Performance Shipping Inc. · NASDAQ:PSHG
Performance Shipping — Investor Presentation (January 2023)
17 slides from Performance Shipping's investor presentation, January 2023
Slide 1: A Pure-Play Tanker Company
January 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 $47.4 million LTV 37% Established Commercial Total Revenue in 9M 2022 Net Loan to
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, spot charters 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,
Slide 7: Employment Profile
Employment Profile 5 Aframax tankers under time charters generating secured revenues of approximately $85 million based on contracts’ earliest redelivery dates Estimated average contracted rate of approximately $30,900 and $29,600 per day in 2023 and 2024 respectively 2023 2024 Employment Q1 2023 Q2
Slide 8: Focused Business Strategy
Focused Business Strategy Transparent company provides investors with low leverage, significant exposure to the tanker sector ➢ Growing sector presence ➢ High specifications & quality, reputable yards Fleet Composition ➢ Mid-point age profile acquisitions ≈ 12 years ➢ Continued fleet renewal at spec
Slide 9: Technical & Commercial Management
Technical & Commercial Management Technical & Commercial Manager, Unitized Ocean Transport Limited (UOT) our Wholly-Owned Subsidiary Established efficient operations with low vessel operating expenses We fully fund all commercial and technical services provided by UOT Full-Service Platform Services
Slide 10: Agenda
Agenda Section 1: Company Overview Section 2: Financial Presentation 10
Slide 11: Summary Selected Financial & Other Data
Summary Selected Financial & Other Data The table below illustrates our statement of operations and other data for the three and nine months ended September 30, 2022 For the three months ended For the nine months ended September 30, 2022 September 30, 2022 Statement of Operations (Expressed in milli
Slide 12: Debt Description
Debt Description Indebtedness exclusively comprising of efficient secured amortizing loan from relationship banks, with annual repayment and 2H 2024-2027 maturity Debt (1) New Annual Vessel Debt Outstanding Drawdown Repayment Interest Rate Maturity Credit Facility (September 30, 2022) ($m) ($m) Blue
Slide 13: Solid Balance Sheet
Solid Balance Sheet December 2021 September 2022 September 2022 (3) Actual Actual Pro-Forma # of Tankers 5 6 8 Asset Value (1) $116.5m $216.0m $299.1 (2) AV / Ship $23.3m $36.0m $37.4m Bank Debt $50.2m $74.1m $130.2m (3) Cash $9.6m $35.5m $20.7m (4) Net Bank Debt $40.6m $38.6m $109.5m LTV 43.1% 34.3
Slide 14: Equity Capital Markets
Equity Capital Markets Company has one class of Common Shares (Nasdaq: PSHG) trading modestly above 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 4,047,209 (as of September
Slide 15: Preferred Stock
Preferred Stock In January 2022, the Company issued Series B Preferred Shares. In October 2022, several Series B Preferred Shares were exchanged for Series C Preferred Shares for a cash consideration of $4.9 million Series B Cumulative Series C Convertible Cumulative Redeemable Perpetual Preferred S
Slide 16: Historical Rates vs Cash Break-even
Historical Rates vs Cash Break-even Indicative Run Rate Cash Break-even assuming 8 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 8 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 2 Attractive fleet of 8 high-quality Aframaxes built at Tier-1 shipyards in Japan and S
Performance Shipping — Investor Presentation (January 2023) on 6ix