Performance Shipping Inc. Common Shares - PSHG STOCK NEWS

Performance Shipping Inc. (NASDAQ: PSHG) announced the termination of its At The Market Offering Agreement with H.C. Wainwright & Co., effective August 23, 2022. The agreement had allowed the company to raise capital by selling shares, resulting in approximately $1.3 million raised from the sale of 526,916 shares. The company has decided not to pursue additional capital raises under this agreement. Performance Shipping specializes in tanker vessel ownership, with its fleet currently engaged in spot voyages and charters.

Performance Shipping (NASDAQ: PSHG) announced a direct offering of 33.3 million common shares and warrants, priced at $0.45 each, generating approximately $15 million in gross proceeds. The offering, slated to close around August 16, 2022, involves institutional investors and is facilitated by Maxim Group LLC. The warrants are immediately exercisable for five years at the same price. The offering is made under the company's effective shelf registration statement with the SEC, ensuring investors receive a prospectus supplement detailing the transaction.

Performance Shipping Inc. (NASDAQ: PSHG) reported a net income of $3.9 million for Q2 2022, a significant turnaround from a net loss of $2.6 million in Q2 2021. Revenue increased to $16.7 million, driven by improved time-charter equivalent (TCE) rates averaging $24,921 per day, compared to $9,728 in the same period last year. For the six months ending June 30, 2022, net income was $1.8 million, up from a loss of $5.5 million. The company completed its sixth Aframax tanker acquisition and is positioned to benefit from a strengthening charter rate environment.

Performance Shipping Inc. (NASDAQ: PSHG) has announced a new time charter contract for its Aframax tanker, M/T Blue Moon, with Teekay Chartering Limited. The contract, which commenced recently, guarantees a gross charter rate of US$23,000 per day for 24 months, potentially generating approximately US$16.8 million in gross revenue. This agreement is part of the company's strategy to secure fixed revenue amid fluctuating charter rates and underscores its commitment to providing stable returns for shareholders.

Performance Shipping (NASDAQ: PSHG) announced a securities purchase agreement to raise approximately $5.95 million through a registered direct offering of 17,000,000 common shares at $0.35 per share, along with warrants for an equivalent number of shares. These warrants will be immediately exercisable with a similar exercise price of $0.35 and will expire in five and a half years. The transaction is expected to close around July 19, 2022, subject to customary conditions.

Performance Shipping Inc. (NASDAQ: PSHG) has received a notice from Nasdaq regarding non-compliance with the minimum bid price requirement, as the company's stock closed below $1.00 for 30 consecutive days. The grace period to regain compliance lasts 180 days, until January 9, 2023. To remedy this, the stock must trade at or above $1.00 for at least ten consecutive days. The company has indicated its intention to address this issue, and its operations remain unaffected by the notification.

Performance Shipping (NASDAQ: PSHG) has taken delivery of the M/T P. Sophia, a 2009-built Aframax tanker, enhancing its fleet to six tankers. The acquisition, completed in July 2022, positions the company to leverage high charter rates in the crude oil sector. CEO Andreas Michalopoulos expressed optimism regarding the tanker market's recovery, citing the favorable purchase price and timely delivery as strategic advantages. The company aims to generate strong cash flows through its current spot charter operations.

Performance Shipping Inc. (NASDAQ: PSHG) has secured a new amortizing term loan facility of approximately $31.9 million with Piraeus Bank S.A. This financing will refinance $7.3 million of an existing loan and partially fund the acquisition of the company's sixth Aframax tanker, M/T P. Sophia. The loan carries an interest rate of LIBOR plus 2.70% and will be repaid in 20 quarterly installments. The CEO highlighted favorable market conditions for Aframax tankers, with spot charter rates around $28,000, and expects strong cash flow from the expanded fleet.

Performance Shipping Inc. (NASDAQ: PSHG) reported a net loss of $2.1 million for Q1 2022, down from a $2.9 million loss in Q1 2021. The company attributed a significant part of its $11.5 million net loss to a $9.3 million non-cash dividend from a share exchange. Revenue increased slightly to $8.6 million, driven by higher time-charter equivalent rates ($12,352/day). Operating cash usage rose to $3.9 million. The company sold 526,916 shares in an at-the-market offering and raised $7.4 million from a public offering. It aims to expand its fleet and benefit from improving charter rates following the Russia-Ukraine conflict.