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 ...

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 ...