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What a once in a lifetime opportunity! Continues to buy, there is no more fear of exiting the main stock exchange.
The market may not understand the latest press release on earnings. It's down too much today.
In accordance with our dividend policy, and taking into account the above-listed factors, we expect to pay dividends only if during the preceding quarter Quarterly Cash Flow is positive and Quarter-End Excess Cash is also positive. As a general guideline, the amount of any such dividends is expected to be based on a pay-out ratio of the lower of i) Quarterly Cash Flow; and ii) Quarter-End Excess Cash. So long as our end of quarter outstanding debt exceeds our equity market capitalization our pay-out ratio is expected to be 50%. We will consider increasing the pay-out ratio gradually up to a maximum level of 90% that we may achieve when our end of quarter outstanding debt is less than 10% of our equity market capitalization. Quarter-End Excess Cash is defined as actual end of quarter Cash and Cash Equivalents over our Minimum Cash Threshold. Minimum Cash Threshold is defined as the sum of minimum liquidity pursuant to our loan agreements and $1.5 million per vessel. Our bank facilities currently require us to maintain minimum liquidity of $5.0 million.
The dividends are on the way
Crazy valuations . I might buy more after the R/S tomorrow.
Our basic earnings per share for the quarter annualized and compared to our current share price represent a price to earnings ratio of approximately 0.3.
Performance Shipping Inc. Reports Record Net Income and Financial Results for the Third Quarter and Nine Months Ended September 30, 2022
November 14 2022 - 09:15AM
GlobeNewswire Inc.
Performance Shipping Inc. (NASDAQ: PSHG) (the “Company”), a global shipping company specializing in the ownership of tanker vessels, today reported a record net income from continuing and discontinued operations of $10.7 million and net income from continuing and discontinued operations attributable to common stockholders of $10.4 million for the third quarter of 2022, compared to a net loss from continuing and discontinued operations and net loss from continuing and discontinued operations attributable to common stockholders of $2.2 million for the same period in 2021. Earnings per share, basic and diluted, for the third quarter of 2022 was $0.26 and $0.10, respectively, while loss per share for the third quarter of 2021 was $0.43.
Revenue from continuing and discontinued operations was $22.1 million ($18.8 million net of voyage expenses) for the third quarter of 2022, compared to $9.3 million ($4.3 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 third quarter of 2022 was $34,411, compared with an average rate of $9,335 for the same period in 2021. During the third quarter of 2022, net cash provided by operating activities of continuing and discontinued operations was $11.8 million, compared with $0.2 million for the third quarter of 2021.
Net income from continuing and discontinued operations for the nine months ended September 30, 2022 amounted to $12.5 million, compared to a net loss from continuing and discontinued operations of $7.7 million for the nine months ended September 30, 2021. Net income from continuing and discontinued operations attributable to common stockholders for the nine months ended September 30, 2022 amounted to $2.6 million, and resulted in earnings per share, basic and diluted, of $0.16 and $0.04, respectively. Net loss from continuing and discontinued operations attributable to common stockholders for the nine months ended September 30, 2021 amounted to $7.7 million, and resulted in a loss per common share of $1.52.
Separately, the Company today announced that its Board of Directors has determined to effect a reverse stock split of the Company’s common shares, par value $0.01 per share, at a ratio of one-for-fifteen. The Company’s shareholders authorized the Company’s Board of Directors to implement the reverse stock split at the Company’s Special Meeting of Shareholders held on November 7, 2022. The reverse stock split is intended to bring the Company into compliance with the minimum $1.00 per share bid price requirement for maintaining its listing on the Nasdaq Capital Market.
The reverse stock split is expected to take effect, and the Company’s common shares to begin trading on a split-adjusted basis on the Nasdaq Capital Market under the existing trading symbol “PSHG,” as of the opening of trading on November 15, 2022. For additional information, please see “Results of Special Meeting of Shareholders and Reverse Stock Split” below.
Commenting on the results of the third quarter of 2022, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:
“During the third quarter of 2022, tanker market fundamentals improved, supported by changes in trading patterns as a result of sanctions on Russian crude oil exports and shifts in refinery locations leading to long haul tanker voyages. We took advantage of the improved tanker charter rate environment, resulting in fleetwide average time charter equivalent rates of $34,411 per day during the third quarter of 2022. As a result, we generated revenues of $22.1 million and our highest-ever quarterly net income of $10.4 million, a 32% and a 184% increase from the previous quarter respectively. Our free cash balance at the end of the quarter was approximately $26 million representing 1.4x 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 0.3.
“We believe that the encouraging tanker market developments experienced during the last few months and continuing into the current quarter, indicate a promising trend towards a sustainably high charter rate environment. The three recent acquisitions of younger tankers with higher specifications, two of which have already been delivered to the Company and the third expected to be delivered by early December, and the concurrent sale of the oldest vessel in our fleet, positions us to capture the strong prevailing market conditions and generate significant cash flow with the efficient operations of our expanding and renewed fleet. Within December, four of our tankers will be operating under time charter contracts with first-class charterers and earning lucrative gross charter rates ranging from $23,000 to $45,000 per day, showcasing our ability to secure fixed revenue at high charter rates, while establishing solid partnerships with reputable counterparties. Our current intention is that our remaining vessels will continue to operate in the spot market, where voyage charter rates for Aframax tankers are at historically high levels, currently in excess of $40,000 per day.
“Despite what we see as sustainably strong fundamental conditions in the charter market that should continue, we perceive the market valuation of our common shares to be extremely low, not just in relation to our outsized earnings this quarter, but also in relation to the value of our assets, as our current market capitalization represents only 12% of our current estimated net asset value.”
Tanker Market Update for the third quarter of 2022:
Tanker fleet supply was 669.8 million dwt, up 0.8% from 664.3 million dwt from the previous quarter and up 2.7% from Q3 2021 levels of 652.3 million dwt.
Tanker demand in billion tonne-miles is projected to increase by a firm 4.5% in 2022, supported by new trading developments benefiting longer-haul routes and resulting from, among other things, the ongoing Russia-Ukraine war and from European sanctions on Russian exports expected to come into force in December.
Tanker fleet supply in deadweight terms is estimated to grow by a moderate 3.2% in 2022.
Crude oil tanker fleet utilization was estimated at 79.5%, up from 79.0% in the previous quarter and up from 76.9% in Q3 2021.
Newbuilding tanker contracting was just 2.0 million dwt in the third quarter, resulting in a tanker orderbook to fleet ratio of 4.5%, the lowest level seen in the past 27 years.
Daily spot charter rates for Aframax tankers averaged $52,610, up 13.3% from the previous quarter average of $46,438 and up 1,412.3% from the Q3 2021 average of $3,479.
The value of a 10-year-old Aframax tanker at the end of the third quarter was $42.0 million, up 20.0% from $35.0 million in the previous quarter, and up 61.5% from $26.0 million in Q3 2021.
The number of tankers used for floating storage (excluding dedicated storage) was 174 (25.5 million dwt), down 0.6% from 175 (26.0 million dwt) in the previous quarter and up 3.0% from Q3 2021 levels of 169 (25.9 million dwt).
Global oil consumption was 99.5 million bpd, up 0.8% from the previous quarter level of 98.8 million bpd, and up 1.2% from Q3 2021 levels of 98.4 million bpd.
Global oil production was 101.2 million bpd, up 2.6% from the previous quarter level of 98.6 million bpd and up 4.6% from Q3 2021 levels of 96.8 million bpd.
OECD commercial inventories were 2,750.7 million barrels, up 3.8% from the previous quarter level of 2,650.8 million barrels, and down 0.2% from Q3 2021 levels of 2,755 million barrels.
During the global gradual recovery from COVID-19, we continue to take proactive measures to ensure the health and wellness of our crew and onshore employees while endeavoring to maintain effective business continuity and uninterrupted service to our customers. While the situation is improving, we continue to incur increased costs as a result of the restrictions imposed in various jurisdictions creating delays and additional complexities with respect to port calls and crew rotations.
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.
This will be a life changing stock should be 6 DOLLAR
Really cheap. And earnings should be good too
This stock is incredible cheap
Performance Shipping Inc. Announces Delivery of the LR2 Aframax Oil Product Tanker, M/T P. Aliki
November 10 2022 - 09:15AM
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 taken delivery of the M/T P. Aliki (formerly “Alpine Amalia”), a 2010-built LR2 Aframax oil product tanker of 105,304 dwt that the Company entered into an agreement to purchase in August 2022.
As previously announced, the M/T P. Aliki was acquired for a total purchase price of US$36.5 million and financed with US$18.25 million cash on hand and US$18.25 million from the recently announced term loan facility with Alpha Bank S.A. The vessel is the Company’s first LR2. Following the delivery, as previously disclosed, the vessel will enter into a time charter contract with Trafigura Maritime Logistics Pte Ltd. commencing in mid-November at a daily rate of US$45,000 per day for a period of minimum seven (7) months to a maximum of ten (10) months at the option of the charterer.
Commenting on this delivery, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:
“As already stated, the acquisition of our first LR2 tanker, which is also BWTS and EGCS (scrubber) fitted, represents the entry of our Company into the refined petroleum product tanker sector, which we believe to be a market segment with sustainable fundamentals. The lucrative level of fixed revenue ranging from a minimum of US$9.5 million to a maximum of US$13.7 million, depending on the duration of the charter, is indicative of the firming market environment and our Company’s strong performance generating significant cash flows and achieving high utilization going forward.”
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. Announces Acceptance of a Signed Offer Letter From Piraeus Bank S.A.
November 09 2022 - 09:15AM
GlobeNewswire Inc.
Performance Shipping Inc. (NASDAQ: PSHG) (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, announced that it has accepted an offer letter whereby it intends to enter into an agreement for a term loan facility of up to US$37.4 million with Piraeus Bank S.A. (the “Facility”) through two separate wholly-owned subsidiaries of the Company. The Facility will be drawn in two simultaneous advances upon delivery of the previously announced vessel the Company has agreed to acquire, the M/T Phoenix Beacon, to be renamed P. Monterey. Proceeds from the Facility will be used to refinance a portion of an existing term loan facility for the M/T P. Kikuma through a first advance of up to about US$7.8 million and to partially finance the M/T P. Monterey, through a second advance of up to about US$29.6 million.
This Facility will carry an interest rate of SOFR plus 2.45% per annum and will be repayable in twenty (20) consecutive quarterly installments. The first four (4) installments will be equal to US$1.5 million each, the remaining sixteen (16) installments will be equal to US$1 million each, and concurrent with the twentieth quarterly installment, within five years from the drawdown date, the Company will owe a balloon payment of US$15.4 million. This Facility is subject to the completion of customary closing conditions and the execution of a final loan agreement by the Company and its lenders.
Commenting on this indicative offer, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:
“This offer letter from Piraeus Bank demonstrates the depth of our long term relationships with our lenders and the use of other collateral vessels to secure new loan facilities with long dated maturities and competitive terms. We expect to drawdown the facility in early December to consummate the financing of M/T P. Monterey. The delivery of this new and BWTS fitted tanker in our fleet along with its 24 month time charter contract at US$32,000 per day coupled with the competitive loan will contribute strong and predictable cashflows to our Company going forward.”
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. Announces a US$32,000 Per Day Time Charter Contract for About 24 Months
November 08 2022 - 09:15AM
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), a wholly-owned subsidiary of Glencore, for the M/T Phoenix Beacon. The acquisition of the vessel, to be renamed M/T P. Monterey, was previously announced. The gross charter rate will be US$32,000 per day for a period of twenty-four (24) months +/- 45 days at the option of the Charterer and will commence following the vessel's delivery to the Company in December. This charter is expected to generate approximately US$22 million of gross revenue for the minimum duration of the charter.
The M/T P. Monterey is a 105,525 dwt Aframax tanker vessel built in 2011 by Hyundai Heavy Industries Co., Ltd. - Ulsan, South Korea.
Commenting on this charter, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:
“We are very pleased to announce that upon delivery of our newly acquired tanker in December, the M/T P. Monterey will commence service under a new time charter contract with a reputable counterparty and at a lucrative charter rate. Upon commencement of this charter, more than half of our expanded fleet will be under time charter contracts resulting in fixed revenues of approximately US$68 million, based on the minimum durations, representing 4.2x our current equity market capitalization.”
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.
Fins ate reported on the 11th correct..?
Let's see what the RS is going to be like
Some good info on tankers....
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Performance Shipping Inc. Announces New Loan Facility With Alpha Bank S.A. to Partially Finance Acquisition Of Seventh Vessel
November 01 2022 - 09:00AM
GlobeNewswire Inc.
Performance Shipping Inc. (NASDAQ: PSHG), (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, today announced that it has entered into an agreement for a secured term loan facility of up to approximately US$18,250,000 with Alpha Bank S.A. (the “Facility”) through a separate wholly-owned subsidiary of the Company. Proceeds from the Facility will be used to partially finance up to 50% of the purchase price of the previously-announced acquisition of the Company’s seventh tanker vessel, and its first LR2, to be renamed M/T P. Aliki.
The Facility will be repayable in twenty consecutive quarterly installments of US$500,000 each, and a balloon installment of US$8,250,000 payable concurrent with the twentieth quarterly installment. The Facility will be secured by, among other things, a guarantee of the Company and a first priority mortgage over the M/T P. Aliki.
Commenting on the Facility, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:
“As we have already stated, the addition of Alpha Bank as a new lender to our Company demonstrates confidence in Performance Shipping Inc., with a 5-year term loan facility maturing in late 2027 which reduces our cost of debt. We expect to drawdown this Facility upon delivery of our seventh vessel, the M/T P. Aliki.”
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. Announces a US$30,000 Per Day Time Charter Contract for About 24 Months
October 27 2022 - 09:15AM
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”), a wholly-owned subsidiary of Glencore, for its vessel M/T P. Yanbu. The gross charter rate will be US$30,000 per day for a period of twenty-four (24) months +/- 45 days at the option of the Charterer and is expected to commence in December 2022. This charter will generate approximately US$20.6 million of gross revenue for the minimum duration of the charter.
The M/T P. Yanbu is a 105,391 dwt Aframax tanker vessel built in 2011 by Sumitomo Heavy Industries Marine & Engineering Co. Ltd.
Commenting on this charter, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:
“With the P. Yanbu charter we now have three of our Aframax tankers under contract at very attractive charter rates ranging from $23,000 to $45,000 per day and with very reputable, credit-worthy counterparties. The terms of our three charters are also staggered with maturities commencing mid-2023, mid- and late 2024, providing strong cashflow over and above our daily cash breakeven rates. This steady and predictable revenue is further supplemented by the remaining four Aframax tankers in our fleet, which are operating in the spot market through their participation in pools and currently earning in excess of $40,000 per vessel per day.”
About the Company
Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of tanker vessels. The Company’s current fleet is employed on spot voyages, through pool arrangements and on time charters.
Crude shipowners are bullish next 24 months. One owner would buy Aframaxes.
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Yes. surfer likes
Pretty good report!
Imperial Petroleum Inc. Reports Third Quarter and Nine Months 2022 Financial and Operating Results
Imperial Petroleum Inc.
Mon, October 24, 2022 at 6:00 AM
ATHENS, Greece, Oct. 24, 2022 (GLOBE NEWSWIRE) -- IMPERIAL PETROLEUM INC. (NASDAQ: IMPP, the “Company”), a ship-owning company providing petroleum products, crude oil and dry bulk seaborne transportation services, announced today its unaudited financial and operating results for the third quarter ended September 30, 2022. In November 2021, StealthGas Inc. contributed to the Company four subsidiaries comprising a fleet of four tanker vessels, and the Company was spun-off from StealthGas Inc. in December 2021. Historical comparative periods of 2021 reflect the results of the carve-out operations of the four subsidiaries that were contributed to the Company.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
Fleet operational utilization of 86.3% in Q3 22’ – with a predominant presence in the spot market.
Delivery of our second handysize dry bulkcarrier, the Eco Angelbay, on October 19, 2022.
Revenues of $42.6 million - up $31.3 million or 277% from Q2 22’.
Net income of $15.5 million - up $15.4 million or 15,400% from Q2 22’ and equivalent to approximately 23% of our current market capitalization.
EBITDA1 of $18.7 million in Q3 22’ up $15.7 million or 523% from Q2 22’.
Cash and time deposits of $92.4 million as of September 30, 2022, which is 1.3 times higher than our current market cap.
Third Quarter 2022 Results:
Revenues for the three months ended September 30, 2022 amounted to $42.6 million, an increase of $38.5 million, or 939.0%, compared to revenues of $4.1 million for the three months ended September 30, 2021, primarily due to the increase in the size of our average fleet by approximately four vessels and a marked improvement in charter rates.
Voyage expenses and vessels’ operating expenses for the three months ended September 30, 2022 were $18.4 million and $4.9 million, respectively, compared to $0.7 million and $1.9 million, respectively, for the three months ended September 30, 2021. The $17.7 million increase in voyage expenses is mainly due to the increase in the spot days of our fleet by 456 days (786%) and the rise in bunker prices. This quarter we incurred $1.2 million of voyage costs due to the repositioning of three of our product tankers for a total period of 42 days. The $3.0 million increase in vessels’ operating expenses was primarily due to the increase in the average number of our vessels and one of our product tankers coming off a bareboat charter, under which we do not bear operating expenses, during the third quarter of 2022.
Depreciation for the three months ended September 30, 2022 and 2021 was $3.4 million and $2.2 million, respectively. The change is attributable to the increase in the average number of our vessels.
Interest and finance costs for the three months ended September 30, 2022 and 2021 were $0.3 million and $0.004 million, respectively. The increase is mainly attributable to the interest expense incurred relating to our loan agreement entered into in November 2021.
As a result of the above, for the three months ended September 30, 2022, the Company reported net income of $15.5 million, compared to net loss of $0.9 million for the three months ended September 30, 2021. Dividends paid on Series A Preferred Shares amounted to $0.4 million for the three months ended September 30, 2022. The weighted average number of shares of common stock outstanding, basic, for the three months ended September 30, 2022 was 190.3 million.
Earnings per share, basic, for the three months ended September 30, 2022 amounted to $0.08, compared to a loss per share of $0.19 for the three months ended September 30, 2021. EBITDA for the three months ended September 30, 2022 amounted to $18.7 million. Reconciliations of EBITDA to Net (Loss)/Income are set forth below.
An average of 8.1 vessels were owned by the Company during the three months ended September 30, 2022 compared to 4.0 vessels for the same period of 2021.
Nine Months 2022 Results:
Revenues for the nine months ended September 30, 2022, amounted to $59.1 million, an increase of $45.7 million, or 341.0%, compared to revenues of $13.4 million for the nine months ended September 30, 2021, primarily due to the increase in the average number of our vessels and improved market conditions resulting in higher rates particularly in the spot market.
Voyage expenses and vessels’ operating expenses for the nine months ended September 30, 2022 were $23.3 million and $10.0 million, respectively, compared to $2.7 million and $5.6 million for the nine months ended September 30, 2021. The $20.6 million increase in voyage expenses is mainly due to the increase in the spot days of our fleet by 495 days (207.1%) and the rise in daily bunker cost by approximately $16,000. The $4.4 million increase in vessels’ operating expenses was primarily due to the increase in the average number of our vessels and one of our product tankers coming off a bareboat charter during the third quarter of 2022.
Depreciation for the nine months ended September 30, 2022, was $8.3 million, an $1.8 million increase from $6.5 million for the same period of last year, due to the increase in the average number of our vessels.
Interest and finance costs for the nine months ended September 30, 2022 and 2021 were $0.7 million and $0.007 million, respectively. The increase is mainly attributable to the interest expense incurred relating to our loan agreement entered into in November 2021.
As a result of the above, the Company reported net income for the nine months ended September 30, 2022 of $15.8 million, compared to a net loss of $2.2 million for the nine months ended September 30, 2021. The weighted average number of shares outstanding for the nine months ended September 30, 2022 was 107.5 million. Earnings per share, basic, for the nine months ended September 30, 2022 amounted to $0.13, compared to a loss per share of $0.45 for the nine months ended September 30, 2021.
EBITDA for the nine months ended September 30, 2022 amounted to $24.3 million. Reconciliations of EBITDA to Net (Loss)/Income are set forth below.
An average of 6.05 vessels were owned by the Company during the nine months ended September 30, 2022 compared to 4.00 vessels for the same period of 2021.
As of September 30, 2022, cash and cash equivalents amounted to $62.4 million, time deposits amounted to $30.0 million and total debt, net of deferred finance charges, amounted to $42.3 million. During the nine months ended September 30, 2022 debt repayments amounted to $2.4 million.
CEO Harry Vafias Commented
"This quarter’s unprecedented profitability growth is solid proof that our company’s strategy is paying off. With the capital recently raised we have managed to grow our fleet, substantially increase our profitability and cash flow and create value for our investors. As a result of having acquired six vessels in the course of ten months, we generated net income of $15.5 million in a single quarter which is 15,400% higher than our profit in Q2 22’ and equivalent to 23% of our current market capitalization; We incurred moderate debt during the quarter, maintaining a healthy capital structure with $42.3 million of debt while preserving a free cash balance available for further fleet expansion of about $92 million. Given the strong market fundamentals and the promising charter rate environment and by taking advantage of our efficient management of our expanded fleet, we believe that we will achieve strong results and generate significant cash flow going forward. However, the valuation of our shares of common stock does not reflect our strong financial performance and capital available to fund our growth prospects."
I bought earlier, the report is very good, the stock is going down because there is an update to the shelf prospectus, but there is really no issue. I also bought PSHG which is much cheaper.
How good is the IMPP report?
We got a big hint from IMPP's quarterly report about the next PSHG report.
Performance Shipping Inc. Announces the Sale of 2007 Built M/T P. Fos for US$34 Million
October 24 2022 - 09:00AM
GlobeNewswire Inc.
Performance Shipping Inc. (NASDAQ: PSHG), (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, today announced that it has signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to sell to an unaffiliated third party the 2007-built Aframax tanker vessel “M/T P. Fos”, with delivery to the buyer during November 2022, for a gross sale price of US$34.0 million.
Commenting on the sale, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:
“Aframax tanker values have appreciated significantly during this year, and although the tanker market continues to enjoy strong fundamentals and prospects, we believe that the sale price we concluded for M/T P. Fos renders the disposal tactically advantageous and financially attractive. The sale is part of our fleet renewal process as we expect to use the net cash proceeds from this disposition estimated at US$25 million, along with a marginal level of new debt, to acquire a younger Aframax tanker with possibly higher specifications. With this sale, we also reduce the average age and increase the competitiveness of our fleet. These actions, when combined with the deliveries of our newly acquired tankers, M/T P. Aliki and M/T P. Monterey, anticipated to take place during the next two months, will position our Company to take advantage of the promising charter rate environment and generate strong cash flow going forward.”
About the Company
Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of tanker vessels. The Company’s current fleet is employed on spot voyages, through pool arrangements and on time charters.
Grain Shipments | Freight Rates & Volumes | US Navy Is Weak | LNG | No Crabs! | What the Ship (Ep55)
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Performance Shipping Inc. Announces Restructuring of Related-Party Debt and Date of Special Meeting of Shareholders
October 21 2022 - 05:00PM
GlobeNewswire Inc.
Performance Shipping Inc. (NASDAQ: PSHG), (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, today announced that it has completed a restructuring of the debt held by Mango Shipping Corp. (“Mango Shipping”), an affiliate of Aliki Paliou, the Company’s Chairperson. In the transaction, the Company issued Series C Preferred Shares in a private placement in exchange for all outstanding Series B Preferred Shares held by Mango Shipping and the forgiveness of principal in the amount of approximately $4.9 million under its $5.0 million unsecured credit facility with Mango Shipping maturing in March 2023 and bearing interest at 9.0% per annum. The Company subsequently repaid the remaining amounts due and terminated the credit facility with Mango Shipping. The restructuring of the debt and the private placement was approved by a special committee of the Company’s independent directors. Except with respect to the timing of the transaction, the transaction terms, including the reduction of principal under the unsecured credit facility, are the same as the terms on which Mango Shipping was expected to convert its Series B Preferred Shares into Series C Preferred Shares in February 2023, pursuant to its conversion right under the Series B Preferred Shares and the terms of the existing unsecured credit facility.
According to the terms of the existing Series B Preferred Shares, during a 30-day conversion period expected to commence in February 2023, each Series B Preferred Share is convertible into two Series C Preferred Shares upon payment of a conversion price of $7.50 per Series B Preferred Share converted. The amount of principal forgiven under the Mango Shipping credit facility was equal to the aggregate conversion price of the number of Series B Preferred Shares exchanged in the private placement by Mango Shipping for twice such number of newly-issued Series C Preferred Shares. Certain terms of the newly-issued Series C Preferred Shares, including with respect to dividends, conversion into common shares beginning in April 2023, and voting rights on all matters submitted to a vote of our common shareholders, are set forth in the Series B Preferred Shares and previously disclosed in the Company’s filings with the Securities and Exchange Commission. See the Company’s most recent Annual Report on Form 20-F and Form 6-K filed on the date hereof for a complete description of the terms of the Series C Preferred Shares.
Subsequent to the transaction with Mango Shipping, the Company’s Board of Directors declared a record date of October 17, 2022 for a special meeting of shareholders to be held on November 7, 2022.
Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:
“As previously disclosed, Mango Shipping had expressed its intention to convert its Series B Preferred Shares into Series C Preferred Shares during the 30-day conversion period expected to commence in February 2023. The earlier exchange of Series B for Series C Preferred Shares on the same terms and upon payment of the same conversion price merely brings forward the effect of this conversion. The remaining holders of Series B Preferred Shares will be able to convert their Series B Preferred Shares into Series C Preferred Shares with the same terms during the 30-day conversion period expected to commence in February 2023. Executing this transaction now has allowed us to retire the $5 million credit facility with a near-term maturity with minimal cash expense and also benefits the Company by helping to establish a quorum at our upcoming special meeting of shareholders without delay. The only item on the meeting’s agenda is to permit our Board of Directors to approve reverse stock splits when the Board deems it necessary, which may include a reverse stock split to enable the Company to maintain compliance with Nasdaq’s minimum bid price requirement, for which we previously received a notice of deficiency from Nasdaq. We are committed to maintaining our Nasdaq listing for the benefit of our shareholders and ensuring that the shareholders meeting does not need to be adjourned or postponed due to lack of a quorum is very important to the Company, especially given recent volatility in the markets.”
About the Company
Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of tanker vessels. The Company’s current fleet is employed on spot voyages, through pool arrangements and on time charters.
Supposedly a turnaround stock. With no more refineries being built that is the thesis.
Common Stock Equity -5,644
BCDO has negative capital
Energy is the hottest sector
Check out BDCO. I don't have it but people I follow do.
In the perfect world yes.
Lers see what they do
Thanks for the head's up!
I added more shares, on Monday a similar company IMPP will publish a good report and this will be a clue to what will happen in PSHG.IMPP with 10 ships trades at a value of 70 million and PSHG with a larger quarterly profit and 8 ships trades at only 16 million.
Need to break 32s.
Strong Buys early - some die hard chatter. I'd enjoy a 7% gain today
Dont these guys have to hold a 1 share to stay listed..? RS coming..?
Tops caught my attention. But no othe shipper moving
We believe our common shares are significantly undervalued, as our current market capitalization represents about 10% of our estimated net asset value.”
WOW
Performance Shipping Inc. Announces Agreement to Acquire Eighth Aframax Vessel
ATHENS, Greece, Sept. 30, 2022 (GLOBE NEWSWIRE) -- Performance Shipping Inc. (NASDAQ: PSHG), (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, today announced that it has signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to purchase the M/T Phoenix Beacon, a 105,525 dwt Aframax tanker vessel built in 2011 by Hyundai Heavy Industries Co., Ltd. - Ulsan, South Korea, from an unaffiliated third party for a gross purchase price of US$35 million. The M/T Phoenix Beacon is fitted with a ballast water treatment system (BWTS), and its next scheduled special survey is not due until 2026. The vessel is expected to be delivered to the Company by early December 2022 and will be renamed M/T P. Monterey.
The Company expects to finance the aforementioned acquisition with cash on hand and the incurrence of debt through a new senior secured facility that it anticipates it will enter into prior to the delivery of the vessel.
Commenting on the agreement, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:
“The acquisition of our latest Aframax tanker, M/T P. Monterey, marks yet another important milestone for our Company, as we have managed to grow our fleet from five to eight vessels in a short span of six months. We intend to fund this acquisition with bank debt of approximately US$30 million and the rest from available cash, still maintaining a modest overall level of financial leverage fleetwide. With the delivery of the two newly acquired Aframax tankers during the fourth quarter of 2022, our fleet will be well positioned to potentially generate significant cashflow moving forward. Given this, we believe our common shares are significantly undervalued, as our current market capitalization represents about 10% of our estimated net asset value.”
About the Company
Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of tanker vessels. The Company’s current fleet is employed on spot voyages, through pool arrangements and on time charters.
Warren Buffett explains the rationale behind issuing preferred stock
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PSHG has preferred shares also. There is a lot of financial engineering that goes
on in maritime shipping. I still have PSHG as my #1 choice. I believe that management is shareholder friendly otherwise I wouldn't like the stock.
Performance Shipping Inc. Announces The Final Results Of Its Offer To Exchange Up To 4,066,181 Common Shares For Shares Of Series B Convertible Cumulative Perpetual Preferred Stock
ATHENS, Greece, Feb. 04, 2022 (GLOBE NEWSWIRE) -- Performance Shipping Inc. (NASDAQ: PSHG), (the “Company”), a global shipping company specializing in the ownership of tanker vessels, announced today the final results of its previously announced offer to exchange up to 4,066,181 of its currently issued and outstanding common shares, par value $0.01 per share (the “Common Shares”), for newly issued shares of the Company’s Series B Convertible Cumulative Perpetual Preferred Stock, par value $0.01 and liquidation preference $25.00 (the “Series B Preferred Shares”) at a ratio of 0.28 Series B Preferred Shares for each Common Share (the “Exchange Offer”). The Exchange Offer expired at 5:00 p.m., New York City time, on Thursday, January 27, 2022, and the Company announced preliminary results of the Exchange Offer on January 28, 2022.
Based on the final count by Computershare Trust Company, N.A., the exchange agent for the Exchange Offer, a total of 2,834,612 Common Shares were validly tendered and accepted for exchange in the Exchange Offer, which will result in the issuance of 793,657 Series B Preferred Shares. Issuance of the Series B Preferred Shares for Common Shares will be made promptly.
If shareholders have any questions, please call the Company’s information agent, Georgeson LLC, by telephone, toll-free at (800) 676-0098.
About the Company
Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of Aframax tankers. The Company’s current fleet is employed on spot voyages, time charters, and through pool arrangements.
TOPS's preferred shares don't bother you? I prefer PSHG
Sailing, making deliveries.....
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My thoughts on 3 tiny maritime shipping stocks - ranking
1) PSHG I own, oil market is hot, undervalued, spot market, quicker return
2) GLBS Don't own, undervalued, coal+grain trade, should still have good earnings
3) TOPS Don't own, undervalued, new ships, on charters making it a longer term play
Welcome to maritime shipping!
Market is wound tight....
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Lynn had it right (she may have been a stock trader). lol
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No idea about the warrants. Don't have them.
Today above . 40 cents. How about the .45 warrants?
Money can be made in the shipping sector. This is where the small investor can get an edge. If not from capital appreciation then from dividends. Highly cyclical, highly volatile, a traders paradise indeed
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Here's a gift for you guys. GLBS, a small dry bulker. I can't buy because it would be a wash sale violation. I estimate a 3-4 bagger from here. It made a move last couple of days. Enjoy the rides up!
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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.”
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
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.
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:
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 | |
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