Replies to post #313 on Performance Shipping Inc (PSHG)

[S-BEES-BUMBLEBEE]

Here's your new ship, mate! That's happened Dec 2022:

15.12.2022

Performance Shipping Inc. Announces Delivery of the LR2 Aframax Tanker, M/T P. Long Beach

ATHENS, Greece, December 15, 2022 - 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. Long Beach (formerly “Fos Hamilton”), a 2013-built LR2 Aframax oil product tanker vessel of 105,408 dwt that the Company entered into an agreement to purchase in November 2022.

As previously announced, the M/T P. Long Beach was acquired for a total purchase price of US$43.75 million and partially financed through the recently announced term loan facility with Alpha Bank S.A.

The M/T P. Long Beach is equipped with an eco-electronic engine and fitted with a ballast water treatment system (BWTS). The vessel is the fourth vessel delivered to the Company during the course of this year, bringing the Company’s current fleet to a total of eight (8) Aframax tanker vessels.

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

“The delivery of our second LR2 Aframax tanker, the M/T P. Long Beach, marks the completion of our previously announced vessel acquisitions and demonstrates the latest step towards our fleet expansion goal. In a short span of six months, our fleet has nearly doubled in size and now consists of eight modern, high specification Aframax tankers. With our two newly acquired LR2 Aframax tankers, we have established a solid position in the refined petroleum product sector, which we believe currently enjoys strong fundamentals and prospects. In addition to our secured revenues of approximately US$85 million, we intend to enhance the earnings of our expanded and renewed fleet in the spot market, mainly through pool agreements, allowing us to further supplement our cash flow going forward.”

“Despite our efforts to increase the Company's earnings potential, and what we believe to be sustainably strong fundamental conditions in the charter market, the market valuation of our common shares remains extremely low. Specifically, we reported net income attributable to common stockholders of US$10.4 million during the third quarter alone, which, if annualized and compared to our current equity market capitalization, would represent a price-to-earnings ratio of approximately 0.35x. In addition, the free cash balance at the end of the third quarter was approximately US$26 million representing approximately 1.78x our current market capitalization, which is only about 10% of our current estimated net asset value.”

https://pshipping.com/news/news-performance-shipping-inc-announces-delivery-of-the-lr2-aframax-tanker-m-t-p-long-beach

[S-BEES-BUMBLEBEE]

1st (Monterey) of 2 ships delivered in Dec 2022:


05.12.2022

Performance Shipping Inc. Announces Delivery of the Aframax Tanker, M/T P. Monterey

ATHENS, Greece, December 5, 2022 - 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. Monterey (formerly “Phoenix Beacon”), a 2011-built Aframax tanker vessel of 105,525 dwt that the Company entered into an agreement to purchase in September 2022.

As previously announced, the M/T P. Monterey was acquired for a total purchase price of US$35 million and partially financed through the recently announced term loan facility with Piraeus Bank S.A. Following the delivery, as previously disclosed, the vessel will commence a time charter contract with ST Shipping & Transport Pte Ltd., a wholly-owned subsidiary of Glencore, at a daily rate of US$32,000 per day for a period of twenty-four (24) months +/- 45 days at the option of the charterer.

The M/T P. Monterey is equipped with a ballast water treatment system (BWTS), and its next scheduled special survey is not due until 2026. The vessel is the third vessel delivered to the Company during the course of this year.

The Company’s fleet currently consists of seven (7) Aframax tanker vessels and one (1) Aframax tanker vessel expected to be delivered within December.

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

“The acquisition of the M/T P. Monterey marks another important milestone for our Company. In the short span of six months and following the delivery of our most recent acquisition later this month, the M/T P. Long Beach, our initial five-vessel fleet will have nearly doubled in size and will consist of eight modern, high specification Aframax tankers. As previously announced, the employment of the M/T P. Monterey will generate approximately US$22 million of gross revenue for the minimum duration of the charter, thereby contributing to our fleet-wide base of secured revenues of approximately US$85 million. We expect to further supplement this steady cashflow through the operation of our remaining tankers in the spot market, which we believe demonstrates sustainably strong fundamental conditions, as voyage charter rates for Aframax tankers are currently at historically high levels.”

https://pshipping.com/news/news-performance-shipping-inc-announces-delivery-of-the-aframax-tanker-m-t-p-monterey

[S-BEES-BUMBLEBEE]

In November 2022 $PSHG bought a ship (Aliki) also:


10.11.2022

Performance Shipping Inc. Announces Delivery of the LR2 Aframax Oil Product Tanker, M/T P. Aliki

ATHENS, Greece, November 10, 2022 - 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.”







Performance Shipping grows fleet to seven with its first product tanker buy

Nasdaq-listed Greek owner Performance Shipping has acquired its first product tanker, sealing a deal to buy 2010-built (HHI) LR2 aframax oil product tanker Alpine Amalia from Singapore’s ST Shipping.

Performance Shipping is paying $36.5m for the vessel, which is fitted with a ballast water treatment system and a scrubber. The ship will be renamed P. Aliki after delivery, which is scheduled for November 2022.

Andreas Michalopoulos, CEO of Performance Shipping, commented: “The acquisition of our seventh vessel, a long-range aframax oil product tanker referred to as an LR2, marks yet another significant milestone for our company. It marks our entry into the refined petroleum product tanker sector, which we believe enjoys strong fundamentals and prospects. Spot charter rates for LR2 tankers are currently averaging in excess of $40,000 per day and we expect to trade the vessel, following its delivery to us, in the spot market.”

Performance Shipping, formerly Diana Containerships, started the transition from boxship owner to aframax specialist in 2019, and this latest addition takes its fleet to seven tankers.

https://splash247.com/performance-shipping-takes-fleet-to-seven-with-its-first-product-tanker-buy/