$PSHG >>> Huge news out! 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

Performance Shipping Inc.
Thu, July 27, 2023 at 3:28 PM GMT+2

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

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

Performance Shipping Inc.
Thu, July 27, 2023 at 3:28 PM GMT+2

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

$SFR >>> Institutional Owners rose to 76(!) total (76 long only, 0 short only, 0 long/short)
Institutional Shares (Long): 13,408,953 - 78.61%(!) (ex 13D/G)
Institutional Value (Long) $7,338,000 USD
Link: https://fintel.io/so/us/sfr

$SFR >>> Institutional Owners rose to 76(!) total (76 long only, 0 short only, 0 long/short)
Institutional Shares (Long): 13,408,953 - 78.61%(!) (ex 13D/G)
Institutional Value (Long) $7,338,000 USD
Link: https://fintel.io/so/us/sfr

Correction: Institutional Owners even rose to 76(!)
$SFR >>> Institutional Shares (Long): 13,408,953 - 78.61% (ex 13D/G)
Link: https://fintel.io/so/us/sfr

$PSHG @MANAGEMENT: MORE BUYBACKS PLEASE!! $$$$$$$$$$$$$$ #GEM

Institutional Owners increased to: 75(!) total (75 long only, 0 short only, 0 long/short)
Institutional Shares (Long): 13,408,953 - 78.61% (ex 13D/G) - change of shares
Institutional Value (Long): $ 7,338,000 USD
Link: https://fintel.io/so/us/sfr

$SFR ~ Appreciate Holdings Inc - Class A (US:SFR) has 71 institutional owners and shareholders that have filed 13D/G or 13F forms with the Securities Exchange Commission (SEC). These institutions hold a total of 13,259,869 shares. Largest shareholders include Polar Asset Management Partners Inc., Cohen & Co Financial Management, LLC, Meteora Capital, LLC, Citadel Advisors Llc, Sandia Investment Management LP, Aristeia Capital Llc, Cantor Fitzgerald, L. P., Ubs Oconnor Llc, Diametric Capital, LP and Radcliffe Capital Management, L.P.
Link: https://fintel.io/so/us/sfr

$PSHG >>> The recommendation is to "STAY LONG". Holding my stake long & strong 4sure. Adding more here & there while PPS is such low. Ready to load big but try to get small amounts as cheap as algos allow. I plan to add up to a 6 digit stake here so I'd be very grateful if we cud see a dip. Gonna hit the ask shortly cuz bids not getting filled recently. Sellers done already? Algos switching to buy-mode ? 2023 will be the year of dirty oil vessels. A micro free float will be left after 1st buyback program is completed. More buybacks coming as of filings if ya read between the lines. Also juicy dividends on the way per my DD. DYOR. GLTYA. *NFA

https://www.americanbulls.com/SignalPage.aspx?lang=en&Ticker=SFR

Soon she's gonna move up faster, much faster!

$SFR > Our system’s recommendation today is to BUY. The BULLISH MORNING STAR pattern finally received a confirmation because the prices crossed above the confirmation level which was at 0.3090, and our valid average buying price stands now at 0.3165. The previous SELL signal was issued on 06/30/2023, 14 days ago, when the stock price was 0.3922. Since then $SFR has fallen by -19.30%.
We may be at a market bottom or at the start of a reaction rally. Let’s jump on our white horses and go for a bullish ride. Today’s candlestick has a white body and its close is above the confirmation level. The bullish pattern that was previously identified is finally confirmed and a BUY signal is generated. Most probably, it is the right time to participate in bullish fervor. The market is telling you about a new profit. Do not miss this bullish opportunity.
This is a three-candlestick pattern signaling a major bottom reversal. It is composed of a black candlestick followed by a short candlestick, which characteristically gaps down to form a Star. Then we have a third white candlestick whose closing is well into the first session’s black body. This is a meaningful bottom pattern.

BULLISH MORNING STAR:
https://www.candlesticker.com/Pattern.aspx?lang=en&Pattern=3101

$SFR > Our system’s recommendation today is to BUY. The BULLISH MORNING STAR pattern finally received a confirmation because the prices crossed above the confirmation level which was at 0.3090, and our valid average buying price stands now at 0.3165. The previous SELL signal was issued on 06/30/2023, 14 days ago, when the stock price was 0.3922. Since then $SFR has fallen by -19.30%.
We may be at a market bottom or at the start of a reaction rally. Let’s jump on our white horses and go for a bullish ride. Today’s candlestick has a white body and its close is above the confirmation level. The bullish pattern that was previously identified is finally confirmed and a BUY signal is generated. Most probably, it is the right time to participate in bullish fervor. The market is telling you about a new profit. Do not miss this bullish opportunity.
This is a three-candlestick pattern signaling a major bottom reversal. It is composed of a black candlestick followed by a short candlestick, which characteristically gaps down to form a Star. Then we have a third white candlestick whose closing is well into the first session’s black body. This is a meaningful bottom pattern.

BULLISH MORNING STAR:
https://www.candlesticker.com/Pattern.aspx?lang=en&Pattern=3101

Analysts have set a mean price target of $3.57. This target is 1,055.34% above the current price.
$SFR was analyzed by 5 analysts. The buy percentage consensus is at 80.
(1x strong buy, 3x buy, 1x hold)
> Link to Analyst ratings (click here!) <
-------------------------------------------------------------------------------------------

Institutional Owners: 71(!) total (71 long only) >>> WOW!!!
Institutional Shares (Long): 13,259,869 - 77.74% (ex 13D/G)
Institutional Value (Long): $ 4,109,233 USD (@$.3099)
Shares Outstanding: 17,056,687(!?)
>>> https://fintel.io/so/us/sfr <<<
https://www.otcmarkets.com/stock/SFR/disclosure
$$$$$$$$SFR$$$$$$$$

$PSHG >>> Institutional Ownership and Shareholders

Performance Shipping Inc (US:PSHG) has 5 institutional owners and shareholders that have filed 13D/G or 13F forms with the Securities Exchange Commission (SEC).

Performance Shipping Inc (NASDAQ:PSHG) institutional ownership structure shows current positions in the company by institutions and funds, as well as latest changes in position size. Major shareholders can include individual investors, mutual funds, hedge funds, or institutions. The Schedule 13D indicates that the investor holds (or held) more than 5% of the company and intends (or intended) to actively pursue a change in business strategy. Schedule 13G indicates a passive investment of over 5%.

$TOPS >>> Our system’s recommendation today is to STAY LONG. The previous BUY signal was issued on 07/03/2023, 10 days ago, when the stock price was 0.5940. Since then $TOPS has risen by +17.85%.
You may relax since our STAY LONG position is secure. The share price is above the confirmation level, and we still have the scope to let the profits run. The market action does not cast a serious doubt on the wisdom of going long.
Link: https://www.americanbulls.com/SignalPage.aspx?lang=en&Ticker=TOPS

$SFR >>> CTB jumped to massive 414.27% & almost no shares left to borrow!! #SQUEEZE

$SFR >>> Borrow fee jumped to massive 414.27% & almost no shares left to borrow!! #SQUEEZE

$SFR Projected Stock Price
$3.57 (+1,090.00%)
Estimated share price by July 6, 2024.
< https://fintel.io/sfo/us/sfr >

Institutionals currently hold a whopping 13,301,614 shares or 77.98% of $SFR per Fintel.
< https://fintel.io/so/us/sfr >

$SBES ~ South Beach Spirits Inc (CE)
@0.0004 +0.0002 (+100.00%)
Volume: 4,000,000
Day Range: 0.0004 - 0.0004
Last Trade Time: 9:43:02 AM EDT

Are you living in the future? "Over a year old." LOL

2022/08/31 > 2023/08/31

Several nice breakouts so far, the real one is still imminent imo. Time to re-load the boat heavily? $SFR

Charts looking primed! It's like buying $10 bills for only 3 lousy Dimes.

Reminder: SPAC happened Nov. 2022 ~ IPO @$10/share.

Btw newly issued warrants @$11.50!

https://www.otcmarkets.com/filing/html?id=16778045&guid=WVD-kKnxA_JmB3h

GLTYA! DYOR. *NFA

Several nice breakouts so far, the real one is still imminent imo. Time to re-load the boat heavily? $SFR

Charts looking primed! It's like buying $10 bills for only 3 lousy Dimes.

Reminder: SPAC happened Nov. 2022 ~ IPO @$10/share.

Warrants @$11.50!

GLTYA! DYOR. *NFA

Wrong again. Sorry. Stop it, please!

PSHG ~ Performance Shipping Inc.
@0.8466
+0.0164 (+1.98%)
Volume: 79,610
Day Range: 0.815 - 0.847
Last Trade Time: 7:40:48 PM EDT

It'll get very interesting now in terms of PPS improvement imo. $TOPS & $PSHG

Agreed, bro. Shippers' performances cud see speed-boat mode shortly. $PSHG

Looks to me that a massive (naked) short position must be covered here shortly. #divi #spinoff $TOPS

180d-Chart ~ Watch Acc./Dist.-Ind.:

Insane! Not many can own such a huge stake here. Float-lock followed by monster squeeze upcoming?

$1.50? Are ya kidding? More like $15++ imho. $TOPS

$TOPS cud do a $TOP move....

Compare:

$TOP 1Y-Chart:



$TOP Financials: https://www.otcmarkets.com/stock/TOP/financials

$TOP S/S: https://www.otcmarkets.com/stock/TOP/security

$TOPS S/S: https://www.otcmarkets.com/stock/TOPS/security

$TOPS Financials: https://www.otcmarkets.com/stock/TOPS/financials

$TOPS 1Y-Chart:

It's coming, bro. Fasten your seat-belts, please! $PSHG

Which one? $PSHG has got the BEST P/E-RATIO of ALL NASDAQ stocks!

$PSHG (@$.81) >>> Charts looking ready to go.... $$$$$$$$$$$$$

WOWZA!!! $SBES

$PSHG $$$$$$$ "Where have all the flowers gone...!?" $$$$$$$

Smart & agreed, bro.

$PSHG has got the BEST P/E-RATIO of ALL NASDAQ stocks per my DD! (0.1X!)

I love it! Time to marry her? LOL

$PSHG about to breakout HARD imo. Mark my words, please.