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.
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.
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.