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Replies to post #134 on Performance Shipping Inc (PSHG)
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.
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.
