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Performance Shipping (PSHG) - 2024 Q1 - Quarterly Report
PSHGPerformance Shipping (PSHG)2024-03-08 21:15

Financial Performance - Net income for Q4 2023 was 25.0million,anincreasefrom25.0 million, an increase from 23.8 million in Q4 2022, with net income attributable to common stockholders rising to 24.5millionfrom24.5 million from 9.4 million[1][3] - For the full year 2023, net income attributable to common stockholders was 56.9million,a37456.9 million, a 374% increase from 12.0 million in 2022, with earnings per share rising to 5.43from5.43 from 1.91[3][20] - Total revenue for the year 2023 reached 108.94million,up45108.94 million, up 45% from 75.17 million in 2022[30] - Revenue for Q4 2023 was 23.8million,downfrom23.8 million, down from 27.8 million in Q4 2022, primarily due to decreased time-charter equivalent rates, with average TCE rates at 33,114comparedto33,114 compared to 40,469 in the previous year[2][20] - Revenue for Q4 2023 was 23.84million,adecreaseof1423.84 million, a decrease of 14% from 27.77 million in Q4 2022[30] - Operating income for Q4 2023 was 26.21million,comparedto26.21 million, compared to 25.42 million in Q4 2022, reflecting a 3% increase[30] - Net income for Q4 2023 was 24.96million,slightlyupfrom24.96 million, slightly up from 23.84 million in Q4 2022[32] - The company reported a comprehensive income of 24.95millionforQ42023,upfrom24.95 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 68.3millionattheendof2023,reflectinga7268.3 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 39.73millionayearearlier[33]−Long−termbankdebtdecreasedsignificantlyto39.73 million a year earlier[33] - Long-term bank debt decreased significantly to 54.89 million from 127.68millioninthepreviousyear[33]−Netcashprovidedbyoperatingactivitiesfortheyear2023was127.68 million in the previous year[33] - Net cash provided by operating activities for the year 2023 was 67.96 million, compared to 33.85millionin2022,indicatinga10033.85 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 29,579in2022,indicatingimprovedrevenuegenerationcapabilities[20]−DailyspotcharterratesforAframaxtankersaveraged29,579 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 52.7millionfromfiveAframaxtankersundershort−andmedium−termtimechartercontractsasofearly2024[6]−Thecompanyplanstocontinueleveragingitsfleetforspotvoyagesandtimecharterstooptimizerevenuegeneration[24]FutureOutlook−Thetankermarketisprojectedtoseea5.052.7 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]