Dated: May 18, 2020
|
By:
|
/s/ Andreas Michalopoulos
|
Andreas Michalopoulos
|
||
Chief Financial Officer
|
Corporate Contact:
|
|
Andreas Michalopoulos
|
|
Deputy Chief Executive Officer,
|
|
Chief Financial Officer, Treasurer and Secretary
|
|
Telephone: + 30-216-600-2400
|
|
Email: amichalopoulos@pshipping.com
Website: www.pshipping.com |
|
For Immediate Release
|
|
Investor and Media Relations:
|
|
Edward Nebb
|
|
Comm-Counsellors, LLC
|
|
Telephone: + 1-203-972-8350
|
|
Email: enebb@optonline.net
|
• |
Delivery of the Aframax tanker M/T P. Fos in January 2020
|
• |
Acquisition and delivery in March 2020 of the Aframax tanker M/T P. Kikuma
|
• |
Agreement for the sale of the containership M/V Rotterdam in January 2020
|
• |
Loan drawdown of $26.0 million in aggregate from Nordea Bank Abp, Filial i Norge to support the acquisition cost of the M/T P. Fos and the M/T P. Kikuma
|
• |
Establishment of a Share Repurchase Program for up to $6.0 million of common shares
|
• |
Repurchase and cancellation of 452,768 common shares under the Share Repurchase Program
|
• |
Issuance of 1,352,152 common shares pursuant to conversions of Series B-2 preferred shares
|
• |
Repurchase and cancellation of all outstanding Series C preferred voting shares.
|
• |
Delivery of the containership M/V Rotterdam to her new owners in April 2020
|
• |
Issuance of 600,000 common shares pursuant to conversions of Series B-2 preferred shares
|
• |
Repurchase and cancellation of all remaining Series B-2 preferred shares in April 2020
|
• |
Repurchase and cancellation of 176,832 common shares under the Share Repurchase Program
|
• |
Receipt of NASDAQ notification for extension of the compliance period to cure the bid price deficiency to November 2020
|
Summary of Selected Financial & Other Data
|
||||||||
For the three months ended March 31,
|
||||||||
2020
|
2019
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
STATEMENT OF OPERATIONS DATA (in thousands of US Dollars):
|
||||||||
Voyage and time charter revenues
|
$
|
13,504
|
$
|
5,469
|
||||
Voyage expenses
|
4,308
|
278
|
||||||
Vessel operating expenses
|
3,096
|
2,647
|
||||||
Net income / (loss)
|
1,295
|
(181
|
)
|
|||||
Net income / (loss) attributable to common stockholders
|
2,795
|
(181
|
)
|
|||||
Earnings / (Loss) per common share, basic
|
0.06
|
(0.01
|
)
|
|||||
Earnings / (Loss) per common share, diluted
|
0.06
|
(0.01
|
)
|
|||||
FLEET DATA
|
||||||||
Average number of vessels
|
4.7
|
4.0
|
||||||
Number of vessels
|
6.0
|
4.0
|
||||||
Ownership days
|
430
|
360
|
||||||
Available days
|
430
|
360
|
||||||
Operating days, excluding ballast leg (1)
|
314
|
356
|
||||||
Operating days, including ballast leg (2)
|
373
|
356
|
||||||
Fleet utilization, excluding ballast leg
|
73.0
|
%
|
98.9
|
%
|
||||
Fleet utilization, including ballast leg
|
86.7
|
%
|
98.9
|
%
|
||||
AVERAGE DAILY RESULTS
|
||||||||
Time charter equivalent (TCE) rate (3)
|
$
|
21,386
|
$
|
14,419
|
||||
Daily vessel operating expenses (4)
|
$
|
7,200
|
$
|
7,353
|
(1) |
Operating days, excluding ballast leg, 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 the
ballast leg of spot voyages as off-hire days, even if a charter party exists, so as to be in line with the accounting guidelines of ASC 606 for the revenue recognition (“loading” to “discharging” accounting). The shipping industry uses
operating days to measure the aggregate number of days in a period during which vessels actually generate revenues.
|
(2) |
Operating days, including ballast leg, are the number of available days in a period less the aggregate number of days that our vessels are off-hire. The specific calculation does not
count as off-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 our voyage and time charter revenues, 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 of May 18, 2020)
|
||||||||
Performance Shipping Inc.’s fleet is employed as follows:
|
||||||||
Vessel
|
Year of Built
|
Capacity
|
Builder
|
Gross Rate (USD Per Day)
|
Com*
|
Charterers
|
Delivery Date to
Charterers
|
Redelivery Date to Owners**
|
4 Aframax Tanker Vessels
|
||||||||
BLUE MOON
|
2011
|
104,623 DWT
|
Sumitomo Heavy Industries Marine & Engineering Co., LTD.
|
Spot
|
-
|
-
|
-
|
- - -
|
BRIOLETTE
|
2011
|
104,588 DWT
|
Sumitomo Heavy Industries Marine & Engineering Co., LTD.
|
Spot
|
-
|
-
|
-
|
- - -
|
P. FOS
|
2007
|
104,577 DWT
|
Sasebo Heavy Industries Co. Ltd
|
Spot
|
-
|
-
|
-
|
- - -
|
P. KIKUMA
|
2007
|
104,915 DWT
|
Samsung Heavy Industries Co Ltd.,
Geoje, South Korea
|
Spot
|
-
|
-
|
-
|
- - -
|
1 Panamax Container Vessel
|
||||||||
DOMINGO
|
2001
|
3,739 TEU
|
Samsung Heavy Industries Co Ltd., Koje, South Korea
|
$11,850
|
3.50%
|
CMA CGM
|
15-Jan-20
|
6-Apr-20
|
$10,500
|
3.50%
|
6-Apr-20
|
29-Jun-20
|
|||||
* Total commission paid to third parties.
|
** Range of redelivery dates, with the actual date of redelivery being at the Charterers’ option, but subject to the terms, conditions, and
exceptions of the particular charterparty.
|
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
|
||||||||
For the three months ended March 31,
|
||||||||
2020
|
2019
|
|||||||
REVENUES:
|
||||||||
Voyage and time charter revenues
|
$
|
13,504
|
$
|
5,469
|
||||
EXPENSES:
|
||||||||
Voyage expenses
|
4,308
|
278
|
||||||
Vessel operating expenses
|
3,096
|
2,647
|
||||||
Depreciation and amortization of deferred charges
|
1,101
|
866
|
||||||
Management fees
|
192
|
-
|
||||||
General and administrative expenses
|
2,612
|
1,908
|
||||||
Impairment losses
|
339
|
-
|
||||||
Provision for doubtful receivables
|
86
|
-
|
||||||
Foreign currency losses
|
21
|
5
|
||||||
Operating income / (loss)
|
$
|
1,749
|
$
|
(235
|
)
|
|||
OTHER INCOME / (EXPENSES):
|
||||||||
Interest and finance costs
|
(527
|
)
|
-
|
|||||
Interest income
|
73
|
54
|
||||||
Total other income /(expenses), net
|
$
|
(454
|
)
|
$
|
54
|
|||
Net income / (loss)
|
$
|
1,295
|
$
|
(181
|
)
|
|||
Gain from repurchase of preferred shares
|
1,500
|
-
|
||||||
Net income / (loss) attributable to common stockholders
|
$
|
2,795
|
$
|
(181
|
)
|
|||
Earnings / (Loss) per common share, basic
|
$
|
0.06
|
$
|
(0.01
|
)
|
|||
Earnings / (Loss) per common share, diluted
|
$
|
0.06
|
$
|
(0.01
|
)
|
|||
Weighted average number of common shares, basic
|
46,967,727
|
18,423,674
|
||||||
Weighted average number of common shares, diluted
|
47,883,387
|
18,423,674
|
||||||
UNAUDITED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME / (LOSS)
|
||||||||
For the three months ended March 31,
|
||||||||
2020
|
2019
|
|||||||
Net income / (loss)
|
$
|
1,295
|
$
|
(181
|
)
|
|||
Comprehensive income/ (loss)
|
$
|
1,295
|
$
|
(181
|
)
|
|||
CONDENSED CONSOLIDATED BALANCE SHEET DATA
|
||||||||
(Expressed in thousands of US Dollars)
|
||||||||
March 31, 2020
|
December 31, 2019*
|
|||||||
ASSETS
|
(unaudited)
|
|||||||
Cash and cash equivalents
|
$
|
14,192
|
$
|
26,363
|
||||
Vessels held for sale, net
|
18,130
|
-
|
||||||
Advances for vessel acquisitions and other vessels' costs
|
-
|
11,017
|
||||||
Vessels, net
|
115,601
|
82,871
|
||||||
Other fixed assets, net
|
1,009
|
993
|
||||||
Other assets
|
5,814
|
9,325
|
||||||
Total assets
|
$
|
154,746
|
$
|
130,569
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Long-term debt, net of unamortized deferred financing costs
|
$
|
56,230
|
$
|
32,283
|
||||
Other liabilities
|
3,815
|
4,048
|
||||||
Total stockholders' equity
|
94,701
|
94,238
|
||||||
Total liabilities and stockholders' equity
|
$
|
154,746
|
$
|
130,569
|
||||
* The balance sheet data as of December 31, 2019 has been derived from the audited consolidated financial statements at that date.
|
OTHER FINANCIAL DATA
|
||||||||
For the three months ended March 31,
|
||||||||
2020
|
2019
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Net Cash provided by Operating Activities
|
$
|
7,094
|
$
|
8
|
||||
Net Cash provided by / (used in) Investing Activities
|
$
|
(41,272
|
)
|
$
|
443
|
|||
Net Cash provided by Financing Activities
|
$
|
22,007
|
$
|
6,452
|