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PERFORMANCE SHIPP. 10/17 (DS2T.DU)

Dusseldorf - Dusseldorf Delayed Price. Currency in EUR
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    • GlobeNewswire

      Performance Shipping Inc. Announces the Sale and Delivery of Vessel to Her New Owner

      ATHENS, Greece, Aug. 20, 2020 (GLOBE NEWSWIRE) -- Performance Shipping Inc. (NASDAQ: PSHG), (the “Company”), a global shipping company specializing in the ownership of vessels, today announced that on 19 August 2020, through a separate wholly-owned subsidiary, it signed a Memorandum of Agreement to sell the 2001-built Panamax container vessel, the M/V Domingo, to an unaffiliated third party for a sale price of US$5.6 million before commissions. The vessel was successfully delivered to her new owner today. Performance Shipping Inc.’s fleet now consists of four (4) Aframax tanker vessels.Commenting on the transaction, Mr. Andreas Michalopoulos, the Company’s Deputy Chief Executive Officer, Chief Financial Officer and Treasurer stated:“We are thrilled to announce the sale of the last remaining container ship in our fleet, which marks the completion of our shift from the container vessel industry into a pure tanker owning company. Since the start of our diversification in June 2019, we have sold four (4) container ships for US$53.4 million before commissions and acquired four (4) Aframax tankers for an aggregate gross purchase price of US$112 million. The sale of the M/V Domingo increases our cash position to approximately US$38 million. This will enable us to take advantage of growth opportunities, which will help us increase our presence in the Aframax tanker market and move one step closer towards achieving our goal of becoming a leading publicly traded tanker company.”About the Company Performance Shipping Inc. is a global provider of shipping transportation services through its ownership of vessels. The Company’s current fleet of vessels is employed primarily on spot charters with leading charterers.Cautionary Statement Regarding Forward-Looking Statements Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "pending" and similar expressions identify forward-looking statements.The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for our vessels, changes in our operating expenses, including bunker prices, dry-docking and insurance costs, the market for our vessels, availability of financing and refinancing, changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, the length and severity of the novel coronavirus (COVID-19) pandemic and its impact on the demand for seaborne transportation of petroleum and other types of products, potential disruption of shipping routes due to accidents or political events, vessel breakdowns and instances of off-hires and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.  CONTACT: Corporate Contact: Andreas Michalopoulos Director, Deputy Chief Executive Officer, Chief Financial Officer, Treasurer and Secretary Telephone: +30-216-600-2400 Email: amichalopoulos@pshipping.com Website: www.pshipping.com Investor and Media Relations: Edward Nebb Comm-Counsellors, LLC Telephone: + 1-203-972-8350 Email: enebb@optonline.net

    • GlobeNewswire

      Performance Shipping Inc. Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2020

      ATHENS, Greece, July 30, 2020 (GLOBE NEWSWIRE) -- Performance Shipping Inc. (NASDAQ: PSHG) (the “Company”), a global shipping company specializing in the ownership of vessels, today reported net income and net income attributable to common stockholders of $4.6 million for the second quarter of 2020, compared to a net loss and net loss attributable to common stockholders of $1.6 million for the same period in 2019.  Earnings per common share, basic and diluted, for the second quarter of 2020 were $0.09, while loss per share for the second quarter of 2019 was $0.06.Voyage and time charter revenues were $16.0 million ($11.8 million net of voyage expenses) for the second quarter of 2020, compared to $4.5 million ($4.2 million net of voyage expenses) for the same period in 2019. This increase was mainly attributable to the increased time-charter equivalent rates (TCE rates) contributed by our Aframax tanker vessels. Fleetwide, the average time charter equivalent rate for the second quarter of 2020 was $26,092, compared with an average rate of $11,599 for the same period of 2019. As a result, during the second quarter of 2020, net cash provided by operating activities was $2.9 million, compared with net cash used in operating activities of $0.7 million for the second quarter of 2019.Net income for the six months ended June 30, 2020 amounted to $5.9 million, compared to a net loss of $1.7 million for the six months ended June 30, 2019.  Net income attributable to common stockholders for the six months ended June 30, 2020, amounted to $7.4 million, due to a one-time gain of $1.5 million derived from the repurchase of the Series C preferred shares, and resulted in earnings per common share, basic and diluted, of $0.15. Net loss attributable to common stockholders for the six months ended June 30, 2019, was $1.7 million, resulting in a loss per share of $0.08.Other Second Quarter 2020 Developments: * Delivery of the containership M/V Rotterdam to her new owners in April 2020 * Issuance of 600,000 common shares pursuant to conversions of Series B-2 preferred shares * Repurchase and cancellation of all remaining Series B-2 preferred shares in April 2020 * Repurchase and cancellation of 365,086 common shares under the Share Repurchase Program * Receipt of NASDAQ notification for extension of the compliance period to cure the bid price deficiency to November 2020Commenting on the results of the second quarter of 2020, Mr. Andreas Michalopoulos, the Company’s Deputy Chief Executive Officer, stated:“During the second quarter of 2020, we continued to operate profitably with all four Aframax tankers contributing to our operations. We took advantage of favorable market conditions to secure a time charter contract of minimum seventeen (17) months to maximum nineteen (19) months for our M/T Blue Moon at $28,000 per day. The tanker charter market, as expected, has weakened on the back of lower demand due to COVID-19 and lower supply as OPEC cuts output and a flattening oil price curve. We believe the tanker market will recover during the fall and winter months, and we will be ready to take advantage of that possible recovery should it occur.”Novel Coronavirus Risks:On March 11, 2020, the World Health Organization declared the Novel coronavirus disease (“COVID-19”) outbreak a pandemic. In response to the ongoing outbreak, many countries, ports and organizations, including those where the Company conducts a large part of its operations, have implemented measures to combat the outbreak, such as quarantines, travel restrictions, and physical distancing requirements. Such measures have, and will likely continue to, negatively affect the global economy. Any prolonged restrictive measures in order to control the spread of COVID-19 or other adverse public health developments in Asia or in other geographies in which the Company’s vessels operate may significantly impact the demand for the Company’s vessels. The extent to which COVID-19 will impact the Company’s results of operations and financial condition will depend on future developments, which are highly uncertain and cannot be predicted, including new information which may emerge concerning the severity and duration of the virus and the actions to contain or treat its impact or a potential second wave, among others. Accordingly, an estimate of the impact cannot be made at this time. However, if the COVID-19 pandemic worsens, additional restrictions are imposed, or current restrictions are imposed for a longer period of time in response to the outbreak, it may have a material adverse effect on the Company’s future results of operation and financial condition.Summary of Selected Financial & Other Data   For the three months ended June 30, For the six months ended June 30,   2020  2019 2020 2019   (unaudited)  (unaudited) (unaudited) (unaudited) STATEMENT OF OPERATIONS DATA (in thousands of US Dollars):           Voyage and time charter revenues$16,031 $4,547 $29,535 $10,016  Voyage expenses 4,159  325  8,467  603  Vessel operating expenses 3,224  3,182  6,320  5,829  Net income / (loss) 4,641  (1,566) 5,936  (1,747) Net income / (loss) attributable to common stockholders 4,641  (1,566) 7,436  (1,747) Earnings / (Loss) per common share, basic 0.09  (0.06) 0.15  (0.08) Earnings / (Loss) per common share, diluted 0.09  (0.06) 0.15  (0.08) FLEET DATA Average number of vessels 5.0  4.0  4.9  4.0  Number of vessels 5.0  4.0  5.0  4.0  Ownership days 455  364  885  724  Available days 455  364  885  724  Operating days, excluding ballast leg (1) 361  340  675  696  Operating days, including ballast leg (2) 428  340  801  696  Fleet utilization, excluding ballast leg 79.3% 93.4% 76.3% 96.1% Fleet utilization, including ballast leg 94.1% 93.4% 90.5% 96.1% AVERAGE DAILY RESULTS Time charter equivalent (TCE) rate (3)$26,092 $11,599 $23,806 $13,001  Daily vessel operating expenses (4)$7,086 $8,742 $7,141 $8,051  _____________________(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.   Fleet Employment Profile (As of July 30, 2020)  Performance Shipping Inc.’s fleet is employed as follows:             VesselYear of BuiltCapacityBuilderGross Rate (USD Per Day)Com*CharterersDelivery Date to  Charterers**Redelivery Date to Owners***Notes  4 Aframax Tanker Vessels BLUE MOON2011104,623 DWTSumitomo Heavy Industries Marine & Engineering Co., LTD.$28,0005.00%Aramco Trading Company, Saudi Arabia19-Jun-2019-Nov-21 - 18-Jan-22  BRIOLETTE2011104,588 DWTSumitomo Heavy Industries Marine & Engineering Co., LTD.Spot---\- - -  P. FOS2007115,577 DWTSasebo Heavy Industries Co. LtdSpot---\- - -  P. KIKUMA2007115,915 DWTSamsung Heavy Industries Co Ltd., Geoje, South KoreaSpot---\- - -             1 Panamax Container Vessel            DOMINGO20013,739 TEUSamsung Heavy Industries Co Ltd., Koje, South Korea$4,5003.75%Mediterranean Shipping Company S.A.30-Jun-205-Sep-201          * 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 Estimated redelivery date. About the CompanyPerformance Shipping Inc. is a global provider of shipping transportation services through its ownership of vessels. The Company’s vessels are employed primarily on spot charters with leading charterers. Cautionary Statement Regarding Forward-Looking StatementsMatters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts.The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "pending" and similar expressions identify forward-looking statements.The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, our management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.In addition to these important factors, other important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in demand for our vessels, changes in our operating expenses, including bunker prices, drydocking and insurance costs, the market for our vessels, availability of financing and refinancing, the length and severity of the recent novel coronavirus (COVID-19) and its impact on the demand for seaborne transportation of petroleum and other types of products,  changes in governmental rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessel breakdowns and instances of off-hires and other factors. Please see our filings with the Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. (See financial tables attached)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 June 30, For the six months ended June 30,   2020 2019 2020 2019 REVENUES:         Voyage and time charter revenues$16,031 $4,547 $29,535 $10,016  EXPENSES:         Voyage expenses 4,159  325  8,467  603  Vessel operating expenses 3,224  3,182  6,320  5,829  Depreciation and amortization of deferred charges 1,578  874  2,679  1,740  Management fees 79  -  271  -  General and administrative expenses 1,794  1,555  4,406  3,463  Impairment losses -  261  339  261  Loss on vessel's sale 27  -  27  -  Provision for doubtful receivables 45  -  131  -  Foreign currency (gains) / losses (15) -  7  5  Operating income / (loss)$5,140 $(1,650)$6,888 $(1,885) OTHER INCOME / (EXPENSES):         Interest and finance costs (510) -  (1,037) -  Interest income 11  84  85  138  Total other income /(expenses), net$(499)$84 $(952)$138  Net income / (loss)$4,641 $(1,566)$5,936 $(1,747) Gain from repurchase of preferred shares -  -  1,500  -  Net income / (loss) attributable to common stockholders$4,641 $(1,566) 7,436  (1,747) Earnings / (Loss) per common share, basic$0.09 $(0.06)$0.15 $(0.08) Earnings / (Loss) per common share, diluted$0.09 $(0.06)$0.15 $(0.08) Weighted average number of common shares, basic 49,322,054  24,961,196  48,059,696  21,710,494  Weighted average number of common shares, diluted 49,420,403  24,961,196  49,168,086  21,710,494                      UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME / (LOSS)             For the three months ended June 30, For the six months ended June 30,   2020 2019 2020 2019           Net income / (loss)$4,641 $(1,566)$5,936 $(1,747) Comprehensive income/ (loss)$4,641 $(1,566)$5,936 $(1,747)           CONDENSED CONSOLIDATED BALANCE SHEET DATA   (Expressed in thousands of US Dollars)     June 30, 2020 December 31, 2019* ASSETS (unaudited)         Cash and cash equivalents$32,054$26,363 Advances for vessel acquisitions and other vessels' costs - 11,017 Vessels, net 114,066 82,871 Other fixed assets, net 1,032 993 Other assets 8,574 9,325 Total assets $155,726$130,569       LIABILITIES AND STOCKHOLDERS' EQUITY           Long-term debt, net of unamortized deferred financing costs$53,816$32,283 Other liabilities 2,997 4,048 Total stockholders' equity 98,913 94,238 Total liabilities and stockholders' equity $155,726$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 June 30, For the six months ended June 30,   2020 2019 2020 2019   (unaudited) (unaudited) (unaudited) (unaudited) Net Cash provided by / (used in) Operating Activities$2,912 $(652)$10,006 $(644) Net Cash provided by / (used in) Investing Activities$18,063 $(2)$(23,209)$441  Net Cash provided by / (used in) Financing Activities$(3,113)$- $18,894 $6,452    CONTACT: Corporate Contact: Andreas Michalopoulos Deputy Chief Executive Officer, Chief Financial Officer, Treasurer and Secretary Telephone: + 30-216-600-2400 Email: amichalopoulos@pshipping.com Website: www.pshipping.com Investor and Media Relations: Edward Nebb Comm-Counsellors, LLC Telephone: + 1-203-972-8350 Email: enebb@optonline.net