Performance Shipping Inc. Reports Financial Results for the Second Quarter and Six Months Ended June 30, 2022
ATHENS, GREECE, August 4, 2022 – 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.