Performance Shipping Inc. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2020
ATHENS, GREECE, November 16, 2020 – Performance Shipping Inc. (NASDAQ: PSHG) (the “Company”), a global shipping company specializing in the ownership of tanker vessels, today reported net income and net income attributable to common stockholders of $0.4 million for the third quarter of 2020, compared to a net loss and net loss attributable to common stockholders of $18.1 million for the same period in 2019. Earnings per common share, basic and diluted, for the third quarter of 2020 were $0.08, while loss per share for the third quarter of 2019 was $5.58.
Voyage and time charter revenues were $9.5 million ($6.7 million net of voyage expenses) for the third quarter of 2020, compared to $6.3 million ($5.5 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 the Company’s Aframax tankers. Fleetwide, the average time charter equivalent rate for the third quarter of 2020 was $15,990, compared with an average rate of $12,915 for the same period of 2019. As a result, during the third quarter of 2020, net cash provided by operating activities was $2.3 million, compared with net cash used in operating activities of $3.2 million for the third quarter of 2019.
Net income for the nine months ended September 30, 2020, amounted to $6.3 million, compared to a net loss of $19.8 million for the nine months ended September 30, 2019. Net income attributable to common stockholders for the nine months ended September 30, 2020, amounted to $7.8 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 $1.62 and $1.59, respectively. Net loss attributable to common stockholders for the nine months ended September 30, 2019, was $19.8 million, resulting in a loss per share, basic and diluted, of $7.83.