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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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- ...

Financial Performance - For the six months ended June 30, 2024, net income was $21.6 million, a decrease of 37% compared to $34.1 million for the same period in 2023[28]. - Total revenue for the six months ended June 30, 2024, was $42.9 million, down 30% from $61.0 million in the same period of 2023[27]. - Operating income for the first half of 2024 was $21,065,000, down 43.5% from $37,275,000 in 2023[49]. - Net income for the six months ended June 30, 2024, was $21,616,000, a decline of 36.5% compared to $34,083,000 in 2023[53]. - Earnings per common share, basic, decreased to $1.68 in 2024 from $2.43 in 2023, representing a 30.9% decline[51]. - Net income attributable to common stockholders was $20,699,000 for the six months ended June 30, 2024, compared to $22,533,000 in 2023, reflecting a decrease of approximately 8.1%[135]. Revenue and Expenses - Voyage and time charter revenues decreased to $42.9 million for the six months ended June 30, 2024, from $60.984 million in the same period of 2023[16]. - Time Charter Equivalent (TCE) rate for the six months ended June 30, 2024, was $32,414, a decrease from $41,526 in the same period of 2023[16]. - Daily vessel operating expenses increased to $7,790 for the six months ended June 30, 2024, from $7,135 in the same period of 2023[16]. - Voyage expenses decreased to $1.6 million from $2.5 million, a reduction of 36.0%, primarily due to a shift from spot charters to pool charters[30]. - General and administrative expenses increased to $3.7 million from $3.4 million, a rise of 8.8%, mainly due to higher legal costs[32]. Cash Flow and Investments - Net cash provided by operating activities was $31.7 million, down from $40.8 million, reflecting a decrease of 22.8% due to lower revenues[40]. - Net cash used in investing activities increased to $32.7 million from $11.5 million, a rise of 184.3%, primarily due to advances for vessels under construction[41]. - The company has made advances for vessels under construction totaling $43,988,000 as of June 30, 2024, significantly up from $11,303,000 at the end of 2023[47]. Assets and Liabilities - Total current assets as of June 30, 2024, were $68,049,000, down 15% from $79,914,000 at the end of 2023[47]. - Total fixed assets increased to $239,789,000 as of June 30, 2024, up 12.3% from $213,455,000 at the end of 2023[47]. - Total liabilities decreased to $56,413,000 as of June 30, 2024, down 7.5% from $63,082,000 at the end of 2023[47]. - Stockholders' equity increased to $254,040,000 as of June 30, 2024, up 8.9% from $233,184,000 at the end of 2023[47]. Debt and Financing - Interest and finance costs significantly decreased by 80% to $1.1 million for the six months ended June 30, 2024, compared to $5.4 million in the same period of 2023[27]. - The company expects to manage interest rate exposure through regular operating and financing activities[26]. - As of June 30, 2024, total long-term debt net of deferred financing costs amounted to $51,176, with current debt at $7,436 and non-current debt at $43,740[78]. - The Company has secured term loans with Nordea Bank and Alpha Bank, with total loan amounts of $17,501 and $33,950 respectively as of June 30, 2024[78][83]. Shareholder Equity and Dividends - The company reported a total accumulated deficit of $280,416,000 as of June 30, 2024, compared to $335,507,000 as of June 30, 2023, indicating an improvement of 16.4%[55]. - Cash dividends paid in the first half of 2024 were $917,000, compared to $951,000 in the same period of 2023, indicating a decrease of 3.6%[57]. - The total number of common shares outstanding increased from 11,439,272 on June 30, 2023, to 12,432,158 on June 30, 2024, reflecting an increase of 8.7%[55]. Market Conditions and Future Outlook - The decrease in revenues was attributed to weaker market conditions in the tanker industry and a reduction in fleet ownership days due to the disposal of the vessel P. Kikuma[28]. - The company continues to monitor macroeconomic factors such as rising inflation and geopolitical tensions that could impact its financial condition and operations[62]. Contracts and Agreements - A sale and leaseback agreement for a newbuild LR2 Aframax tanker vessel was entered into, totaling $44.3 million, with charter rates of $7,132 per day for eight years[45]. - The Company has entered into four shipbuilding contracts for three product/crude oil tankers and one product oil/chemical tanker, with gross contract prices totaling approximately $249,673[73].

(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 ...

ATHENS, Greece, July 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 Alliance Global Partners (AGP) has initiated analyst coverage of the Company with a "Buy" rating and US$6.50 price target. Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forw ...