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]

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] Charter Agreement - The company has entered into a time charter contract with SeaRiver Maritime LLC, a subsidiary of ExxonMobil, for the M/T P. Aliki, a 2010-built, 105,304 dwt LR2 Aframax tanker vessel [1] - The gross charter rate is set at US$33,500 per day for a period of seven months, with a +/- 15 days option for the Charterer, expected to commence at the beginning of December [1] - This charter is projected to generate approximately US$6.6 million in gross revenue for the minimum duration of the charter [1] Management Commentary - The CEO of the company expressed satisfaction in securing the charter with SeaRiver Maritime LLC, highlighting it as a testament to the company's operational excellence and the confidence charterers place in its vessels and management practices [2]

Mails Proxy Materials and Letter to Shareholders in Connection with 2024 Annual General Meeting of Shareholders Recommends Shareholders Vote on the WHITE Proxy Card “FOR” Performance Shipping’s Nominee and Highly Qualified Board ATHENS, Greece, Nov. 19, 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 it has mailed proxy materials to shareholders in connection with its up ...

Financial Performance - Net income for Q3 2024 was $12.4 million, an increase from $10.4 million in Q3 2023, with earnings per share of $0.96 (basic) and $0.32 (diluted) compared to $0.88 and $0.27 respectively in the prior year [2][3][4]. - For the nine months ended September 30, 2024, net income was $34.0 million, down from $44.5 million in the same period of 2023, with earnings per share of $2.65 (basic) and $0.87 (diluted) [4]. - Net income for the three months ended September 30, 2024, was $12.411 million, an increase of 19.8% compared to $10.369 million for the same period in 2023 [34]. Revenue and Operating Income - Revenue for Q3 2024 was $22.9 million, down from $24.1 million in Q3 2023, primarily due to a decrease in ownership days following the sale of a vessel [3]. - Revenue for the three months ended September 30, 2024, was $22.889 million, a decrease of 5.1% compared to $24.114 million for the same period in 2023 [33]. - Operating income for the nine months ended September 30, 2024, was $32.857 million, down 33.4% from $49.325 million in the same period of 2023 [33]. Cash Flow and Assets - Net cash provided by operating activities in Q3 2024 was $16.1 million, compared to $17.9 million in Q3 2023 [3]. - Net cash provided by operating activities for the three months ended September 30, 2024, was $16.148 million, compared to $17.883 million for the same period in 2023 [36]. - Total assets as of September 30, 2024, were $320.829 million, an increase of 8.3% from $296.266 million as of December 31, 2023 [35]. - Cash and cash equivalents increased to $69.523 million as of September 30, 2024, compared to $68.267 million as of December 31, 2023 [35]. - Net cash used in investing activities for the nine months ended September 30, 2024, was $(39.718) million, compared to $(11.708) million for the same period in 2023 [36]. - Long-term bank debt as of September 30, 2024, was $49.317 million, down from $54.886 million as of December 31, 2023 [35]. Market Conditions and Fleet Management - Average time-charter equivalent (TCE) rate for Q3 2024 was $34,307, up from $31,787 in Q3 2023, reflecting improved market conditions [3][19]. - Daily spot charter rates for Aframax tankers averaged $31,724 in Q3 2024, down 38.0% from the previous quarter but up 15.7% from Q3 2023 [14]. - The company anticipates redeploying vessels at attractive charter rates during the strong fall and winter period [7]. - The existing fleet continues to generate strong cash flows, supported by a strategic partnership with a top-tier charterer [8]. - Tonne-mile demand is expected to grow by 4.1% in 2024, supported by increased shipments from the Americas to Asia [11]. - The tanker fleet supply increased to 693.6 million dwt, up 0.2% from the previous quarter and 0.8% from Q3 2023 [10]. New Contracts - The company secured five-year time charter contracts for three newbuilding vessels, with employment commencing in Q4 2025 and Q1-Q2 2026 [25].

ATHENS, Greece, Nov. 07, 2024 (GLOBE NEWSWIRE) -- Performance Shipping Inc. (NASDAQ: PSHG) (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, today reported net income of $12.4 million and net income attributable to common stockholders of $12.0 million for the third quarter ended September 30, 2024. These results are compared to a net income of $10.4 million and net income attributable to common stockholders of $9.9 million for the same period in 2023. Earnin ...

I recently joined The REIT Forum and if you are looking for more investment ideas like this one, get them exclusively at The REIT Forum with access to our subscriber only portfolios.I last covered Nike (NYSE: NKE ) in June, where I initiated a “sell” rating on the stock after the management projected for sales to decline in the mid-single digits in FY25 as the companyAmrita runs a boutique family office fund in beautiful Vancouver, where she leads the investment strategy for the family fund. The fund's obje ...

ATHENS, Greece, Oct. 24, 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 sale and leaseback agreement with an unaffiliated third party for a previously announced newbuild LR2 Aframax tanker vessel (the “Vessel”). As announced on December 20, 2023, this vessel is one of two newbuilding LNG-ready, scrubber- ...

FORM 6-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of July 2024 Commission File Number: 001-35025 PERFORMANCE SHIPPING INC. (Translation of registrant's name into English) 373 Syngrou Avenue 175 64 Palaio Faliro Athens, Greece (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or F ...

(1) Operating days are the number of available days in a period less the aggregate number of days that our vessels are off-hire. The specific calculation counts as on-hire the days of the ballast leg of the spot voyages, as long as a charter party is in place. The shipping industry uses operating days to measure the aggregate number of days in a period during which vessels actually generate revenues. Build Total liabilities and stockholders' equity $ 310,453 $ 296,266 * The balance sheet data as of December ...

ATHENS, Greece, July 25, 2024 (GLOBE NEWSWIRE) -- Performance Shipping Inc. (NASDAQ: PSHG) ("we" or the "Company"), a global shipping company specializing in the ownership of tanker vessels, today reported net income of $10.2 million and net income attributable to common stockholders of $9.7 million for the second quarter of 2024. The 2024 second quarter results compared to a net income of $18.4 million and net income attributable to common stockholders of $17.9 million for the same period in 2023. Earnings ...