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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Performance Shipping Inc | NASDAQ:DCIX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.5997 | 0.552 | 0.5997 | 0 | 01:00:00 |
Dated: May 10, 2019
|
By:
|
/s/
Andreas Michalopoulos
|
Andreas
Michalopoulos
|
||
Chief Financial
Officer
|
Corporate Contact:
|
||
Ioannis Zafirakis
|
||
Director, Chief Strategy Officer and Secretary
|
||
Telephone: + 30-216-600-2400
|
||
Email:
izafirakis@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
|
* Total commission paid to third parties.
|
** In case of newly acquired vessel with time charter attached, this date refers to the expected/actual date of
delivery of the vessel to the Company.
|
*** Range of redelivery dates, with the actual date of redelivery being at the Charterers’ option, but subject to the
terms, conditions, and exceptions of the particular charterparty.
|
1 Vessel off hire from April 3, 2019 to April 5, 2019.
|
2 Based on the latest information.
|
Summary of Selected Financial & Other Data
|
||||||||
For the three months ended March 31,
|
||||||||
2019
|
2018
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars):
|
||||||||
Time charter revenues
|
$
|
5,469
|
$
|
7,991
|
||||
Voyage expenses
|
278
|
380
|
||||||
Vessel operating expenses
|
2,647
|
5,625
|
||||||
Net loss
|
(181
|
)
|
(3,945
|
)
|
||||
FLEET DATA
|
||||||||
Average number of vessels
|
4.0
|
10.5
|
||||||
Number of vessels
|
4.0
|
8.0
|
||||||
Ownership days
|
360
|
948
|
||||||
Available days
|
360
|
948
|
||||||
Operating days
|
356
|
854
|
||||||
Fleet utilization
|
98.9
|
%
|
90.1
|
%
|
||||
AVERAGE DAILY RESULTS
|
||||||||
Time charter equivalent (TCE) rate (1)
|
$
|
14,419
|
$
|
8,028
|
||||
Daily vessel operating expenses (2)
|
$
|
7,353
|
$
|
5,934
|
(1) |
Time charter equivalent rates, or TCE rates, are defined as our time charter revenues, net, 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 on time charters with daily earnings generated by vessels on voyage charters, because charter hire rates for vessels on
voyage charters are generally not expressed in per day amounts while charter hire rates for vessels on time charters are generally expressed in such amounts.
|
(2) |
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.
|
For the three months ended March 31,
|
||||||||
2019
|
2018
|
|||||||
REVENUES:
|
||||||||
Time charter revenues
|
$
|
5,469
|
$
|
7,991
|
||||
EXPENSES:
|
||||||||
Voyage expenses
|
278
|
380
|
||||||
Vessel operating expenses
|
2,647
|
5,625
|
||||||
Depreciation and amortization of deferred charges
|
866
|
1,825
|
||||||
General and administrative expenses
|
1,908
|
1,945
|
||||||
Gain on vessels' sale
|
-
|
(2,289
|
)
|
|||||
Foreign currency losses
|
5
|
8
|
||||||
Operating gain / (loss)
|
$
|
(235
|
)
|
$
|
497
|
|||
OTHER INCOME / (EXPENSES):
|
||||||||
Interest and finance costs
|
-
|
(4,457
|
)
|
|||||
Interest income
|
54
|
15
|
||||||
Total other income / (expenses), net
|
$
|
54
|
$
|
(4,442
|
)
|
|||
Net loss
|
$
|
(181
|
)
|
$
|
(3,945
|
)
|
||
Loss per common share, basic and diluted
|
$
|
(0.01
|
)
|
$
|
(0.67
|
)
|
||
Weighted average number of common shares, basic and diluted
|
18,423,674
|
5,927,964
|
||||||
For the three months ended March 31,
|
||||||||
2019
|
2018
|
|||||||
Net loss
|
$
|
(181
|
)
|
$
|
(3,945
|
)
|
||
Comprehensive loss
|
$
|
(181
|
)
|
$
|
(3,945
|
)
|
||
CONDENSED CONSOLIDATED BALANCE SHEET DATA
|
||||||||
(Expressed in thousands of US Dollars)
|
||||||||
March 31, 2019
|
December 31, 2018*
|
|||||||
ASSETS
|
(unaudited)
|
|||||||
Cash and cash equivalents
|
$
|
17,396
|
$
|
10,493
|
||||
Vessels, net
|
85,132
|
85,870
|
||||||
Other fixed assets, net
|
989
|
998
|
||||||
Other assets
|
2,942
|
2,725
|
||||||
Total assets
|
$
|
106,459
|
$
|
100,086
|
||||
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
||||||||
Other liabilities
|
$
|
2,706
|
$
|
4,510
|
||||
Total stockholders' equity
|
103,753
|
95,576
|
||||||
Total liabilities and stockholders' equity
|
$
|
106,459
|
$
|
100,086
|
OTHER FINANCIAL DATA
|
||||||||
For the three months ended March 31,
|
||||||||
2019
|
2018
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Net Cash provided by / (used in) Operating Activities
|
$
|
8
|
$
|
(21
|
)
|
|||
Net Cash provided by Investing Activities
|
443
|
30,606
|
||||||
Net Cash provided by / (used in) Financing Activities
|
6,452
|
(31,950
|
)
|
1 Year Performance Shipping Chart |
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