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Nice volume. Pump up the volume!
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Performance Shipping Inc. Announces Delivery of the Aframax Tanker Vessel “P. Sophia”
July 05 2022 - 09:16AM
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, through a separate wholly-owned subsidiary, it has taken delivery of the M/T P. Sophia (formerly “Maran Sagitta”), a 2009-built Aframax tanker of 105,071 dwt that the Company entered into an agreement to purchase in June 2022.
Commenting on the delivery, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:
“We are pleased to announce the delivery of the M/T P. Sophia, which increases our fleet to a total of six Aframax Tankers, all currently operating in the firm spot charter market. The addition of this high specification vessel, in excellent condition, having its special survey passed and ballast water treatment system installed, enhances the position of our Company to take advantage of the prevailing high charter rate environment within the crude oil tanker sector. Furthermore, we believe the acquisition price and prompt delivery will prove to be very advantageous to our Company as we anticipate that the tanker market is in the early stages of a prolonged recovery in charter rates and asset values. We remain focused on capturing the upside of the crude oil tanker market and generating strong cashflows.”
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 and through pool arrangements.
Performance Shipping Inc. Announces New Loan Facility With Piraeus Bank S.A. to Finance Acquisition of Sixth Aframax Tanker
July 01 2022 - 06:25AM
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 new amortizing term loan facility of up to approximately US$31.9 million with Piraeus Bank S.A. (the “Facility”) through two separate wholly-owned subsidiaries of the Company. Proceeds from the Facility will be used to refinance approximately US$7.3 million of the existing term loan facility with Piraeus Bank S.A. secured by the M/T P. Yanbu and to partially finance the previously-announced acquisition of the Company’s sixth Aframax tanker vessel, to be renamed M/T P. Sophia, through a second advance of up to approximately US$24.6 million.
The Facility shall bear interest at the rate of LIBOR plus a margin of 2.70% per annum. Based on the amount expected to be drawn down under both advances, the Facility will be repayable in twenty consecutive quarterly installments of US$0.8 million each, and a balloon installment of US$15.9 million payable concurrent with the twentieth quarterly installment. The Facility will be secured by, among other things, a guarantee of the Company and first priority mortgages over the M/T P. Yanbu and M/T P. Sophia.
Commenting on the Facility, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:
“We are very pleased to announce the entry into this new term loan facility with Piraeus Bank at attractive terms to complete funding for the acquisition of M/T P. Sophia. With the financing of the acquisition of our sixth Aframax tanker now secured, we are well-positioned to capitalize on the current favorable tanker charter market with spot charter rates for Aframax tankers quoted at approximately $28,000 and strong fundamentals going forward. We expect to take delivery of the M/T P. Sophia as early as next week and look forward to generating strong cashflows with our expanded fleet.”
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 and through pool arrangements.
Performance Shipping Inc. Announces Agreement to Acquire Sixth Aframax Tanker
June 21 2022 - 09:29AM
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 purchase a 105,071 dwt Aframax tanker, the M/T Maran Sagitta, to be renamed M/T P. Sophia, built in 2009 by Hyundai Heavy Industries Co., Ltd. - Ulsan, South Korea, from an unaffiliated third party for a gross purchase price of US$27,577,320. The vessel, which is expected to be delivered to the Company on or about July 5, 2022, is fitted with a ballast water treatment system (BWTS) and its next scheduled special survey and drydock is not due until 2024.
The Company expects to finance the acquisition cost with cash-on-hand raised from its recent equity offering and the incurrence of debt through a new senior secured facility that it anticipates it will enter into prior to delivery of the vessel.
Commenting on the agreement, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:
“We are pleased to announce the acquisition of our sixth Aframax tanker. The addition of the M/T P. Sophia, a vessel with high specifications and in very good condition, will further enhance our operating leverage as a pure tanker company. The prompt delivery of the vessel into a strong tanker charter market will immediately contribute positively to our cashflow from operations. We believe that the fundamentals of our sector are the strongest they have been in a very long time, which bodes well for continuing high charter rates in the foreseeable future.”
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 and through pool arrangements.
$ PSHG $$$: https://www.marketbeat.com/stocks/NASDAQ/PSHG/
Basically we break out on June 15th? lol
That price drop after the announcement was exhausting...
Performance Shipping Inc. Announces Pricing of $8.0 Million Underwritten Public Offering
May 27 2022 - 09:15AM
GlobeNewswire Inc.
Performance Shipping Inc. (NASDAQ: PSHG) (the “Company”), a global shipping company specializing in the ownership of tanker vessels, announced today the pricing of an underwritten public offering of 7,620,000 units at a price of $1.05 per unit. Each unit consists of one common share (or pre-funded warrant in lieu thereof) and one Class A warrant to purchase one common share, and will immediately separate upon issuance. The gross proceeds of the offering to the Company, before underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $8.0 million.
Each Class A warrant is immediately exercisable for one common share at an exercise price of $1.05 per share and will expire five years from issuance. The offering is expected to close on or about June 1, 2022, subject to customary closing conditions.
Maxim Group LLC is acting as sole book-running manager in connection with the offering.
The Company has granted the underwriter a 45-day option to purchase up to an additional 1,143,000 common shares and/or pre-funded warrants and/or 1,143,000 Class A warrants, at the public offering price less underwriting discounts and commissions.
The offering is being conducted pursuant to the Company's registration statement on Form F-1 (File No. 333-255100) previously filed with and subsequently declared effective by the Securities and Exchange Commission (“SEC”) on May 27, 2022. A final prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website at http://www.sec.gov. Copies of the final prospectus relating to this offering, when available, may be obtained from Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, NY 10022, at (212) 895-3745.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Performance Shipping Inc.
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 short-term time charters, spot voyages, and through pool arrangements.
Forward-Looking Statements
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include, but are not limited to, statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "pending," and similar expressions, terms or phrases may identify forward-looking statements.
The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.
In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies, fluctuations in currencies and interest rates, general market conditions, including fluctuations in charter hire rates and vessel values, changes in demand for our vessels, changes in the supply of vessels, changes in worldwide oil production and consumption and storage, changes in our operating expenses, including bunker prices, crew costs, dry-docking and insurance costs, our future operating or financial results, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, the length and severity of epidemics and pandemics, including the ongoing outbreak of the novel coronavirus (COVID-19) and its impact on the demand for seaborne transportation of petroleum and other types of products, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions or events, including the impact of war in Ukraine, the imposition of new international sanctions, “trade wars”, acts by terrorists or acts of piracy on ocean-going vessels, potential disruption of shipping routes due to accidents, labor disputes or political events, vessel breakdowns and instances of off-hires and other important factors. Please see our filings with the U.S. Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.
Corporate Contact:
Andreas Michalopoulos
Chief Executive Officer, Director and Secretary
Telephone: +30-216-600-2400
Email: amichalopoulos@pshipping.com
Website: www.pshipping.com
For Immediate Release
Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email: enebb@optonline.net
Reiterate my BV price target
My target is the book value
The 1 analysts offering 12-month price forecasts for Performance Shipping Inc have a median target of 493,920.00, with a high estimate of 493,920.00 and a low estimate of 493,920.00. The median estimate represents a +10,311,382.25% increase from the last price of 4.79.
Back in . Gap filled
More updates coming .
PSHG
* * $PSHG Video Chart 11-11-2020 * *
Link to Video - click here to watch the technical chart video
NO PROBLEM. I'M LOOKING FOR OVER 200% ALL DAY LONG
This ticker is going nowhere. The OS turned over 3xs and heading down? The company is dumping some serious shares.
Got out at 8.30
Watching possible re entey.
More news coming in 4 days to prop up
Glty
FLOAT ALL BOUGHT UP. TIME FOR THE MONEYDOUBLING TO START. PSHG.
PSHG ALL DAY TODAY. APVO TOO. AHT.
Imo
Buying another ship
Possible merger with sister dianna company
Profitable q once again
Nasdaq pressure to be over 1
Accumulation last week is insane.
Whole float lock up imo.
Loaded heavier than their ships at these levels
I would not hold my breath if I were you. I used to trade these Greek cargo and oil shipping companies in the past, but anything can happen in this market. I hope it does move for you guys. The company is not releasing any positive news to help with their share price.stocks need positive news to move a head. Performance Shipping is sitting on their girl we hands.
Never! Never! Ever! Trust these Greek cargo and oil shipping companies most of them are scams Performance Shipping and Tops are the biggest SCAM of all. Do the research people before buying any Greek stocks. hi
Dcix turned into PSHG yes
3rd profitable art coming up.
Most legit undervalued shipper out there.
Going higher here
I made my money Monday's pump and dump. I am sorry for any body whom bend on to PSHG. Remember this company
name use to be Diana Containers shipping change last year to "Performance Shipp" The company is still a jack legged scamming company with its Rittenhouse good children involved in this scam with their dads.
Pshg must be over a dollar to comply with Nasdaq. No brainer here
Over 75k shares now. $$$
This will be at 3 bucks by end of year. Mark it
Heavy accumulation. This is held very tight
Might even pull an old school DRYS run to the moon
Merger very possible with sister company imo
* * $PSHG Video Chart 10-12-2020 * *
Link to Video - click here to watch the technical chart video
Accumulating Volume, WAY over average volume and investor just announced 47% ownership..
An article goes out " Sell " Don't follow the rally.. a nice way to bump your ownership from 47% to over 50% I wish I could influence a stock as such to get a cheaper price..
See you above a dollar with our +50% ownership investor.
PSHG from DCIX
Will have a great run . It's been under and undervalued for 3 years now.
Its time
Shippers have a history of running, hope to catch this one!
Going to be fun Ride. BOUT TIME !!
46.7% STAKE OF PSHG TAKEN BY INVESTORS. THIN ASK TO $6.
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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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