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Big jump in the BDI...
Last | 07/11/25 EDT
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SPHINX INVESTMENT CORP. ANNOUNCES EXTENSION OF TENDER OFFER TO PURCHASE ALL OUTSTANDING COMMON SHARES AND ASSOCIATED RIGHTS OF PERFORMANCE SHIPPING INC.
NEW YORK, Feb. 5, 2025 /PRNewswire/ -- Sphinx Investment Corp. (“Sphinx”) today announced that it has extended the expiration date of its previously announced offer to purchase all of the issued and outstanding common shares, par value $0.01 per share (the “Common Shares”), of Performance Shipping Inc. (“Performance”) (including the associated preferred stock purchase rights (the “Rights”, and together with the Common Shares, the “Shares”) for $3.00 per Share in cash, without interest, less any applicable withholding taxes (the “Offer”).
The expiration date of the Offer has been extended to 11:59 p.m., New York City time, on July 31, 2025.
Continental Stock Transfer & Trust Company, the tender offer agent for the Offer, has advised Sphinx that as of 5:00 p.m., New York City time, on February 4, 2025, the last business day prior to the announcement of the extension of the Offer, 1,695,424 Shares had been validly tendered into the Offer and not validly withdrawn.
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Performance Shipping Inc. Secures 21-Month Time Charter Contract at US$28,000 Per Day for Aframax Tanker, M/T Blue Moon
December 18 2024 - 9:27AM
Performance Shipping Inc. (NASDAQ: PSHG), (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, today announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with American Eagle Tankers (“AET” or the “Charterer”), a member of MISC Group, for the 2011-built, 104,623 dwt Aframax tanker vessel, M/T Blue Moon. The gross charter rate will be US$28,000 per day for a period of twenty-one (21) months +/- 15 days at the option of the Charterer and is expected to commence at the beginning of January. This charter will generate approximately US$17.4 million of gross revenue for the minimum duration of the charter.
Commenting on this charter, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:
“We are extremely pleased to initiate a new collaboration with AET, a leading global tanker operator, which further underscores the confidence charterers place in us. With this charter, our secured revenue backlog stands at approximately US$59.4 million, based on the minimum duration of each charter for the operating vessels, and US$169.8 million for the three new buildings. By securing this charter, we strengthen our ability to safely navigate through the challenges of a volatile market while reinforcing our commitment to long-term value creation.”
About the Company
Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of tanker vessels. The Company employs its fleet on spot voyages, through pool arrangements and on time charters.
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Star Bulk Carriers Corp. Announces an Amended Dividend Policy and Share Buy-Back Under a New Share Repurchase Program
December 16 2024 - 9:21AM
Star Bulk Carriers Corp. (the "Company" or "Star Bulk") (Nasdaq: SBLK), a global shipping company focusing on the transportation of dry bulk cargoes, today announced that the Company’s Board further amended its dividend policy which was in place since 2021. Unless otherwise indicated or unless the context requires otherwise, all references in this press release to "we," "us," "our," or similar references, mean Star Bulk Carriers Corp. and, where applicable, its consolidated subsidiaries.
Under the amended dividend policy, as set out herein below, the Company may approve an allocation of up to 60% of cash flow from operations less debt amortization, less maintenance/upgrade CAPEX less any deficit of cash below $2.1 million per owned vessel (“Cash Flow”), towards quarterly shareholder dividends.
Any remaining Cash Flow to be allocated, at the Company’s discretion, to:
Share repurchases: Buybacks will be prioritized when the share price is trading at a significant discount to the estimated net liquidation value of the Company’s hard assets
Growth Opportunities: Cash Flow may be also used for opportunistic vessel acquisitions and investments that will create enhanced returns over time and for general corporate purposes.
New Share Repurchase Program
On December 13, 2024 our Board of Directors cancelled the existing $50.0 million share repurchase program and authorized a new share repurchase program of up to an aggregate of $100.0 million (“New Share Repurchase Program”) under the same conditions applying as per the previous share repurchase program. Pursuant to the New Share Repurchase Program and using proceeds from previous vessel sales, the Company bought back 293,474 shares at an average price of $15.5. The repurchased shares will be withdrawn and cancelled, leaving the total number of shares issued and outstanding post cancellation at 117,730,112.
Petros Pappas, Chief Executive Officer of Star Bulk, commented:
“For the past several months, our share has been available for purchase at prices that appear to be more attractive than the corresponding prices for dry bulk vessels. We are amending the Company’s dividend policy to increase its flexibility to take advantage of this market inefficiency for the benefit of all shareholders.”
About Star Bulk
Star Bulk is a global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector. Star Bulk’s vessels transport major bulks, which include iron ore, minerals and grain, and minor bulks, which include bauxite, fertilizers and steel products. Star Bulk was incorporated in the Marshall Islands on December 13, 2006 and maintains executive offices in Athens, New York, Limassol, Singapore, Germany and Denmark. Its common stock trades on the Nasdaq Global Select Market under the symbol “SBLK”. As of the date of this release on a fully delivered basis and as adjusted for the delivery of a) the vessels agreed to be sold as discussed above and b) the five firm Kamsarmax vessels currently under construction, we own a fleet of 156 vessels, with an aggregate capacity of 15.0 million dwt consisting of 17 Newcastlemax, 15 Capesize, 1 Mini Capesize, 7 Post Panamax, 44 Kamsarmax, 1 Panamax, 48 Ultramax and 23 Supramax vessels with carrying capacities between 53,489 dwt and 209,537 dwt.
In addition, in November 2021 we took delivery of the Capesize vessel Star Shibumi, under a long-term charter-in contract for a period up to November 2028. In January 2024 we took delivery of vessels Star Voyager, Star Explorer and Stargazer, in June 2024 we took delivery of the vessel Star Earendel, in October 2024, as discussed above, we took delivery of the vessel Star Illusion and in November 2024, as discussed above, we took delivery of the vessel Star Thetis, each subject to a seven-year charter-in arrangement.
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