Performance Shipping Inc.

07/30/2020 | Press release | Distributed by Public on 07/30/2020 07:29

Performance Shipping Inc. Reports Financial Results for the Second Quarter and six months Ended June 30, 2020

ATHENS, GREECE, July 30, 2020 - Performance Shipping Inc. (NASDAQ: PSHG) (the 'Company'), a global shipping company specializing in the ownership of vessels, today reported net income and net income attributable to common stockholders of $4.6 million for the second quarter of 2020, compared to a net loss and net loss attributable to common stockholders of $1.6 million for the same period in 2019. Earnings per common share, basic and diluted, for the second quarter of 2020 were $0.09, while loss per share for the second quarter of 2019 was $0.06.

Voyage and time charter revenues were $16.0 million ($11.8 million net of voyage expenses) for the second quarter of 2020, compared to $4.5 million ($4.2 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 our Aframax tanker vessels. Fleetwide, the average time charter equivalent rate for the second quarter of 2020 was $26,092, compared with an average rate of $11,599 for the same period of 2019. As a result, during the second quarter of 2020, net cash provided by operating activities was $2.9 million, compared with net cash used in operating activities of $0.7 million for the second quarter of 2019.

Net income for the six months ended June 30, 2020 amounted to $5.9 million, compared to a net loss of $1.7 million for the six months ended June 30, 2019. Net income attributable to common stockholders for the six months ended June 30, 2020, amounted to $7.4 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 $0.15. Net loss attributable to common stockholders for the six months ended June 30, 2019, was $1.7 million, resulting in a loss per share of $0.08.