We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Performance Shipping Inc | NASDAQ:PSHG | 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% | 2.17 | 2.17 | 2.30 | 0 | 09:47:55 |
Dated: November 16, 2020
|
By:
|
/s/ Anthony Argyropoulos
|
Anthony Argyropoulos
|
||
Chief Financial Officer
|
Corporate Contact:
|
|
Andreas Michalopoulos
|
|
Chief Executive Officer, Director and Secretary
|
|
Telephone: + 30-216-600-2400
|
|
Email: amichalopoulos@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
|
|
• |
Delivery of the last containership M/V Domingo to her new owners in August 2020;
|
|
• |
Appointment of Andreas Michalopoulos as Chief Executive Officer and Anthony Argyropoulos as Chief Financial Officer in October 2020;
|
|
• |
Initiation of new variable quarterly dividend policy and declaration of $0.01 dividend per share to all shareholders in October 2020;
|
|
• |
Introduction of new business strategy and posting of the relevant presentation on the Company’s website in October 2020;
|
|
• |
Effectiveness of one-for-ten reverse stock split to comply with NASDAQ’s minimum price rule in November 2020;
|
|
• |
Acceptance of signed Offer Letter of up to $31.5 million from Piraeus Bank S.A. in November 2020, for the partial refinancing of the existing Nordea loan and additional
financing for a fifth Aframax Tanker;
|
|
• |
Acquisition of 2011-built Aframax Tanker for $22.0 million in November 2020.
|
|
• |
Fleet supply was 634.1 million dwt, up 0.8% from 629.0 million dwt from the previous quarter, and up 4.0% from Q3 2019 levels of 609.9 million dwt.
|
|
• |
Demand, however, is estimated to have contracted by 14.5% from the previous quarter but remains up 1.3% from Q3 2019 levels.
|
|
• |
Fleet utilization was estimated at 79.9%, down from 94.4% from the previous quarter and down from Q3 2019 levels of 81.9%.
|
|
• |
Newbuilding contracting at 4.2 million dwt resulted in a further reduction of the orderbook to 8.0% of the fleet, the lowest level since 1996.
|
|
• |
Daily spot charter rates for Aframax Tankers averaged $8,698, down 73.3% from the previous quarter average of $32,624 and down 41.0% from Q3 2019 average of $14,748.
|
|
• |
The value of a 10-year-old Aframax tanker ended the quarter at $23 million, down 11.5% from the previous quarter assessed value of $26 million, and down 2.1% from Q3 2019
assessed value of $23.5 million.
|
|
• |
Tankers used for floating storage was 307 (50.7 million dwt), down 15.4% from 363 (53.2 million dwt) from the previous quarter and up 270.0% from Q3 2019 levels of 83 (19.9
million dwt).
|
|
• |
Global oil consumption was 94.1 million bpd, up 10.2% from the previous quarter level of 85.4 million bpd, and down 8.1% from Q3 2019 levels of 102.4 million bpd.
|
|
• |
Global oil production was 91.1 million bpd, down 1.6% from the previous quarter level of 92.5 million bpd and down 9.0% from Q3 2019 levels of 100.1 million bpd.
|
|
• |
OECD commercial inventories were 3,169.3 million barrels, down 0.1% from the previous quarter level of 3,173.1 million barrels, and up 7.6% from Q3 2019 levels of 2,946.3
million barrels.
|
Summary of Selected Financial & Other Data
|
||||||||||||||||
For the three months ended
September 30,
|
For the nine months ended
September 30,
|
|||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|||||||||||||
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars):
|
||||||||||||||||
Voyage and time charter revenues
|
$
|
9,543
|
$
|
6,250
|
$
|
39,078
|
$
|
16,266
|
||||||||
Voyage expenses
|
2,843
|
761
|
11,311
|
1,363
|
||||||||||||
Vessel operating expenses
|
2,814
|
2,886
|
9,133
|
8,716
|
||||||||||||
Net income / (loss)
|
389
|
(18,082
|
)
|
6,325
|
(19,829
|
)
|
||||||||||
Net income / (loss) attributable to common stockholders
|
389
|
(18,082
|
)
|
7,825
|
(19,829
|
)
|
||||||||||
Earnings / (Loss) per common share, basic
|
0.08
|
(5.58
|
)
|
1.62
|
(7.83
|
)
|
||||||||||
Earnings / (Loss) per common share, diluted
|
0.08
|
(5.58
|
)
|
1.59
|
(7.83
|
)
|
||||||||||
FLEET DATA
|
||||||||||||||||
Average number of vessels
|
4.6
|
4.6
|
4.8
|
4.2
|
||||||||||||
Number of vessels
|
4.0
|
5.0
|
4.0
|
5.0
|
||||||||||||
Ownership days
|
419
|
425
|
1,304
|
1,149
|
||||||||||||
Available days
|
419
|
425
|
1,304
|
1,149
|
||||||||||||
Operating days, excluding ballast leg (1)
|
329
|
375
|
1,004
|
1,071
|
||||||||||||
Operating days, including ballast leg (2)
|
393
|
389
|
1,194
|
1,085
|
||||||||||||
Fleet utilization, excluding ballast leg
|
78.5
|
%
|
88.2
|
%
|
77.0
|
%
|
93.2
|
%
|
||||||||
Fleet utilization, including ballast leg
|
93.8
|
%
|
91.5
|
%
|
91.6
|
%
|
94.4
|
%
|
||||||||
AVERAGE DAILY RESULTS
|
||||||||||||||||
Time charter equivalent (TCE) rate (3)
|
$
|
15,990
|
$
|
12,915
|
$
|
21,294
|
$
|
12,970
|
||||||||
Daily vessel operating expenses (4)
|
$
|
6,716
|
$
|
6,791
|
$
|
7,004
|
$
|
7,586
|
(1) |
Operating days, excluding ballast leg, are the number of available days in a period less the aggregate number of days that our vessels are off-hire. The specific calculation
counts the ballast leg of spot voyages as off-hire days, even if a charter party exists, so as to be in line with the accounting guidelines of ASC 606 for the revenue recognition (“loading” to “discharging” accounting). The shipping
industry uses operating days to measure the aggregate number of days in a period during which vessels actually generate revenues.
|
(2) |
Operating days, including ballast leg, are the number of available days in a period less the aggregate number of days that our vessels are off-hire. The specific calculation
does not count as off-hire the days of the ballast leg of the spot voyages, as long as a charter party is in place. The shipping industry uses operating days to measure the aggregate number of days in a period during which vessels actually
generate revenues.
|
(3) |
Time charter equivalent rates, or TCE rates, are defined as our voyage and time charter revenues, 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 despite changes in the mix of charter types (i.e., voyage (spot) charters, time charters and bareboat charters).
|
(4) |
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.
|
PERFORMANCE SHIPPING INC.
|
||||||||||||||||
FINANCIAL TABLES
|
||||||||||||||||
Expressed in thousands of U.S. Dollars, except for share and per share data
|
||||||||||||||||
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS
|
||||||||||||||||
For the three months ended
September 30,
|
For the nine months ended
September 30,
|
|||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
REVENUES:
|
||||||||||||||||
Voyage and time charter revenues
|
$
|
9,543
|
$
|
6,250
|
$
|
39,078
|
$
|
16,266
|
||||||||
EXPENSES:
|
||||||||||||||||
Voyage expenses
|
2,843
|
761
|
11,311
|
1,363
|
||||||||||||
Vessel operating expenses
|
2,814
|
2,886
|
9,133
|
8,716
|
||||||||||||
Depreciation and amortization of deferred charges
|
1,588
|
1,053
|
4,267
|
2,793
|
||||||||||||
Management fees
|
76
|
47
|
347
|
47
|
||||||||||||
General and administrative expenses
|
1,721
|
1,966
|
6,127
|
5,430
|
||||||||||||
Impairment losses
|
-
|
17,434
|
339
|
17,694
|
||||||||||||
Gain on vessel's sale
|
(345
|
)
|
-
|
(319
|
)
|
-
|
||||||||||
Provision for doubtful receivables
|
21
|
-
|
152
|
-
|
||||||||||||
Foreign currency (gains) / losses
|
16
|
(22
|
)
|
24
|
(17
|
)
|
||||||||||
Operating income / (loss)
|
$
|
809
|
$
|
(17,875
|
)
|
$
|
7,697
|
$
|
(19,760
|
)
|
||||||
OTHER INCOME / (EXPENSES):
|
||||||||||||||||
Interest and finance costs
|
(433
|
)
|
(253
|
)
|
(1,470
|
)
|
(253
|
)
|
||||||||
Interest income
|
13
|
46
|
98
|
184
|
||||||||||||
Total other expenses, net
|
$
|
(420
|
)
|
$
|
(207
|
)
|
$
|
(1,372
|
)
|
$
|
(69
|
)
|
||||
Net income / (loss)
|
$
|
389
|
$
|
(18,082
|
)
|
$
|
6,325
|
$
|
(19,829
|
)
|
||||||
Gain from repurchase of preferred shares
|
-
|
-
|
1,500
|
-
|
||||||||||||
Net income / (loss) attributable to common stockholders
|
$
|
389
|
$
|
(18,082
|
)
|
7,825
|
(19,829
|
)
|
||||||||
Earnings / (Loss) per common share, basic *
|
$
|
0.08
|
$
|
(5.58
|
)
|
$
|
1.62
|
$
|
(7.83
|
)
|
||||||
Earnings / (Loss) per common share, diluted *
|
$
|
0.08
|
$
|
(5.58
|
)
|
$
|
1.59
|
$
|
(7.83
|
)
|
||||||
Weighted average number of common shares, basic *
|
4,922,239
|
3,239,186
|
4,845,009
|
2,531,008
|
||||||||||||
Weighted average number of common shares, diluted*
|
4,922,239
|
3,239,186
|
4,919,898
|
2,531,008
|
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME / (LOSS)
|
||||||||||||||||
For the three months ended
September 30,
|
For the nine months ended
September 30,
|
|||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
Net income / (loss)
|
$
|
389
|
$
|
(18,082
|
)
|
$
|
6,325
|
$
|
(19,829
|
)
|
||||||
Comprehensive income/ (loss)
|
$
|
389
|
$
|
(18,082
|
)
|
$
|
6,325
|
$
|
(19,829
|
)
|
||||||
CONDENSED CONSOLIDATED BALANCE SHEET DATA
|
||||||||
(Expressed in thousands of US Dollars)
|
||||||||
September 30,
2020
|
December 31,
2019**
|
|||||||
ASSETS
|
(unaudited)
|
|||||||
Cash and cash equivalents
|
$
|
37,188
|
$
|
26,363
|
||||
Advances for vessel acquisitions and other vessels' costs
|
-
|
11,017
|
||||||
Vessels, net
|
107,565
|
82,871
|
||||||
Other fixed assets, net
|
1,073
|
993
|
||||||
Other assets
|
9,075
|
9,325
|
||||||
Total assets
|
$
|
154,901
|
$
|
130,569
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Long-term debt, net of unamortized deferred financing costs
|
$
|
51,403
|
$
|
32,283
|
||||
Other liabilities
|
3,780
|
4,048
|
||||||
Total stockholders' equity
|
99,718
|
94,238
|
||||||
Total liabilities and stockholders' equity
|
$
|
154,901
|
$
|
130,569
|
||||
* *The balance sheet data as of December 31, 2019 has been derived from the audited consolidated
financial statements at that date.
|
OTHER FINANCIAL DATA
|
||||||||||||||||
For the three months ended
September 30,
|
For the nine months ended
September 30,
|
|||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|||||||||||||
Net Cash provided by / (used in) Operating Activities
|
$
|
2,289
|
$
|
(3,245
|
)
|
$
|
12,295
|
$
|
(3,889
|
)
|
||||||
Net Cash provided by / (used in) Investing Activities
|
$
|
5,298
|
$
|
(22,146
|
)
|
$
|
(17,911
|
)
|
$
|
(21,705
|
)
|
|||||
Net Cash provided by / (used in) Financing Activities
|
$
|
(2,453
|
)
|
$
|
(16,148
|
)
|
$
|
16,441
|
$
|
22,600
|
1 Year Performance Shipping Chart |
1 Month Performance Shipping Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions