Latest news with #PerformanceShipping
Yahoo
2 days ago
- Business
- Yahoo
Performance Shipping Inc. Secures Time Charter Contract for M/T P. Aliki at US$30,000 Per Day
ATHENS, Greece, Aug. 18, 2025 (GLOBE NEWSWIRE) -- Performance Shipping Inc. (NASDAQ: PSHG) ('we' or the 'Company'), a global shipping company specializing in the ownership of tanker vessels, today announced that it has entered into a time charter contract with Pakistan National Shipping Corporation ('PNSC' or the 'Charterer') for its M/T P. Aliki, a 105,304 DWT LR2 Aframax tanker, built in 2010. Under the agreement, the vessel will be chartered for a period of 12 months, plus or minus 15 days at the Charterer's option, at a daily gross charter rate of US$30,000. The P. Aliki completed a six-month charter with Seariver Maritime LLC, a subsidiary of ExxonMobil Corporation, and is currently undergoing its third special survey and drydock. She will be delivered to the Charterer upon completion of the drydock, expected to be around mid-September 2025. This charter increases the Company's fleetwide secured revenue backlog by approximately US$10.5 million for the minimum duration of the charter, bringing the total to about US$250.5 million, based on the minimum duration of each charter and as of the end of the last financial reporting period. Commenting on this charter, Andreas Michalopoulos, the Company's Chief Executive Officer, stated: 'We are pleased to commence this new collaboration with Pakistan National Shipping Corporation, which highlights the diversity and global reach of our chartering relationships. The Company expects this time charter to generate earnings significantly above the vessel's free cash flow breakeven level and contribute meaningfully to our earnings over the contracted period. This aligns with our strategy of securing attractive employment for our vessels in a dynamic market environment to maintain revenue visibility. We look forward to building on this relationship while continuing to deliver value to our shareholders.' 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. The words 'believe,' 'anticipate,' 'intends,' 'estimate,' 'forecast,' 'project,' 'plan,' 'potential,' 'will," 'may,' 'should,' 'expect,' 'targets,' 'likely,' 'would,' 'could,' 'seeks,' 'continue,' 'possible,' 'might,' '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, drydocking 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, 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 US Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. CONTACT: Corporate Contact: Andreas Michalopoulos Chief Executive Officer, Director and Secretary Telephone: +30-216-600-2400 Email: amichalopoulos@ Website: Investor and Media Relations: Edward Nebb Comm-Counsellors, LLC Telephone: +1-203-972-8350 Email: enebb@
Yahoo
16-06-2025
- Business
- Yahoo
Here Is Why Performance Shipping Inc. (PSHG) Is Up 13% in One Month
Performance Shipping Inc. (NASDAQ:PSHG) is among the 10 Most Undervalued Stocks to Buy for Under $5. The company provides shipping transportation services through tanker vessels. It employs its fleet on spot voyages, through on-time charters and pool arrangements. The stock has had impressive gains of over 13% in the past month, driven mainly by Performance Shipping Inc. (NASDAQ:PSHG)'s recent financial performance and its engagement with investors on fleet expansion. A view of a tanker vessel and its crew at a Mediterranean dockside. Performance Shipping Inc. (NASDAQ:PSHG) reported net income attributable to common stockholders of $29 million for Q1 FY25, up from $11 million in the prior year. Revenue stood at $21.3 million, down only slightly from $22.4 million a year ago, due to a decrease in the ownership days following the sale of the P. Yanbu vessel in March. On June 4, Performance Shipping Inc. (NASDAQ:PSHG) announced it would arrange fixed income investors calls and that a 5-year USD-denominated senior unsecured bond issue may follow, with the proceeds being used to expand and renew the company's fleet and also meet general corporate purposes. While we acknowledge the potential of PSHG as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: The Best and Worst Dow Stocks for the Next 12 Months and 10 Unstoppable Stocks That Could Double Your Money. Disclosure: None. Sign in to access your portfolio
Business Insider
04-06-2025
- Business
- Business Insider
Analysts Offer Insights on Industrial Goods Companies: Performance Shipping (PSHG) and Sterling Construction (STRL)
There's a lot to be optimistic about in the Industrial Goods sector as 2 analysts just weighed in on Performance Shipping (PSHG – Research Report) and Sterling Construction (STRL – Research Report) with bullish sentiments. Confident Investing Starts Here: Performance Shipping (PSHG) In a report issued on May 30, Tate Sullivan from Maxim Group reiterated a Buy rating on Performance Shipping, with a price target of $5.00. The company's shares closed last Tuesday at $1.60, close to its 52-week low of $1.48. According to Sullivan 's ranking currently consits of 0 on a 0-5 ranking scale, with an average return of -9.9% and a 38.7% success rate. Sullivan covers the Industrial Goods sector, focusing on stocks such as United Maritime Corp., Seanergy Maritime, and BWX Technologies. The the analyst consensus on Performance Shipping is currently a Hold rating. William Blair analyst Louie DiPalma maintained a Buy rating on Sterling Construction today. The company's shares closed last Tuesday at $194.23, close to its 52-week high of $206.07. According to DiPalma has 0 stars on 0-5 stars ranking scale with an average return of -11.7% and a 60.6% success rate. DiPalma covers the Technology sector, focusing on stocks such as Palantir Technologies, Science Applications, and BigBearai Holdings. The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Sterling Construction with a $205.00 average price target.
Yahoo
08-04-2025
- Business
- Yahoo
Performance Shipping enters potential forward sale agreement for M/T P. Sophia
Performance Shipping (PSHG) announced that, through a separate wholly-owned subsidiary, it has entered into a forward sale and exclusivity agreement with an unaffiliated third party. This agreement grants the Buyer exclusive rights to submit a bid for the conversion of the Company's Aframax tanker, M/T P. Sophia, in an auction for the provision of a Floating Production Storage and Offloading vessel for charter to a national oil company. If the Buyer is awarded the Offshore Project by the expiration of the auction on April 5, 2026, the Buyer will purchase the Company's oldest vessel, the 2009-built M/T P. Sophia, for delivery within a maximum of 120 days for a gross sale price for a gross sale price of $36,050,000. Additionally, if the vessel is delivered to the Buyer on or before September 30, 2025, the gross sale price will be increased by $1,000,000. During the exclusivity period, the Company may freely operate the vessel but is restricted from selling it to any other party until the conclusion of the Offshore Project auction in April 2026. Discover outperforming stocks and invest smarter with Top Smart Score Stocks. Filter, analyze, and streamline your search for investment opportunities using Tipranks' Stock Screener. Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See the top stocks recommended by analysts >> Read More on PSHG: Disclaimer & DisclosureReport an Issue Performance Shipping Inc. Sells Aframax Vessel for $39 Million Performance Shipping announces sale of M/T P. Yanbu for $39M Performance Shipping secures sale, leaseback agreement for Aframax tanker Performance Shipping Inc. Reports Decreased Q4 2024 Earnings Amid Market Challenges Performance Shipping reports Q4 EPS 74c vs. 25c last year Sign in to access your portfolio
