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) reports developments as a global shipping company focused on owning tanker vessels. Its updates center on vessel employment, time charters, spot voyages and pool arrangements for its tanker fleet and newbuilding program, including Aframax/LR2, LR1 and Suezmax vessel categories.
Recurring announcements cover shipbuilding contracts, newbuilding deliveries, sale-and-leaseback financing, vessel sale activity, fleet utilization, time charter equivalent rates and annual or quarterly financial results. Company news also includes Form 20-F reporting and governance or capital-structure items tied to its foreign private issuer status.
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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.