Performance Shipping Inc. (NASDAQ: PSHG) (“we” or the “Company”), a
global shipping company specializing in the ownership of tanker
vessels, today reported net income from continuing and discontinued
operations of $3.9 million and net income from continuing and
discontinued operations attributable to common stockholders of $3.7
million for the second quarter of 2022, compared to a net loss from
continuing and discontinued operations and a net loss from
continuing and discontinued operations attributable to common
stockholders of $2.6 million for the same period in 2021.
Revenue from continuing and discontinued
operations was $16.7 million ($11.3 million net of voyage expenses)
for the second quarter of 2022, compared to $9.1 million ($4
million net of voyage expenses) for the same period in 2021. This
increase was attributable to the increased time-charter equivalent
rates (TCE rates) achieved during the quarter. Fleetwide, the
average time charter equivalent rate for the second quarter of 2022
was $24,921, compared with an average rate of $9,728 for the same
period in 2021.
Net income from continuing and discontinued
operations for the six-month period ended June 30, 2022, amounted
to $1.8 million, compared to a net loss from continuing and
discontinued operations of $5.5 million for the six-month period
ended June 30, 2021. Revenue from continuing and discontinued
operations was $25.3 million ($16.5 million net of voyage expenses)
for the six-month period ended June 30, 2022, compared to $17.5
million ($7.5 million net of voyage expenses) for the six-month
period ended June 30, 2021.
As of August 4, 2022, the Company’s number of
common shares issued and outstanding was 27,395,030.
On June 21, 2022, the Company announced its
agreement to acquire its sixth Aframax tanker, which was delivered
on July 5, 2022. The acquisition cost of approximately $27.6
million was financed with cash on hand and the incurrence of debt
through a new senior secured facility that the Company entered into
prior to delivery of the vessel.
On July 27, 2022, the Company commenced a time
charter contract with Teekay Chartering Limited for one of its
Aframax tanker vessels, M/T Blue Moon. The gross charter rate is
$23,000 per day for a period of 24 months +/-30 days at the option
of the Charterer. The new charter is expected to generate
approximately US$16.8 million in gross revenue.
Commenting on the results of the second quarter
of 2022 and subsequent developments, Andreas Michalopoulos, the
Company’s Chief Executive Officer, stated:
“During the second quarter of 2022, we saw a
continuation in the tanker market recovery, supported by strong
demand for crude oil and significant changes in trading patterns as
a result of sanctions on Russian crude oil exports leading to
longer-haul tanker voyages. We took advantage of the improved
tanker charter rate environment, resulting in fleetwide average
time charter equivalent rates of $24,921 per day during the second
quarter of 2022, revenues of $16.7 million, and net income of $3.9
million from our fleet operations.
“We believe that the encouraging freight rate
developments since early March 2022 indicate a promising trend
towards a sustainable charter rate recovery. Having taken delivery
of our sixth Aframax tanker on July 5th, we are now well positioned
to take advantage of the firming charter rate environment with our
expanded fleet operations. We did so by entering into a two-year
contract for the M/T Blue Moon with Teekay Chartering Limited at
$23,000 per day. We expect to operate our remaining vessels in the
spot market for the foreseeable future, where voyage charter rates
for Aframax tankers are currently quoted in excess of $35,000 per
day.
“We intend to complete the special survey and the installation
of the ballast water treatment system (BWTS) on the M/T P. Kikuma
during the fourth quarter of this year, and we expect full
utilization of our expanded and 100% BWTS-fitted tanker fleet going
forward, with no scheduled special surveys for 2023.
“As a result of our financial results, and in
accordance with our dividend policy, we will not declare a dividend
for our Q2 2022 results from operations.”
Tanker Market Update for the Second
Quarter of 2022:
-
Tanker fleet supply was 663.0 million dwt, up 0.7% from 658.2
million dwt from the previous quarter and up 1.7% from Q2 2021
levels of 651.7 million dwt.
-
Tanker demand in billion tonne-miles is projected to increase by a
firm 6.7% in 2022, supported by the ongoing recovery of global oil
demand along with a shift in trading patterns to longer-haul routes
emerging due to the Russia-Ukraine war.
-
Tanker fleet supply in deadweight terms is estimated to grow by a
moderate 2.6% in 2022.
-
Crude oil tanker fleet utilization was estimated at 80.0%, up from
78.0% in the previous quarter and up from 77.4% in Q2 2021.
-
Newbuilding tanker contracting was just 1.4 million dwt in the
second quarter, resulting in a tanker orderbook to fleet ratio of
5.2%, the lowest level seen in the past 26 years.
-
Daily spot charter rates for Aframax tankers averaged $46,438, up
43.9% from the previous quarter average of $32,266 and up 507.1%
from the Q2 2021 average of $7,648.
-
The value of a 10-year-old Aframax tanker at the end of the second
quarter was $35.0 million, up 27.3% from $27.5 million in the
previous quarter, and up 34.6% from $26.0 million in Q2 2021.
-
The number of tankers used for floating storage (excluding
dedicated storage) was 165 (23.3 million dwt), up 13.8% from 145
(21.2 million dwt) from the previous quarter and up 9.3% from Q2
2021 levels of 151 (22.8 million dwt).
-
Global oil consumption was 98.7 million bpd, down 0.3% from the
previous quarter level of 98.9 million bpd, and up 2.5% from Q2
2021 levels of 96.3 million bpd.
-
Global oil production was 99.3 million bpd, up 0.4% from the
previous quarter level of 98.8 million bpd and up 4.8% from Q2 2021
levels of 94.7 million bpd.
-
OECD commercial inventories were 2,677.6 million barrels, up 2.3%
from the previous quarter level of 2,616.3 million barrels, and
down 6.5% from Q2 2021 levels of 2,864.4 million barrels.
-
During the global gradual recovery from COVID-19, we continue to
take proactive measures to ensure the health and wellness of our
crew and onshore employees while endeavoring to maintain effective
business continuity and uninterrupted service to our customers.
While the situation is improving, we continue to incur increased
costs as a result of the restrictions imposed in various
jurisdictions creating delays and additional complexities with
respect to port calls and crew rotations.
The above market outlook update is based on
information, data, and estimates derived from industry sources.
There can be no assurances that such trends will continue or that
anticipated developments in tanker demand, fleet supply or other
market indicators will materialize. While we believe the market and
industry information included in this release to be generally
reliable, we have not independently verified any third-party
information or verified that more recent information is not
available.
|
|
Summary of
Selected Financial & Other Data (Continuing and Discontinued
Operations1) |
|
|
|
|
For the three monthsended June 30, |
For the six monthsended June 30, |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
(unaudited) |
(unaudited) |
(unaudited) |
(unaudited) |
STATEMENT OF OPERATIONS DATA (in thousands of US
Dollars):Revenue |
$ |
16,707 |
|
$ |
9,116 |
|
$ |
25,275 |
|
$ |
17,513 |
|
Voyage expenses |
|
5,368 |
|
|
5,079 |
|
|
8,748 |
|
|
10,016 |
|
Vessel operating expenses |
|
2,950 |
|
|
2,901 |
|
|
6,277 |
|
|
5,779 |
|
Net
income/ (loss) from continuing and discontinued operations |
|
3,870 |
|
|
(2,646 |
) |
|
1,790 |
|
|
(5,500 |
) |
Net income / (loss)
attributable to common stockholders |
|
3,662 |
|
|
(2,646 |
) |
|
(7,809 |
) |
|
(5,500 |
) |
Earnings/(loss) per common
share, basic |
|
0.70 |
|
|
(0.53 |
) |
|
(1.82 |
) |
|
(1.10 |
) |
Earnings/(loss) per common
share, diluted |
|
0.10 |
|
|
(0.53 |
) |
|
(1.82 |
) |
|
(1.10 |
) |
|
|
|
|
|
FLEET
DATA |
|
|
|
|
Average number of vessels |
|
5 |
|
|
5 |
|
|
5 |
|
|
5 |
|
Number of vessels |
|
5 |
|
|
5 |
|
|
5 |
|
|
5 |
|
Ownership days |
|
455 |
|
|
455 |
|
|
905 |
|
|
905 |
|
Available days |
|
455 |
|
|
415 |
|
|
875 |
|
|
865 |
|
Operating days (2) |
|
455 |
|
|
332 |
|
|
855 |
|
|
705 |
|
Fleet utilization |
|
100 |
% |
|
80 |
% |
|
98 |
% |
|
82 |
% |
|
|
|
|
|
AVERAGE DAILY
RESULTS |
|
|
|
|
Time charter equivalent (TCE)
rate (3) |
$ |
24,921 |
|
$ |
9,728 |
|
$ |
18,888 |
|
$ |
8,667 |
|
Daily vessel operating
expenses (4) |
$ |
6,484 |
|
$ |
6,376 |
|
$ |
6,936 |
|
$ |
6,386 |
|
(1) Discontinued Operations refer to our container vessels
segment that we disposed of in 2020.
(2) 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.(3) 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).(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 ofAugust
4, 2022) |
Performance Shipping
Inc.’s fleet is employed as follows: |
|
|
Vessel |
Year of Build |
Capacity |
Builder |
Charter
Type |
|
|
|
|
Aframax Tanker Vessels |
|
1 |
BLUE MOON |
2011 |
104,623 DWT |
Sumitomo Heavy Industries Marine & Engineering Co., LTD. |
Time charter |
2 |
BRIOLETTE |
2011 |
104,588 DWT |
Sumitomo Heavy Industries Marine & Engineering Co., LTD. |
Pool |
3 |
P. FOS |
2007 |
115,577 DWT |
Sasebo Heavy Industries Co. Ltd |
Pool |
4 |
P. KIKUMA |
2007 |
115,915 DWT |
Samsung Heavy Industries Co Ltd. |
Spot |
5 |
P. YANBU |
2011 |
105,391 DWT |
Sumitomo Heavy Industries Marine & Engineering Co., LTD. |
Pool |
6 |
P. SOPHIA |
2009 |
105,071 DWT |
Hyundai Heavy Industries Co., LTD. |
Spot |
About the Company
Performance Shipping Inc. is a global provider
of shipping transportation services through its ownership of
Aframax tankers. The Company's current fleet is employed on spot
voyages, through pool arrangements and on time charters.
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, but are not limited to,
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, terms or phrases may 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 but are not limited to: the strength of world
economies, fluctuations in currencies and interest rates, general
market conditions, including fluctuations in charter rates and
vessel values, changes in demand in the tanker shipping industry,
changes in the supply of vessels, changes in worldwide oil
production and consumption and storage, changes in our operating
expenses, including bunker prices, crew costs, dry-docking and
insurance costs, our future operating or financial results,
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 epidemics and pandemics, including the ongoing outbreak
of the 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 or events, including “trade wars”, armed conflicts
including the war in Ukraine, the imposition of new international
sanctions, acts by terrorists or acts of piracy on ocean-going
vessels, potential disruption of shipping routes due to accidents,
labor disputes or political events, vessel breakdowns and instances
of off-hires and other important factors. Please see our filings
with the U.S. Securities and Exchange Commission for a more
complete discussion of these and other risks and uncertainties.
Disclaimer
This press release does not constitute an offer to sell or the
solicitation of an offer to buy securities and shall not constitute
an offer, solicitation or sale in any jurisdiction in which such
offer, solicitation or sale is unlawful.
(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
(CONTINUING AND DISCONTINUED OPERATIONS) |
|
|
|
For the three months ended June 30, |
For the six months ended June 30, |
REVENUE: |
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Revenue |
|
$ |
16,707 |
|
$ |
9,116 |
|
$ |
25,275 |
|
$ |
17,513 |
|
EXPENSES: |
|
|
|
|
|
Voyage expenses |
|
|
5,368 |
|
|
5,079 |
|
|
8,748 |
|
|
10,016 |
|
Vessel operating expenses |
|
|
2,950 |
|
|
2,901 |
|
|
6,277 |
|
|
5,779 |
|
Depreciation and amortization of deferred charges |
|
|
2,057 |
|
|
1,836 |
|
|
4,070 |
|
|
3,653 |
|
General and administrative expenses |
|
|
1,781 |
|
|
1,506 |
|
|
3,289 |
|
|
3,009 |
|
Provision/ (reversal) for credit losses and write offs |
|
|
55 |
|
|
(27 |
) |
|
77 |
|
|
(20 |
) |
Foreign currency losses / (gains) |
|
|
(7 |
) |
|
18 |
|
|
(53 |
) |
|
68 |
|
Operating income/ (loss) |
|
$ |
4,503 |
|
$ |
(2,197 |
) |
$ |
2,867 |
|
$ |
(4,992 |
) |
OTHER INCOME / (EXPENSES): |
|
|
|
|
|
Interest and finance costs |
|
|
(645 |
) |
|
(454 |
) |
|
(1,090 |
) |
|
(921 |
) |
Interest income |
|
|
12 |
|
|
5 |
|
|
13 |
|
|
13 |
|
Other
revenues |
|
|
- |
|
|
- |
|
|
- |
|
|
400 |
|
Total other expenses, net |
|
$ |
(633 |
) |
$ |
(449 |
) |
$ |
(1,077 |
) |
$ |
(508 |
) |
Net income/(loss) |
|
$ |
3,870 |
|
$ |
(2,646 |
) |
$ |
1,790 |
|
$ |
(5,500 |
) |
Deemed dividend on Series B preferred stock upon exchange of common
stock |
|
|
- |
|
|
- |
|
|
(9,271 |
) |
|
- |
|
Dividends on Series B preferred stock |
|
|
(201 |
) |
|
- |
|
|
(328 |
) |
|
- |
|
Income allocated to participating securities |
|
|
(7 |
) |
|
- |
|
|
- |
|
|
- |
|
Net income / (loss)
attributable to common stockholders |
|
$ |
3,662 |
|
$ |
(2,646 |
) |
$ |
(7,809 |
) |
$ |
(5,500 |
) |
Earnings / (Loss) per
common share, basic |
|
$ |
0.70 |
|
$ |
(0.53 |
) |
$ |
(1.82 |
) |
$ |
(1.10 |
) |
Earnings / (Loss) per
common share, diluted |
|
$ |
0.10 |
|
$ |
(0.53 |
) |
$ |
(1.82 |
) |
$ |
(1.10 |
) |
Weighted average
number of common shares, basic |
|
|
5,228,585 |
|
|
5,032,333 |
|
|
4,292,326 |
|
|
5,019,981 |
|
Weighted average
number of common shares, diluted |
|
|
39,908,214 |
|
|
5,032,333 |
|
|
4,292,326 |
|
|
5,019,981 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF
COMPREHENSIVE INCOME/ (LOSS) (CONTINUING AND DISCONTINUED
OPERATIONS)
|
|
For the three months ended June 30, |
|
|
For the six months ended June 30, |
|
|
|
2022 |
|
|
2021 |
|
|
|
2022 |
|
|
2021 |
|
Net income/ (loss)
from continuing and discontinued operations |
|
$ |
3,870 |
|
$ |
(2,646 |
) |
|
$ |
1,790 |
|
$ |
(5,500 |
) |
Comprehensive
income/(loss) from continuing and discontinued
operations |
|
$ |
3,870 |
|
$ |
(2,646 |
) |
|
$ |
1,790 |
|
$ |
(5,500 |
) |
CONDENSED CONSOLIDATED BALANCE SHEET DATA |
|
|
|
|
|
(Expressed in thousands of US Dollars) |
|
|
|
|
|
|
|
June 30, 2022 |
|
December 31, 2021* |
ASSETS |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
$ |
13,269 |
|
$ |
9,574 |
Advances
for vessel acquisitions |
|
2,811 |
|
|
- |
Vessels,
net |
|
120,534 |
|
|
123,036 |
Other
fixed assets, net |
|
106 |
|
|
151 |
Other
assets |
|
16,793 |
|
|
12,163 |
Total assets |
$ |
153,513 |
|
$ |
144,924 |
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
Long-term bank debt, net of unamortized deferred financing
costs |
$ |
46,007 |
|
$ |
49,898 |
Related
party financing, net of unamortized deferred financing costs |
|
4,864 |
|
|
- |
Other
liabilities |
|
4,959 |
|
|
7,677 |
Total
stockholders' equity |
|
97,683 |
|
|
87,349 |
Total liabilities and stockholders' equity |
$ |
153,513 |
|
$ |
144,924 |
|
* The balance
sheet data as of December 31, 2021 has been derived from the
audited consolidated financial statements at that date. |
OTHER
FINANCIAL DATA (CONTINUING AND DISCONTINUED
OPERATIONS) |
|
|
|
|
|
|
For the three months ended June 30, |
For the six months ended June 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
|
|
(unaudited) |
(unaudited) |
Net
Cash provided by / (used in) Operating Activities |
|
$ |
2,269 |
|
$ |
(157 |
) |
$ |
(1,594 |
) |
$ |
(1,540 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Cash used in Investing Activities |
|
$ |
(2,858 |
) |
$ |
(618 |
) |
$ |
(4,019 |
) |
$ |
(871 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Cash provided by / (used in) Financing Activities |
|
$ |
5,673 |
|
$ |
(1,978 |
) |
$ |
9,309 |
|
$ |
(3,956 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend Policy – Quarterly
Calculations
Our Board of Directors has adopted a variable
quarterly dividend policy with respect to our common stock,
pursuant to which we may declare and pay a variable quarterly cash
dividend on our common stock. If declared, the quarterly dividend
is expected to be paid each February, May, August and November and
will be equal to available cash from operations during the previous
quarter after cash payments for debt repayment and interest
expense, dividends to holders of our Series B Preferred Shares, if
any, and reserves for the replacement of our vessels, scheduled
drydockings, intermediate and special surveys and other purposes as
our Board of Directors may from time to time determine are
required, after taking into account contingent liabilities, the
terms of any credit facility, our growth strategy and other cash
needs as well as the requirements of Marshall Islands law. The
declaration and payment of dividends is, at all times, subject to
the discretion of our Board of Directors. Our Board of Directors
may review and amend our dividend policy from time to time, in
light of our plans for future growth and other factors.
In accordance with our dividend policy, and
taking into account the above-listed factors, we expect to pay
dividends only if during the preceding quarter Quarterly Cash Flow
is positive and Quarter-End Excess Cash is also positive. As a
general guideline, the amount of any such dividends is expected to
be based on a pay-out ratio of the lower of i) Quarterly Cash Flow;
and ii) Quarter-End Excess Cash. So long as our end of quarter
outstanding debt exceeds our equity market capitalization our
pay-out ratio is expected to be 50%. We will consider increasing
the pay-out ratio gradually up to a maximum level of 90% that we
may achieve when our end of quarter outstanding debt is less than
10% of our equity market capitalization. Quarter-End Excess Cash is
defined as actual end of quarter Cash and Cash Equivalents over our
Minimum Cash Threshold. Minimum Cash Threshold is defined as the
sum of minimum liquidity pursuant to our loan agreements and $1.5
million per vessel. Our bank facilities currently require us to
maintain minimum liquidity of $5.0 million.
Quarterly Cash Flow is equal to voyage and time
charter revenues less voyage expenses, less vessel operating
expenses, less general and administrative expenses, less - the
greater of i) net interest expense and repayment of long-term bank
debt or ii) fleet replacement reserves - and less maintenance
reserves for our fleet and less cash dividends to holders of our
Series B Preferred Shares, if any.
We believe the above approach will ensure the
sustainability of our Company and replacement of our fleet as
during quarters where either Excess Cash is negative or Quarterly
Cash Flow is negative, we will not pay dividends until Quarterly
Cash Flow is positive and Excess Cash is also positive. Below are
our calculations of Quarter-End Excess Cash and Quarterly Cash Flow
for the second quarter of 2022.
DIVIDEND CALCULATIONS |
|
|
(Expressed in thousands of U.S. Dollars) |
|
|
|
For the three months ended June
30, 2022 |
Revenue |
$ |
16,707 |
|
Less, Voyage expenses |
$ |
(5,368 |
) |
Less, Vessel operating expenses |
$ |
(2,950 |
) |
Less, General and administrative expenses |
$ |
(1,768 |
) |
Less, Greater of (I) or (II): |
|
|
Interest and finance costs |
$ |
(645 |
) |
Plus, Repayment of long-term bank debt |
$ |
(1,978 |
) |
Total (I) |
$ |
(2,623 |
) |
Or |
|
|
Replacement reserve (II) |
$ |
(1,714 |
) |
Less, Maintenance reserve |
|
(438 |
) |
Quarterly Cash Flow (A) |
$ |
3,560 |
|
|
|
|
|
Cash and cash equivalents |
$ |
13,269 |
|
Less, Minimum Cash Threshold |
$ |
14,000 |
|
Quarter-End Excess Cash (B) |
$ |
(731 |
) |
|
|
Quarterly Cash Flow Test (A) >0,AND |
Eligible for dividend |
Quarter-End Excess Cash Test (B) >0 |
Not eligible for dividend |
Cash Available for Dividend, lower (A) or (B) |
$ |
- |
|
Payout ratio |
|
50 |
% |
Quarterly Dividend |
$ |
- |
|
(1) General and administrative expenses, for the purpose of
calculating dividends, exclude non-cash items.
(2) Replacement reserves reflect the aggregate annual amount of
cash that the Company retains to fund the replacement of each of
its vessels. In addition to the replacement reserve retained and
reinvested at a certain annual rate or equivalent debt repayment,
the Company estimates at the specific expected replacement date to
utilize funds from the proceeds of the scrap value of the vessels
and the assumption of a modest level of debt to purchase the
replacement vessel assuming such replacement is for a ten-year-old
vessel at the ten-year historical mid-cycle value.
(3) Maintenance reserves are based on an
estimated cost for the drydock, intermediate and special surveys of
the vessels in our fleet over the recurring statutory five-year
survey period. They are used, instead of actual maintenance costs
when incurred, for purposes of calculating the quarterly dividend
to remove the additional cash flow variability during quarters that
drydocks occur.
Corporate Contact:
Andreas Michalopoulos
Chief Executive Officer, Director 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
Performance Shipping (NASDAQ:PSHG)
Historical Stock Chart
From Feb 2024 to Mar 2024
Performance Shipping (NASDAQ:PSHG)
Historical Stock Chart
From Mar 2023 to Mar 2024