Performance Shipping Inc. Minimizes Second Quarter Net Loss

Performance Shipping Inc. a global shipping company specializing in the ownership of vessels, reported a net loss of $1.6 million for the second quarter of 2019, compared to a net loss of $42.3 million for the same period of 2018. The loss for the second quarter of 2019 includes $0.3 million of impairment charges of one vessel, while the loss for the second quarter of 2018 includes $15.6 million of impairment charges of one vessel and $19.0 million of aggregate loss on sale of three vessels.

Time charter revenues were $4.5 million for the second quarter of 2019, compared to $6.3 million for the same period of 2018. This decrease was primarily due to the decrease in size of the Company’s fleet, and was partially offset by the increased time charter rates achieved as a result of improved market conditions.

Net loss for the six months ended June 30, 2019, amounted to $1.7 million, compared to a net loss of $46.2 million for the six months ended June 30, 2018. The loss for the six months ended June 30, 2019 includes $0.3 million of impairment charges of one vessel, while the loss for the six months ended June 30, 2018 includes $15.6 million of impairment charges of one vessel and $16.7 million of aggregate loss on sale of six vessels. Time charter revenues for the six months ended June 30, 2019, amounted to $10.0 million, compared to $14.3 million for the six months ended June 30, 2018.

As of July 28, 2019, the Company had 36,277,660 shares of common stock issued and outstanding. 

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