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) reported a net income of $3.9 million for Q2 2022, a significant turnaround from a net loss of $2.6 million in Q2 2021. Revenue increased to $16.7 million, driven by improved time-charter equivalent (TCE) rates averaging $24,921 per day, compared to $9,728 in the same period last year. For the six months ending June 30, 2022, net income was $1.8 million, up from a loss of $5.5 million. The company completed its sixth Aframax tanker acquisition and is positioned to benefit from a strengthening charter rate environment.
Performance Shipping Inc. (NASDAQ: PSHG) has announced a new time charter contract for its Aframax tanker, M/T Blue Moon, with Teekay Chartering Limited. The contract, which commenced recently, guarantees a gross charter rate of US$23,000 per day for 24 months, potentially generating approximately US$16.8 million in gross revenue. This agreement is part of the company's strategy to secure fixed revenue amid fluctuating charter rates and underscores its commitment to providing stable returns for shareholders.
Performance Shipping (NASDAQ: PSHG) announced a securities purchase agreement to raise approximately $5.95 million through a registered direct offering of 17,000,000 common shares at $0.35 per share, along with warrants for an equivalent number of shares. These warrants will be immediately exercisable with a similar exercise price of $0.35 and will expire in five and a half years. The transaction is expected to close around July 19, 2022, subject to customary conditions.
Performance Shipping Inc. (NASDAQ: PSHG) has received a notice from Nasdaq regarding non-compliance with the minimum bid price requirement, as the company's stock closed below $1.00 for 30 consecutive days. The grace period to regain compliance lasts 180 days, until January 9, 2023. To remedy this, the stock must trade at or above $1.00 for at least ten consecutive days. The company has indicated its intention to address this issue, and its operations remain unaffected by the notification.
Performance Shipping (NASDAQ: PSHG) has taken delivery of the M/T P. Sophia, a 2009-built Aframax tanker, enhancing its fleet to six tankers. The acquisition, completed in July 2022, positions the company to leverage high charter rates in the crude oil sector. CEO Andreas Michalopoulos expressed optimism regarding the tanker market's recovery, citing the favorable purchase price and timely delivery as strategic advantages. The company aims to generate strong cash flows through its current spot charter operations.
Performance Shipping Inc. (NASDAQ: PSHG) has secured a new amortizing term loan facility of approximately $31.9 million with Piraeus Bank S.A. This financing will refinance $7.3 million of an existing loan and partially fund the acquisition of the company's sixth Aframax tanker, M/T P. Sophia. The loan carries an interest rate of LIBOR plus 2.70% and will be repaid in 20 quarterly installments. The CEO highlighted favorable market conditions for Aframax tankers, with spot charter rates around $28,000, and expects strong cash flow from the expanded fleet.
Performance Shipping Inc. (NASDAQ: PSHG) reported a net loss of $2.1 million for Q1 2022, down from a $2.9 million loss in Q1 2021. The company attributed a significant part of its $11.5 million net loss to a $9.3 million non-cash dividend from a share exchange. Revenue increased slightly to $8.6 million, driven by higher time-charter equivalent rates ($12,352/day). Operating cash usage rose to $3.9 million. The company sold 526,916 shares in an at-the-market offering and raised $7.4 million from a public offering. It aims to expand its fleet and benefit from improving charter rates following the Russia-Ukraine conflict.
Performance Shipping (NASDAQ: PSHG) has signed a Memorandum of Agreement to acquire the M/T Maran Sagitta, a 105,071 dwt Aframax tanker built in 2009, for $27.58 million. The delivery is expected around July 5, 2022. This acquisition will be financed through cash raised from a recent equity offering and a new senior secured debt facility. CEO Andreas Michalopoulos stated that the addition of this vessel will enhance operational leverage and positively impact cash flow, with strong fundamentals in the tanker market anticipated to support high charter rates ahead.
Performance Shipping Inc. (NASDAQ: PSHG) announced the pricing of a public offering of 7,620,000 units at $1.05 each, aimed at raising approximately $8.0 million before expenses. Each unit includes one common share (or pre-funded warrant) and one Class A warrant, exercisable at the same price. The offering is set to close around June 1, 2022, subject to standard conditions. Maxim Group LLC is the book-running manager, and the underwriter has a 45-day option to purchase an additional 1,143,000 shares and/or warrants.
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