Performance Shipping (US:PSHG)2024-11-12 12:02Financial Performance - Net income for Q3 2024 was $12.4 million, an increase from $10.4 million in Q3 2023, with earnings per share of $0.96 (basic) and $0.32 (diluted) compared to $0.88 and $0.27 respectively in the prior year [2][3][4]. - For the nine months ended September 30, 2024, net income was $34.0 million, down from $44.5 million in the same period of 2023, with earnings per share of $2.65 (basic) and $0.87 (diluted) [4]. - Net income for the three months ended September 30, 2024, was $12.411 million, an increase of 19.8% compared to $10.369 million for the same period in 2023 [34]. Revenue and Operating Income - Revenue for Q3 2024 was $22.9 million, down from $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 $22.889 million, a decrease of 5.1% compared to $24.114 million for the same period in 2023 [33]. - Operating income for the nine months ended September 30, 2024, was $32.857 million, down 33.4% from $49.325 million in the same period of 2023 [33]. Cash Flow and Assets - Net cash provided by operating activities in Q3 2024 was $16.1 million, compared to $17.9 million in Q3 2023 [3]. - Net cash provided by operating activities for the three months ended September 30, 2024, was $16.148 million, compared to $17.883 million for the same period in 2023 [36]. - Total assets as of September 30, 2024, were $320.829 million, an increase of 8.3% from $296.266 million as of December 31, 2023 [35]. - Cash and cash equivalents increased to $69.523 million as of September 30, 2024, compared 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 $(39.718) million, compared to $(11.708) million for the same period in 2023 [36]. - Long-term bank debt as of September 30, 2024, was $49.317 million, down from $54.886 million as of December 31, 2023 [35]. Market Conditions and Fleet Management - Average time-charter equivalent (TCE) rate for Q3 2024 was $34,307, up from $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].