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].

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 its minimum duration [1][2]. Group 1: Contract Details - The new charter 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 between the company and Aramco, highlighting the reliability of the company's services [2]. Group 2: Financial Outlook - The company now has a contract backlog of US$228.1 million, which includes three five-year contracts for its Aframax LR2 newbuildings [2]. - The company anticipates that if current market conditions persist, it will be able to secure higher rates for vessels with charters expiring in 2024 [2]. Group 3: Company Overview - Performance Shipping Inc. specializes in the ownership of tanker vessels and provides shipping transportation services through spot voyages, pool arrangements, and time charters [3].

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 ...

Financial Performance - For the year ended December 31, 2023, the company reported revenue of $108.938 million, a significant increase from $75.173 million in 2022, representing a growth of 45.3%[356]. - Revenue for 2023 amounted to $108.9 million, a 44.8% increase from $75.2 million in 2022, driven by higher average time charter equivalent rates and increased fleet utilization[389]. - Net income from continuing operations for 2023 was $69.4 million, up 91.2% from $36.3 million in 2022, attributed to fleet size increase and improved vessel utilization[388]. Operational Efficiency - The Time Charter Equivalent (TCE) rate for 2023 was $36,954, up 24.9% from $29,579 in 2022, indicating improved daily earnings from vessels[356]. - Fleet utilization improved to 98.7% in 2023, compared to 96.8% in 2022, reflecting enhanced efficiency in vessel employment[356]. - Daily operating expenses increased to $7,537 in 2023 from $6,683 in 2022, marking a rise of 12.8%[356]. - Ownership days increased to 2,901 in 2023, up from 2,069 in 2022, indicating fleet expansion and increased operational capacity[356]. - Voyage expenses decreased significantly to $4.4 million in 2023 from $14.9 million in 2022, primarily due to vessels operating under time charter agreements[390]. Cost Management - The company incurred total voyage expenses of $4.358 million in 2023, a decrease from $14.861 million in 2022, suggesting improved cost management[356]. - Vessel operating expenses increased to $21.9 million in 2023 from $13.8 million in 2022, with daily operating expenses rising to $7,537 from $6,683[391]. - Interest and finance costs increased to $9.6 million in 2023 from $4.0 million in 2022, driven by higher loan interest rates averaging 7.60% compared to 4.85% in 2022[395]. Asset Valuation - The company has not recorded any impairment charges for its vessels in 2023, 2022, and 2021, indicating stable asset valuations[370]. - The company has determined that there were no indications of potential impairment for any of its vessels for the years 2023 and 2022[385]. - The total carrying value of all vessels was $203.9 million as of December 31, 2023, down from $238.2 million in 2022[373]. - As of December 31, 2023, the aggregate carrying value of all vessels exceeded their aggregate charter-free market values by approximately $98.7 million, compared to $119.9 million as of December 31, 2022[371]. Financing and Debt - As of December 31, 2023, the company's aggregate outstanding debt was $55.2 million, which may impact future financing costs[364]. - The company was in compliance with all loan covenants as of December 31, 2023[431]. - The company entered into a shipbuilding contract for a product/crude oil tanker with a gross contract price of $63.3 million, expected delivery by the end of October 2025[433]. - Two additional shipbuilding contracts were signed for two LNG-ready LR2 Aframax product/crude oil tankers at a gross purchase price of $64.8 million each, with expected deliveries in January and April 2026[434]. Market Conditions - Global crude oil demand increased by 2.3% in 2023 and is projected to rise by 1.5% in 2024, reaching 102.8 million barrels per day[437]. - Crude Aframax dwt demand is projected to increase by 2.3% in 2024, supported by recovering crude oil demand from China and other developing regions in Asia[438]. - The ongoing war in Ukraine has caused volatility in the tanker market, but as of December 31, 2023, the company's financial results have not been adversely affected[442]. Currency and Inflation Impact - Approximately 46% of general and administrative expenses and 15% of operating expenses were incurred in currencies other than the U.S. dollar in 2023, primarily in Euros[569]. - The company has not engaged in derivative instruments to hedge currency fluctuations, as Euro expenses represented 6% of revenues in both 2023 and 2022[570]. - Elevated inflation and interest rate increases are impacting the company's operating expenses due to global price pressures[444]. - The company expects tighter monetary policy and potentially higher long-term interest rates to drive a higher cost of capital[444].

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]

Financial Performance - For Q3 2023, Performance Shipping reported a net income of $10.4 million, a slight decrease from $10.7 million in Q3 2022, with net income attributable to common stockholders at $9.9 million compared to $10.4 million in the same period last year[1][2] - Revenue for Q3 2023 was $24.1 million, up from $22.1 million in Q3 2022, driven by an increase in ownership days despite a decrease in time-charter equivalent (TCE) rates, which averaged $31,787 compared to $34,411 in Q3 2022[2][4] - For the nine months ended September 30, 2023, net income reached $44.5 million, a significant increase from $12.5 million in the same period of 2022, with earnings per share of $3.26 compared to $2.35 in 2022[3][21] - Operating income for the nine months ended September 30, 2023, was $49.325 million, compared to $14.560 million for the same period in 2022[34] - Earnings per common share, basic, for Q3 2023 was $0.88, down from $3.83 in Q3 2022[34] Cash and Assets - The company achieved a cash balance of approximately $85.4 million at the end of Q3 2023, representing a 115% increase from the end of 2022[4] - Cash and cash equivalents increased to $85.396 million from $39.726 million as of December 31, 2022[36] - Total assets as of September 30, 2023, were $332.038 million, up from $292.979 million as of December 31, 2022[36] - Total stockholders' equity increased to $209.367 million as of September 30, 2023, from $155.705 million as of December 31, 2022[36] Revenue Backlog and Contracts - A fixed revenue backlog of approximately $39 million is expected starting Q4 2023, as five Aframax tankers are under time charter contracts[7] - The company has entered into a contract for a newbuild LNG-ready LR2 Aframax tanker with a delivery date in 2025 and plans to sell its oldest Aframax tanker for $39.3 million[8] Market Conditions - Daily spot charter rates for Aframax tankers averaged $27,409 in Q3 2023, down 54.2% from the previous quarter and down 47.9% from Q3 2022[16] - Global oil consumption was 101.4 million bpd in Q3 2023, up 0.7% from the previous quarter and up 1.4% from Q3 2022[17] - The company anticipates future market conditions to be influenced by global economic factors and changes in the tanker shipping industry[31] Share Repurchase - The company completed a $2 million share repurchase program in Q3 2023 and has initiated a second $2 million share repurchase program[6][10] Other Transactions - The company sold the vessel P. Kikuma, expected to be delivered in December 2023[25] Cash Flow - The company reported net cash provided by operating activities of $17.883 million for Q3 2023, up from $11.761 million in Q3 2022[37]