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]

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]. Charter Agreement - The company has entered into a time charter contract with American Eagle Tankers for the 2011-built, 104,623 dwt Aframax tanker vessel, M/T Blue Moon, at a gross charter rate of US$28,000 per day for a period of twenty-one months, with a potential +/- 15 days option for the Charterer [1]. - This charter is expected to generate approximately US$17.4 million of gross revenue for the minimum duration of the charter [1]. Revenue Backlog - Following this charter agreement, the company's secured revenue backlog stands at approximately US$59.4 million based on the minimum duration of each charter for operating vessels, and US$169.8 million for three new buildings [2]. Strategic Positioning - The CEO of the company expressed confidence in the collaboration with AET, highlighting the importance of this charter in navigating a volatile market and reinforcing the company's commitment to long-term value creation [2].

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 ...

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