Shares in Athens-based Performance Shipping Inc. (NASDAQ: PSHG) made slight gains early Thursday, hours after the company reported net income from continuing and discontinued operations of $3.9 million and net income from continuing and discontinued operations attributable to common stockholders of $3.7 million for the second quarter of 2022, compared to a net loss from continuing and discontinued operations and a net loss from continuing and discontinued operations attributable to common stockholders of $2.6 million for the same period in 2021.
Revenue from continuing and discontinued operations was $16.7 million ($11.3 million net of voyage expenses) for the second quarter of 2022, compared to $9.1 million ($4 million net of voyage expenses) for the same period in 2021.
This increase was attributable to the increased time-charter equivalent rates (TCE rates) achieved during the quarter. Fleetwide, the average time charter equivalent rate for the second quarter of 2022 was $24,921, compared with an average rate of $9,728 for the same period in 2021.
As of August 4, the Company’s number of common shares issued and outstanding was 27,395,030.
In June, the Company announced its agreement to acquire its sixth Aframax tanker, which was delivered in early July.
The acquisition cost of approximately $27.6 million was financed with cash on hand and the incurrence of debt through a new senior secured facility into which the company entered prior to delivery of the vessel.
PSHG shares captured two cents, or 5.1%, to 41 cents.
