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Performance Shipping Inc. (NASDAQ: PSHG) is a leading provider of shipping transportation services, specializing in the ownership and operation of tanker vessels. The company's fleet consists of eight Aframax tanker vessels, which are employed on time charters with major liner companies to transport containerized cargo along global shipping routes.
As an in-house ship management company, Performance Shipping Inc. is dedicated to delivering administrative, commercial, and technical management services of the highest standard. The company places a strong emphasis on safety, human health, quality, and environmental protection, ensuring that all operations are conducted responsibly and sustainably.
Recent achievements include the successful acquisition and deployment of additional Aframax vessels, boosting the company's capacity to meet growing demand in the shipping industry. Current projects focus on enhancing fleet efficiency and exploring new partnerships to expand service offerings and geographical reach. Financially, Performance Shipping Inc. maintains a stable position with a strong balance sheet, supporting ongoing growth and operational excellence.
The company is committed to staying at the forefront of industry developments and continuously seeks innovative solutions to improve service delivery and customer satisfaction. With a strategic vision and robust operational framework, Performance Shipping Inc. is well-positioned to navigate the complexities of the global shipping market and deliver consistent value to shareholders.
For the latest updates and detailed information about the company's performance, news, and developments, visit StockTitan.
Performance Shipping (NASDAQ: PSHG) has secured a new time charter contract with Aramco Trading Fujairah for its 2011-built Aframax tanker, M/T Briolette. The contract is for approximately 24 months at a daily rate of $41,000, expected to generate around $28.7 million in gross revenue. This new rate is $8,500 higher than the previous contract. The company now has a contract backlog of $228.1 million, including three five-year contracts for newbuildings. CEO Andreas Michalopoulos highlighted the ongoing partnership with Aramco and the potential for higher rates for expiring charters in 2024.
Performance Shipping (NASDAQ: PSHG) reported a net income of $11.4 million for Q1 2024, with $11.0 million attributable to common stockholders, down from $15.7 million in Q1 2023. Earnings per share were $0.89 basic and $0.29 diluted, compared to $0.68 and $0.55, respectively, in Q1 2023. Revenue fell to $22.4 million, largely due to lower TCE rates and the sale of a vessel. Average fleetwide TCE rates were $33,857, down from $41,157. Net cash from operations was $17.3 million.
The company secured a $38.5 million revenue backlog through time-charter contracts. Future plans include expanding the fleet with LNG-ready tankers, supporting a $208.3 million revenue backlog. The tanker market saw a 4.1% increase in demand, with supply growth expected in 2024 and 2025.
Outstanding shares were 12.3 million, alongside multiple warrants and preferred stocks. The tanker fleet supply and demand metrics showed modest growth.
Performance Shipping Inc. (NASDAQ: PSHG) has signed a shipbuilding contract for a newbuilding LR1 tanker vessel with a contract price of US$54.1 million. The vessel will be equipped with advanced engines and emission compliance systems. This marks the company's fourth shipbuilding contract, with future deliveries scheduled from October 2025 to January 2027. The company's revenue backlog stands at US$203.9 million, securing growth and sustainability in the energy transition.
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