ATHENS, Greece, Oct. 09, 2025 (GLOBE NEWSWIRE) -- Performance Shipping Inc. (NASDAQ: PSHG) (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, is pleased to announce the expansion of its fleet through separate wholly-owned subsidiaries, which have entered into Memoranda of Agreement with an unaffiliated third party for the purchase of the M/T Eco Bel Air and the M/T Eco Beverly Hills, both 157,286 dwt Suezmax tankers built in 2019 by Hyundai Samho Heavy Indust ...

Company Overview - Performance Shipping Inc. is a global shipping company specializing in the ownership of tanker vessels [5] - The company employs its fleet on spot voyages, through pool arrangements, and on time charters [5] Fleet Expansion - The company has successfully named and delivered the M/T P. Tokyo, the second vessel from its current newbuilding program [1] - The M/T P. Tokyo is a 114,000 DWT LNG-ready Tier III product/crude oil tanker, constructed at Shanghai Waigaoqiao Shipbuilding Co. Ltd. [1][2] - This delivery follows the M/T P. Massport and is part of the company's fleet expansion and renewal strategy [2] - Two further newbuildings, an additional sister LR2 Aframax and an LR1 chemical/product tanker, are scheduled for delivery in early 2026 and early 2027 respectively [2] Charter Contracts - All three newbuilding LR2 vessels have secured five-year charter contracts with Clearlake Shipping Pte Ltd, a subsidiary of the Gunvor Group [3] - The M/T P. Tokyo has commenced operations under a five-year time charter contract at a gross rate of US$31,000 per day, with options for a sixth and seventh year at a base rate plus profit-sharing [3] Leadership Commentary - The CEO of the company expressed pride in welcoming the M/T P. Tokyo into the fleet, highlighting it as a representation of the company's fleet renewal and growth strategy [4] - The CEO also emphasized the importance of the partnership with Clearlake Shipping through the commencement of this second long-term charter [4]

Core Viewpoint - Performance Shipping Inc. has secured a time charter contract with Pakistan National Shipping Corporation for its tanker vessel M/T P. Aliki, enhancing its revenue backlog and demonstrating its global chartering capabilities [1][3]. Company Overview - Performance Shipping Inc. is a global provider of shipping transportation services, specializing in the ownership of tanker vessels and employing its fleet on spot voyages, pool arrangements, and time charters [4]. Charter Agreement Details - The M/T P. Aliki will be chartered for 12 months, with a daily gross charter rate of US$30,000, contributing approximately US$10.5 million to the company's revenue backlog [2][3]. - The vessel is currently undergoing a special survey and drydock, with delivery to the charterer expected around mid-September 2025 [2]. Financial Impact - The new charter increases the company's fleetwide secured revenue backlog to about US$250.5 million, based on the minimum duration of each charter as of the last financial reporting period [3]. - The CEO expressed confidence that this charter will generate earnings significantly above the vessel's free cash flow breakeven level, aligning with the company's strategy to secure attractive employment for its vessels [3].

Core Viewpoint - Performance Shipping Inc. has released its 2024 ESG Report, emphasizing its commitment to Environmental, Social, and Governance issues to enhance transparency and accountability [1]. Company Overview - Performance Shipping Inc. is a global shipping company that specializes in the ownership of tanker vessels, employing its fleet for spot voyages, pool arrangements, and time charters [3]. ESG Report Highlights - The 2024 ESG Report is developed in accordance with the Global Reporting Initiative Universal Standards 2021, detailing the company's initiatives towards sustainable and responsible operations [1]. - The report aims to build strong corporate governance and outlines the company's efforts in addressing ESG issues [1]. Accessibility of Information - The ESG Report is available on the company's website for public access [2].

Core Viewpoint - Performance Shipping Inc. has successfully named and delivered its first LR2 Aframax newbuilding, M/T P. Massport, marking the beginning of a series of new tanker deliveries as part of its fleet expansion strategy [1][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]. Vessel Details - The M/T P. Massport is a 114,000 DWT LNG-ready Tier III product/crude oil tanker, the first of three LNG-ready, scrubber-fitted LR2 Aframax tankers ordered by the company, with deliveries scheduled between Q3 2025 and early 2026 [2]. - The vessel has commenced operations under a five-year time charter contract with Clearlake Shipping Pte Ltd at a gross rate of US$31,000 per day, with options for a sixth and seventh year at a base rate plus profit-sharing [3]. Future Plans - The company plans to add two further sister LR2 Aframax vessels by early 2026 and an LR1 tanker in early 2027, which will form a core part of its strategic fleet expansion and renewal plan [3].

Core Insights - Performance Shipping Inc. reported a net income of $9.1 million for Q2 2025, a decrease from $10.2 million in Q2 2024, with earnings per share of $0.69 and $0.23 for basic and diluted shares respectively [1][14] - Revenue for Q2 2025 was $18.1 million, down from $20.5 million in Q2 2024, primarily due to reduced ownership days following the sale of a vessel [2][12] - The average time-charter equivalent (TCE) rate increased to $32,295 per day in Q2 2025 from $30,970 in Q2 2024, despite operating a smaller fleet [2][5] Financial Performance - For the six months ended June 30, 2025, net income was $38.5 million, compared to $21.6 million for the same period in 2024, with earnings per share of $3.02 and $1.00 for basic and diluted shares respectively [3][14] - Net cash provided by operating activities was $11.3 million in Q2 2025, down from $14.4 million in Q2 2024 [2][28] - The company had a cash position of approximately $192 million at the end of the quarter, bolstered by a $100 million bond offering [7] Market Conditions - The tanker market remained firm in Q2 2025, supported by steady ton-mile demand and increased volatility due to geopolitical tensions [4] - The average Aframax tanker charter rate was $42,765 per day in Q2 2025, reflecting a 16% year-over-year decline from $51,140 in Q2 2024 [5][10] - Global oil consumption rose to 103.2 million barrels per day, up 1.0% from the previous quarter, while global oil production decreased to 104.5 million barrels per day, down 1.1% from the previous quarter [13] Fleet and Operational Strategy - The company is focused on fleet renewal and expansion, aiming to acquire a younger and more environmentally sustainable fleet through newbuilding and selective acquisitions [6] - As of July 29, 2025, the company had 12,432,158 common shares outstanding, along with various warrants for common shares [8][9] - The fleet utilization rate was reported at 100% for Q2 2025, indicating efficient deployment of available vessels [14]

Core Viewpoint - Performance Shipping Inc. has successfully signed an agreement for refinancing its existing loan facility with Alpha Bank S.A., which involves a total outstanding loan balance of US$29,750,000 secured by two tanker vessels [1][2]. Group 1: Loan Refinancing Details - The refinancing facility will bear interest at the rate of SOFR plus 1.90% per annum [2]. - The repayment structure consists of twenty consecutive quarterly installments of US$1,050,000 each, culminating in a balloon payment of US$8,750,000 due in mid-2030 [2]. Group 2: Company Overview - Performance Shipping Inc. is a global provider of shipping transportation services, primarily through the ownership of tanker vessels [3]. - The company utilizes its fleet for spot voyages, pool arrangements, and time charters [3].

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]

Core Viewpoint - Performance Shipping Inc. has announced a refinancing agreement for an existing loan of US$29,750,000 with Alpha Bank A.E., which will improve the company's financial position and reduce financing costs [1][2]. Group 1: Refinancing Details - The refinancing will be executed through two wholly-owned subsidiaries of the company and is subject to customary closing conditions [1]. - Proceeds from the refinancing will fully cover the existing debt with Alpha Bank, secured by the vessels M/T P. Long Beach and M/T P. Aliki [1]. - The new facility will have an interest rate of SOFR plus 1.90% per annum [1]. Group 2: Repayment Structure - The facility will be repaid in twenty quarterly installments of US$1,050,000 each, with a balloon payment of US$8,750,000 due in mid-2030 [2]. - The average payable margins will decrease by 23% compared to existing loan agreements, while the amortization profile remains unchanged [2]. - The extension of loan maturities by over two and a half years means no substantial debt maturities are scheduled before mid-2030 [2]. Group 3: Company Overview - Performance Shipping Inc. is a global provider of shipping transportation services, specializing in the ownership of tanker vessels [3]. - The company employs its fleet on spot voyages, through pool arrangements, and on time charters [3].

Core Viewpoint - Performance Shipping Inc. has entered into a long-term time charter contract with Mercuria Energy Trading S.A. for a new LR1 tanker, enhancing revenue visibility and stability for the company [1][2][3]. Group 1: Charter Agreement Details - The vessel will be chartered for a firm period of four years at a daily gross charter rate of US$23,750, with options for three additional one-year extensions [2]. - The daily rate will increase by US$850 for the first two optional years and by US$1,200 for the third optional year, contingent on mutual agreement for the third year [2]. Group 2: Financial Implications - The long-term charter is expected to generate stable earnings above the vessel's free cash flow breakeven level, increasing revenue visibility into 2027 and beyond [3]. - The secured revenue backlog for the company increases by approximately US$35 million, totaling about US$255 million based on the minimum duration of each charter [3]. - The contract enhances fixed charter coverage, reducing the cash flow breakeven rate required on open days, thereby strengthening the company's financial stability in a volatile market [3]. Group 3: Company Overview - Performance Shipping Inc. is a global provider of shipping transportation services, specializing in the ownership of tanker vessels and employing its fleet on spot voyages, pool arrangements, and time charters [4].