Performance Shipping Inc. Common Shares - PSHG STOCK NEWS

Performance Shipping Inc. (NASDAQ: PSHG) held its Annual Meeting of Shareholders virtually on February 25, 2021. Shareholders approved two key proposals: the election of Aliki Paliou and Reidar Brekke as Class II Directors, and the appointment of Ernst & Young (Hellas) as independent auditors for the fiscal year ending December 31, 2021. The Company focuses on providing shipping transportation services through Aframax tankers, primarily in the spot market and medium-term charters with major energy entities.

Performance Shipping Inc. (NASDAQ: PSHG) announced its 2021 Annual General Meeting of Shareholders to be held virtually on February 25, 2021. Shareholders are encouraged to vote in advance, with a record date set for January 6, 2021. Additionally, the Company has adopted an Amended and Restated Equity Incentive Plan, increasing the share awards by 500,000 for a total of 10 years from adoption. The Company operates Aframax tankers, mainly on short to medium-term charters with energy companies. Details on voting procedures will be provided in a separate proxy statement.

Performance Shipping Inc. (NASDAQ: PSHG) has taken delivery of the M/T P. Yanbu, a 105,400 dwt Aframax tanker, acquired for $22 million. The purchase was financed through $13.2 million cash and an $8.8 million loan from Piraeus Bank S.A. With this acquisition, the company’s fleet expands to five Aframax tankers. The estimated daily cashflow breakeven rate is reduced to approximately $15,500 per vessel, enabling potential dividend declarations following favorable average daily time charter equivalent rates.

Performance Shipping Inc. (NASDAQ: PSHG) has regained compliance with Nasdaq's minimum bid price requirements, as confirmed by Nasdaq. The company’s stock closed at $1.00 or higher for ten consecutive business days from November 2 to November 13, 2020. This compliance assures the continuation of its listing on the Nasdaq Capital Market. CEO Andreas Michalopoulos emphasized the company’s commitment to maintaining its Nasdaq listing. Currently, Performance Shipping operates a fleet of four Aframax tankers and is expecting to receive another by December 22, 2020.

Performance Shipping (NASDAQ: PSHG) reported a net income of $0.4 million for Q3 2020, a significant recovery from a net loss of $18.1 million in Q3 2019. Earnings per share rose to $0.08 from a loss of $5.58. Revenues increased to $9.5 million, driven by higher time-charter equivalent rates of $15,990, up from $12,915 year-over-year. The company also declared a $0.01 dividend per share and announced a new business strategy. Despite challenges from COVID-19 and low demand, the firm aims for growth, supported by new financing and acquisitions.

Performance Shipping Inc. (NASDAQ: DCIX) has announced the purchase of the M/T Kalamas, a 105,400 dwt Aframax tanker vessel, for US$22.0 million. This acquisition is set to enhance the Company's fleet capacity by 23.9%, increasing it to approximately 546,094 dwt. Financing will come from US$13.2 million in cash and an US$8.8 million loan from Piraeus Bank S.A. The deal, marking the completion of the first growth phase, will lower the cash flow breakeven rate by about US$3,000 per vessel, facilitating potential dividends to shareholders.

Performance Shipping Inc. (NASDAQ: PSHG) announced plans to secure a new amortizing term loan facility of up to US$31.5 million with Piraeus Bank S.A. Proceeds will refinance an existing term loan for the M/T P. Fos and M/T P. Kikuma and partially fund the acquisition of a fifth Aframax tanker. The facility will incur an interest rate of LIBOR + 2.85%, and repayments will be made in 16 quarterly installments. Additionally, an amendment to reduce quarterly payments on a separate US$28.1 million term loan has been approved.

Performance Shipping Inc. (NASDAQ: PSHG) announced a reverse stock split effective November 2, 2020, approved by shareholders. The split will consolidate every ten shares into one, reducing outstanding shares from approximately 50.2 million to about 5 million. This action is aimed at regaining compliance with Nasdaq’s minimum bid price rule. CEO Andreas Michalopoulos emphasized the Company's commitment to its Nasdaq listing and outlined recent positive developments like exiting the container ship sector and acquiring four Aframax tankers.