PERFORMANCE SHIPPING INC.
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(Registrant)
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Dated: July 27, 2023
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/s/ Andreas Michalopoulos
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By: Andreas Michalopoulos
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Chief Executive Officer
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Corporate Contact:
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Andreas Michalopoulos
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Chief Executive Officer, Director and Secretary
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Telephone: + 30-216-600-2400
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Email: amichalopoulos@pshipping.com
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Website: www.pshipping.com
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For Immediate Release
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Investor and Media Relations:
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Edward Nebb
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Comm-Counsellors, LLC
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Telephone: + 1-203-972-8350
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Email: enebb@optonline.net
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(in thousands of US Dollars, except fleet data and average daily results)
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For the three months ended June 30,
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For the six months ended June 30,
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||||||||||||||
2023
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2022
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2023
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2022
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|||||||||||||
(unaudited)
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(unaudited)
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(unaudited)
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(unaudited)
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|||||||||||||
STATEMENT OF OPERATIONS DATA:
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||||||||||||||||
Revenue
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$
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31,456
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$
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16,707
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$
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60,984
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$
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25,275
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||||||||
Voyage expenses
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976
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5,368
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2,515
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8,748
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||||||||||||
Vessel operating expenses
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5,189
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2,950
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10,332
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6,277
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||||||||||||
Net income
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18,388
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3,870
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34,083
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1,790
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||||||||||||
Net income / (loss) attributable to common stockholders
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17,909
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3,662
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22,533
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(7,809
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)
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|||||||||||
Earnings / (Loss) per common share, basic
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1.53
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10.51
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2.43
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(27.29
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)
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|||||||||||
Earnings / (Loss) per common share, diluted
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0.46
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1.53
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1.00
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(27.29
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)
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FLEET DATA
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Average number of vessels
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8
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5
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8
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5
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||||||||||||
Number of vessels
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8
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5
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8
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5
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||||||||||||
Ownership days
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728
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455
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1,448
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905
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||||||||||||
Available days
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728
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455
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1,408
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875
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||||||||||||
Operating days (1)
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713
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455
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1,390
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855
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||||||||||||
Fleet utilization
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98
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%
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100
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%
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99
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%
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98
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%
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||||||||
AVERAGE DAILY RESULTS
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||||||||||||||||
Time charter equivalent (TCE) rate (2)
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$
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41,868
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$
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24,921
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$
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41,526
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$
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18,888
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||||||||
Daily vessel operating expenses (3)
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$
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7,128
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$
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6,484
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$
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7,135
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$
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6,936
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(1) |
Operating days 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 as on-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.
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(2) |
Time charter equivalent rates, or TCE rates, are defined as revenue (voyage, time charter and pool revenue), 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).
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(3) |
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.
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Fleet Employment Profile (As of July 27, 2023)
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Performance Shipping Inc.’s fleet is employed as follows:
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Vessel
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Year of
Build
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Capacity
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Builder
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Vessel
Type
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Charter
Type
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Notes
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Aframax Tanker Vessels
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1
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BLUE MOON
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2011
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104,623 DWT
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Sumitomo Heavy Industries Marine & Engineering Co., LTD.
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Crude
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Time-Charter
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2
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BRIOLETTE
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2011
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104,588 DWT
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Sumitomo Heavy Industries Marine & Engineering Co., LTD.
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Crude
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Time-Charter
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3
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P. KIKUMA
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2007
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115,915 DWT
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Samsung Heavy Industries Co Ltd.
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Crude
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Pool
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4
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P. YANBU
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2011
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105,391 DWT
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Sumitomo Heavy Industries Marine & Engineering Co., LTD.
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Crude
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Time-Charter
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5
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P. SOPHIA
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2009
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105,071 DWT
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Hyundai Heavy Industries Co., LTD
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Crude
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Pool
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6
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P. ALIKI
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2010
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105,304 DWT
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Hyundai Heavy Industries Co., LTD
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Product
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Time-Charter
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7
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P. MONTEREY
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2011
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105,525 DWT
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Hyundai Heavy Industries Co., LTD
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Crude
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Time-Charter
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8
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P. LONG BEACH
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2013
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105,408 DWT
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Hyundai Heavy Industries Co., LTD
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Product
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Pool
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For the three months ended June 30,
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For the six months ended June 30,
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|||||||||||||||
2023
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2022
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2023
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2022
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|||||||||||||
REVENUE:
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||||||||||||||||
Revenue
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$
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31,456
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$
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16,707
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$
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60,984
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$
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25,275
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||||||||
EXPENSES:
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||||||||||||||||
Voyage expenses
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976
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5,368
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2,515
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8,748
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||||||||||||
Vessel operating expenses
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5,189
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2,950
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10,332
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6,277
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Depreciation and amortization of deferred charges
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3,776
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2,057
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7,465
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4,070
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||||||||||||
General and administrative expenses
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1,752
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1,781
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3,415
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3,289
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||||||||||||
(Reversal) / Provision for credit losses and write offs
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(39
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)
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55
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(55
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)
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77
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||||||||||
Foreign currency losses / (gains)
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7
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(7
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)
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37
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(53
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)
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Operating income
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$
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19,795
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$
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4,503
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$
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37,275
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$
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2,867
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||||||||
OTHER INCOME / (EXPENSES):
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Interest and finance costs
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(2,279
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)
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(645
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)
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(5,364
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)
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(1,090
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)
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Interest income
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858
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12
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1,206
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13
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||||||||||||
Changes in fair value of warrants' liability
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14
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-
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966
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-
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||||||||||||
Total other expenses, net
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$
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(1,407
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)
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$
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(633
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)
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$
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(3,192
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)
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$
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(1,077
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)
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||||
Net income
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$
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18,388
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$
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3,870
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$
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34,083
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$
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1,790
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||||||||
Income allocated to participating securities
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(1
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)
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(7
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)
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(1
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)
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-
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Deemed dividend on Series B preferred stock upon exchange of common stock
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-
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-
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-
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(9,271
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)
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Deemed dividend to the Series C preferred stockholders due to triggering of a down-round feature
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-
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-
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(9,809
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)
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-
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|||||||||||
Deemed dividend to the July 2022 and August 2022 warrants holders due to triggering of a down-round feature
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-
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-
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(789
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)
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-
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Dividends on preferred stock
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(478
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)
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(201
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)
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(951
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)
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(328
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)
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Net income / (loss) attributable to common stockholders
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$
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17,909
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$
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3,662
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$
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22,533
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$
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(7,809
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)
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|||||||
Earnings/ (Loss) per common share, basic
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$
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1.53
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$
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10.51
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$
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2.43
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$
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(27.29
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)
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|||||||
Earnings / (Loss) per common share, diluted
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$
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0.46
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$
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1.53
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$
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1.00
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$
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(27.29
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)
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|||||||
Weighted average number of common shares, basic
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11,725,556
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348,572
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9,284,254
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286,155
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||||||||||||
Weighted average number of common shares, diluted
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40,008,139
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2,660,547
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32,366,729
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286,155
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For the three months ended June 30,
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For the six months ended June 30,
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|||||||||||||||
2023
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2022
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2023
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2022
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|||||||||||||
Net income
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$
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18,388
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$
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3,870
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$
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34,083
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$
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1,790
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||||||||
Comprehensive income
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$
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18,388
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$
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3,870
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$
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34,083
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$
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1,790
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June 30, 2023
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December 31, 2022*
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|||||||
ASSETS
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(unaudited)
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|||||||
Cash, cash equivalents and restricted cash
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$
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70,735
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$
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39,726
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||||
Advances for vessel under construction and other vessels' costs
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10,911
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-
|
||||||
Vessels, net
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230,434
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236,607
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||||||
Other fixed assets, net
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57
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72
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||||||
Other assets
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13,491
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16,574
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||||||
Total assets
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$
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325,628
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$
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292,979
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Long-term bank debt, net of unamortized deferred financing costs
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$
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119,305
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$
|
127,675
|
||||
Other liabilities
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7,284
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9,599
|
||||||
Total stockholders' equity
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199,039
|
155,705
|
||||||
Total liabilities and stockholders' equity
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$
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325,628
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$
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292,979
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*
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The balance sheet data as of December 31, 2022 has been derived from the audited consolidated financial statements at that date.
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For the three months ended June 30,
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For the six months ended June 30,
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|||||||||||||||
2023
|
2022
|
2023
|
2022
|
|||||||||||||
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|||||||||||||
Net Cash provided by / (used in) Operating Activities
|
$
|
22,130
|
$
|
2,269
|
$
|
40,809
|
$
|
(1,594
|
)
|
|||||||
Net Cash used in Investing Activities
|
$
|
(11,133
|
)
|
$
|
(2,858
|
)
|
$
|
(11,511
|
)
|
$
|
(4,019
|
)
|
||||
Net Cash (used in) / provided by Financing Activities
|
$
|
(6,468
|
)
|
$
|
5,673
|
$
|
1,711
|
$
|
9,309
|