Performance Shipping Inc. (NASDAQ: PSHG) (“we” or the “Company”), a
global shipping company specializing in the ownership of tanker
vessels, today reported net income of $25.0 million and net income
attributable to common stockholders of $24.5 million for the fourth
quarter of 2023. The 2023 fourth quarter results compared to a net
income of $23.8 million and net income attributable to common
stockholders of $9.4 million for the same period in 2022. Earnings
per share, basic and diluted, for the fourth quarter of 2023 were
$2.03 and $0.63, respectively.
Revenue was $23.8 million ($22.7 million net of
voyage expenses) for the fourth quarter of 2023, compared to $27.8
million ($25.0 million net of voyage expenses) for the same period
in 2022. This decrease was attributable to the decrease in
time-charter equivalent rates (“TCE rates”) realized during the
quarter, partially offset by an increase in ownership days.
Fleetwide, the average TCE rate for the fourth quarter of 2023 was
$33,114, compared with an average rate of $40,469 for the same
period in 2022. During the fourth quarter of 2023, net cash
provided by operating activities was $9.3 million, compared with
net cash provided by operating activities of $23.7 million for the
fourth quarter of 2022.
Net income for the years ended December 31,
2023, and December 31, 2022, amounted to $69.4 million and $36.3
million, respectively. Net income attributable to common
stockholders for the year ended December 31, 2023 amounted to $56.9
million, and resulted in earnings per share, basic and diluted, of
$5.43 and $1.91, respectively. Net income attributable to common
stockholders for the year ended December 31, 2022 amounted to $12.0
million, and resulted in earnings per common share, basic and
diluted, of $6.49 and $3.02, respectively. The difference
between net income and net income attributable to common
stockholders for each of the years ended December 31, 2023, and
December 31, 2022, mainly reflects aggregate non-cash items of
$10.6 million and $23.3 million, respectively, as per US GAAP
accounting standards, which do not affect the Company's operating
cash flows.
Commenting on the results of the fourth quarter
of 2023, Andreas Michalopoulos, the Company’s Chief Executive
Officer, stated:
“During the fourth quarter of 2023, the tanker
market continued to strengthen as it did throughout the year. We
successfully achieved a fleetwide average time charter equivalent
rate of $33,114 per day and $36,954 per day during the three and
twelve-month periods ended December 31, 2023, respectively. As a
result, during the fiscal year ended December 31, 2023, we
generated revenues of $109.0 million and net income attributable to
common stockholders of $56.9 million, representing increases of 45%
and 374%, respectively, compared to the corresponding period in
2022. Our cash balance at the end of 2023 was approximately $68.3
million, reflecting a 72% increase from the 2022 year-end cash
balance.
“As previously announced, in August 2023, the
Company’s board of directors approved a $2 million share buyback
program. Pursuant to this initiative, we repurchased 293,767 shares
of common stock during the fourth quarter of 2023, totaling
approximately $0.7 million. We firmly believe that this program is
in the best interests of both our Company and our shareholders, and
we intend to continue our share buybacks, depending on prevailing
market conditions.
“Our impressive revenue generation of
approximately $109 million during the last fiscal year is
indicative of our ability to capitalize on the firm freight rate
environment through the efficient operation of our fleet. We
believe that the solid tanker market environment will be
sustainable through 2024, prompting our continued focus on a fleet
deployment strategy that emphasizes balanced exposure to short to
medium-term time charter contracts, and the spot market.
Specifically, five of our Aframax tankers currently operate under
short- and medium-term time charter contracts with first-class
charterers, securing a fixed revenue backlog of approximately $52.7
million as of the beginning of 2024. Our remaining two Aframax
tankers operate under pool arrangements with exposure to the
prevailing robust Aframax spot rates.
“Looking ahead, we are optimistic that our most
recent corporate developments will enable us to fortify our market
position. As previously announced, in 2023, we entered into
shipbuilding contracts for the construction of three LNG-ready,
scrubber fitted, LR2 Aframax tankers. These vessels, equipped with
the latest high-specification engines and designed to meet
stringent emission requirements, are expected to be delivered
between late 2025 and early 2026. Our decision to acquire these
identical “sister” vessels, along with the recent sale of our
oldest Aframax tanker, the M/T P. Kikuma, reflect our confidence in
sustainable market fundamentals. We believe that our strong
financial position, our year-end cash balance representing 1.2x our
outstanding bank debt, and our conservative leverage, which
corresponds to a mere 18% of our estimated fleet market value,
enhance our ability to pursue our fleet expansion and renewal
strategy.”
Corporate Developments
Share Repurchase Plan
As previously announced on August 21, 2023, the
Company’s board of directors approved a share repurchase plan (the
“August Plan”) pursuant to which the Company may repurchase up to
$2 million of its outstanding common shares. During the fourth
quarter of 2023, 293,767 common shares were repurchased for a total
amount of approximately $0.7 million under the August Plan.
Update on Outstanding Shares and Warrants
As of March 6, 2024, the Company had outstanding
12,279,676 common shares. In addition, the following common share
purchase warrants were outstanding as of such date:
- Class A
Warrants to purchase up to 567,366 common shares at an exercise
price of $15.75 per common share;
- Warrants issued
July 19, 2022, to purchase up to 1,033,333 common shares at an
exercise price of $1.65 per common share;
- Warrants issued
August 16, 2022, to purchase up to 2,122,222 common shares at an
exercise price of $1.65 per common share;
- Series A
Warrants issued March 3, 2023, which are exchangeable for up to
14,300 common shares; and
- Series B
Warrants issued March 3, 2023, to purchase up to 4,167,000 common
shares at an exercise price of $2.25 per common share.
Finally, the Company had 50,726 shares of its
Series B Convertible Cumulative Perpetual Preferred Stock and
1,428,372 shares of its Series C Convertible Cumulative Redeemable
Perpetual Preferred Stock outstanding.
Tanker Market Update for the Fourth
Quarter of 2023:
• Tanker fleet supply was 689.3 million dwt, up
0.2% from 688.1 million dwt from the previous quarter and up 1.9%
from Q4 2022 levels of 676.1 million dwt.
• Tanker demand in billion ton-miles is
projected to increase by 5.0% in 2024, supported by solid growth in
global crude oil trade volumes coupled with a very constrained
tanker fleet growth. Furthermore, trade flow shifts have started to
materialize as a result of the ongoing disruptions in the Red Sea
area, increasing average distance traveled and bolstering ton-mile
demand.
• Tanker fleet supply in deadweight terms is
estimated to grow by just 0.6% in 2024 and by a moderate 1.4% in
2025.
• Crude oil tanker fleet utilization was
estimated at 84.4%, up from 83.3% in the previous quarter and down
from 88.3% in Q4 2022.
• Newbuilding tanker contracting was just 6.2
million dwt in the fourth quarter, resulting in a tanker
orderbook-to-fleet ratio of 7.1%.
• Daily spot charter rates for Aframax tankers
averaged $61,277, up 123.6% from the previous quarter average of
$27,409 and down 32.7% from the Q4 2022 average of $90,991.
• The value of a 10-year-old Aframax tanker at
the end of the fourth quarter was $55.0 million, up 7.8% from $51.0
million in the previous quarter, and up 22.2% from $45.0 million in
Q4 2022.
• The number of tankers used for floating
storage (excluding dedicated storage) was 106 (14.7 million dwt),
down 15.2% from 125 (16.8 million dwt) in the previous quarter and
down 27.4% from Q4 2022 levels of 146 (22.6 million dwt).
• Global oil consumption was 101.8 million bpd,
up 0.5% from the previous quarter level of 101.3 million bpd, and
up 2.3% from Q4 2022 levels of 99.5 million bpd.
• Global oil production was 102.8 million bpd,
up 1.0% from the previous quarter level of 101.8 million bpd and up
1.6% from Q4 2022 levels of 101.2 million bpd.
• OECD commercial inventories were 2,783 million
barrels, down 1.1% from the previous quarter level of 2,815 million
barrels, and up 0.6% from Q4 2022 levels of 2,767 million
barrels.
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 |
|
(in thousands of US
Dollars, except per share data, fleet data and average daily
results) |
|
For the three months ended December 31, |
|
For the years ended December 31, |
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
|
STATEMENT
OF OPERATIONS DATA: |
|
Revenue |
$ |
23,840 |
|
$ |
27,767 |
|
$ |
108,938 |
|
$ |
75,173 |
|
|
Voyage expenses |
|
1,124 |
|
|
2,838 |
|
|
4,358 |
|
|
14,861 |
|
|
Vessel operating expenses |
|
6,011 |
|
|
4,241 |
|
|
21,866 |
|
|
13,828 |
|
|
Net income |
|
24,962 |
|
|
23,837 |
|
|
69,413 |
|
|
36,300 |
|
|
Net income attributable to
common stockholders |
|
24,500 |
|
|
9,412 |
|
|
56,924 |
|
|
12,003 |
|
|
Earnings per common share,
basic |
|
2.03 |
|
|
2.31 |
|
|
5.43 |
|
|
6.49 |
|
|
Earnings per common share,
diluted |
|
0.63 |
|
|
1.18 |
|
|
1.91 |
|
|
3.02 |
|
FLEET
DATA |
|
Average number of vessels |
|
7.8 |
|
|
6.7 |
|
|
7.9 |
|
|
5.7 |
|
|
Number of vessels |
|
7.0 |
|
|
8.0 |
|
|
7.0 |
|
|
8.0 |
|
|
Ownership days |
|
717 |
|
|
616 |
|
|
2,901 |
|
|
2,069 |
|
|
Available days |
|
686 |
|
|
616 |
|
|
2,830 |
|
|
2,039 |
|
|
Operating days (1) |
|
673 |
|
|
590 |
|
|
2,793 |
|
|
1,974 |
|
|
Fleet utilization |
|
98.1 |
% |
|
95.8 |
% |
|
98.7 |
% |
|
96.8 |
% |
AVERAGE
DAILY RESULTS |
|
Time charter equivalent (TCE)
rate (2) |
$ |
33,114 |
|
$ |
40,469 |
|
$ |
36,954 |
|
$ |
29,579 |
|
|
Daily vessel operating
expenses (3) |
$ |
8,384 |
|
$ |
6,885 |
|
$ |
7,537 |
|
$ |
6,683 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_________
(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. |
|
|
|
(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). |
|
|
|
(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. |
|
|
|
|
Fleet
Employment Profile (As of March 7, 2024) |
Performance Shipping
Inc.’s fleet is employed as follows: |
|
|
|
|
|
|
|
|
Vessel |
Year of Build |
Capacity |
Builder |
Vessel Type |
Charter Type |
Aframax Tanker Vessels |
1 |
BLUE
MOON |
2011 |
104,623
DWT |
Sumitomo Heavy Industries Marine & Engineering Co., LTD. |
Crude |
Time-Charter |
2 |
BRIOLETTE |
2011 |
104,588 DWT |
Sumitomo Heavy Industries Marine & Engineering Co., LTD. |
Crude |
Time-Charter |
3 |
P. YANBU |
2011 |
105,391 DWT |
Sumitomo Heavy Industries Marine & Engineering Co., LTD. |
Crude |
Time-Charter |
4 |
P. SOPHIA |
2009 |
105,071 DWT |
Hyundai Heavy Industries Co., LTD |
Crude |
Pool |
5 |
P. ALIKI |
2010 |
105,304 DWT |
Hyundai Heavy Industries Co., LTD |
Product |
Pool |
6 |
P. MONTEREY |
2011 |
105,525 DWT |
Hyundai Heavy Industries Co., LTD |
Crude |
Time-Charter |
7 |
P. LONG BEACH |
2013 |
105,408 DWT |
Hyundai Heavy Industries Co., LTD |
Product |
Time-Charter |
|
|
|
|
|
|
|
About the Company
Performance Shipping Inc. is a global provider
of shipping transportation services through its ownership of tanker
vessels. The Company employs its fleet 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,
including with respect to future market conditions, the conduct of
our share repurchase program and the delivery of the vessels we
have agreed to acquire.
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, including with respect
to vessels we agree to acquire, 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 COVID-19, and their 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, general domestic and
international political conditions or events, including “trade
wars”, armed conflicts including the war in Ukraine and the war
between Israel and Hamas, 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.
(See financial tables attached)
|
PERFORMANCE SHIPPING INC. |
FINANCIAL TABLES |
Expressed in thousands of U.S. Dollars, except for share and per
share data |
CONSOLIDATED STATEMENTS OF OPERATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended December 31, |
|
For the years ended December 31, |
|
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
REVENUE: |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
|
|
Revenue |
$ |
23,840 |
|
$ |
27,767 |
|
$ |
108,938 |
|
$ |
75,173 |
|
|
|
|
|
|
|
|
|
|
|
EXPENSES: |
|
|
|
|
|
|
|
|
|
Voyage expenses |
|
1,124 |
|
|
2,838 |
|
|
4,358 |
|
|
14,861 |
|
|
Vessel operating expenses |
|
6,011 |
|
|
4,241 |
|
|
21,866 |
|
|
13,828 |
|
|
Depreciation and amortization
of deferred charges |
|
3,517 |
|
|
2,715 |
|
|
14,793 |
|
|
9,281 |
|
|
General and administrative
expenses |
|
2,646 |
|
|
2,046 |
|
|
8,042 |
|
|
6,751 |
|
|
Gain on vessels' sale |
|
(15,683 |
) |
|
(9,543 |
) |
|
(15,683 |
) |
|
(9,543 |
) |
|
(Reversal) / Provision for
credit losses and write offs |
|
(16 |
) |
|
15 |
|
|
(37 |
) |
|
33 |
|
|
Foreign currency losses /
(gains) |
|
31 |
|
|
31 |
|
|
64 |
|
|
(20 |
) |
|
Operating
income |
$ |
26,210 |
|
$ |
25,424 |
|
$ |
75,535 |
|
$ |
39,982 |
|
|
|
|
|
|
|
|
|
|
|
OTHER
INCOME / (EXPENSES): |
|
|
|
|
|
|
|
|
|
Interest and finance
costs |
|
(1,955 |
) |
|
(1,758 |
) |
|
(9,598 |
) |
|
(3,966 |
) |
|
Loss from debt
extinguishment |
|
(387 |
) |
|
- |
|
|
(387 |
) |
|
- |
|
|
Interest income |
|
1,098 |
|
|
171 |
|
|
3,302 |
|
|
284 |
|
|
Changes in fair value of
warrants' liability |
|
(4 |
) |
|
- |
|
|
561 |
|
|
- |
|
|
Total other expenses,
net |
$ |
(1,248 |
) |
$ |
(1,587 |
) |
$ |
(6,122 |
) |
$ |
(3,682 |
) |
|
|
|
|
|
|
|
|
|
|
Net
income |
$ |
24,962 |
|
$ |
23,837 |
|
$ |
69,413 |
|
$ |
36,300 |
|
|
|
|
|
|
|
|
|
|
|
Income allocated
to participating securities |
|
(1 |
) |
|
(2 |
) |
|
(2 |
) |
|
(6 |
) |
Deemed dividend on
Series B preferred stock upon exchange of common stock |
|
- |
|
|
- |
|
|
- |
|
|
(9,271 |
) |
Deemed dividend on
Series C preferred stock upon exchange of Series B preferred stock
and re-acquisition of loan due to a related party |
|
- |
|
|
(6,944 |
) |
|
- |
|
|
(6,944 |
) |
Deemed dividend to
the Series C preferred stockholders due to triggering of a
down-round feature |
|
- |
|
|
(5,930 |
) |
|
(9,809 |
) |
|
(5,930 |
) |
Deemed dividend to
the July 2022 and August 2022 warrants holders due to triggering of
a down-round feature |
|
- |
|
|
(1,094 |
) |
|
(789 |
) |
|
(1,116 |
) |
Dividends on
preferred stock |
|
(461 |
) |
|
(455 |
) |
|
(1,889 |
) |
|
(1,030 |
) |
|
|
|
|
|
|
|
|
|
|
Net income
attributable to common stockholders |
$ |
24,500 |
|
$ |
9,412 |
|
$ |
56,924 |
|
$ |
12,003 |
|
|
|
|
|
|
|
|
|
|
|
Earnings
per common share, basic |
$ |
2.03 |
|
$ |
2.31 |
|
$ |
5.43 |
|
$ |
6.49 |
|
|
|
|
|
|
|
|
|
|
|
Earnings
per common share, diluted |
$ |
0.63 |
|
$ |
1.18 |
|
$ |
1.91 |
|
$ |
3.02 |
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of common shares, basic |
|
12,095,795 |
|
|
4,065,977 |
|
|
10,491,316 |
|
|
1,850,072 |
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of common shares, diluted |
|
39,389,481 |
|
|
13,385,425 |
|
|
35,539,671 |
|
|
6,447,710 |
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE
INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended December 31, |
|
For the years ended December 31, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
(unaudited) |
|
(unaudited) |
|
|
(unaudited) |
|
|
|
Net income |
$ |
24,962 |
|
$ |
23,837 |
|
$ |
69,413 |
|
$ |
36,300 |
|
Other comprehensive income/
(loss) (Actuarial gain/ (loss)) |
|
(17 |
) |
|
68 |
|
|
(17 |
) |
|
68 |
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive
income |
$ |
24,945 |
|
$ |
23,905 |
|
$ |
69,396 |
|
$ |
36,368 |
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE SHEET DATA |
(Expressed in
thousands of US Dollars) |
|
|
December 31, 2023 |
|
December 31, 2022* |
ASSETS |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and restricted cash |
$ |
68,267 |
|
$ |
39,726 |
|
Advances for vessels under construction and other vessels'
costs |
|
11,303 |
|
|
- |
|
Vessels, net |
|
202,108 |
|
|
236,607 |
|
Other fixed assets, net |
|
44 |
|
|
72 |
|
Other assets |
|
14,544 |
|
|
16,574 |
|
Total assets |
$ |
296,266 |
|
$ |
292,979 |
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term bank debt, net of unamortized deferred financing
costs |
$ |
54,886 |
|
$ |
127,675 |
|
Other liabilities |
|
8,196 |
|
|
9,599 |
|
Total stockholders' equity |
|
233,184 |
|
|
155,705 |
|
Total liabilities and stockholders' equity |
$ |
296,266 |
|
$ |
292,979 |
|
|
|
|
|
|
|
|
* The balance
sheet data as of December 31, 2022 has been derived from the
audited consolidated financial statements at that date. |
|
|
OTHER
FINANCIAL DATA |
|
|
|
|
|
|
|
|
|
|
|
For the three months ended December 31, |
|
For the years ended December 31, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
|
Net Cash provided by Operating Activities |
$ |
9,263 |
|
$ |
23,680 |
|
$ |
67,955 |
|
$ |
33,847 |
|
Net Cash provided by / (used in) Investing Activities |
$ |
37,429 |
|
$ |
(78,121 |
) |
$ |
25,721 |
|
$ |
(112,950 |
) |
Net Cash provided by / (used in) Financing Activities |
$ |
(63,821 |
) |
$ |
58,705 |
|
$ |
(65,135 |
) |
$ |
109,255 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
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