Performance Shipping Inc. Common Shares - PSHG STOCK NEWS

Performance Shipping (NASDAQ: PSHG) has released its 2023 Sustainability Report, demonstrating its commitment to Environmental, Social, and Governance (ESG) transparency and accountability. The comprehensive report, which adheres to the Global Reporting Initiative Universal Standards 2021, details the company's initiatives in sustainable and responsible operations throughout 2023. The report, focusing on the tanker vessel operator's ESG practices and corporate governance framework, is now accessible on the company's website.

Performance Shipping has secured a 7-month time charter contract with SeaRiver Maritime, an ExxonMobil subsidiary, for its LR2 Aframax tanker vessel M/T P. Aliki. The charter will generate approximately US$6.6 million in gross revenue at a rate of US$33,500 per day. The contract includes a +/- 15 days option at the charterer's discretion and is expected to begin in early December. The agreement involves the 2010-built, 105,304 dwt tanker vessel.

Performance Shipping Inc. (NASDAQ: PSHG) has mailed proxy materials for its 2024 Annual General Meeting, scheduled for December 17, 2024. The company highlights its growth strategy based on its pure-play Aframax tanker fleet, simplified ownership structure, and management expertise. The Board recommends shareholders vote 'FOR' their nominee and 'AGAINST' George Economou's proposals, who is attempting to take over the company. The company emphasizes its strong commercial relationships, ability to secure attractive charter rates, and solid financial position with a secured revenue backlog of $216 million and a low daily cash break-even rate of $16,039.

Performance Shipping Inc. (NASDAQ: PSHG) reported Q3 2024 financial results with net income of $12.4 million and revenue of $22.9 million. The company's earnings per share were $0.96 basic and $0.32 diluted. Fleet average TCE rate increased to $34,307 from $31,787 in Q3 2023. Operating cash flow was $16.1 million, down from $17.9 million in Q3 2023. The company currently operates 7 Aframax tankers and has 4 newbuilding vessels under construction. Revenue decrease was primarily due to reduced ownership days following the sale of P. Kikuma vessel in December 2023.

Performance Shipping (NASDAQ: PSHG) has secured a sale and leaseback agreement for its second newbuild LR2 Aframax tanker. The bareboat financing amounts to $45.39 million for a vessel with a contract price of $64.85 million. The agreement includes a 10-year bareboat charter with monthly installments of $211,500 plus variable rate at SOFR plus 2.1%, and a $20 million balloon payment. The vessel, expected for delivery in Q1 2026, has been pre-chartered to Clearlake Shipping for 5 years at $31,000 per day, with extension options. The daily cashflow breakeven is estimated at $24,390.

Performance Shipping Inc. (NASDAQ: PSHG) reported financial results for Q2 2024:

- Net income: $10.2 million
- Revenue: $20.5 million
- Earnings per share: $0.79 (basic), $0.26 (diluted)
- Average TCE rate: $30,970
- Cash balance: $62.7 million

The company owns 7 operating Aframax tankers and has orders for 4 newbuild tankers. Six vessels are on time charters, with a fixed revenue backlog of $61.1 million. The company secured 5-year charters for 3 newbuilds, adding $169.8 million to the backlog.

CEO Andreas Michalopoulos noted a solid tanker market supported by trade pattern shifts and supply growth. The company focuses on a balanced fleet deployment strategy and expansion with fuel-efficient, low-emission vessels.

Performance Shipping Inc. (NASDAQ: PSHG), a global tanker vessel company, announced that Alliance Global Partners (AGP) has initiated analyst coverage with a 'Buy' rating and a US$6.50 price target. This development marks a significant milestone for the company, potentially increasing its visibility among investors and in the financial markets. However, it's important to note that the company emphasizes that analyst reports represent the views of the analysts and not necessarily those of Performance Shipping Inc. The company also disclaims responsibility for the content, accuracy, or timing of these reports.

Performance Shipping Inc. (NASDAQ: PSHG) has secured a sale and leaseback agreement for its previously announced newbuild LR2 Aframax tanker. The bareboat financing totals $44.25 million for an eight-year period, with a daily rate of $7,132 and a balloon payment of $23.7 million. The implied interest rate is Term SOFR plus 2.425% per annum.

The vessel, expected to be delivered in Q4 2025, has been chartered to Clearlake Shipping Pte for five years at $31,000 per day. CEO Andreas Michalopoulos highlighted the attractive financing terms and the vessel's appreciated value since its order at $63.25 million. The company's remaining capital expenditures for the vessel are $19 million before delivery and $34.8 million upon delivery.

Performance Shipping announced a new time charter contract with Trafigura for its 2010-built LR2 Aframax tanker, M/T P. Aliki. The charter runs from June 16, 2024, for a minimum of 4.5 months up to nearly 6 months, with a daily gross rate of $47,000 for the minimum period, rising to $48,500 thereafter. This deal is set to generate around $6.4 million in gross revenue. CEO Andreas Michalopoulos highlighted the strategic benefit of securing short-term fixed revenue while keeping the vessel available for the fall and winter spot market.