ATHENS, Greece, July 24, 2025 (GLOBE NEWSWIRE) -- Performance Shipping Inc. (NASDAQ: PSHG), (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, today announced that it has signed an agreement for the refinancing of its existing loan facility with Alpha Bank S.A. (the “Facility”) through two separate wholly-owned subsidiaries of the Company. This facility refinances the full outstanding loan balance of US$29,750,000 previously secured by the M/T P. Long Beach a ...

Core Viewpoint - Performance Shipping Inc. has successfully placed USD 100 million of bonds in the Nordic bond market, with plans for listing on the Oslo Stock Exchange, maturing in July 2029, and a fixed coupon of 9.875% per annum [1] Group 1: Bond Offering Details - The bonds are priced at 97% of par and will pay interest semi-annually in arrears [1] - The bonds are secured by first priority mortgages over the Company's two oldest tanker vessels, which are currently unencumbered [1] - The offering is expected to close on July 17, 2025, subject to customary closing conditions [1] Group 2: Use of Proceeds - The net proceeds from the bond issue will be utilized for tanker acquisitions or bond repurchases [2] Group 3: Company Overview - Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of tanker vessels, employing its fleet on spot voyages, pool arrangements, and time charters [4]

ATHENS, Greece, June 24, 2025 (GLOBE NEWSWIRE) -- Performance Shipping Inc. (NASDAQ: PSHG), (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, today announced that it has accepted a commitment letter whereby it intends to enter into an agreement for a refinancing of the existing loan outstanding of US$29,750,000 with Alpha Bank A.E. (the “Facility”) through two separate wholly-owned subsidiaries of the Company. This Facility is subject to the completion of cu ...

ATHENS, Greece, June 17, 2025 (GLOBE NEWSWIRE) -- Performance Shipping Inc. (NASDAQ: PSHG), (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, today announced that, through a separate wholly-owned subsidiary, it has entered into a long-term time charter contract with Mercuria Energy Trading S.A. (“Mercuria” or the “Charterer”), for its fourth newbuilding, the previously announced LR1 tanker scheduled for delivery in early 2027. The vessel will be chartered to ...

Company Overview - Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of tanker vessels, employing its fleet on spot voyages, pool arrangements, and time charters [3] Bond Issuance - The company plans to arrange a series of fixed income investor calls starting on June 6, 2025, with a potential five-year USD denominated senior unsecured bond issue to follow, subject to market conditions [1] - The net proceeds from the contemplated bond issue will be used for fleet expansion, renewal, and general corporate purposes [1] Regulatory Compliance - The senior unsecured bonds, if issued, will be offered only to qualified institutional buyers in the United States under Rule 144A and to non-U.S. persons outside the United States under Regulation S [2] - The bonds will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold in the United States without registration or an applicable exemption [2]

Financial Performance - Performance Shipping Inc. reported a net income of $29.4 million for Q1 2025, a significant increase from $11.4 million in Q1 2024, representing a 164% year-over-year growth in net income attributable to common stockholders [1][6] - Earnings per share for Q1 2025 were $2.33 (basic) and $0.76 (diluted), compared to $0.89 (basic) and $0.29 (diluted) in Q1 2024 [14] Revenue and Expenses - Revenue for Q1 2025 was $21.3 million, down from $22.4 million in Q1 2024, primarily due to a decrease in ownership days following the sale of the vessel P. Yanbu and lower time-charter equivalent (TCE) rates [2][4] - The average TCE rate for Q1 2025 was $30,843 per day, down from $33,857 in Q1 2024 [14] Market Conditions - The average Aframax tanker charter rate in Q1 2025 was $31,931 per day, significantly lower than $56,338 in the same period last year, indicating a softening in crude oil tanker charter rates [5][12] - Despite the decline in charter rates, the Aframax tanker market remains resilient, supported by solid market fundamentals, with spot rates averaging approximately $40,700 per day [5] Fleet Management - The company completed the sale of the Aframax tanker M/T P. Yanbu for a gross sale price of $39 million, resulting in a gain of $19.5 million [6] - The company maintains a robust financial position with a cash balance of approximately $108.3 million, which is 2.4 times its outstanding bank debt, and a revenue backlog of $220 million [7] Fleet Data - As of May 26, 2025, the company had 12,432,158 common shares outstanding and various warrants for common shares [8][9] - The fleet utilization rate was 97.6% in Q1 2025, slightly down from 98.0% in Q1 2024 [14] Industry Outlook - The tanker fleet supply is projected to grow by 2.1% in 2025, with a constrained fleet supply due to a shrinking pool of environmentally compliant vessels [12] - Global oil consumption was 103.2 million barrels per day in Q1 2025, showing a slight increase from 101.7 million barrels per day in Q1 2024 [12]

Company Overview - Performance Shipping Inc. is a global provider of shipping transportation services specializing in the ownership of tanker vessels [2] - The company employs its fleet on spot voyages, through pool arrangements, and on time charters [2] Financial Reporting - The company has filed its 2024 Annual Report on Form 20-F for the fiscal year ended December 31, 2024, with the U.S. Securities and Exchange Commission [1] - The Annual Report includes the company's audited consolidated financial statements and is accessible through the SEC's website and the company's website [1]

Financial Performance - For the year ended December 31, 2024, the company reported revenue of $87.445 million, a decrease of 19.7% from $108.938 million in 2023[411]. - Revenue for 2024 decreased to $87.5 million from $108.9 million in 2023, a decline of 19.7%[451]. - Net income for 2024 was $43.7 million, down 37.0% from $69.4 million in 2023, primarily due to reduced ownership days after the sale of the vessel P. Kikuma[450]. - Daily operating expenses increased to $7,712 in 2024, up 2.3% from $7,537 in 2023[411]. - Vessel operating expenses decreased to $19.8 million in 2024 from $21.9 million in 2023, a reduction of 9.6%[453]. - Net cash provided by operating activities in 2024 was $59.9 million, down from $68.0 million in 2023[467]. - Cash and cash equivalents increased to $71.3 million in 2024 from $68.3 million in 2023[466]. Fleet and Operational Metrics - Fleet utilization improved to 99.2% in 2024, compared to 98.7% in 2023[411]. - Ownership days decreased to 2,562 in 2024 from 2,901 in 2023, indicating a reduction in fleet size or operational capacity[411]. - Available days also decreased to 2,525 in 2024 from 2,830 in 2023, reflecting less operational availability of the fleet[411]. - Operating days fell to 2,506 in 2024, down from 2,793 in 2023, indicating reduced revenue-generating days[411]. Debt and Financing - The company’s aggregate outstanding debt as of December 31, 2024, was $47.7 million[421]. - As of December 31, 2023, the company had $55.2 million of long-term debt outstanding under bank loan facilities[475]. - The company refinanced the Nordea Facility on August 7, 2023, with an outstanding balance of $17.9 million, entering into a Revolving Credit Facility of up to $20.0 million[482]. - As of December 31, 2024, the outstanding balance on the Nordea RCF was $15.8 million[483]. - The company completed a voluntary prepayment of approximately $44.6 million of existing loans with Piraeus Bank on December 18, 2023, resulting in no outstanding amounts under Piraeus Bank loans[490]. - The company has financial covenants requiring maintenance of minimum cash liquidity of $10.0 million as of December 31, 2024[500]. Market Conditions and Expectations - The ongoing war in Ukraine has caused volatility in the tanker market, but the company's contracts have not yet been adversely affected[509]. - Global crude oil demand increased by 0.8% in 2024 and is projected to rise by 1.0% in 2025, reaching 104.1 million barrels per day[505]. - Seaborne crude oil trade is expected to grow by 1.6% in 2025, driven by a recovery in OPEC+ oil production, reaching 39.7 million barrels per day[505]. - Crude tanker dwt demand is projected to grow by 1.3% in 2025, while the crude tanker fleet is expected to grow marginally by 0.8%[506]. Asset Valuation and Impairment - The company has not recorded any impairment charges for its vessels in 2024, 2023, and 2022, despite market value volatility[429]. - As of December 31, 2024, the aggregate carrying value of all vessels exceeded their aggregate charter-free market values by approximately $88.5 million[430]. - The total carrying value of vessels decreased from $203.9 million as of December 31, 2023, to $192.0 million as of December 31, 2024, representing a reduction of approximately 5.9%[435]. - The carrying values of individual vessels were all above their charter-free market values as of the reporting dates[430][431]. - The company assessed no indications for potential impairment of any vessels for the years 2024, 2023, and 2022[448]. Future Plans and Capital Expenditures - The company expects general and administrative expenses to remain stable in 2025, although inflation may lead to increases[419]. - The company expects to draw down approximately $134.6 million under sale and leaseback agreements in the upcoming 12 months[465]. - The company entered into a shipbuilding contract for a product/crude oil tanker with a gross contract price of $63.3 million, expecting delivery in Q3 2025[499]. - The company entered into two shipbuilding contracts for two 114,000 DWT LNG-ready LR2 Aframax tankers at a gross purchase price of $64.8 million per vessel, with delivery expected in Q3 2025 and Q1 2026[501]. - A contract was signed for a scrubber fitted 75,000 DWT LR1 chemical/product oil tanker at a gross price of $56.5 million, with delivery expected in Q1 2027[502]. - The company expects to incur additional capital expenditures for vessel surveys, which may reduce operating days and increase cash flow needs[503]. Other Financial Metrics - Interest and finance costs significantly dropped to $1.4 million in 2024 from $9.6 million in 2023, an 85.4% decrease, due to lower average debt and interest rates[458]. - General and administrative expenses rose to $8.3 million in 2024 from $8.0 million in 2023, attributed to increased legal costs[455]. - Approximately 60% of general and administrative expenses were incurred in currencies other than the U.S. dollar in 2024, primarily in Euros[636].

Core Viewpoint - Performance Shipping Inc. has entered into a forward sale and exclusivity agreement for the conversion of its Aframax tanker, M/T P. Sophia, into a Floating Production Storage and Offloading (FPSO) vessel, contingent on the success of the Buyer in an upcoming auction [1][2][3]. Group 1: Agreement Details - The agreement grants the Buyer exclusive rights to bid for the conversion of M/T P. Sophia, with a gross sale price of US$36,050,000 if awarded by April 5, 2026 [2]. - If the vessel is delivered on or before September 30, 2025, the sale price will increase by US$1,000,000 [2]. - During the exclusivity period, the Company can operate the vessel but cannot sell it to other parties until the auction concludes [2]. Group 2: Company Strategy - The decision to enter into this forward sale is based on the vessel's specifications and suitability for conversion, allowing the Company to generate cash flow while securing a firm sale price [3]. - The Offshore Project is independent of current tanker charter rates and vessel values, indicating a strategic move to leverage specific asset capabilities [3]. Group 3: Company Overview - Performance Shipping Inc. is a global provider of shipping transportation services, specializing in tanker vessel ownership and employing its fleet on spot voyages, pool arrangements, and time charters [4].

Core Viewpoint - Performance Shipping Inc. has successfully sold the M/T P. Yanbu for a gross sale price of US$39 million, marking a significant step in its fleet renewal strategy and expected to generate a gain of approximately US$21.5 million in Q1 2025 [1][2]. Group 1: Transaction Details - The M/T P. Yanbu was acquired in Q4 2020 for US$22 million and was debt-free at the time of sale [2]. - The sale proceeds will increase the company's cash balance to over US$105 million, more than double its year-end debt balance of US$47.7 million [2]. Group 2: Strategic Implications - The sale is part of the company's strategy to modernize its fleet through newbuild programs and selective second-hand vessel acquisitions [2]. - Following this sale and the delivery of three newbuild LR2 Aframax tankers, the fleet's average age will decrease from 14 years to 10 years by January 2026 [2]. Group 3: Company Overview - Performance Shipping Inc. is a global provider of shipping transportation services, specializing in the ownership of tanker vessels, and employs its fleet on spot voyages, pool arrangements, and time charters [3].