TRADER99
2 months ago
CASH balance end year 2023 was $68.3 million and $109 million in revenue . Not too shabby but this play needs volume for sure.
Our cash balance at the end of 2023 was approximately $68.3 million, reflecting a 72% increase from the 2022 year-end cash balance.
“As previously announced, in August 2023, the Company’s board of directors approved a $2 million share buyback program. Pursuant to this initiative, we repurchased 293,767 shares of common stock during the fourth quarter of 2023, totaling approximately $0.7 million. We firmly believe that this program is in the best interests of both our Company and our shareholders, and we intend to continue our share buybacks, depending on prevailing market conditions.
“Our impressive revenue generation of approximately $109 million during the last fiscal year is indicative of our ability to capitalize on the firm freight rate environment through the efficient operation of our fleet.
TRADER99
2 months ago
Yes. $3.00/share, March 28th deadline
"shareAmendment No.4 to the Schedule 13D filed by the Offeror, Maryport Navigation Corp. and Mr. George Economou on August 25, 2023 (and amended on August 31, 2023.) "
"Unless the Offer is extended by the Offeror, the Offer and withdrawal rights thereunder will expire at 11:59 p.m., New York City Time, on March 28, 2024."
TRADER99
3 months ago
SC-13G/A filed this morning. Heavy hitter here.
"As of the close of business on December 31, 2023, each of the Reporting Persons may have been deemed to have beneficial ownership of 472,800 shares of Common Stock, which consisted of (i) 23,134 shares of Common Stock issuable upon exercise of a warrant held by Intracoastal (“Intracoastal Warrant 1”), (ii) 73,333 shares of Common Stock issuable upon exercise of a second warrant held by Intracoastal (“Intracoastal Warrant 2”), (iii) 193,333 shares of Common Stock issuable upon exercise of a third warrant held by Intracoastal (“Intracoastal Warrant 3”) and (iv) 183,000 shares of Common Stock issuable upon exercise of a fourth warrant held by Intracoastal (“Intracoastal Warrant 4”), and all such shares of Common Stock in the aggregate represent beneficial ownership of approximately 3.9% of the Common Stock, based on (1) 11,734,683 shares of Common Stock"
surfer44
4 months ago
I received this today. I haven't reviewed the offering yet.
Review your notification or voluntary corporate action.
You have an important notification or voluntary corporate action for one or more securities in your account ending in #####824. Please take a moment to read the full message for any actions you may need to take.
Step 1: Review information about your offering. If this area is blank, continue to Step 2.
Offer Type: A SUPPLEMENTAL NOTICE
Security Description: PERFORMANCE SHIPPING INC
CUSIP#: Y67305154
Quantity: ###########
Offer Expires: March 28, 2024 11:59 PM ET
Reply By: March 26, 2024 11:59 PM ET
Step 2: Click below to read your notification(s) or offering material(s).
• Offer
Step 3: Remember these things.
• You may receive a separate notification from us, which provides additional information about your participation options and the response deadline.
• Keep timing in mind: Our deadline to respond will come before the expiration date as we need time to process your request.
• There may be limited circumstances where our separate notification directs you or your advisor (if applicable) to respond to someone other than Schwab.
• If you have questions about the materials, please contact the company or agent(s) directly using the contact information included in the offering materials (if applicable).
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• We encourage you to monitor market conditions, prices, and events surrounding all securities involved in the event.
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If you have any questions about this notification, please call us at 1-800-435-4000. If you’re calling us from outside the U.S., please call us at +1-415-667-7870.
surfer44
4 months ago
Performance Shipping Inc. Secures Two Year Time Charter Contract With Oil Major at US$37,200 Per Day
December 21 2023 - 09:28AM
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 entered into a time charter contract with Marathon Maritime Company (the “Charterer”), a wholly-owned subsidiary of Marathon Petroleum Corporation (NYSE: MPC), for the M/T P. Long Beach. The gross charter rate will be US$37,200 per day for a period of twenty-four (24) months +/- 40 days at the option of the Charterer and is expected to commence at the end of December. This charter will generate approximately US$25.7 million of gross revenue for the minimum duration of the charter. The M/T P. Long Beach is a 105,408 dwt Aframax tanker vessel built in 2013 by Hyundai Heavy Industries Co., Ltd.
Commenting on this charter, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:
“We are very pleased to announce this new time charter contract for our Aframax tanker, M/T P. Long Beach. This charter not only showcases our ability to secure highly lucrative charters but also reflects our solid business reputation through our newly established relationships with top-tier and creditworthy counterparties, such as Marathon Petroleum.
“Together with this charter, over half of our current fleet will be under time charter contracts, earning gross charter rates ranging from US$23,000 to US$37,200 per day. This brings our secured revenue backlog to approximately US$54 million, based on the minimum duration of each charter. We expect to further enhance our current profitability by capitalizing on the firm freight rate environment through the operation of our remaining tankers under pool arrangements. This significant steady cashflow will further reinforce our market position and support our fleet expansion and renewal strategy, while providing partial funding of our capital expenditures related to our shipbuilding contracts for the purchase of three newbuild LNG-ready LR2 Aframax tankers, expected to be delivered in 2025 and 2026.”
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.
surfer44
4 months ago
Performance Shipping Inc. Signs Shipbuilding Contracts for the Construction of 2 Newbuilding LNG-Ready Scrubber Fitted Tier III LR2 Tankers
December 20 2023 - 09:28AM
Performance Shipping Inc. (NASDAQ: PSHG), (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, today announced that, through two separate wholly-owned subsidiaries, it has signed two shipbuilding contracts with China Shipbuilding Trading Co. Ltd. (“CSTC”) and Shanghai Waigaoqiao Shipbuilding Co. Ltd. (“SWS”) for the construction of two 114,000 DWT LNG-ready LR2 Aframax product/crude oil tanker vessels expected to be delivered in January and April of 2026, at a purchase price of US$64,845,000 per vessel, net of third-party commission. 15% of the purchase price is payable upon receipt of a refund guarantee; 10% of the purchase price is payable at each of the milestones of steel cutting, keel laying, and launching of the vessels, and the remaining 55% of the purchase price is payable upon the delivery of the vessels.
The vessels will be equipped with electronic main engines with high-pressure selective catalytic reactors (HPSCR) for Tier III (NOx Emissions) compliance, exhaust gas cleaning systems (EGCS – commonly referred to as scrubbers) for Tier II (NOx Emissions) compliance, and ballast water treatment systems (BWTS).
Commenting on the contracts, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:
“These shipbuilding contracts supplement the previous contract we entered into with SWS in March 2023 for a Tier III product/crude oil carrier scheduled for delivery around October 2025. The construction of these LNG-ready LR2 oil tankers, equipped with the latest high-specification engines and meeting stringent emission requirements, along with scrubbers and water ballast treatment systems, will take place at the largest and most reputable state-owned shipyard in China. Following the sale of our oldest, 2007 built, Aframax tankers, M/T P. Fos in October 2022 and M/T P. Kikuma in November 2023, the Company is now poised to take delivery of three identical “sister” vessels in late 2025 through early 2026. These sales and acquisitions constitute our core fleet expansion and renewal strategy. We believe that tanker fleet growth will reach historical lows in the coming years and maintaining a modern fleet among an aging global fleet during periods of high seaborne trade demand will result in sustainably strong fundamentals and higher asset values.”
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.
surfer44
4 months ago
Performance Shipping Inc. Announces Full Prepayment of Piraeus Bank S.A. Loans and Significant Reduction of Finance Costs
December 18 2023 - 09:27AM
Performance Shipping Inc. (NASDAQ: PSHG), (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, today announces the voluntary prepayment in full of its existing loans with Piraeus Bank S.A., (the “Piraeus Loans”). The voluntary prepayment amounts to approximately US$44.8 million. The Piraeus loans were secured by the M/T P. Monterey, M/T P. Yanbu and M/T P. Sophia. Following the full prepayment of the Piraeus Loans, the Company’s total outstanding debt will be approximately US$55.2 million, and three out of the seven vessels comprising the Company’s current fleet will be completely unencumbered.
Commenting on this prepayment, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:
“Following the recent strategic sale of the M/T P. Kikuma, we deployed our excess liquidity to prepay the Piraeus Loan, decreasing the Company's indebtedness by approximately 44%, significantly reducing future interest rate costs, and enhancing our financial performance. Indicatively, the prepayment will result in negative net leverage of approximately -3% of our estimated fleet market value, savings of US$5.3 million per annum in principal loan repayments, and a reduction of our expected 2024 finance costs by approximately US$3.7 million or approximately 50%. We expect to continue generating significant free cashflow with the crude oil and refined petroleum product tanker markets remaining strong, further strengthening our balance sheet and, with three unencumbered vessels in our fleet, enhancing our ability to pursue growth opportunities. We believe that the efficient use of our excess cash towards the deleveraging of our Company, as well as the continuation of our preapproved US$2 million share buyback program, enhances shareholder value.”
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.
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