InvestorsHub Logo

Join the InvestorsHub Community

Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.

Live Updating
profile icon
Rhyno055 Free
11/13/20 10:20 AM
profile icon
€LL-$G7$ Free
11/12/20 10:58 AM
profile icon
ClayTrader Free
11/11/20 5:47 PM
profile icon
otcmoneydoubler Free
11/11/20 10:45 AM
profile icon
Newb21 Free
11/11/20 10:28 AM
profile icon
€LL-$G7$ Free
11/11/20 10:10 AM
profile icon
otcmoneydoubler Free
11/11/20 9:47 AM
profile icon
€LL-$G7$ Free
10/15/20 3:25 PM
profile icon
cash_cow1 Free
10/14/20 1:02 PM
profile icon
cash_cow1 Free
10/14/20 12:49 PM
profile icon
€LL-$G7$ Free
10/14/20 12:45 PM
profile icon
cash_cow1 Free
10/14/20 12:39 PM
profile icon
€LL-$G7$ Free
10/13/20 10:31 AM
profile icon
€LL-$G7$ Free
10/12/20 8:58 PM
profile icon
ClayTrader Free
10/12/20 5:57 PM
profile icon
lmkbro Free
10/12/20 2:37 PM
profile icon
YachtClub Free
10/12/20 7:45 AM
profile icon
€LL-$G7$ Free
10/11/20 8:33 PM
profile icon
kkdman Free
10/11/20 4:01 PM
profile icon
€LL-$G7$ Free
10/10/20 11:48 PM
profile icon
otcmoneydoubler Free
10/09/20 5:51 PM

Performance Shipping Inc (PSHG) RSS Feed

Followers
26
Posters
64
Posts (Today)
0
Posts (Total)
1924
Created
10/09/20
Type
Free
Moderators

 

Performance Shipping Inc. Reports Net Income of $18.4 Million, a Second Consecutive Record, 1.7 Million Shares Repurchased for the Second Quarter 2023, and Financial Results for the Second Quarter and Six Months Ended June 30, 2023
ATHENS, Greece, July 27, 2023 (GLOBE NEWSWIRE) -- Performance Shipping Inc. (NASDAQ: PSHG) (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, today reported record net income of $18.4 million and net income attributable to common stockholders of $17.9 million for the second quarter of 2023. The 2023 second quarter results compared to a net income of $3.9 million and net income attributable to common stockholders of $3.7 million for the same period in 2022. Earnings per share, basic and diluted, for the second quarter of 2023 were $1.53 and $0.46, respectively.

Revenue was $31.5 million ($30.5 million net of voyage expenses) for the second quarter of 2023, compared to $16.7 million ($11.3 million net of voyage expenses) for the same period in 2022. This increase was attributable to the increased time-charter equivalent rates (TCE rates) achieved during the quarter. Fleetwide, the average time charter equivalent (a non-GAAP financial measure) rate for the second quarter of 2023 was $41,868, compared with an average rate of $24,921 for the same period in 2022. During the second quarter of 2023, net cash provided by operating activities was $22.1 million, compared with net cash provided by operating activities of $2.3 million for the second quarter of 2022.

Net income for the six months ended June 30, 2023, amounted to $34.1 million, compared to a net income of $1.8 million for the six months ended June 30, 2022. Net income attributable to common stockholders for the six months ended June 30, 2023, amounted to $22.5 million, and resulted in earnings per share, basic and diluted, of $2.43 and $1.00, respectively. Net loss attributable to common stockholders for the six months ended June 30, 2022, amounted to $7.8 million, and resulted in a loss per common share, basic and diluted, of $27.29. Net income attributable to common stockholders for the six-month periods ended June 30, 2023 and 2022, has been adjusted by aggregate non-cash items of $10.6 million and $9.3 million respectively, as per US GAAP accounting standards, which do not affect the Company's operating cash flows, EBITDA or performance overall.

Commenting on the results of the second quarter of 2023, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:

“During the second quarter of 2023, tanker market fundamentals remained firm and our Company achieved a fleetwide average time charter equivalent rate of $41,868 per day. As a result, we generated record revenues of $31.5 million and record net income of $18.4 million during the quarter, representing increases of 88% and 375%, respectively, from the equivalent quarter in 2022. Our cash balance at the end of the quarter was approximately $70.7 million, corresponding to a 78% increase from the 2022 year-end cash balance and representing a multiple of 7.4x our current market capitalization. Our basic earnings per share for the quarter and the first six months ended June 30, 2023 were $1.53 and $2.43, respectively, compared to our closing share price on July 26, 2023 of $0.84.

“We believe that the solid tanker market environment will be sustainable through 2023 and beyond. Our fleet deployment during the previous fiscal year has well positioned our Company to capitalize on the firm freight rate environment through the operation of our renewed and expanded fleet, currently consisting of eight younger and high specification Aframax tankers. Specifically, five of our tankers currently operate under time charter contracts with first-class charterers, earning gross charter rates ranging from $23,000 to $45,000 per day and resulting in aggregate fixed revenues of approximately $52.3 million for the remainder of their charter periods. Our remaining vessels operate under pool arrangements with reputable counterparties. This strategy supplements our already secured revenue backlog and enhances our current profitability by capitalizing on the robust Aframax spot rates. To further solidify our market position, in the first quarter of 2023, we entered into a contract for the purchase of a newbuild LNG-ready LR2 Aframax tanker with a 2025 delivery date. This decision reflects the Company’s confidence in sustainable market fundamentals and higher asset values going forward.

“Despite what we consider to be strong market conditions in the sector, we believe that the value of our common shares remains extremely low when compared with our earnings and cash on hand. As previously announced, in response to our recent share price development, we have put in place a $2.0 million share buyback program, pursuant to which we have already repurchased 1,806,916 shares of common stock to date at an average price of $0.83 per share, of which approximately 1.7 million shares were repurchased during the second quarter. As we strongly believe that the program is in the best interests of both our Company and our shareholders, we will continue to take advantage of our strong balance sheet to invest opportunistically in our common stock through share buybacks under appropriate market conditions.”

Link: https://finance.yahoo.com/news/performance-shipping-inc-reports-net-132800820.html?guccounter=1&guce_referrer=aHR0cHM6Ly9maW5hbmNlLnlhaG9vLmNvbS8&guce_referrer_sig=AQAAABdcacTzr3yFEfmBpxld6ZxDKO-0gHR79JbUC5J2wN4dG6oMyTlhLeaifPWhSPXhjylkcM4OaOsZZp5ISQOe1QpTI9f08YZlro26ufvlc6DIhCg5zDIKm8DKErCRlW9tFbIHlPVj4r6SsEyIXuz4mMj6zlQzIgRDw1y1CXzzSYTw

Performance Shipping Inc. Announces Time Charter Contract With ST Shipping at Fixed Floor Rate of US$45,000 Per Day Plus 50/50 Profit Share for LR2 Tanker, M/T P. Aliki
June 27 2023 - 09:28AM
GlobeNewswire Inc.
 
Performance Shipping Inc. (NASDAQ: PSHG) (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with ST Shipping & Transport Pte Ltd., (the “Charterer”) for the 2010-built, 105,304 dwt, LR2 Aframax oil product tanker, the M/T P. Aliki. The gross charter rate will be based on a fixed floor rate of US$45,000 per day for a period of minimum four (4) months to a maximum of five and a half (5.5) months at the option of the Charterer, plus a 50/50 profit share provision above the floor rate. The charter commenced on June 26, 2023 and is expected to generate approximately a minimum of US$5.5 million to a maximum of US$7.5 million in gross revenue depending on the duration of the charter, excluding any additional income that may be earned from the profit share provision.

Commenting on the charter, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:

“Following the recent announcement of our record financial results and net income of $15.7 million during the 2023 first quarter, we are pleased to announce the new time charter contract for our LR2 Aframax tanker, M/T P. Aliki. This contract commenced immediately after the expiration of the previous charter agreement with Trafigura Maritime Logistics Pte Ltd at a gross daily charter rate of $45,000.

“With a fixed floor daily rate of $45,000, this new contract boosts our fleet-wide revenue backlog to approximately $54 million, based on the minimum duration of each charter. In addition, it provides the opportunity to further enhance our current profitability by capitalizing on the robust Aframax spot charter rates, thanks to our partnership with the Charterer and the 50% share of the vessel’s earnings above the floor. With a term of 4 to 5.5 months, the M/T P. Aliki will be strategically positioned for new employment during the seasonally strong fall period. This contract reflects our solid relationships with reputable and creditworthy counterparties, such as ST Shipping & Transport Pte Ltd., which currently employs three of our tankers.”

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.

         Corporate Contact: Andreas Michalopoulos Chief Executive Officer, Director and Secretary Telephone: +30-216-600-2400 Email: amichalopoulos@pshipping.com Website: www.pshipping.com  Investor and Media Relations: Edward Nebb Comm-Counsellors, LLC Telephone: + 1-203-972-8350 Email: enebb@optonline.net


PERFORMANCE SHIPPING INC. REPORTS RECORD NET INCOME OF $15.7 MILLION, 1.5 MILLION SHARES REPURCHASED AND FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2023

ATHENS, GREECE, June 21, 2023 – Performance Shipping Inc. (NASDAQ: PSHG) (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, today reported net income of $15.7 million and net income attributable to common stockholders of $4.6 million for the first quarter of 2023. Net income attributable to common stockholders for the three-month period ended March 31, 2023, has been adjusted by aggregate non-cash items of $10.6 million, as per US GAAP accounting standards, which do not affect the Company's operating cash flows, EBITDA or performance overall. The 2023 first quarter results compared to a net loss of $2.1 million and net loss attributable to common stockholders of $11.5 million for the same period in 2022. Earnings per share, basic and diluted, for the first quarter of 2023 were $0.68 and $0.55, respectively, while loss per share for the first quarter of 2022 was $51.46.

Revenue was $29.5 million ($28.0 million net of voyage expenses) for the first quarter of 2023, compared to $8.6 million ($5.2 million net of voyage expenses) for the same period in 2022. This increase was attributable to the increased time-charter equivalent rates (TCE rates) achieved during the quarter. Fleetwide, the average time charter equivalent rate for the first quarter of 2023 was $41,157, compared with an average rate of $12,352 for the same period in 2022. During the first quarter of 2023, net cash provided by operating activities was $18.7 million, compared with net cash used in operating activities of $3.9 million for the first quarter of 2022.

Commenting on the results of the first quarter of 2023, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:

“During the first quarter of 2023, tanker market fundamentals remained strong, supported by the ongoing shifts in trade patterns resulting from sanctions on Russian crude oil exports, thus benefiting longer haul tanker voyages. Improved ton-mile demand, coupled with limited supply growth and recovering demand from China, created a solid tanker charter rate environment, enabling our Company to achieve a fleetwide average time charter equivalent rate of $41,157 per day during the first quarter of 2023. As a result, we generated revenues of $29.5 million and net income of $15.7 million during this quarter, representing increases of 245% and 855%, respectively, from the first quarter of the previous fiscal year. Our cash balance at the end of the quarter was approximately $66 million corresponding to a 67% increase on a quarterly basis and representing 8.0x our current market capitalization. Our basic earnings per share for the quarter annualized and compared to our current share price represent a price-to-earnings ratio of approximately 0.3x.

“We believe that the overall positive developments in the tanker market and the firm freight rate environment will be sustainable through 2023 and beyond. During 2022, we took several steps towards our stated goal of fleet expansion and renewal. This included four timely acquisitions of younger Aframax tankers with high specifications that were completed at values significantly below current levels, as well as the disposal of an older vessel. In the first quarter of 2023, we entered into a contract for the purchase of a newbuild LNG-ready LR2 Aframax tanker with a 2025 delivery date. This decision is consistent with our view of sustainable market fundamentals and higher asset values going forward. With these recent developments, our Company is well positioned to capture the prevailing strong market conditions and generate significant cash flow. Currently, five of our tankers operate under time charter contracts with first-class charterers, earning gross charter rates ranging from $23,000 to $45,000 per day and resulting in aggregate fixed revenues of approximately $54.0 million for the remaining charter periods. Our remaining vessels operate under pool arrangements with reputable counterparties, earning healthy voyage charter rates which further supplement our secured revenue backlog.

“Despite what we consider to be sustainably strong fundamentals for our sector, we believe the value of our common shares is extremely low when compared with our quarterly earnings and cash on hand. In light of that, we commenced a $2.0 million share buyback program in April, which we believe is in the best interests of both our Company and our shareholders. Pursuant to this program, we have repurchased 1,518,113 shares of our common stock to date at an average price of $0.84 per share.”

Tanker Market Update for the First Quarter of 2023:

• Tanker fleet supply was 681.2 million dwt, up 0.8% from 675.5 million dwt from the previous quarter and up 3.4% from Q1 2022 levels of 658.7 million dwt.

• Tanker demand in billion tonne-miles is projected to increase by a firm 7.5% in 2023, supported by the increased Chinese demand for crude oil imports as well as by the ongoing trade pattern shifts being established as a result of the European sanctions imposed on Russian crude oil, which benefit longer-haul distances.

• Tanker fleet supply in deadweight terms is estimated to grow by a moderate 2.1% in 2023.

• Crude oil tanker fleet utilization averaged 87.3%, down from 88.3% in the previous quarter and up from 77.0% in Q1 2022.

• Newbuilding tanker contracting was just 4.5 million dwt in the first quarter, resulting in a tanker orderbook-to-fleet ratio of 4.0%, the lowest level of the past 28 years.

• Daily spot charter rates for Aframax tankers averaged $78,764, down 13.4% from the previous quarter average of $90,991 and up 144.1% from the Q1 2022 average of $32,266.

• The value of a 10-year-old Aframax tanker at the end of the first quarter was $50.0 million, up 11.1% from $45.0 million in the previous quarter, and up 81.8% from $27.5 million in Q1 2022.

• The number of tankers used for floating storage (excluding dedicated storage) was 117 (19.0 million dwt), down 21.0% from 148 (23.5 million dwt) in the previous quarter and down 23.0% from Q1 2022 levels of 152 (23.4 million dwt).

• Global oil consumption was 99.9 million bpd, up 0.2% from the previous quarter level of 99.7 million bpd, and up 1.4% from Q1 2022 levels of 98.5 million bpd.

• Global oil production was 101.3 million bpd, up 0.1% from the previous quarter level of 101.2 million bpd and up 2.5% from Q1 2022 levels of 98.7 million bpd.

• OECD commercial inventories were 2,808 million barrels, up 1.5% from the previous quarter level of 2,766 million barrels, and up 7.8% from Q1 2022 levels of 2,604 million barrels.



 
Performance Shipping Inc. Announces US$2.0 Million Share Buyback Plan
 
April 04 2023 - 09:28AM
GlobeNewswire Inc.
 
Performance Shipping Inc. (NASDAQ: PSHG) (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, announced today that its Board of Directors has approved a share repurchase plan (the “Plan”).

Under the Plan, the Company may repurchase up to US$2.0 million of its outstanding common shares, representing approximately 21% of the market capitalization of its outstanding common shares as of the close of trading on April 3, 2023.

Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:

“Rising interest rates, global economic uncertainty and the recent banking crisis have impacted capital markets and near-term sentiment. Following the recent share price development, we find it in our shareholders’ interest that the Company has the flexibility to repurchase our common stock as part of its capital allocation strategy. Given the strength of our balance sheet and our constructive long-term tanker market outlook, we will continue to invest opportunistically, including through share buybacks under appropriate conditions.”

The Company may repurchase common shares pursuant to Rule 10b-18 of the Securities Exchange Act of 1934, as amended, or pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934.

Any repurchases pursuant to the Plan will be made at management’s discretion at prices considered to be attractive and in the best interests of both the Company and its shareholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, applicable securities laws and the Company’s financial performance. The Plan may be suspended, terminated, or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The Plan does not obligate the Company to purchase any of its shares under the Plan. The Board of Directors’ authorization of the Plan is effective immediately and expires on March 31, 2024.

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.

 
Performance Shipping Inc. Reports Record Fourth Quarter and Full Year 2022 Net Income of $23.8 Million and $36.3 Million, Respectively
February 23 2023 - 09:15AM
GlobeNewswire Inc.
 
Performance Shipping Inc. (NASDAQ: PSHG) (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, today reported a record quarterly net income from continuing and discontinued operations of $23.8 million and net income from continuing and discontinued operations attributable to common stockholders of $9.4 million for the fourth quarter of 2022. This compared to a net loss from continuing and discontinued operations and net loss from continuing and discontinued operations attributable to common stockholders of $2.1 million for the same period in 2021. Earnings per share, basic and diluted, for the fourth quarter of 2022 was $2.31 and $1.18, respectively, while loss per share for the fourth quarter of 2021 was $6.11.

Revenue from continuing and discontinued operations was $27.8 million ($25.0 million net of voyage expenses) for the fourth quarter of 2022, compared to $9.6 million ($5.4 million net of voyage expenses) for the same period in 2021. This increase was attributable to the increased time-charter equivalent rates (TCE rates) achieved during the quarter. Fleetwide, the average time charter equivalent rate for the fourth quarter of 2022 was $40,469, compared with an average rate of $13,370 for the same period in 2021. During the fourth quarter of 2022, net cash provided by operating activities of continuing and discontinued operations was $23.7 million, compared with net cash used in operating activities of $1.8 million for the fourth quarter of 2021.

Net income from continuing and discontinued operations for the year ended December 31, 2022 amounted to $36.3 million, compared to a net loss from continuing and discontinued operations of $9.7 million for the year ended December 31, 2021. Net income from continuing and discontinued operations attributable to common stockholders for the year ended December 31, 2022 amounted to $12.0 million, and resulted in earnings per share, basic and diluted, of $6.49 and $3.02, respectively. Net loss from continuing and discontinued operations attributable to common stockholders for the year ended December 31, 2021 amounted to $9.7 million and resulted in a loss per common share of $28.97.

During the fourth quarter of 2022, the Company issued and sold 140,379 shares of its common stock under its ATM Agreement with Virtu Americas LLC, with an average price per share of $3.59, raising gross proceeds of approximately $0.5 million. As of December 31, 2022, the Company had 4,187,588 common shares issued and outstanding.

Commenting on the results of the fourth quarter of 2022, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:

“During the fourth quarter of 2022, tanker market fundamentals continued to improve, supported by new trade patterns emerging in response to continuing sanctions on Russian crude oil exports and shifts in the location of new refinery capacity leading to longer haul tanker voyages. We took advantage of the firm tanker charter rate environment, resulting in fleetwide average time charter equivalent rates of $40,469 and $29,579 per day during the fourth quarter and twelve months of 2022, respectively. As a result, we generated annual revenues of $75.2 million and annual net income from continuing operations of $36.3 million, a 106% and a 474% increase from the previous fiscal year, respectively. Our net income from continuing operations during the fourth quarter alone was $23.8 million, indicating the tightening tanker market conditions during the fourth quarter. Our cash balance at the end of the year was approximately $40 million representing 3.2x our current market capitalization. Our basic earnings per share for the last fiscal year compared to our current share price represent a price-to-earnings ratio of approximately 0.4x.

“We believe that the tanker market developments since the beginning of 2022 are sustainable through 2023 and beyond. During 2022 we expanded and renewed our fleet with timely acquisitions at values significantly below current levels and now own eight younger high-specification Aframax tankers with an average age of 12.1 years. Five of our tankers currently operate under time charter contracts with first-class charterers, earning gross charter rates ranging from $23,000 to $45,000 per day. Our secured revenue backlog of approximately $85 million is supplemented by the operation of our remaining vessels under pool arrangements with reputable counterparties earning healthy voyage charter rates, indicative of the solid freight rate environment.”

Tanker Market Update for the fourth quarter of 2022:

  • Tanker fleet supply was 675.3 million dwt, up 0.7% from 670.8 million dwt from the previous quarter and up 3.5% from Q4 2021 levels of 652.6 million dwt.
    Tanker demand in billion tonne-miles is projected to increase by a firm 7.6% in 2023, supported by new trade patterns established as a result of European sanctions on Russian crude oil. As Europe uses alternative sources of crude oil and Russia sells to alternative buyers, longer-haul trade routes are emerging, boosting tonne-mile demand.
    Tanker fleet supply in deadweight terms is estimated to grow by a moderate 1.4% in 2023.
    Crude oil tanker fleet utilization was estimated at 80.0%, up from 79.5% in the previous quarter and up from 79.0% in Q4 2021.
    Newbuilding tanker contracting was just 3.0 million dwt in the fourth quarter, resulting in a tanker orderbook-to-fleet ratio of 4.3%, the lowest level of the past 27 years.
    Daily spot charter rates for Aframax tankers averaged $90,991, up 73.0% from the previous quarter average of $52,610 and up 720.3% from the Q4 2021 average of $11,093.
    The value of a 10-year-old Aframax tanker at the end of the fourth quarter was $45.0 million, up 7.1% from $42.0 million in the previous quarter, and up 66.7% from $27.0 million in Q4 2021.
    The number of tankers used for floating storage (excluding dedicated storage) was 148 (23.6 million dwt), down 17.8% from 180 (26.1 million dwt) in the previous quarter and down 15.4% from Q4 2021 levels of 175 (27.4 million dwt).
    Global oil consumption was 99.7 million bpd, down 0.7% from the previous quarter level of 100.4 million bpd, and up 0.4% from Q4 2021 levels of 99.3 million bpd.
    Global oil production was 101.4 million bpd, up 0.6% from the previous quarter level of 100.8 million bpd and up 3.1% from Q4 2021 levels of 98.3 million bpd.
    OECD commercial inventories were 2,782.7 million barrels, up 1.7% from the previous quarter level of 2,735.2 million barrels, and up 5.4% from Q4 2021 levels of 2,640.2 million barrels.

     

The above market outlook update is based on information, data, and estimates derived from industry sources. There can be no assurances that such trends will continue or that anticipated developments in tanker demand, fleet supply or other market indicators will materialize. While we believe the market and industry information included in this release to be generally reliable, we have not independently verified any third-party information or verified that more recent information is not available.

Summary of Selected Financial & Other Data (Continuing and Discontinued Operations1 )
      For the three months ended
December 31,
  For the years ended December 31,
      2022    2021    2022    2021 
      (unaudited)   (unaudited)   (unaudited)    
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars):
  Revenue $ 27,767   $ 9,647   $ 75,173   $ 36,491  
  Voyage expenses   2,838     4,152     14,861     19,205  
  Vessel operating expenses   4,241     3,738     13,828     12,301  
  Net income / (loss)   23,837     (2,050 )   36,300     (9,706 )
  Net income / (loss) attributable to common stockholders   9,412     (2,050 )   12,003     (9,706 )
  Earnings / (Loss) per common share, basic   2.31     (6.11 )   6.49     (28.97 )
  Earnings / (Loss) per common share, diluted   1.18     (6.11 )   3.02     (28.97 )
FLEET DATA
  Average number of vessels   6.7     5.0     5.7     5.0  
  Number of vessels   8.0     5.0     8.0     5.0  
  Ownership days   616     460     2,069     1,825  
  Available days   616     411     2,039     1,735  
  Operating days (2)   590     363     1,974     1,484  
  Fleet utilization   95.8 %   88.3 %   96.8 %   85.5 %
AVERAGE DAILY RESULTS
  Time charter equivalent (TCE) rate (3) $ 40,469   $ 13,370   $ 29,579   $ 9,963  
  Daily vessel operating expenses (4) $ 6,885   $ 8,126   $ 6,683   $ 6,740  

______________

(1) Discontinued Operations refer to our container vessels segment that we disposed of in 2020.

(2) Operating days are the number of available days in a period less the aggregate number of days that our vessels are off-hire. The specific calculation counts as on-hire the days of the ballast leg of the spot voyages, as long as a charter party is in place. The shipping industry uses operating days to measure the aggregate number of days in a period during which vessels actually generate revenues.

(3) Time charter equivalent rates, or TCE rates, are defined as revenue (voyage, time charter and pool revenue), less voyage expenses during a period divided by the number of our available days during the period, which is consistent with industry standards. Voyage expenses include port charges, bunker (fuel) expenses, canal charges and commissions. TCE is a non-GAAP measure. TCE rate is a standard shipping industry performance measure used primarily to compare daily earnings generated by vessels despite changes in the mix of charter types (i.e., voyage (spot) charters, time charters and bareboat charters).

(4) Daily vessel operating expenses, which include crew wages and related costs, the cost of insurance and vessel registry, expenses relating to repairs and maintenance, the costs of spares and consumable stores, lubricant costs, tonnage taxes, regulatory fees, environmental costs, lay-up expenses and other miscellaneous expenses, are calculated by dividing vessel operating expenses by ownership days for the relevant period.

Fleet Employment Profile (As of February 23, 2023)  
Performance Shipping Inc.’s fleet is employed as follows:  
               
  Vessel Year of
Build
Capacity Builder Vessel
Type
Charter
Type
Notes
        Aframax Tanker Vessels      
1 BLUE MOON 2011 104,623 DWT Sumitomo Heavy Industries Marine & Engineering Co., LTD. Crude Time-Charter  
2 BRIOLETTE 2011 104,588 DWT Sumitomo Heavy Industries Marine & Engineering Co., LTD. Crude Time-Charter  
3 P. KIKUMA 2007 115,915 DWT Samsung Heavy Industries Co Ltd. Crude Pool  
4 P. YANBU 2011 105,391 DWT Sumitomo Heavy Industries Marine & Engineering Co., LTD. Crude Time-Charter  
5 P. SOPHIA 2009 105,071 DWT Hyundai Heavy Industries Co., LTD Crude Pool  
6 P. ALIKI 2010 105,304 DWT Hyundai Heavy Industries Co., LTD Product Time-Charter  
7 P. MONTEREY 2011 105,525 DWT Hyundai Heavy Industries Co., LTD Crude Time-Charter  
8 P. LONG BEACH 2013 105,408 DWT Hyundai Heavy Industries Co., LTD Product Pool  
               

 



$PSHG CHARTS:




Volume:
Day Range:
Last Trade Time:
  • 1D
  • 1M
  • 3M
  • 6M
  • 1Y
  • 5Y
New Post