Performance Shipping Inc. · NASDAQ:PSHG
Performance Shipping — Investor Presentation (December 2023)
17 slides from Performance Shipping's investor presentation, December 2023
Slide 1: A Pure-Play Tanker Company
December 2023 A Pure - Play Tanker Company
Slide 2: Disclosure
Disclosure Matters discussed in this presentation may constitute forward -looking statements. The Private Securities Litigation Reform Act o f 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective informati on about their business
Slide 3: Agenda
Agenda Section 1: Company Overview Section 2: Financial Presentation 3
Slide 4: Company Profile
Company Profile Transitioned to pure tanker fleet, new management, simple corporate structure, new strategy implementation Pure Tanker Nasdaq: PSHG Company 8 Publicly Listed since 2011 Since August 2020 Aframax Tankers Established Commercial $85.1million LTV 10% Relationships Revenue 2023 Year To da
Slide 5: Experienced Senior Management
Experienced Senior Management Name / Title Biography Aliki Paliou ▪ Director Performance Shipping Inc. since February 2020 Chairperson of the Board ▪ Director, Vice-President and Treasurer of Unitized Ocean Transport Limited since January 2020 ▪ Previously Director and Treasurer of Alpha Sigma Shipp
Slide 6: Fleet Profile
Fleet Profile Mid-point age, high specifications & quality assets under time charter contracts and pool arrangements Size Vessel Built Shipyard Type Status Next Special Survey Employment (DWT) Blue Moon 2011 Sumitomo, Japan 104,623 Aframax Delivered Q3 2026 TC Briolette 2011 Sumitomo, Japan 104,588
Slide 7: Employment Profile
Employment Profile 4 Aframax tankers are currently operating under time charters Secured revenues of approximately $39 million, as of the beginning of the fourth quarter of 2023 Estimated average contracted rate of approximately $32,000 and $29,600 per day in 2H 2023 and 2024 respectively 2023 2024
Slide 8: Focused Business Strategy
Focused Business Strategy Transparent company provides investors with low leverage, significant exposure to the tanker sector ➢ Growing sector presence ➢ High specifications & quality, reputable yards Fleet Composition ➢ Mid-point age profile acquisitions ≈ 12 years ➢ Continued fleet renewal at spec
Slide 9: Technical & Commercial Management
Technical & Commercial Management Technical & Commercial Manager, Unitized Ocean Transport Limited (UOT) our Wholly-Owned Subsidiary Established efficient operations with low vessel operating expenses We fully fund all commercial and technical services provided by UOT Full-Service Platform Services
Slide 10: Agenda
Agenda Section 1: Company Overview Section 2: Financial Presentation 10
Slide 11: Summary Selected Financial & Other Data
Summary Selected Financial & Other Data The table below illustrates our statement of operations and other data for the quarter and the nine-month period ended on September 30, 2023 Q3 2023 9M 2023 Statement of Operations (Expressed in millions of U.S. Dollars) Voyage and Time Charter Revenues 24.114
Slide 12: Debt Description
Debt Description Indebtedness exclusively comprising of efficient secured amortizing loan from relationship banks, with annual repayment and no debt maturities prior to mid-2027 Debt Debt Outstanding New Annual (1) Vessel Drawdown Interest Rate Maturity Credit Facility (September 30, 2023) Repayment
Slide 13: Solid Balance Sheet
Solid Balance Sheet December 2022 September 2023 Pro-forma recent Actual developments # of Tankers 8 8 Asset Value (1) $358.1m $367.2 (2) AV / Ship $44.8m $45.9m Bank Debt $128.5m $102.5m (3) Cash $39.7m $109.0m (4) Net Bank Debt $88.8m -$6.4m LTV 35.9% 27.9% Net LTV 24.8% -1.8% Preferred Stock Valu
Slide 14: Equity Capital Markets
Equity Capital Markets Company has one class of Common Shares (Nasdaq: PSHG) trading below cash, much below replacement cost and at very deep discount to net asset value Capital Markets Exchange Nasdaq Category Capital Market Ticker PSHG Outstanding Common Shares 12,168,386 Indicative Share Price $2
Slide 15: Preferred Stock
Preferred Stock In January 2022, the Company issued Series B Preferred Shares Subsequently, several Series B Preferred Shares were exchanged for two Series C Preferred Shares and for a cash consideration of $7.50 per Series B Preferred Share, and the Company received a total cash consideration of ap
Slide 16: Historical Rates vs Cash Break-even
Historical Rates vs Cash Break-even Indicative Run Rate Cash Break-even assuming 7 tankers fleet operations for a full fiscal year Indicative Run Rate Cash Break-even Expected daily cash break-even rate per vessel Amounts in millions except daily figures 7 Ships Aframax 5-Year Historical Spot Rate (
Slide 17: Attractive Equity Story
Attractive Equity Story Performance Shipping is a compelling play on a tanker vessel recovery 1 The only listed pure-play Aframax tanker company → greatest operational trading flexibility among crude oil segments 22 Attractive fleet of 8 high-quality Aframaxes / LR2 Tankers & 1 newbuilding LR2 tanke
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