Business
Performance Shipping Inc. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2019
ATHENS, Greece, Nov. 26, 2019 (GLOBE NEWSWIRE) -- Performance Shipping Inc. (NASDAQ: DCIX), (the “Company”), a global shipping company specializing in the
About this update from Performance Shipping Inc.
[{"type":"text","content":"ATHENS, Greece, Nov. 26, 2019 (GLOBE NEWSWIRE) -- Performance Shipping Inc. (NASDAQ: DCIX), (the “Company”), a global shipping company specializing in the ownership of containerships and tanker vessels, today reported a net loss of $18.1 million for the third quarter of 2019, compared to a net loss of $6.3 million for the same period of 2018. The loss for the third quarter of 2019 includes $17.4 million of impairment charges for one vessel, while the loss for the third quarter of 2018 includes $4.8 million of impairment charges for one vessel.\n Voyage and time charter revenues were $6.3 million for the third quarter of 2019, compared to $5.2 million for the same period of 2018. This increase is primarily attributable to the increase in size of the Company’s fleet following the acquisition of the tanker vessel “Blue Moon” in August 2019. Net loss for the nine months ended September 30, 2019, amounted to $19.8 million, compared to a net loss of $52.5 million for the nine months ended September 30, 2018. The loss for the nine months ended September 30, 2019 includes $17.7 million of impairment charges for two vessels, while the loss for the nine months ended September 30, 2018 includes $20.4 million of impairment charges for two vessels and $16.7 million of aggregate loss on sale of seven vessels. Voyage and time charter revenues for the nine months ended September 30, 2019, amounted to $16.3 million, compared to $19.5 million for the nine months ended September 30, 2018. As of November 25, 2019, the Company had 49,021,001 shares of common stock issued and outstanding. Fleet Employment Profile (As of November 25, 2019) Performance Shipping Inc.’s fleet is employed as follows: VesselGross Rate(USD PerDay)Com*CharterersDelivery Date toCharterers**Redelivery Date toOwners***NotesBUILT CAPACITY3 Aframax Tanker Vessels BLUE MOONSpot3.75%Lukoil Asia Pacific Pte Ltd27-Aug-19- - - 2011 104,623DWT BRIOLETTE -- --- - - 2011 104,588DWT VIRGO SUN -- --- - -12007 115,577DWT 1 Panamax Container Vessel PAMINA$8,8005.00%Hyundai Merchant Marine Co., Ltd.5-May-1927-Sep-1922005 5,042TEU DOMINGO$10,5003.50%CMA CGM3-Apr-1922-Oct-19 $10,5003.50%22-Oct-1915-Jan-2032001 3,739TEU 1 Post - Panamax Container Vessel PUCON$19,5003.75%Wan Hai Lines (Singapore) Pte Ltd.27-Jun-1910-Sep-19 $24,0003.75%10-Sep-1918-Nov-1942006 6,541TEU ROTTERDAM$20,5003.75%Wan Hai ...