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]

Exhibit 99.1 Corporate Contact: Andreas Michalopoulos Chief Executive Officer, Director and Secretary Telephone: + 30-216-600-2400 Email: amichalopoulos@pshipping.com Website: www.pshipping.com For Immediate Release ATHENS, GREECE, June 21, 2023 – 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 $15.7 million and net income attributable to common stockholders of $4.6 million for the first ...

Financial Performance - For the year ended December 31, 2022, the company reported revenue of $75.173 million, a significant increase from $36.491 million in 2021[381]. - Revenue for 2022 was $75.2 million, a 106.0% increase from $36.5 million in 2021[418]. - Net income from continuing operations for 2022 was $36.3 million, compared to a net loss of $10.1 million in 2021, reflecting an improvement of $46.4 million[420]. - Net cash provided by operating activities in 2022 was $33.8 million, a substantial increase compared to a net cash used of $3.1 million in 2021, driven by higher revenues in the tanker shipping industry[437]. Operational Efficiency - Fleet utilization reached 96.8% for the year ended December 31, 2022, up from 85.5% in 2021, indicating enhanced operational efficiency[381]. - Daily operating expenses decreased slightly to $6,683 in 2022 from $6,740 in 2021, demonstrating effective cost management[381]. - The company incurred total voyage expenses of $14.861 million in 2022, down from $19.205 million in 2021, contributing to improved profitability[381]. - Voyage expenses decreased to $14.9 million in 2022 from $19.2 million in 2021, a reduction of 22.4%[423]. Fleet and Capacity - Ownership days increased to 2,069 in 2022 from 1,825 in 2021, indicating fleet growth and increased capacity[381]. - The total carrying value of vessels as of December 31, 2022, was $238.2 million, compared to $125.3 million in 2021[404]. - The aggregate carrying value of four tanker vessels exceeded their aggregate charter-free market values by approximately $119.9 million as of December 31, 2022[400]. - The company has transitioned to a fleet primarily operating on time charters, which provide more predictable cash flows[386]. Debt and Financing - As of December 31, 2022, the company's aggregate outstanding debt was $128.5 million, which will be managed through regular operating and financing activities[393]. - The company expects to make debt amortization payments of $16.5 million and dividends of $1.9 million in the upcoming 12 months[435]. - As of December 31, 2022, the company had $128.5 million of long-term debt outstanding under bank loan facilities, with variable interest rates ranging from 2.35% to 2.85%[444][445]. - The weighted average interest rate of bank loan facilities increased from 2.90% in 2021 to 4.85% in 2022 due to rising LIBOR and SOFR rates[597]. Market Conditions - Global crude oil demand increased by 2.2% in 2022 and is projected to rise by 1.8% in 2023, reaching 101.4 million barrels per day[466]. - The ongoing conflict between Russia and Ukraine has caused significant shifts in crude oil trade patterns, supporting tanker charter rates[469]. - The company's revenues improved in 2022 due to higher OPEC+ production and increased ton mile from sanctions on Russian crude oil exports[473]. Executive Compensation and Personnel - In 2022, the aggregate fees and bonuses for executives amounted to $2.1 million[495]. - Non-executive directors received annual compensation of $30,000 plus expenses, with the chairman receiving $60,000 and committee chairmen receiving an additional $10,000[497]. - The total number of shoreside personnel increased from 25 in 2021 to 30 in 2022, while seafaring personnel rose from 127 in 2021 to 197 in 2022[512]. Risk Factors - The company faces counterparty risk in charter agreements, which could impact financial performance if charterers fail to meet their obligations[387]. - Elevated inflation and interest rate increases are expected to impact operating expenses and the cost of capital for the company[475]. - The company has not yet experienced adverse financial effects from the COVID-19 pandemic or the war in Ukraine as of December 31, 2022[474]. Accounting and Financial Instruments - Time charter revenues are accounted for over the term of the charter as the service is provided, reflecting the company's revenue recognition policy[411]. - The company has not used any derivative instruments for hedging purposes as of the report date[444]. - The company may consider using financial derivatives in the future to mitigate exchange rate risks, although it currently does not engage in such instruments[601].

Financial Performance - For the nine months ended September 30, 2022, net income from continuing operations was $12.5 million, a significant increase from a net loss of $8.1 million in the same period of 2021, reflecting a recovery in the tanker market [20]. - Voyage and time charter revenues for the nine months ended September 30, 2022, amounted to $47.4 million, up 77% from $26.8 million in the same period of 2021 [19]. - Revenue for the nine months ended September 30, 2022, was $47,406,000, a 76.5% increase from $26,844,000 in 2021 [51]. - Operating income for the same period was $14,560,000, compared to an operating loss of $6,710,000 in 2021 [51]. - Net income from continuing operations was $12,465,000, a significant recovery from a net loss of $8,056,000 in 2021 [51]. - Earnings per common share for continuing operations was $0.16, compared to a loss of $1.60 per share in 2021 [51]. - Total net income attributable to common stockholders was $2,595,000, compared to a loss of $7,656,000 in 2021 [51]. - Comprehensive income for the nine months ended September 30, 2022, was $12,465,000, compared to a loss of $7,656,000 in 2021 [51]. Revenue and Expenses - The increase in revenues was attributed to strong demand for crude oil and changes in trading patterns due to sanctions on Russian crude oil exports [20]. - Voyage expenses decreased to $12.0 million for the nine months ended September 30, 2022, down 21% from $15.1 million in the same period of 2021 [19]. - Vessel operating expenses increased to $9.6 million for the nine months ended September 30, 2022, compared to $8.6 million in the same period of 2021, primarily due to increased ownership days following the acquisition of a new vessel [24]. - Daily operating expenses rose to $6,597 for the nine months ended September 30, 2022, compared to $6,273 in the same period of 2021 [6]. - General and Administrative Expenses for the nine months ended September 30, 2022 were $4.7 million, up 9.3% from $4.3 million in the same period of 2021, primarily due to increased bonuses [26]. - Interest and Finance Costs from continuing operations increased to $2.2 million for the nine months ended September 30, 2022, compared to $1.4 million in the same period of 2021, reflecting a rise in average interest rates from 2.91% to 4.28% [28]. Cash Flow and Debt - Net cash provided by operating activities for the nine-month period ended September 30, 2022 was $10.2 million, a significant increase from a cash outflow of $1.3 million in the same period of 2021 [35]. - Net cash used in investing activities rose to $34.8 million for the nine months ended September 30, 2022, compared to $1.8 million in the same period of 2021, mainly due to increased vessel acquisition costs [36]. - Net cash provided by financing activities for the nine months ended September 30, 2022 was $50.6 million, significantly higher than the $5.9 million used in financing activities in the same period of 2021 [37]. - As of September 30, 2022, cash and cash equivalents were $35.5 million, a substantial increase from $9.6 million as of December 31, 2021 [33]. - The company’s total outstanding debt as of September 30, 2022, was $74.1 million [16]. - The total long-term debt of Performance Shipping Inc. was $68,677,000, an increase from $49,898,000 as of December 31, 2021, representing a 37.5% increase [90]. Vessel Operations and Strategy - Fleet utilization improved to 97.3% for the nine months ended September 30, 2022, compared to 84.7% in the same period of 2021 [6]. - The company shifted its vessel employment strategy from spot to pool arrangements, contributing to decreased voyage expenses [23]. - The company operates its fleet through a wholly-owned subsidiary, Unitized Ocean Transport Limited, and has eliminated intercompany transactions in its consolidated financial statements [56]. - For the nine months ended September 30, 2022, revenue from continuing operations totaled $18,719 from spot charters, $1,887 from time charters, and $26,800 from pool charters, compared to $17,486, $8,574, and $784 respectively in 2021 [72]. Future Outlook and Risks - The company expects to fund operations through cash on hand, cash generated from operations, bank debt, and equity offerings in the next twelve months [32]. - The ongoing conflict between Russia and Ukraine has the potential to disrupt the company's business, but currently, none of its contracts have been affected [62]. - The company has not been adversely affected by COVID-19 as of September 30, 2022, although future impacts remain uncertain [61]. - The company continues to evaluate the potential impact of reference rate reform on its financial statements, with no contracts yet changed to a new reference rate as of September 30, 2022 [66]. Shareholder Activities - The Company declared and paid dividends on Series B preferred shares amounting to $496 for the nine months ended September 30, 2022 [112]. - The total number of Series C Preferred Shares issued to Mango was 1,314,792, with an aggregate liquidation preference of $32,870 [113]. - The Company completed an At The Market (ATM) offering, issuing 526,916 common shares and receiving net proceeds of $1,338 during the nine months ended September 30, 2022 [123]. - The underwritten public offering on June 1, 2022, involved 7,620,000 units at a price of $1.05 per unit, resulting in net proceeds of $7,126 [124]. - A direct offering on July 18, 2022, raised approximately $5,271 from the sale of 17,000,000 common shares and warrants at a combined effective purchase price of $0.35 [126].

Financial Performance - For the six months ended June 30, 2022, net income from continuing operations was $1.8 million, a significant improvement from a net loss of $5.9 million in the same period of 2021, reflecting a recovery in the tanker market[26]. - Revenue for the six months ended June 30, 2022, was $25.3 million, an increase of 44.4% compared to $17.5 million for the same period in 2021[52]. - Operating income for the six months ended June 30, 2022, was $2.9 million, compared to an operating loss of $5.0 million for the same period in 2021[52]. - The company reported a net income of $1,790,000, a significant improvement compared to a net loss of $5,500,000 for the same period in 2021[55]. - The company experienced an increase in revenues due to higher spot charter rates attributed to increased OPEC+ production and sanctions on Russian crude oil exports[64]. Revenue and Utilization - Voyage and time charter revenues increased to $25.3 million for the six months ended June 30, 2022, up 45% from $17.5 million in the same period of 2021, driven by improved time charter equivalent rates[28]. - Fleet utilization improved to 97.7% for the six months ended June 30, 2022, compared to 81.5% in the same period of 2021, indicating enhanced operational efficiency[15]. - Time charter equivalent (TCE) rate rose to $18,888 for the six months ended June 30, 2022, compared to $8,667 in the same period of 2021, reflecting favorable market conditions[15]. - Revenue from continuing operations for the six months ended June 30, 2022, amounted to $13,225 from spot charters, $0 from time-charters, and $12,050 from pool charters, compared to $11,441, $5,998, and $74 respectively for the same period in 2021, indicating a significant increase in spot charters revenue by 15.6% and pool charters by 162.2%[76]. Expenses - Voyage expenses decreased to $8.7 million for the six months ended June 30, 2022, down 13% from $10 million in the same period of 2021, primarily due to a reduction in spot charters[29]. - Vessel operating expenses increased to $6.3 million for the six months ended June 30, 2022, up from $5.8 million in 2021, attributed to higher daily operating expenses[30]. - General and administrative expenses rose to $3.3 million for the six months ended June 30, 2022, compared to $3 million in 2021, mainly due to increased bonuses[32]. - The company reported a depreciation and amortization expense of $4,070,000 for the six months ended June 30, 2022, compared to $3,653,000 for the same period in 2021[55]. Cash Flow and Liquidity - Net cash used in operating activities for the six months ended June 30, 2022, was $1.6 million, slightly higher than $1.5 million for the same period in 2021[40]. - Net cash used in investing activities increased to $4.0 million for the six months ended June 30, 2022, from $0.9 million in the same period in 2021, primarily due to vessel acquisitions[41]. - Cash and cash equivalents as of June 30, 2022, amounted to $13.3 million, up from $9.6 million as of December 31, 2021[38]. - Working capital increased to $10.8 million as of June 30, 2022, compared to $4.2 million as of December 31, 2021[37]. - The company has a minimum cash liquidity requirement of $5,000,000 as of June 30, 2022, which was reduced from $9,000,000[93]. Debt and Financing - As of June 30, 2022, the company's aggregate outstanding debt was $51.2 million, reflecting its financing strategy for vessel-specific debt[23]. - The total long-term debt, net of deferred financing costs, amounted to $46,007,000, an increase from $38,208,000 as of December 31, 2021, representing a 20% increase[88]. - The company has secured term loans with Nordea Bank and Piraeus Bank, with total loan facilities of up to $59,000,000 and $31,526,000 respectively, to finance tanker vessel acquisitions[90][91]. - The weighted average interest rate on the company's bank loans for the six months ended June 30, 2022, was 3.25%, compared to 2.92% for the same period in 2021[96]. - Interest expense on long-term bank debt for the six months ended June 30, 2022, was $789,000, a slight decrease from $824,000 in the same period of 2021[97]. Shareholder Activities - The company completed a direct offering of 17 million common shares at $0.35 per share, raising net proceeds of $5.33 million on July 19, 2022[45]. - The total number of common shares outstanding increased to 10,395,030 as of June 30, 2022, from 5,082,726 as of December 31, 2021[53]. - The Company completed an underwritten public offering of 7,620,000 units at a price of $1.05 per unit, receiving net proceeds of approximately $7,126[121]. - The Company suspended its ATM offering in May 2022 after issuing 526,916 common shares and receiving net proceeds of $1,338[119]. Risks and Compliance - The company continues to face counterparty risk, particularly in depressed market conditions, which could impact financial performance[17]. - The company received a notice from NASDAQ regarding non-compliance with the minimum bid price requirement, with a grace period until January 9, 2023, to regain compliance[48]. - The company has not yet experienced adverse financial impacts from COVID-19 as of June 30, 2022, but acknowledges potential future risks[64]. - The ongoing conflict between Russia and Ukraine has created uncertainty, but currently, none of the company's contracts have been affected by these events[65]. Asset Management - The carrying amounts of major classes of assets of discontinued operations as of June 30, 2022, totaled $47, unchanged from December 31, 2021, while total major classes of current liabilities decreased slightly from $120 to $116[73]. - The net book value of vessels as of June 30, 2022, was $120,534, down from $123,036 as of December 31, 2021, due to depreciation[86]. - The allowance for estimated credit losses on outstanding freight and demurrage receivables was $158 as of June 30, 2022, up from $121 as of December 31, 2021, reflecting an increase in expected credit losses[79]. - The maximum aggregate amount of loss due to credit risk from charterers that accounted for more than 10% of revenue was $1,587 as of June 30, 2022, compared to $405 as of December 31, 2021, indicating increased credit risk exposure[78].

March 2022 ® PERFORMANCE Shipping Inc. A Pure - Play Tanker Company Disclosure 2 Matters discussed in this presentation may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include, but are not limited to, statements concerning plans, objectives, goals, strategies, future events or perfor ...