Performance Shipping (PSHG)2024-11-12 12:02Financial Performance - Net income for Q3 2024 was 10.4 million in Q3 2023, with earnings per share of 0.32 (diluted) compared to 0.27 respectively in the prior year [2][3][4]. - For the nine months ended September 30, 2024, net income was 44.5 million in the same period of 2023, with earnings per share of 0.87 (diluted) [4]. - Net income for the three months ended September 30, 2024, was 10.369 million for the same period in 2023 [34]. Revenue and Operating Income - Revenue for Q3 2024 was 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 24.114 million for the same period in 2023 [33]. - Operating income for the nine months ended September 30, 2024, was 49.325 million in the same period of 2023 [33]. Cash Flow and Assets - Net cash provided by operating activities in Q3 2024 was 17.9 million in Q3 2023 [3]. - Net cash provided by operating activities for the three months ended September 30, 2024, was 17.883 million for the same period in 2023 [36]. - Total assets as of September 30, 2024, were 296.266 million as of December 31, 2023 [35]. - Cash and cash equivalents increased 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 (11.708) million for the same period in 2023 [36]. - Long-term bank debt as of September 30, 2024, was 54.886 million as of December 31, 2023 [35]. Market Conditions and Fleet Management - Average time-charter equivalent (TCE) rate for Q3 2024 was 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].