Performance Shipping Inc Stock Price, News & Analysis

Performance Shipping Inc. (NASDAQ: PSHG) has announced the termination of its ATM Sales Agreement with Virtu Americas LLC, effective February 27, 2023. The decision is based on the company's intention not to raise additional capital through the sale of shares under this agreement.

Previously, the company had issued 365,196 shares at an average price of US$3.30, securing approximately US$1.2 million in gross proceeds. Performance Shipping specializes in tanker vessel ownership, employing its fleet for spot voyages, pool arrangements, and time charters.

Performance Shipping reported a record quarterly net income of $23.8 million for Q4 2022, up from a net loss of $2.1 million in Q4 2021. Revenue soared to $27.8 million, driven by higher time-charter equivalent (TCE) rates of $40,469 per day, compared to $13,370 a year prior. For the full year 2022, net income reached $36.3 million, a significant rebound from a $9.7 million loss in 2021. The company’s cash balance stood at approximately $40 million, and it secured a revenue backlog of $85 million. Market conditions are expected to remain favorable, with tanker demand projected to increase by 7.6% in 2023.

Performance Shipping Inc. (NASDAQ: PSHG) held its Annual General Meeting of Shareholders on February 22, 2023, in Athens, Greece. The meeting, overseen by Broadridge Financial Solutions, Inc., resulted in the approval of two key proposals: the election of Andreas Michalopoulos and Loïsa Ranunkel as Class I directors, whose terms will last until the 2026 annual meeting, and the appointment of Ernst & Young (Hellas) as the independent auditors for the fiscal year ending December 31, 2023.

This meeting reinforces Performance Shipping's commitment to transparency and effective governance as it continues to operate in the global shipping industry.

Performance Shipping Inc. (NASDAQ: PSHG) has announced its 2023 annual general meeting (AGM) is scheduled for February 22, 2023, with a record date of January 12, 2023. The Board of Directors made the announcement, highlighting the Company’s focus on tanker vessel ownership and shipping logistics. Performance Shipping operates its fleet via spot voyages, pool arrangements, and time charters, serving as a global provider in the shipping sector.

Performance Shipping Inc. (NASDAQ: PSHG) has successfully taken delivery of the M/T P. Long Beach, a 2013-built LR2 Aframax oil product tanker, for a purchase price of $43.75 million. This acquisition, financed by a term loan from Alpha Bank S.A., marks the company's fourth vessel delivery this year, bringing its fleet to eight Aframax tankers. CEO Andreas Michalopoulos highlighted strong earnings potential and a net income of $10.4 million for Q3. However, he noted that the company's stock valuation remains low, with a price-to-earnings ratio of approximately 0.35x.

Performance Shipping Inc. (NASDAQ: PSHG) announced a secured term loan facility of approximately US$22 million with Alpha Bank S.A. to finance 50% of the purchase price of a 2013 built LR2 tanker vessel, the M/T Fos Hamilton, which will be renamed P. Long Beach.

The loan will have an interest rate of SOFR plus 2.35%, repayable in 20 quarterly installments of US$550,000 and a balloon payment of US$11 million in the final installment. The facility is secured by a first priority mortgage on the vessel.

Performance Shipping (NASDAQ: PSHG) has announced its compliance with Nasdaq’s minimum bid price requirements, following ten consecutive business days with a closing bid price of $1.00 or higher, from November 15 to November 29, 2022. This compliance reaffirms the company's continued listing on the Nasdaq Capital Market. CEO Andreas Michalopoulos expressed satisfaction with maintaining the listing, emphasizing the company’s operational stability as a global provider of tanker vessel transportation.

Performance Shipping Inc. (NASDAQ: PSHG) announced the delivery of the M/T P. Monterey, a 2011-built Aframax tanker, for US$35 million. The acquisition was partially financed through a term loan from Piraeus Bank S.A. Starting its time charter with ST Shipping & Transport Pte Ltd., the vessel will generate US$22 million in gross revenue over a minimum 24-month period. This addition increases the company’s fleet to eight Aframax tankers, bolstering secured revenues to approximately US$85 million, amid historically high voyage charter rates.

Performance Shipping (NASDAQ: PSHG) has completed the sale of the 2007-built Aframax tanker M/T P. Fos, enhancing liquidity and capturing value from recent price appreciation in the tanker market. Following this sale, the company's fleet consists of six Aframax tankers, with two more set for delivery in December 2022. CEO Andreas Michalopoulos stated that this move positions the company to benefit from favorable charter rates and supports the renewal of its fleet with younger vessels.