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. (NASDAQ: PSHG) is a global shipping company specializing in the ownership of tanker vessels. The company states that it provides shipping transportation services through a fleet that includes Aframax, LR2 and Suezmax tankers, employed on spot voyages, through pool arrangements and on time-charter contracts. This news page aggregates company press releases and other coverage related to Performance Shipping’s operations, fleet developments and capital markets activity.
Readers can find news about fleet expansion and renewal, such as the naming and delivery of newbuild LR2 product/crude oil tankers like M/T P. MASSPORT, M/T P. TOKYO and M/T P. MARSEILLE, as well as the acquisition and delivery of 2019-built Suezmax tankers M/T P. BEL AIR and M/T P. BEVERLY HILLS. The company’s announcements describe these vessels as part of its strategy to expand and renew its tanker fleet.
News items also cover charter employment for specific vessels, including multi-year time-charter contracts with counterparties such as Clearlake Shipping Pte Ltd, Repsol Trading S.A., SeaRiver Maritime (a subsidiary of ExxonMobil Corporation) and Pakistan National Shipping Corporation. These updates often discuss charter durations and daily rates, and how they affect the company’s secured revenue backlog and charter coverage.
In addition, the news feed includes financial results for reported periods, where Performance Shipping presents revenue, net income, time charter equivalent rates, fleet utilization and other operating data. Other releases address financing transactions, such as Nordic bond issuances and tap issues, and corporate matters like annual general meetings and ESG reporting. Investors and observers can use this page to review the company’s own descriptions of market conditions, fleet deployment and corporate developments over time.
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.
Performance Shipping (PSHG) announced a commitment for a new term loan facility of up to US$22 million with Alpha Bank A.E. The funds will finance roughly 50% of the acquisition cost for the M/T Fos Hamilton, set to be delivered in December 2022. The loan will have an interest rate of SOFR + 2.35% and will be repayable in 20 quarterly installments of US$550,000, with a balloon payment of US$11 million due at the end. CEO Andreas Michalopoulos emphasized the facility's role in strengthening the company's operational capabilities and revenue potential.
Performance Shipping Inc. (NASDAQ: PSHG) has secured a term loan facility of up to US$37.4 million from Piraeus Bank S.A. The funds will refinance part of an existing loan for the M/T P. Kikuma and partially finance the M/T P. Monterey. The facility carries an interest rate of SOFR plus 2.45% and is to be repaid over five years in twenty installments. CEO Andreas Michalopoulos highlighted the importance of long-term relationships with lenders and securing collateral for favorable loan terms. The facility is expected to be drawn upon delivery of the M/T P. Monterey.
Performance Shipping (NASDAQ: PSHG) announced a Memorandum of Agreement to acquire the M/T Fos Hamilton, a 105,408 dwt LR2 Aframax oil tanker, for US$43.75 million. Built in 2013, the tanker features an eco-engine that enhances fuel efficiency and complies with the Ballast Water Management Convention. The delivery is expected by mid-December 2022, with financing sourced from the sale of an older vessel and a new senior secured debt facility. This acquisition aims to strengthen PSHG's position in the refined petroleum product sector, nearly doubling the fleet size to eight modern tankers.