Performance Shipping Inc. Common Shares - PSHG STOCK NEWS

Performance Shipping Inc. (NASDAQ: PSHG) announced a secured term loan facility of approximately US$22 million with Alpha Bank S.A. to finance 50% of the purchase price of a 2013 built LR2 tanker vessel, the M/T Fos Hamilton, which will be renamed P. Long Beach.

The loan will have an interest rate of SOFR plus 2.35%, repayable in 20 quarterly installments of US$550,000 and a balloon payment of US$11 million in the final installment. The facility is secured by a first priority mortgage on the vessel.

Performance Shipping (NASDAQ: PSHG) has announced its compliance with Nasdaq’s minimum bid price requirements, following ten consecutive business days with a closing bid price of $1.00 or higher, from November 15 to November 29, 2022. This compliance reaffirms the company's continued listing on the Nasdaq Capital Market. CEO Andreas Michalopoulos expressed satisfaction with maintaining the listing, emphasizing the company’s operational stability as a global provider of tanker vessel transportation.

Performance Shipping Inc. (NASDAQ: PSHG) announced the delivery of the M/T P. Monterey, a 2011-built Aframax tanker, for US$35 million. The acquisition was partially financed through a term loan from Piraeus Bank S.A. Starting its time charter with ST Shipping & Transport Pte Ltd., the vessel will generate US$22 million in gross revenue over a minimum 24-month period. This addition increases the company’s fleet to eight Aframax tankers, bolstering secured revenues to approximately US$85 million, amid historically high voyage charter rates.

Performance Shipping (NASDAQ: PSHG) has completed the sale of the 2007-built Aframax tanker M/T P. Fos, enhancing liquidity and capturing value from recent price appreciation in the tanker market. Following this sale, the company's fleet consists of six Aframax tankers, with two more set for delivery in December 2022. CEO Andreas Michalopoulos stated that this move positions the company to benefit from favorable charter rates and supports the renewal of its fleet with younger vessels.

Performance Shipping (PSHG) announced a commitment for a new term loan facility of up to US$22 million with Alpha Bank A.E. The funds will finance roughly 50% of the acquisition cost for the M/T Fos Hamilton, set to be delivered in December 2022. The loan will have an interest rate of SOFR + 2.35% and will be repayable in 20 quarterly installments of US$550,000, with a balloon payment of US$11 million due at the end. CEO Andreas Michalopoulos emphasized the facility's role in strengthening the company's operational capabilities and revenue potential.

Performance Shipping Inc. (NASDAQ: PSHG) has secured a term loan facility of up to US$37.4 million from Piraeus Bank S.A. The funds will refinance part of an existing loan for the M/T P. Kikuma and partially finance the M/T P. Monterey. The facility carries an interest rate of SOFR plus 2.45% and is to be repaid over five years in twenty installments. CEO Andreas Michalopoulos highlighted the importance of long-term relationships with lenders and securing collateral for favorable loan terms. The facility is expected to be drawn upon delivery of the M/T P. Monterey.

Performance Shipping (NASDAQ: PSHG) announced a Memorandum of Agreement to acquire the M/T Fos Hamilton, a 105,408 dwt LR2 Aframax oil tanker, for US$43.75 million. Built in 2013, the tanker features an eco-engine that enhances fuel efficiency and complies with the Ballast Water Management Convention. The delivery is expected by mid-December 2022, with financing sourced from the sale of an older vessel and a new senior secured debt facility. This acquisition aims to strengthen PSHG's position in the refined petroleum product sector, nearly doubling the fleet size to eight modern tankers.

Performance Shipping Inc. (NASDAQ: PSHG) has announced a time charter contract for the M/T Briolette with Aramco Trading Fujairah FZE, generating an estimated US$16.8 million over 18 months at a rate of US$32,500 per day. This contract highlights the company's strong position in the current charter rate environment, with five tankers now under time charter arrangements totaling approximately US$85 million in fixed revenues. The company anticipates leveraging favorable market conditions to optimize cash flow through additional operations.

Performance Shipping Inc. (NASDAQ: PSHG) reported a record net income of $10.7 million for Q3 2022, a significant turnaround from a net loss of $2.2 million in Q3 2021. Revenue surged to $22.1 million, driven by increased time-charter equivalent rates, averaging $34,411 per day. The company also announced a 1-for-15 reverse stock split, effective November 15, 2022, to comply with Nasdaq listing requirements. CEO Andreas Michalopoulos noted promising tanker market trends and a strong cash position of approximately $26 million, representing 1.4x its market capitalization.