Performance Shipping Inc. Common Shares - PSHG STOCK NEWS

Performance Shipping (NASDAQ: PSHG) announced a shareholders' rights agreement and a dividend of one right for each share of common stock held as of December 30, 2021. The rights, valid for ten years, allow shareholders to buy one one-thousandth of a share of Series A preferred stock at an exercise price of $50. Rights become exercisable if a person or group acquires 10% or more of common shares without Board approval, enabling non-acquiring shareholders to purchase shares at a favorable market value. More details are available in a Form 6-K report filed with the SEC.

Performance Shipping Inc. (NASDAQ: PSHG) reported a net loss of $2.2 million, or $0.43 per share, for Q3 2021, a decline from a profit of $0.4 million in Q3 2020. Revenue decreased to $9.3 million compared to $9.5 million year-over-year due to lower time-charter equivalent (TCE) rates, averaging $9,335, down from $15,990. For the nine months ending September 30, 2021, the net loss reached $7.7 million, contrasting with a net income of $6.3 million in the same period the previous year. The company did not declare a dividend for Q3 2021. Market recovery is anticipated as charter rates improve.

Performance Shipping (NASDAQ: PSHG) reported a net loss of $2.6 million for Q2 2021, contrasting a net income of $4.6 million in Q2 2020. Loss per share was $0.53, down from $0.94. Revenue dropped to $9.1 million from $16.0 million, largely due to declining time-charter equivalent rates, which averaged $9,728 compared to $26,092 last year. Operating cash flow turned negative at -$0.2 million, compared to $2.9 million in 2020. The company anticipates a slow recovery in spot rates as the pandemic's effects linger.

Performance Shipping Inc. (NASDAQ: PSHG) announced that CFO Anthony Argyropoulos will participate in the Future of Shipping Virtual Conference on June 29, 2021. This conference, hosted by Maxim Group LLC and M-Vest, will feature discussions on the tanker industry and recent developments in shipping. Argyropoulos will join a panel at 10:30 a.m. ET, alongside industry professionals, to discuss demand and supply trends. The company specializes in owning Aframax tankers, currently operating through various charter arrangements.

Performance Shipping Inc. (NASDAQ: PSHG) announced that CFO Anthony Argyropoulos will participate in the 14th Annual Wolfe Research Global Transportation & Industrials Conference on May 27, 2021, at 8:25 a.m. ET. The panel will focus on tankers and bulkers, and a webcast will be available for those interested. Performance Shipping specializes in owning Aframax tankers and primarily operates in the spot market with leading energy companies. The company emphasizes that statements made during the conference may include forward-looking elements that are subject to various uncertainties.

Performance Shipping Inc. (NASDAQ: PSHG) reported a net loss of $2.9 million for Q1 2021, reversing a net income of $1.3 million in Q1 2020. The loss per share was $0.57, compared to earnings of $0.60 in the previous year. Revenues totaled $8.4 million, a significant decline from $13.5 million in Q1 2020, primarily due to decreased time-charter equivalent rates amid a weak market. The average TCE rate plummeted to $7,691 from $21,386 year-over-year. Cash used in operations was $1.4 million, down from a positive $7.1 million in the prior year.

Performance Shipping Inc. (NASDAQ: PSHG) announced that H.C. Wainwright & Co. has initiated analyst coverage with a “Buy” rating and a price target of US$11.00. The company specializes in owning Aframax tankers, primarily operating in the spot market and short to medium-term charters with major energy firms. The press release emphasizes that analyst reports reflect individual opinions and not company positions. It also includes a cautionary note regarding forward-looking statements, highlighting potential risks from various economic and geopolitical factors.

Performance Shipping Inc. (NASDAQ: PSHG) has filed its 2020 Annual Report on Form 20-F with the U.S. Securities and Exchange Commission, accessible on both the SEC website and the company's site. The report includes the company's audited consolidated financial statements for the fiscal year ended December 31, 2020. Performance Shipping specializes in the ownership of Aframax tankers and primarily operates in the spot market with leading energy companies and traders. The company also warns about forward-looking statements which may be affected by various uncertainties.