Recent Updates — PSHG
Performance Shipping Inc. agreed to repurchase and cancel a portion of its outstanding Series B common share purchase warrants from a specific holder at a price of $0.60 per underlying common share. The transaction involves up to 253,500 shares and is designed to ensure compliance with financial covenants under the company's bank loan facilities, sale-and-leaseback agreements, and its 9.875% Senior Unsecured Bonds due 2029. Following this repurchase, the company retains various other warrant classes, including Class A Warrants exercisable at $15.75 and Series B Warrants exercisable at $2.25. Maxim Group LLC served as financial advisor for the transaction. Performance Shipping Inc. operates in the maritime shipping industry.
Performance Shipping Inc. agreed to repurchase and cancel approximately 5,862,555 outstanding common share purchase warrants in separate individually-negotiated transactions. The company bought back Class A Warrants (190,000 units) at $0.20 per underlying common share and other warrant series totaling 5,672,555 units at $0.60 per underlying common share. These transactions were conducted to ensure compliance with financial covenants under bank loan facilities, sale-and-leaseback agreements, and the terms of its 9.875% Senior Unsecured Bonds due 2029. Following the repurchases, remaining outstanding warrants include Class A Warrants for up to 377,366 shares at $15.75 exercise price, various 2022-issued warrants for approximately 596,249 shares at $1.65 exercise price, Series A warrants for 14,300 shares, and Series B warrants for up to 783,750 shares at $2.25 exercise price. Performance Shipping Inc. operates in the maritime shipping industry.
Performance Shipping Inc. reported net income of $22.1 million for the six months ended June 30, 2026, a decline from $38.5 million in the prior year period which included a $19.5 million gain on vessel sales. Revenue increased 73.2% to $68.4 million, driven by fleet expansion through newbuilding deliveries and secondhand acquisitions. The company paid $0.9 million in cash dividends on Series B and C preferred shares during the period. Aggregate outstanding debt rose to $316.1 million following a bond tap issue and loan proceeds, resulting in higher interest expenses of $11.6 million. In July 2026, Performance Shipping extended a Nordea loan maturity to July 2030, delivered vessel P. Sophia to new owners, and prepaid $12.8 million on Alpha Bank debt related to the upcoming sale of vessel P. Aliki. The company operates in the tanker shipping industry.
Performance Shipping Inc. extended a time charter for the Aframax tanker M/T Blue Moon with American Eagle Tankers for 24 months at an average gross rate of US$40,500 per day, expected to generate approximately US$29 million in revenue. Additionally, the company completed the sale of the M/T P. Sophia for US$35.65 million, representing a 30% increase over its 2022 acquisition price. Performance Shipping Inc. is a global provider of shipping transportation services through the ownership of tanker vessels.