ATHENS, Greece, April 16, 2025 (GLOBE NEWSWIRE) -- Performance Shipping Inc. (NASDAQ:PSHG), ("we" or the "Company"), a global shipping company specializing in the ownership of tanker vessels, announced that it has filed its 2024 Annual Report on Form 20-F for the fiscal year ended December 31, 2024 (the "Annual Report"), with the U.S. Securities and Exchange Commission (the "SEC"). The Annual Report, which contains the Company's audited consolidated financial statements, can be accessed through the SEC's we ...

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].

ATHENS, Greece, April 07, 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 forward sale and exclusivity agreement with an unaffiliated third party (the “Buyer”). This agreement grants the Buyer exclusive rights to submit a bid for the conversion of the Company’s Aframax tanker, M/T P. Sophia, in an auctio ...

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].

Core Viewpoint - Performance Shipping Inc. has successfully secured financing for three newbuild LR2 Aframax tankers through a sale and leaseback agreement, which is expected to enhance the company's operational capacity and financial stability [1][2][3]. Financing Details - The total bareboat financing amount is US$45 million, with the vessel being sold and chartered back for an eight-year period at a fixed daily rate of US$6,850 plus a variable rate based on SOFR plus 2.05% per annum [2]. - A balloon payment of approximately US$25 million is due with the last installment, and the company has options to repurchase the vessel at predetermined rates after the second anniversary of the charter [2]. Newbuilding Vessels - The three newbuilding LR2 Aframax tankers, each with a deadweight tonnage of approximately 114,000 dwt, are expected to be delivered between August 2025 and January 2026 [1]. - The aggregate bareboat financing of US$134.6 million covers about 70% of the total shipbuilding contract cost of US$192.9 million, addressing nearly all remaining installments due to the shipyard [3]. Charter Agreements - The newbuild tankers have been chartered to Clearlake Shipping Pte Ltd. for five years at a rate of US$31,000 per day, with options for extension and profit sharing [3]. - The estimated daily cash flow breakeven rate, including lease payments, is about US$25,000 per tanker, which is significantly lower than the secured charter rate [3]. Fleet Renewal Strategy - The company aims to gradually renew its fleet, reducing the average age from 14 years to 10 years upon the delivery of the newbuild tankers [3].

Core Insights - Performance Shipping Inc. reported a net income of $9.7 million for Q4 2024, a decrease from $25.0 million in Q4 2023, with earnings per share of $0.74 and $0.25 for basic and diluted shares respectively [1][3][14] - The company's total revenue for Q4 2024 was $21.7 million, down from $23.8 million in the same quarter of 2023, primarily due to reduced ownership days and lower time-charter equivalent rates [2][5] - For the full year 2024, net income was $43.7 million compared to $69.4 million in 2023, with earnings per share of $3.39 and $1.11 for basic and diluted shares respectively [3][14] Financial Performance - Revenue for Q4 2024 was $21.7 million, down from $23.8 million in Q4 2023, with net cash provided by operating activities increasing to $12.1 million from $9.3 million year-over-year [2][14] - The average time-charter equivalent (TCE) rate for Q4 2024 was $32,652, a slight decrease from $33,114 in Q4 2023 [2][14] - The company experienced a decrease in fleet operating days from 2,793 in 2023 to 2,506 in 2024 due to the sale of a vessel [5][14] Market Outlook - The tanker market showed resilience with average daily charter rates for Aframax tankers at $38,746 in Q4 2024, although this was significantly lower than $61,277 in Q4 2023 [6][10] - Global oil consumption increased to 103.4 million barrels per day (bpd), up 0.4% from the previous quarter and 1.0% from Q4 2023 [10] - The tanker fleet supply is projected to grow by 2.3% in 2025, with tanker fleet utilization expected to improve slightly to 85.3% [10][12] Corporate Developments - The company maintains a robust financial position with a cash balance of approximately $71.3 million, representing 1.5 times its outstanding bank debt [8][27] - Performance Shipping has a revenue backlog of $227.0 million, supported by strategic long-term partnerships [8] - The company is cautious about redeploying its vessels and is actively managing its fleet to optimize earnings [7][8]

Company Overview - Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of tanker vessels [3] - The company employs its fleet on spot voyages, through pool arrangements, and on time charters [3] Charter Agreement - The company announced the extension of a time charter contract with ST Shipping & Transport Pte Ltd. for the M/T P. Monterey, a 2011-built Aframax tanker [1] - The gross charter rate is set at US$28,000 per day for a period of twelve months, with a +/- 30 days option for the Charterer [1] - This charter is expected to generate approximately US$9.38 million in gross revenue for the minimum duration of the charter [1] Revenue Backlog - The new charter increases the company's secured revenue backlog to approximately US$62 million [2] - When including the five-year contracts for three Aframax LR2 newbuildings, the total backlog rises to US$232 million [2] Fleet Deployment - The company's fleet currently consists of six vessels operating under time charter arrangements and one vessel trading in the spot market through pool participation [2] - The company anticipates the redelivery of two more vessels from their period charters in the coming months, indicating a positive outlook for fleet utilization [2]

ATHENS, Greece, Dec. 18, 2024 (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 time charter contract with American Eagle Tankers (“AET” or the “Charterer”), a member of MISC Group, for the 2011-built, 104,623 dwt Aframax tanker vessel, M/T Blue Moon. The gross charter rate will be US$28,000 per day for a perio ...

Core Insights - Performance Shipping Inc. has released its 2023 Sustainability Report, focusing on Environmental, Social, and Governance (ESG) issues to enhance transparency and accountability [1] - The report is aligned with the Global Reporting Initiative Universal Standards 2021, detailing the company's commitments to corporate governance and sustainable operations [1] Company Overview - Performance Shipping Inc. is a global provider of shipping transportation services, specializing in the ownership of tanker vessels [3] - The company operates its fleet through spot voyages, pool arrangements, and time charters [3]

ATHENS, Greece, Dec. 03, 2024 (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 time charter contract with SeaRiver Maritime LLC (the “Charterer”), a wholly-owned subsidiary of ExxonMobil Corporation (NYSE: XOM), for the 2010-built, 105,304 dwt LR2 Aframax tanker vessel, M/T P. Aliki. The gross charter rate wil ...