Performance Shipping Inc 6-K, filed Feb 27, 2023
Performance Shipping Inc. (PSHG)
6-K
2023-02-27
For: 2023-02-27
View Original
Added on
April 07, 2026
About this 6-K
Performance Shipping Inc filed this 6-K on February 27, 2023.
FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of February 2023
Commission File Number: 001-35025
PERFORMANCE SHIPPING INC.
(Translation of registrant's name into English)
373 Syngrou Avenue
175 64 Palaio Faliro
Athens, Greece
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F [X] Form 40-F [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)7:
Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction
in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is
not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.
INFORMATION CONTAINED IN THIS FORM 6-K REPORT
Attached to this Report on Form 6-K (this “Report”) as Exhibit 99.1 is a copy of the press release of the Company dated February 22, 2023 titled “Performance Shipping Inc. Announces
Results of 2023 Annual General Meeting of Shareholders.”
Attached to this Report as Exhibit 99.2 is a copy of the press release of the Company dated February 23, 2023 titled “Performance Shipping Inc. Reports Record Fourth Quarter and
Full Year 2022 Net Income of $23.8 Million and $36.3 Million, Respectively.”
Attached to this Report as Exhibit 99.3 is a copy of the press release of the Company dated February 27, 2023 titled “Performance Shipping Inc. Announces Termination of
At-the-Market Offering.”
The information contained in this Report, excluding the statement in Exhibit 99.2 attributed to the Company’s Chief Executive Officer, is hereby incorporated by reference into is hereby incorporated by reference into the Company's registration
statement on Form F-3 (File No. 333-197740), filed with the U.S. Securities and Exchange Commission (the “SEC”) with an effective date of August 13, 2014, the Company’s registration statement on Form F-3 (File No. 333-237637), filed with the SEC
with an effective date of April 23, 2020, the Company’s registration statement on Form F-3 (File No. 333-266946), filed with the SEC with an effective date of August 29, 2022 and the Company’s registration statement on Form F-3 (File No.
333-269449), filed with the SEC with an effective date of February 8, 2023.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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PERFORMANCE SHIPPING INC.
(Registrant)
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Dated: February 27, 2023
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/s/ Andreas Michalopoulos
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By: Andreas Michalopoulos
Chief Executive Officer
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Exhibit 99.1
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Corporate Contact:
Andreas Michalopoulos
Chief Executive Officer, Director and Secretary
Telephone: +30-216-600-2400
Email: amichalopoulos@pshipping.com
Website: www.pshipping.com
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For Immediate Release
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Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email: enebb@optonline.net
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PERFORMANCE SHIPPING INC. ANNOUNCES RESULTS OF
2023 ANNUAL GENERAL MEETING OF SHAREHOLDERS
ATHENS, GREECE, February 22, 2023 - Performance Shipping Inc. (NASDAQ: PSHG), (“we” or the “Company”), a global shipping company specializing in the ownership of tanker
vessels, announced that the Company’s Annual General Meeting of Shareholders (the “Meeting”) was duly held on February 22, 2023, in Athens, Greece, pursuant to a Notice of Annual Meeting of Shareholders dated January 24, 2023. Broadridge Financial
Solutions, Inc. acted as inspector of the Meeting.
At the Meeting, each of the following proposals, which are set forth in more detail in the Notice of Annual Meeting of Shareholders and the Company's Proxy Statement sent to
shareholders on or around January 24, 2023, was approved and adopted:
(1)
The election of Andreas Michalopoulos and Loïsa Ranunkel, each as a Class I director, whose term will expire at the
Company’s 2026 annual meeting of shareholders; and
(2)
The appointment of Ernst & Young (Hellas) Certified Auditors Accountants S.A. as the Company's independent
auditors for the fiscal year ending December 31, 2023.
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.
Exhibit 99.2
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Corporate Contact:
Andreas Michalopoulos
Chief Executive Officer, Director and Secretary
Telephone: + 30-216-600-2400
Email: amichalopoulos@pshipping.com
Website: www.pshipping.com
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For Immediate Release
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Investor and Media Relations:
Edward Nebb
Comm-Counsellors, LLC
Telephone: + 1-203-972-8350
Email: enebb@optonline.net
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PERFORMANCE SHIPPING INC. REPORTS RECORD FOURTH QUARTER AND FULL YEAR 2022 NET INCOME OF
$23.8 MILLION AND $36.3 MILLION, RESPECTIVELY
ATHENS, GREECE, February 23, 2023 – Performance Shipping Inc. (NASDAQ: PSHG) (“we” or the “Company”), a global shipping company specializing in the ownership of tanker vessels, today reported a record quarterly net
income from continuing and discontinued operations of $23.8 million and net income from continuing and discontinued operations attributable to common stockholders of $9.4 million for the fourth quarter of 2022. This compared to a net loss from
continuing and discontinued operations and net loss from continuing and discontinued operations attributable to common stockholders of $2.1 million for the same period in 2021. Earnings per share, basic and diluted, for the fourth quarter of 2022
was $2.31 and $1.18, respectively, while loss per share for the fourth quarter of 2021 was $6.11.
Revenue from continuing and discontinued operations was $27.8 million ($25.0 million net of voyage expenses) for the fourth quarter of 2022, compared to $9.6 million ($5.4 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 fourth quarter of 2022 was $40,469, compared with an
average rate of $13,370 for the same period in 2021. During the fourth quarter of 2022, net cash provided by operating activities of continuing and discontinued operations was $23.7 million, compared with net cash used in operating activities of
$1.8 million for the fourth quarter of 2021.
Net income from continuing and discontinued operations for the year ended December 31, 2022 amounted to $36.3 million, compared to a net loss from continuing and discontinued operations of $9.7 million for the year
ended December 31, 2021. Net income from continuing and discontinued operations attributable to common stockholders for the year ended December 31, 2022 amounted to $12.0 million, and resulted in earnings per share, basic and diluted, of $6.49 and
$3.02, respectively. Net loss from continuing and discontinued operations attributable to common stockholders for the year ended December 31, 2021 amounted to $9.7 million and resulted in a loss per common share of $28.97.
During the fourth quarter of 2022, the Company issued and sold 140,379 shares of its common stock under its ATM Agreement with Virtu Americas LLC, with an average price per share of $3.59, raising gross proceeds of
approximately $0.5 million. As of December 31, 2022, the Company had 4,187,588 common shares issued and outstanding.
1
Commenting on the results of the fourth quarter of 2022, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:
“During the fourth quarter of 2022, tanker market fundamentals continued to improve, supported by new trade patterns emerging in response to continuing sanctions on Russian crude oil exports and shifts in the
location of new refinery capacity leading to longer haul tanker voyages. We took advantage of the firm tanker charter rate environment, resulting in fleetwide average time charter equivalent rates of $40,469 and $29,579 per day during the fourth
quarter and twelve months of 2022, respectively. As a result, we generated annual revenues of $75.2 million and annual net income from continuing operations of $36.3 million, a 106% and a 474% increase from the previous fiscal year, respectively.
Our net income from continuing operations during the fourth quarter alone was $23.8 million, indicating the tightening tanker market conditions during the fourth quarter. Our cash balance at the end of the year was approximately $40 million
representing 3.2x our current market capitalization. Our basic earnings per share for the last fiscal year compared to our current share price represent a price-to-earnings ratio of approximately 0.4x.
“We believe that the tanker market developments since the beginning of 2022 are sustainable through 2023 and beyond. During 2022 we expanded and renewed our fleet with timely acquisitions at values significantly
below current levels and now own eight younger high-specification Aframax tankers with an average age of 12.1 years. Five of our tankers currently operate under time charter contracts with first-class charterers, earning gross charter rates ranging
from $23,000 to $45,000 per day. Our secured revenue backlog of approximately $85 million is supplemented by the operation of our remaining vessels under pool arrangements with reputable counterparties earning healthy voyage charter rates,
indicative of the solid freight rate environment.”
2
Tanker Market Update for the fourth quarter of 2022:
| • |
Tanker fleet supply was 675.3 million dwt, up 0.7% from 670.8 million dwt from the previous quarter and up 3.5% from Q4 2021 levels of 652.6 million dwt.
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| • |
Tanker demand in billion tonne-miles is projected to increase by a firm 7.6% in 2023, supported by new trade patterns established as a result of European sanctions on Russian crude oil. As Europe uses alternative sources of crude oil and
Russia sells to alternative buyers, longer-haul trade routes are emerging, boosting tonne-mile demand.
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| • |
Tanker fleet supply in deadweight terms is estimated to grow by a moderate 1.4% in 2023.
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| • |
Crude oil tanker fleet utilization was estimated at 80.0%, up from 79.5% in the previous quarter and up from 79.0% in Q4 2021.
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| • |
Newbuilding tanker contracting was just 3.0 million dwt in the fourth quarter, resulting in a tanker orderbook-to-fleet ratio of 4.3%, the lowest level of the past 27 years.
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| • |
Daily spot charter rates for Aframax tankers averaged $90,991, up 73.0% from the previous quarter average of $52,610 and up 720.3% from the Q4 2021 average of $11,093.
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The value of a 10-year-old Aframax tanker at the end of the fourth quarter was $45.0 million, up 7.1% from $42.0 million in the previous quarter, and up 66.7% from $27.0 million in Q4 2021.
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| • |
The number of tankers used for floating storage (excluding dedicated storage) was 148 (23.6 million dwt), down 17.8% from 180 (26.1 million dwt) in the previous quarter and down 15.4% from Q4 2021 levels of 175 (27.4 million dwt).
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| • |
Global oil consumption was 99.7 million bpd, down 0.7% from the previous quarter level of 100.4 million bpd, and up 0.4% from Q4 2021 levels of 99.3 million bpd.
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| • |
Global oil production was 101.4 million bpd, up 0.6% from the previous quarter level of 100.8 million bpd and up 3.1% from Q4 2021 levels of 98.3 million bpd.
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| • |
OECD commercial inventories were 2,782.7 million barrels, up 1.7% from the previous quarter level of 2,735.2 million barrels, and up 5.4% from Q4 2021 levels of 2,640.2 million barrels.
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The above market outlook update is based on information, data, and estimates derived from industry sources. There can be no assurances that such trends will continue or that anticipated developments in tanker demand,
fleet supply or other market indicators will materialize. While we believe the market and industry information included in this release to be generally reliable, we have not independently verified any third-party information or verified that more
recent information is not available.
3
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Summary of Selected Financial & Other Data (Continuing and Discontinued Operations1 )
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|||||||||
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For the three months ended December 31,
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For the years ended December 31,
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||||||||
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2022
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2021
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2022
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2021
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||||||
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(unaudited)
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(unaudited)
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(unaudited)
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STATEMENT OF OPERATIONS DATA (in thousands of US Dollars):
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|||||||||
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Revenue
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$
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27,767
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$
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9,647
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$
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75,173
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$
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36,491
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Voyage expenses
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2,838
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4,152
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14,861
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19,205
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Vessel operating expenses
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4,241
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3,738
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13,828
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12,301
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Net income / (loss)
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23,837
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(2,050)
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36,300
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(9,706)
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|||||
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Net income / (loss) attributable to common stockholders
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9,412
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(2,050)
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12,003
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(9,706)
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Earnings / (Loss) per common share, basic
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2.31
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(6.11)
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6.49
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(28.97)
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|||||
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Earnings / (Loss) per common share, diluted
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1.18
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(6.11)
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3.02
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(28.97)
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FLEET DATA
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Average number of vessels
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6.7
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5.0
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5.7
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5.0
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Number of vessels
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8.0
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5.0
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8.0
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5.0
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|||||
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Ownership days
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616
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460
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2,069
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1,825
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Available days
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616
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411
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2,039
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1,735
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|||||
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Operating days (2)
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590
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363
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1,974
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1,484
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Fleet utilization
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95.8%
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88.3%
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96.8%
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85.5%
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AVERAGE DAILY RESULTS
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Time charter equivalent (TCE) rate (3)
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$
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40,469
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$
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13,370
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$
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29,579
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$
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9,963
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Daily vessel operating expenses (4)
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$
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6,885
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$
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8,126
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$
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6,683
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$
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6,740
|
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| (1) |
Discontinued Operations refer to our container vessels segment that we disposed of in 2020.
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| (2) |
Operating days 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 as on-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.
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| (3) |
Time charter equivalent rates, or TCE rates, are defined as revenue (voyage, time charter and pool revenue), 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).
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| (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.
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4
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Fleet Employment Profile (As of February 23, 2023)
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Performance Shipping Inc.’s fleet is employed as follows:
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Vessel
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Year of Build
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Capacity
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Builder
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Vessel Type
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Charter Type
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Notes
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Aframax Tanker Vessels
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1
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BLUE MOON
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2011
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104,623 DWT
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Sumitomo Heavy Industries Marine & Engineering Co., LTD.
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Crude
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Time-Charter
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2
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BRIOLETTE
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2011
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104,588 DWT
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Sumitomo Heavy Industries Marine & Engineering Co., LTD.
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Crude
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Time-Charter
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|
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3
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P. KIKUMA
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2007
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115,915 DWT
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Samsung Heavy Industries Co Ltd.
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Crude
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Pool
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4
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P. YANBU
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2011
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105,391 DWT
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Sumitomo Heavy Industries Marine & Engineering Co., LTD.
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Crude
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Time-Charter
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|
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5
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P. SOPHIA
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2009
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105,071 DWT
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Hyundai Heavy Industries Co., LTD
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Crude
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Pool
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6
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P. ALIKI
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2010
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105,304 DWT
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Hyundai Heavy Industries Co., LTD
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Product
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Time-Charter
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7
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P. MONTEREY
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2011
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105,525 DWT
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Hyundai Heavy Industries Co., LTD
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Crude
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Time-Charter
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|
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8
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P. LONG BEACH
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2013
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105,408 DWT
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Hyundai Heavy Industries Co., LTD
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Product
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Pool
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|
5
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, including with respect to the delivery of the vessels we have agreed to acquire.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation.
The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "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 the strength of world
economies, fluctuations in currencies and interest rates, general market conditions, including fluctuations in charter hire rates and vessel values, changes in demand for our vessels, 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, dry-docking and insurance costs, our future operating or financial results, availability of financing and refinancing, including with
respect to the vessels we have agreed 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 the ongoing outbreak of the novel coronavirus (COVID-19) and its impact on the demand for seaborne transportation of petroleum and other types of products, 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 or events, including the impact of conflict in Ukraine,
the imposition of new international sanctions, “trade wars”, 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 U.S. Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties.
(See financial tables attached)
6
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PERFORMANCE SHIPPING INC.
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FINANCIAL TABLES
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Expressed in thousands of U.S. Dollars, except for share and per share data
|
|||||||||
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CONSOLIDATED STATEMENTS OF OPERATIONS (CONTINUING AND DISCONTINUED OPERATIONS)
|
|||||||||
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For the three months ended December 31,
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For the years ended December 31,
|
||||||||
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2022
|
2021
|
2022
|
2021
|
||||||
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REVENUE:
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
||||||
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Revenue
|
$
|
27,767
|
$
|
9,647
|
$
|
75,173
|
$
|
36,491
|
|
|
EXPENSES:
|
|||||||||
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Voyage expenses
|
2,838
|
4,152
|
14,861
|
19,205
|
|||||
|
Vessel operating expenses
|
4,241
|
3,738
|
13,828
|
12,301
|
|||||
|
Depreciation and amortization of deferred charges
|
2,715
|
1,912
|
9,281
|
7,472
|
|||||
|
General and administrative expenses
|
2,046
|
1,468
|
6,751
|
5,782
|
|||||
|
Gain on vessels' sale
|
(9,543)
|
-
|
(9,543)
|
-
|
|||||
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Provision for credit losses and write offs
|
15
|
175
|
33
|
160
|
|||||
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Foreign currency losses / (gains)
|
31
|
(48)
|
(20)
|
31
|
|||||
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Operating income / (loss)
|
$
|
25,424
|
$
|
(1,750)
|
$
|
39,982
|
$
|
(8,460)
|
|
|
OTHER INCOME / (EXPENSES):
|
|||||||||
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Interest and finance costs
|
(1,758)
|
(439)
|
(3,966)
|
(1,801)
|
|||||
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Interest income
|
171
|
2
|
284
|
18
|
|||||
|
Gain from property sale
|
-
|
137
|
-
|
137
|
|||||
|
Other income
|
-
|
-
|
-
|
400
|
|||||
|
Total other expenses, net
|
$
|
(1,587)
|
$
|
(300)
|
$
|
(3,682)
|
$
|
(1,246)
|
|
|
Net income / (loss)
|
$
|
23,837
|
$
|
(2,050)
|
$
|
36,300
|
$
|
(9,706)
|
|
|
Income allocated to participating securities
|
(2)
|
-
|
(6)
|
-
|
|||||
|
Deemed dividends
|
(13,968)
|
-
|
(23,261)
|
-
|
|||||
|
Dividends on preferred stock
|
(455)
|
-
|
(1,030)
|
-
|
|||||
|
Net income / (loss) attributable to common stockholders
|
$
|
9,412
|
$
|
(2,050)
|
12,003
|
(9,706)
|
|||
|
Earnings/ (Loss) per common share, basic
|
$
|
2.31
|
$
|
(6.11)
|
$
|
6.49
|
$
|
(28.97)
|
|
|
Earnings / (Loss) per common share, diluted
|
$
|
1.18
|
$
|
(6.11)
|
$
|
3.02
|
$
|
(28.97)
|
|
|
Weighted average number of common shares, basic
|
4,065,977
|
335,513
|
1,850,072
|
335,086
|
|||||
|
Weighted average number of common shares, diluted
|
13,385,425
|
335,513
|
6,447,710
|
335,086
|
|||||
7
|
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME / (LOSS) (CONTINUING AND DISCONTINUED OPERATIONS)
|
|||||||||
|
For the three months ended December 31,
|
For the years ended December 31,
|
||||||||
|
2022
|
2021
|
2022
|
2021
|
||||||
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|||||||
|
Net income / (loss)
|
$
|
23,837
|
$
|
(2,050)
|
$
|
36,300
|
$
|
(9,706)
|
|
|
Other comprehensive income/ (loss) (Actuarial gain/ (loss))
|
68
|
(10)
|
68
|
(10)
|
|||||
|
Comprehensive income / (loss)
|
$
|
23,905
|
$
|
(2,060)
|
$
|
36,368
|
$
|
(9,716)
|
|
|
CONDENSED CONSOLIDATED BALANCE SHEET DATA
|
|||||
|
(Expressed in thousands of US Dollars)
|
|||||
|
December 31, 2022
|
December 31, 2021*
|
||||
|
ASSETS
|
(unaudited)
|
||||
|
Cash, cash equivalents and restricted cash
|
$
|
39,726
|
$
|
9,574
|
|
|
Vessels, net
|
236,607
|
123,036
|
|||
|
Other fixed assets, net
|
72
|
151
|
|||
|
Other assets
|
16,574
|
12,163
|
|||
|
Total assets
|
$
|
292,979
|
$
|
144,924
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|||||
|
Long-term bank debt, net of unamortized deferred financing costs
|
$
|
127,675
|
$
|
49,898
|
|
|
Other liabilities
|
9,599
|
7,677
|
|||
|
Total stockholders' equity
|
155,705
|
87,349
|
|||
|
Total liabilities and stockholders' equity
|
$
|
292,979
|
$
|
144,924
|
|
|
* The balance sheet data as of December 31, 2021 has been derived from the audited consolidated financial statements at that date.
|
|||||
|
OTHER FINANCIAL DATA (CONTINUING AND DISCONTINUED OPERATIONS)
|
|||||||||
|
For the three months ended December 31,
|
For the years ended December 31,
|
||||||||
|
2022
|
2021
|
2022
|
2021
|
||||||
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|||||||
|
Net Cash provided by / (used in) Operating Activities
|
$
|
23,680
|
$
|
(1,790)
|
$
|
33,847
|
$
|
(3,123)
|
|
|
Net Cash provided by / (used in) Investing Activities
|
$
|
(78,121)
|
$
|
1,070
|
$
|
(112,950)
|
$
|
(770)
|
|
|
Net Cash provided by / (used in) Financing Activities
|
$
|
58,705
|
$
|
(1,978)
|
$
|
109,255
|
$
|
(7,911)
|
|
8
Exhibit 99.3
Corporate Contact:
Andreas Michalopoulos
Chief Executive Officer, Director 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
PERFORMANCE SHIPPING INC. ANNOUNCES
TERMINATION OF AT-THE-MARKET OFFERING
ATHENS, GREECE, February 27, 2023 – 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 provided notice of termination of the ATM Sales Agreement with Virtu Americas LLC dated December 9, 2022 (the “ATM Agreement”). The Company is terminating the ATM Agreement because it does not
intend to raise additional capital or sell additional shares under the ATM Agreement.
Prior to termination, the Company issued and sold 365,196 shares of its common stock under the ATM Agreement at an average price per share of US$3.30,
raising total gross proceeds of approximately US$1.2 million.
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, including with respect to the delivery of the vessels we have agreed to acquire.
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 the ongoing outbreak of the novel coronavirus (COVID-19) and its impact on the demand for seaborne
transportation of petroleum and other types of products, 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 or events, including “trade wars”, armed conflicts including the war in Ukraine, 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 U.S. Securities and Exchange Commission for a more complete discussion of these and other risks
and uncertainties.