Business
Performance Shipping Inc. Reports Financial Results for the Third Quarter and Nine Months Ended September 30, 2021
ATHENS, Greece, Nov. 09, 2021 (GLOBE NEWSWIRE) -- Performance Shipping Inc. (NASDAQ: PSHG) (the “Company”), a global shipping company specializing in the
About this update from Performance Shipping Inc.
[{"type":"text","content":"ATHENS, Greece, Nov. 09, 2021 (GLOBE NEWSWIRE) -- Performance Shipping Inc. (NASDAQ: PSHG) (the “Company”), a global shipping company specializing in the ownership of tanker vessels, today reported a net loss from continuing and discontinued operations attributable to common stockholders of $2.2 million for the third quarter of 2021, compared to net income from continuing and discontinued operations attributable to common stockholders of $0.4 million for the same period in 2020. Loss per share, basic and diluted, for the third quarter of 2021 was $0.43, while earnings per share, basic and diluted, for the third quarter of 2020 was $0.08. Revenue from continuing and discontinued operations was $9.3 million ($4.3 million net of voyage expenses) for the third quarter of 2021, compared to $9.5 million ($6.7 million net of voyage expenses) for the same period in 2020. This decrease was mainly attributable to the decreased time-charter equivalent rates (TCE rates) achieved during the quarter as a result of depressed market conditions, and was partially counterbalanced by the increase in ownership days, after the acquisition of the M/T P. Yanbu in December 2020. Fleetwide, the average time charter equivalent rate for the third quarter of 2021 was $9,335, compared with an average rate of $15,990 for the same period in 2020. During the third quarter of 2021, net cash provided by operating activities of continuing and discontinued operations was $0.2 million, compared with net cash provided by operating activities of continuing and discontinued operations of $2.3 million for the third quarter of 2020. Net loss from continuing and discontinued operations for the nine months ended September 30, 2021, amounted to $7.7 million, compared to net income from continuing and discontinued operations of $6.3 million for the nine months ended September 30, 2020. Net loss from continuing and discontinued operations attributable to common stockholders for the nine months ended September 30, 2021, amounted to $7.7 million, and resulted in a loss per share, basic and diluted, of $1.52. Net income from continuing and discontinued operations attributable to common stockholders for the nine months ended September 30, 2020, amounted to $7.8 million, due to a one-time gain of $1.5 million derived from the repurchase of the Series C preferred shares, and resul...