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 ...

The bareboat financing amount totals US$44.25 million and as part of this agreement, the Vessel will be sold and chartered back on a bareboat basis for an eight-year period from delivery at bareboat charter rates equivalent to 96 monthly installments of US$7,132 per day and a balloon payment of approximately US$23.7 million payable together with the last installment, with an implied interest rate of Term SOFR plus 2.425% per annum. The Company has continuous options to repurchase the Vessel at predetermined ...

ATHENS, Greece, June 06, 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 Trafigura Maritime Logistics Pte Ltd ("Trafigura" or the "Charterer") for the 2010-built, 105,304 dwt LR2 Aframax tanker vessel, the M/T P. Aliki. The charter is for a minimum period of four and a half (4. ...

Core Viewpoint - Performance Shipping Inc. has secured a time charter contract for its tanker vessel M/T P. Aliki with Trafigura Maritime Logistics, which is expected to generate approximately US$6.4 million in gross revenue for a minimum duration of 4.5 months [1][2]. Company Overview - Performance Shipping Inc. is a global shipping company that specializes in the ownership of tanker vessels and provides shipping transportation services through spot voyages, pool arrangements, and time charters [2]. Charter Contract Details - The time charter for M/T P. Aliki is set for a minimum of 4.5 months and a maximum of 6 months and 25 days, with a gross charter rate of US$47,000 per day for the minimum period and US$48,500 per day for the remaining period [1]. - The charter is expected to commence around June 16, 2024 [1]. Financial Implications - The contract is projected to generate approximately US$6.4 million in gross revenue for the minimum duration of the charter [1].

Core Viewpoint - Performance Shipping Inc. has secured a new two-year time charter contract with Aramco Trading Fujairah FZE for the M/T Briolette, which is expected to generate approximately US$28.7 million in gross revenue over the minimum duration of the charter [1][2]. Company Overview - Performance Shipping Inc. is a global provider of shipping transportation services specializing in tanker vessels, employing its fleet on spot voyages, pool arrangements, and time charters [3]. Charter Contract Details - The new charter contract commenced on June 2, 2024, and has a gross charter rate of US$41,000 per day, which is US$8,500 higher than the previous contract [1][2]. - This contract represents the third agreement with Aramco, highlighting the company's commitment to quality and reliability in seaborne transportation services [2]. - The company now has a contract backlog of US$228.1 million, which includes three five-year contracts for its Aframax LR2 newbuildings [2]. Fleet and Market Position - Out of the company's seven operating vessels, two are trading in the spot market, while five are on time charters, with one expiring by the end of August and two in the last quarter of 2024 [2]. - If current market conditions persist, the company anticipates securing higher rates for vessels with expiring charters in 2024 [2].

ATHENS, Greece, June 05, 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 Aramco Trading Fujairah FZE ("Aramco" or the "Charterer") for the 2011-built, 104,588 dwt Aframax tanker vessel, the M/T Briolette. The gross charter rate will be US$41,000 per day for a period of twenty-f ...

ATHENS, Greece, May 30, 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 $11.4 million and net income attributable to common stockholders of $11.0 million for the first quarter of 2024. The 2024 first quarter results compared to a net income of $15.7 million and net income attributable to common stockholders of $4.6 million for the same period in 2023. Earnings pe ...

ATHENS, Greece, May 30, 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 $11.4 million and net income attributable to common stockholders of $11.0 million for the first quarter of 2024. The 2024 first quarter results compared to a net income of $15.7 million and net income attributable to common stockholders of $4.6 million for the same period in 2023. Earnings pe ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 19 ...

Financial Performance - Net income for Q4 2023 was $25.0 million, an increase from $23.8 million in Q4 2022, with net income attributable to common stockholders rising to $24.5 million from $9.4 million[1][3] - For the full year 2023, net income attributable to common stockholders was $56.9 million, a 374% increase from $12.0 million in 2022, with earnings per share rising to $5.43 from $1.91[3][20] - Total revenue for the year 2023 reached $108.94 million, up 45% from $75.17 million in 2022[30] - Revenue for Q4 2023 was $23.8 million, down from $27.8 million in Q4 2022, primarily due to decreased time-charter equivalent rates, with average TCE rates at $33,114 compared to $40,469 in the previous year[2][20] - Revenue for Q4 2023 was $23.84 million, a decrease of 14% from $27.77 million in Q4 2022[30] - Operating income for Q4 2023 was $26.21 million, compared to $25.42 million in Q4 2022, reflecting a 3% increase[30] - Net income for Q4 2023 was $24.96 million, slightly up from $23.84 million in Q4 2022[32] - The company reported a comprehensive income of $24.95 million for Q4 2023, up from $23.91 million in Q4 2022[32] Cash and Debt Management - The company reported a cash balance of approximately $68.3 million at the end of 2023, reflecting a 72% increase from the previous year[4] - Cash and cash equivalents increased to $68.27 million as of December 31, 2023, from $39.73 million a year earlier[33] - Long-term bank debt decreased significantly to $54.89 million from $127.68 million in the previous year[33] - Net cash provided by operating activities for the year 2023 was $67.96 million, compared to $33.85 million in 2022, indicating a 100% increase[34] Fleet and Revenue Generation - The fleet's average TCE rate for the full year 2023 was $36,954, up from $29,579 in 2022, indicating improved revenue generation capabilities[20] - Daily spot charter rates for Aframax tankers averaged $61,277 in Q4 2023, a 123.6% increase from the previous quarter[15] - The company has a fixed revenue backlog of approximately $52.7 million from five Aframax tankers under short- and medium-term time charter contracts as of early 2024[6] - The company plans to continue leveraging its fleet for spot voyages and time charters to optimize revenue generation[24] Future Outlook - The tanker market is projected to see a 5.0% increase in demand in billion ton-miles for 2024, supported by growth in global crude oil trade volumes[13] - The company entered into shipbuilding contracts for three LNG-ready, scrubber-fitted LR2 Aframax tankers, expected to be delivered between late 2025 and early 2026[7] Shareholder Actions - The company repurchased 293,767 shares for approximately $0.7 million under a $2 million share buyback program approved in August 2023[5][8] - The weighted average number of common shares outstanding increased to 12,095,795 in Q4 2023 from 4,065,977 in Q4 2022[30]