Home ShipmanagementAccountancy Performance Shipping Inc. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2021

Performance Shipping Inc. Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2021

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ATHENS, GREECE, February 25, 2022 – 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 $2.1 million for the fourth quarter of 2021, compared to a net loss from continuing and discontinued operations attributable to common stockholders of $2.5 million for the same period in 2020. Loss per share, basic and diluted, for the fourth quarter of 2021 and 2020 was $0.41 and $0.51, respectively.

Revenue from continuing and discontinued operations was $9.6 million ($5.4 million net of voyage expenses) for the fourth quarter of 2021, compared to $7.2 million ($3.9 million net of voyage expenses) for the same period in 2020. This increase was attributable to the increased time-charter equivalent rates (TCE rates) achieved during the quarter and also to the increase of the Company’s ownership days, after the acquisition of the M/T P. Yanbu in December 2020. Fleetwide, the average time charter equivalent rate for the fourth quarter of 2021 was $13,370, compared with an average rate of $10,114 for the same period in 2020. During the fourth quarter of 2021, net cash used in operating activities of continuing and discontinued operations was $1.8 million, compared with net cash provided by operating activities of continuing and discontinued operations of $0.9 million for the fourth quarter of 2020.

Net loss from continuing and discontinued operations for the year ended December 31, 2021, amounted to $9.7 million, compared to net income from continuing and discontinued operations of $3.8 million for the year ended December 31, 2020. Net loss from continuing and discontinued operations attributable to common stockholders for the year ended December 31, 2021, amounted to $9.7 million, and resulted in a loss per share, basic and diluted, of $1.93. Net income from continuing and discontinued operations attributable to common stockholders for the year ended December 31, 2020, amounted to $5.2 million, due to a one-time gain of $1.5 million derived from the repurchase of the Series C preferred shares, and resulted in earnings per common share, basic and diluted, of $1.06 and $1.05, respectively.

As of December 31, 2021, the Company’s number of common shares issued and outstanding was 5,082,726.

View the full release here

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