Performance Shipping Inc 6-K, filed Nov 18, 2022
Performance Shipping Inc. (PSHG)
6-K
2022-11-18
For: 2022-11-17
View Original
Added on
April 07, 2026
About this 6-K
Performance Shipping Inc filed this 6-K on November 18, 2022.
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 November 2022
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 ☒ 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 as Exhibit 99.1 is a copy of the
press release of the Company dated November 17, 2022 titled “Performance Shipping Inc. Announces Agreement to Acquire a LR2 Aframax Oil Product Tanker”
The information contained in this Report on Form 6-K 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, and 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.
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: November 17, 2022
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| /s/ Andreas Michalopoulos |
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Andreas Michalopoulos |
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Chief Executive Officer
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Exhibit 99.1
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Corporate Contact:
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Andreas Michalopoulos
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Chief Executive Officer, Director and Secretary
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Telephone: +30-216-600-2400
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Email: amichalopoulos@pshipping.com
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Website: www.pshipping.com
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For Immediate Release
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Investor and Media Relations:
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Edward Nebb
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Comm-Counsellors, LLC
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Telephone: + 1-203-972-8350
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Email: enebb@optonline.net
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PERFORMANCE SHIPPING INC. ANNOUNCES AGREEMENT
TO ACQUIRE A LR2 AFRAMAX OIL PRODUCT TANKER
ATHENS, GREECE, November 17, 2022 – 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 signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to purchase the M/T Fos Hamilton, a 105,408 dwt LR2 Aframax oil product tanker vessel built in 2013 by Hyundai Heavy
Industries Co., Ltd. - Ulsan, South Korea, from an unaffiliated third party for a gross purchase price of US$43.75 million. The M/T Fos Hamilton is equipped with an eco-electronic engine, achieving higher energy efficiency and improved emissions by
reducing fuel consumption. The vessel also complies with the Ballast Water Management (BWM) Convention protecting marine ecosystems from species transfer. The vessel is expected to be delivered to the Company in mid-December 2022 and will be renamed
M/T P. Long Beach.
The Company expects to finance the aforementioned acquisition with cash proceeds from the previously announced sale of the Company’s oldest vessel, M/T P. Fos,
and the incurrence of debt through a new senior secured facility that it anticipates it will enter into prior to the delivery of the vessel.
Commenting on the agreement, Andreas Michalopoulos, the Company’s Chief Executive Officer, stated:
“The acquisition of our second LR2 Aframax tanker, which has a green engine and is also BWTS fitted, marks our Company’s further step towards establishing a
solid position in the refined petroleum product tanker sector, which we believe has strong, sustainable fundamentals and prospects. Upon delivery of the two recently acquired tankers, anticipated to take place in December, and the concurrent sale of
the oldest vessel in our fleet, our fleet has now nearly doubled in size and will consist of eight modern, high specification Aframax tankers with an average age of 11.6 years. With a solid base of lucrative secured revenues of approximately US$85
million, we intend to enhance the earnings of our expanded and renewed fleet with spot charters mainly through pool agreements thereby enabling us to capture the strong prevailing market conditions and generate significant cash flow moving forward.”
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 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 “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.