx emissions standards and includes advanced systems for environmental compliance. CEO Andreas Michalopoulos emphasized the strategic importance of securing a delivery slot amid a period of high demand and low fleet growth.
Performance Shipping Inc. (NASDAQ: PSHG) announced a securities purchase agreement to raise approximately $12.5 million through the sale of about 5.56 million common shares along with Series A and B warrants to institutional investors. The shares and warrants are priced at $2.25 each, with warrants set to expire in five years. The offering is expected to close around March 3, 2023, pending customary conditions. This registered direct offering is part of the Company's shelf registration statement effective since April 23, 2020. Maxim Group LLC is the sole placement agent for the offering.
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